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MIRA INFORM REPORT
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Report No. : |
493361 |
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Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ADONISS LIMITED |
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Registered Office : |
Room 803, 8/F., Lippo Centre, Tower 2, 89 Queensway, Admiralty |
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Country : |
Hongkong |
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Date of Incorporation : |
16.09.1993 |
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Com. Reg. No.: |
17391818 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and exporter; buying office and regional office of all kinds
of newsprint paper, graphic paper, timber, soya bean, raw cashew in shells,
industrial materials, sundries and native produces. |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONGKONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China through trade, tourism, and financial links aided a more rapid initial recovery than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 9.4% of total system deposits in Hong Kong by the end of 2015. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota.
The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% of the exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
ADONISS LIMITED
ADDRESS: Room
803, 8/F., Lippo Centre, Tower 2, 89 Queensway, Admiralty, Hong Kong.
PHONE: 852-2850
7366, 2851 7366, 3664 2603, 3664 2605
FAX: 852-2542 2302, 2851 7423
E-MAIL: ajay@mayarhk.com
MANAGEMENT
Managing Director:
Mr.
Ajay Deepak
SUMMARY
Incorporated on: 16th September, 1993.
Organization: Private Limited Company.
Issued Share Capital: US$9,972,000.00
Business Category: Importer
and Exporter; Buying Office and Regional Office.
Annual Turnover: US$200~250 million.
Employees: 15.
Main Dealing Bankers: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Banking Relation: Very Good.
ADDRESS
Registered Head
Office:-
Room 803, 8/F., Lippo Centre, Tower 2, 89 Queensway,
Admiralty, Hong Kong.
Overseas Offices:-
Yangon Office
Room
703-704, Level 7, La Pyayt Wun Plaza, No. 37, Signal Pagoda Road, Dagon
Township, Yangon,
Myanmar.
Tel: 95-1-371374, 371375
Fax: 95-1-371376
E-mail: mayarcm@myanmar.com.mm
Malaysia Office
H. No. 8-A, Lane 15, Delta Estate, 96000, SIBU, Sarawak, Malaysia.
Tel: 60-84-338730
Fax: 60-84-338641
E-mail: mayarsb@streamyx.com
Parent Company:-
Mayar India Ltd., India.
Associated
Companies:-
Mayar Group of Companies
Amar Eye Centre & Research, India.
Aubade NZ Ltd., New Zealand.
Blue Diamond Far East Pte. Ltd., Singapore.
Global Wellness Holding Pte. Ltd., Singapore.
Mannor Impex Pvt. Ltd., India.
Marque Capital Partners Pte. Ltd., Singapore.
Mayar Biotech Ltd., India.
Mayar Finance Ltd., India.
Mayar Health Resorts Ltd., India.
Mayar Infrastructure Development Pvt. Ltd., India.
Mayar Properties & Investments (Pvt.) Ltd., India.
Mayar Securities (Pvt.) Ltd., India.
North Star Oil Drilling LLP, India.
Qingdao Jinhuihai International Transportation Co. Ltd.,
China.
Saanguine Shipping Pvt. Ltd., Mauritius.
Sanguine Singapore Pte. Ltd., Singapore.
Shree Cosmetics Ltd., India.
Signalize Impex (P) Ltd., India.
Sivananda Pharmaceuticals (Pvt.) Ltd., India.
Trinity Buildcon (India) Pvt. Ltd., India.
V.O.U. Investment (Pvt.) Ltd., India.
Whanake Developments Ltd., New Zealand.
etc.
BUSINESS REGISTRATION NUMBER
17391818
COMPANY FILE NUMBER
0449525
MANAGEMENT
Group Chairman: Mr.
Ajit Kumar Sud
Director & Business Head: Mr. Ashit Sud
Managing Director:
Mr. Ajay Deepak
ISSUED SHARE CAPITAL
US$9,972,000.00 (79,776 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 16-09-2017)
|
Name |
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No. of shares |
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Ajit Kumar SUD |
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16 |
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Mayar India Ltd. Plot No. A, Basant Lok Community Centre, Vasant Vihar,
New Delhi 110057, India. |
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79,744 |
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Ajay DEEPAK |
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16 |
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–––––– |
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Total: |
79,776 ===== |
DIRECTORS
(As per registry dated 16-09-2017)
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Name (Nationality) |
Address |
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Ajit Kumar SUD (Indian) |
2-A, Shankra Charya Marg, Behind I.P. College, Civil
Lines, Alipur Road, New Delhi-110054, India. |
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Ashit SUD |
Flat B, 37/F., Tower 8, Phase 1, Residence Belair, 28
Bel Air Avenue, Hong Kong. |
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Abhit SUD |
2-A, Shankra Charya Marg, Behind I.P. College, Civil
Lines, Alipur Road, New Delhi-110054, India. |
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Ajay DEEPAK |
Flat B, 38/F., Block 3, Caribbean Coast, 2 Kin Tung
Road, Tung Chung, Lantau Island, Hong Kong. |
SECRETARY
(As per registry dated 16-09-2017)
|
Name |
Address |
Co. No. |
|
Tricor Tengis Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong
Kong. |
0041027 |
HISTORY
The subject was
incorporated on 16th September, 1993 as a private limited liability company
under the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Mayar (H.K.) Ltd., name was changed to
Adonis Ltd. on 22nd July, 2011, and further to the present style on 8th
December, 2014.
Formerly the subject
was located at Room 1102, 11/F., The Centre Mark, 287‑299
Queen’s Road Central, Hong Kong, moved to Room 604, 6/F., Lippo Centre, Tower
1, 89 Queensway, Admiralty, Hong Kong with effect from 8th February, 1999;
and further moved to the present address in June 2010.
In September 2009,
the subject increased its ordinary shares from 63,776 to 79,776.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter; Buying Office
and Regional Office.
Lines: All kinds of
newsprint paper, graphic paper, timber, soya bean, raw cashew in shells, industrial materials, sundries and native
produces.
Employees: 15.
Commodities Imported: Russia,
Germany, Austria, Korea, India, etc.
Markets: Hong Kong, India and Southeast Asia.
Annual Turnover: US$200~250
million.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
The Indian Chamber of Commerce Hong Kong, Hong Kong.
FINANCIAL INFORMATION
Issued Share Capital: US$9,972,000.00
(79,776 fully paid ordinary shares)
Mortgage or Charge (since June 2008): (See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping in an active and
satisfactory condition.
Facilities: Making active use of general
banking facilities.
Payment: Met
trade commitments as contracted.
Commercial Morality:
Very Good.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Credit Agricole Corporate & Investment Bank, Hong Kong Branch.
BNP Paribas,
Hong Kong Branch.
Australia & New
Zealand Banking Group Ltd., Hong Kong Branch/Singapore Branch.
Indian Overseas Bank,
Hong Kong Branch.
Bank of Baroda,
Hong Kong Branch.
Bank of India,
Hong Kong Branch.
Axis Bank Ltd.,
Hong Kong Branch.
Allahabad Bank,
Hong Kong Branch.
UCO Bank,
Hong Kong Branch.
Bank of India,
Hong Kong Branch.
Union Bank of India,
Hong Kong Branch.
Canara Bank, Hong
Kong.
Standing: Very Good.
GENERAL
Adoniss Limited was
incorporated in Hong Kong in September 1993 and commenced business in June
1994. Its holding company Mayar India
Ltd. [Mayar India] is an India-based firm.
It has developed
business ties with India and serving as a foothold for Mayar India to penetrate
into the world market. The subject has
set up the following divisions:
Trading
Division
Timber: The subject
is one of the leading importers of Timber logs into India. Logs are bought from Malaysia, Myanmar, PNG,
New Zealand, Africa, etc. and are exported to India (80%), Vietnam, Thailand,
Taiwan, China, etc. Further as a
strategy for expansion into soft wood market through backward integration. It has bought forestry rights in Marlborough
Region, South Island, New Zealand comprising 700 ha forests.
· Publication paper: The subject has been one of the largest supplier of newsprint since 1948 and has a market share of 35% of the imported newsprint. Its customers are almost all leading newspapers of India such as Bennett Coleman & Company, Hindustan Times, The Hindu, etc. The subject has bought leading mills in the United States, Canada, China, etc. and supply to all the leading publishers in India.
· Building material: The subject trades in construction material such as cement, steel for construction activities. The trade is primarily centred towards the growing market in Myanmar.
Forestry
Division
Aubade NZ Limited is
the Forestry Division which was incorporated in September 2012. The Chairman and the Directors commenced the
Group’s New Zealand operations in late 2013 with a mission to be an Integrated
Wood Business Corporate through investments in Strategic Forest Rights and own
plantations and Value Added Products Manufacturing Aubade has purchased 700
hectares of Mature Radiata Pine wood forest known as Whataroa in Marlborough
Sounds in 2014.
Oil
Drilling Division
‘North Star Oil
Drilling LLP’ is the Oil Drilling Division of the Group which has diversified
to provide services to Oil & Gas sector with acquisition of Jack-up Rig.
It provides contract
drilling services to energy industry. Incorporated in 2014 at New Delhi and
having strategically located office in Mumbai of India.
Development
Division
The subject set up a
company known as ‘Whanake Developments Ltd.’ [Whanake] in New Zealand. The objective of this company is to develop
well designed, quality, liveable homes for Aucklanders. Whanake is part of the Mayar Group, a global
enterprise that employs more than 1,400 people in 18 countries around the
world. Whanake’s sister company in New
Zealand, Aubade NZ Limited, owns and manages more than 1,400 hectares of forest
in New Zealand. It is one of the top
largest exporters of New Zealand pine logs to India and a significant exporter
of pine logs to China.
The subject is acting
as a buying and regional office for Mayar India in Hong Kong.
Located in New Delhi,
India, Mayar India has been dealing in paper for over 50 years. It also
monitors all the Group companies in India and abroad. The total annual sales
turnover of the Group is over US$650 million.
Business is active.
Mayar Group is
headquartered in India and has a history of over 67 years. Established in 1948, Mayar Group is a large
business conglomerate having interests in paper, timber, beans, other
agricultural products, iron and steel, iron ore, real estates, personal care
products, infrastructure development, shipping and hospitality. It is also
engaged in the sectors of oil and gas.
It has become one of the significant enterprises in India.
Mayar Group has set
up a number of associated companies in the United States, Canada, the United
Kingdom, China, Singapore, Indonesia, and India.
In Hong Kong, the
subject is rated as one of the largest trading company of Indian origin. Now, its annual sales turnover ranges from
US$200 to 250 million. Business is
active.
The subject is
principally engaged in importing and exporting standard newsprint paper and
glazed newsprint paper. The suppliers
are in Russia, Germany, Austria and South Korea.
In order to diversify
the business, the subject also has been engaged in importing and exporting
timber, agricultural products, iron ore, iron and steel, chemicals, etc. Its business has penetrated China and offices
have been set up in Guangzhou, Qingdao and Beijing.
The directors of the
subject are also Chief Executive Officers of the Mayar Group. The subject is
fully supported by the Mayar Group.
In Hong Kong, the
business of the subject is chiefly handled by Mr. Ajay Deepak who is residing
in Hong Kong most of the time. He is a
Hong Kong ID holder and has got the right to reside in Hong Kong.
The subject operates
from its own office in Hong Kong.
On the whole, having
a history of over twenty-four years and five months in Hong Kong, the subject
is considered good for normal business engagements.
REMARKS
Brief
personal profile of directors:-
Mr. Ajit Kumar SUD is
the Chairman and Managing Director of the Group. Born in 1946, Mr. Ajit Kumar Sud joined in
the family business in 1967, a worthy inheritor of his father’s mantle, is
continuing the legacy by expanding the Group in other areas like Health
Resorts, Day Spas, and Development of Special Economic Zones. He is sticking firmly to the ideals that have
made the Mayar a corporate global organization.
Mr. Ashit SUD is the
Business Head. Born in 1979, Mr. Ashit
Sud is the elder son of Mr. A.K. Sud. He
possesses a degree in B.Sc. (Hons), specializing in Finance and Human Resources
from University of Bradford, the United Kingdom. He has got extensive training in the subject
for 8 years. He joined the family
business in 2000. He was part of the
core team for establishing the Mayar Group’s Hospitality Venture, Health Spa at
Ashok Hotel, Chanakyapuri, New Delhi in 2004.
Presently he is the Business Head of the subject.
Mr. Ajay DEEPAK, MSc.
(Physics), CAIIB is a professional from banking industry. Has over 20 years of banking experience at
National and International level. His
present position is Managing Director of the subject.
Property information of the
company:-
1. Property Location: Room 803 on 8/F. of Tower 2, Lippo
Centre, 89 Queensway, Hong Kong.
Owner: Mayar (H.K.) Ltd.
Date of
Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
10-02-2010 |
- |
Bank of India, Hong Kong Branch. |
Mortgage to secure general banking facilities |
2. Property
Location: Flat G on 11/F. of Tower
18, South Horizons,
18 South Horizon Drive, Hong Kong.
Owner: Mayar (H.K.)
Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
19-11-1998 |
- |
Banque Nationale de Paris, Hong Kong Branch. [Now known as BNP Paribas] |
Mortgage to secure general banking facilities |
3. Property
Location: Flat E on 8/F. of Block
7, City Garden, 233 Electric Road, Hong Kong.
Owner: Mayar (H.K.)
Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
10-09-2010 |
- |
Allahabad Bank, Hong Kong Branch. |
Mortgage to secure general banking facilities |
4. Property
Location: Flat B on 37/F. of Tower
8 and Private Car Park No. 188 on Car Park Level 2, Residence Bel-Air,
28-38 Bel-Air Avenue, Island South, Hong Kong.
Owner: Mayar (H.K.)
Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-09-2010 |
- |
Bank of Baroda, Hong Kong Branch. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
(Since June 2008)
|
Date |
Description
of Instrument |
Mortgagee |
|
07-08-2008 |
Letter of Set-off and Appropriation |
Bank of India, Hong Kong Branch. |
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24-09-2008 |
Undertaking Relating to Deposits |
Indian Overseas Bank, Hong Kong Branch. |
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31-01-2009 |
Charge on Deposit |
Axis Bank Ltd., Hong Kong Branch. |
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06-03-2009 |
Obligations of the Depositor |
Allahabad Bank, Hong Kong Branch. |
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12-05-2009 |
Letter of Set-off and Appropriation |
Bank of India, Hong Kong Branch. |
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01-06-2009 |
Undertaking Relating to Deposits |
UCO Bank, Hong Kong Branch. |
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10-02-2010 |
Mortgage |
Bank of India, Hong Kong Branch. |
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21-04-2010 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
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21-06-2010 |
Undertaking Relating to Deposits |
UCO Bank, Hong Kong Branch. |
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10-09-2010 |
Mortgage |
Allahabad Bank, Hong Kong Branch. |
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30-09-2010 |
Mortgage |
Bank of Baroda, Hong Kong Branch. |
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04-04-2011 |
Charge Over Deposit |
Axis Bank Ltd., Hong Kong Branch. |
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23-05-2011 |
Undertaking Relating to Deposits |
Indian Overseas Bank, Hong Kong Branch. |
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17-08-2011 |
Obligations of the Depositor |
Allahabad Bank,
Hong Kong Branch. |
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17-08-2011 |
General Letter of
Hypothecation |
Allahabad Bank,
Hong Kong Branch. |
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02-09-2011 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
|
01-12-2011 |
Undertaking Relating to Deposits |
Indian Overseas Bank, Hong Kong Branch. |
|
12-04-2013 |
Charge on Deposit |
Union Bank of India, Hong Kong Branch. |
|
07-06-2013 |
Charge on Deposit |
Union Bank of India, Hong Kong Branch. |
|
20-10-2014 |
First Preferred Liberian Mortgage in respect of m.v.
“Drill Force I” |
Union Bank of India, Hong Kong Branch. |
|
21-07-2015 |
General Letter of Hypothecation |
Bank of Baroda, Hong Kong Branch. |
|
07-08-2015 |
Deed of Amendment of First Preferred Liberian Mortgage
in respect of m.v. “Drill Force I” |
Union Bank of India, Hong Kong Branch. |
|
01-12-2016 |
Second Deed of Amendment of First Preferred Liberian
Mortgage dated 20-10-2014 in respect of m.v. “Drill Force I” |
Union Bank of India, Hong Kong Branch. |
|
12-04-2017 |
Floating Charge |
Canara Bank, Hong Kong Branch. |
|
20-07-2017 |
Third Deed of Amendment of First Preferred Liberian
Mortgage dated 20-10-2014 in respect of m.v. “Drill Force I” |
Union Bank of India, Hong Kong Branch. |
|
25-07-2017 |
Charge On Deposit |
Union Bank of India, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.08 |
|
|
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
|
HKD |
1 |
INR 8.29 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.