|
Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
CENTRAL
AVENUE TRADERS |
|
|
|
|
Registered Office : |
Unit A, 7/F., Success Commercial Building, 245-251 Hennessy Road, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
21.11.2007 |
|
|
|
|
Com. Reg. No.: |
35938274-001-08-07 |
|
|
|
|
Legal Form : |
Sole Ownership |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Chemicals, sports
goods, toys and gamers, stationery and office equipment, etc. |
|
|
|
|
No. of Employees : |
06. (Including
parent and sister companies) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Hong Kong 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 re-exports, is about four times GDP. Hong Kong levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source
: CIA |
CENTRAL AVENUE TRADERS
Unit A, 7/F., Success Commercial Building, 245-251 Hennessy Road, Wanchai, Hong Kong.
PHONE: 3741 0357, 3741 0358
FAX: 3741 0356
E-MAIL: subbu@cosmossvu.com.hk
Manager: Mr. Subramanyan Balkrishnan
Establishment: 21st November, 2007.
Organization: Sole Ownership.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: 6. (Including parent and sister companies)
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Unit A, 7/F., Success Commercial Building, 245-251 Hennessy Road, Wanchai, Hong Kong.
Sister companies:-
Sheetal Enterprises, Hong Kong. [BR No. 35938274-002-08-07]
Vision United Traders, Hong Kong. [BR No. 35938274-003-08-07]
35938274-001-08-07
Manager: Mr. Subramanyan Balkrishnan
Cosmoss Vu Ltd., Hong Kong.
(See attachment)
The subject was established on 21st November, 2007 as a sole ownership firm with Cosmoss Vu Ltd, as the proprietor under the Hong Kong Business Registration Regulations.
Initially the subject was located at Unit A-1, 11/F., Success Commercial Building, 245-251 Hennessy Road, Wanchai, Hong Kong moved to Flat A, 7/F. of the same building in January, 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Chemicals, sports goods, toys and gamers, stationery and office equipment, etc.
Employees: 6. (Including parent and sister companies)
Commodities Imported: India, China and other Asian countries, etc.
Markets: Asian countries, Europe, Africa, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital Provider: Provided by Sole Owner.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Small.
Central Avenue Traders is one of the business names of Cosmoss Vu Ltd. [Cosmoss Vu] which is also located at the same address.
Having issued 2.5 million ordinary shares of HK$1.00 each and incorporated in August 2005, Cosmoss Vu is wholly owned by Mr. Balkrishnan Subramanyan. Subramanyan is the only director of Cosmoss Vu. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
Subramanyan can be reached at his mobile phone number 9809 5476.
Besides the
subject, Cosmoss Vu has had the following two more business names:-
· Sheetal Enterprises;
· Vision United Traders.
Including the subject, these business names may be regarded as subsidiaries of the subject. They are located at the same address.
Cosmoss Vu has emerged as a one stop resource provider for import requirements from China and the Asia Pacific region. It works closely with its clients and vendors as partners. Its prime markets are Nigeria, Ghana, Cotonou, South Africa, Equatorial Guinea, France, Germany, the United Kingdom, the United Arab Emirates, Oman, Qatar, Yemen and India.
Cosmoss Vu has had a technical team stationing in China for monitoring, supervising and controlling its shipments. According to Cosmoss Vu, it is known as “one of the reliable exporters of quality products from China”.
The range of its product includes Chemicals Products, Floor Standing Air Conditioners, Split Air Conditioners and Windows Air Conditioners. These products are sourced from reliable manufacturers in China and the other Asian countries.
Cosmoss Vu is specialised in chemicals trading. It is mainly dealing in the following chemicals: acrylic acid, camphor, butyl acrylate, caustic soda, sodium hydrosulphite, hydrogen peroxide, potassium hydroxide, titanium dioxide, soda ash, sodium nitrite, sodium formate, boric acid, glycerin, indigo chemical, food additives (MSG, citric acid), fine chemicals, dyes and pigments, etc. Most of the chemicals are imported from China, Europe and India.
Cosmoss Vu also trades in other products such as sports goods, toys and games, household products (non-electric), stationery and office equipment, etc.
The subject also trades in the above-mentioned products.
Cosmoss Vu has had a premises which is located at the Unit A-1, 11/F. of the same building. The premises have been mortgaged to Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong, for a consideration of HK$1.7 million.
The subject is fully supported by Cosmoss Vu.
As the history of the subject is over five years in Hong Kong, on the whole, consider it good for normal business engagements.
COSMOSS VU LTD.
Unit A, 7/F., Success Commercial Building, 245-251 Hennessy Road, Wanchai, Hong Kong.
35938274
0990436
18th August, 2005.
Nominal Share Capital: HK$2,500,000.00 (Divided into 2,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,500,000.00
(As per registry
dated 18-08-2012)
|
Name |
|
No.
of shares |
|
Balkrishnan SUBRAMANYAN |
|
2,500,000 ======= |
(As per registry dated
18-08-2012)
|
Name (Nationality) |
Address |
|
Balkrishnan SUBRAMANYAN |
11/F., Block 38, Baguio Villa,
555 Victoria Road, Hong Kong. |
(As per registry
dated 09-11-2012)
|
Name |
Address |
|
Vaidyanathan Sundaresan |
Unit 1, 4/F., Wing Hing Mansion, 66-76 Granville Road,
Tsimshatsui, Kowloon, Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.24 |
|
UK Pound |
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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 and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.