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Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
COSMOSS VU LTD. |
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Registered Office : |
Unit A, 7/F., |
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Country : |
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Date of Incorporation : |
18.08.2005 |
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Com. Reg. No.: |
35938274 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· The subject is specialised in chemicals trading. · The subject also trades in other products such as sports goods, toys and games, household products. |
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No of Employees : |
6. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 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'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, 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 12% of total system deposits in Hong Kong by the end of 2013. 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 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
COSMOSS VU
LTD.
ADDRESS: Unit A, 7/F., Success Commercial Building, 245-251 Hennessy Road, Wanchai, Hong Kong.
PHONE: 852-3741 0357, 3741 0358
FAX: 852-3741 0356
E-MAIL: subbu@cosmossvu.com.hk
Managing Director: Mr. Subramanyan Balkrishnan
Incorporated on: 18th August, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 6. (Including subsidiary)
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
COSMOSS VU
LTD.
ADDRESS:
Registered Head Office:-
Unit A, 7/F., Success Commercial Building, 245-251 Hennessy Road, Wanchai, Hong Kong.
Subsidiaries/Business Names: (Same address)
Central Avenue Traders, Hong Kong.
Sheetal Enterprises, Hong Kong.
Vision United Traders, Hong Kong.
Associated Company:-
Zibo Saibo Import & Export Co. Ltd., China.
35938274
0990436
Managing Director: Mr. Subramanyan Balkrishnan (Mobile: 852-9809 5476)
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 18-08-2013)
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Name |
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No. of shares |
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Balkrishnan SUBRAMANYAN |
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5,000,000 ======= |
(As per registry dated 18-08-2013)
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Name (Nationality) |
Address |
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Balkrishnan SUBRAMANYAN |
11/F., Block 38, Baguio Villa, 555 Victoria Road,
Hong Kong. |
Balkrishnan SUBRAMANYAN (As per registry dated 18-08-2013)
The subject was incorporated on 18th August, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Buying Agent, Commission Agent, Importer, Exporter and Wholesaler.
Lines: Building Materials, Chemicals, Fertilizers, Sports Goods, Toys, Stationery, Office Equipment, Consumer Goods, Air-Conditioners.
Employees: 6. (Including subsidiary)
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.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
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.
Bankers:-
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Shanghai Commercial Bank Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Having issued 5 million ordinary shares of HK$1.00 each and incorporated in August 2005, Cosmoss Vu Ltd. is wholly owned by Mr. Balkrishnan Subramanyan. Subramanyan is the only director of the subject. 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 Hong Kong mobile phone number 852‑9809 5476.
The subject has had the following three business names:-
· Central Avenue Traders;
· Sheetal Enterprises; &
· Vision United Traders.
These business names may be regarded as subsidiaries of the subject. They are located at the same address.
The subject 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.
The subject has had a technical team stationing in China for monitoring, supervising and controlling its shipments. According to the subject, 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.
The subject is specialised in chemicals trading. It is mainly dealing in the following chemicals:
Acetonitrile, Aceton, Acrylamide, Acrylic Acid, Caustic Soda, Ammonium Chloride, Epichlorohydrin, Di Methyl Formamide, Formic Acid, Liquid Glucose, Insoluble Saccharin, Sodium Gluconate, Phosphoric Acid, Monosodium Glutamate, Maleic Anhydride, Sodium Saccharin, Sodium Sulphate Anhydrous, Sodium Sulphide Flakes, Sodium Tripolyphosphate, Titanium Dioxide Rutile, Toluen.
Most of the chemicals are imported from China, Europe and India.
The subject also trades in other products such as sports goods, toys and games, household products (non-electric), stationery and office equipment.
The subject has had an associated company in Zibo City, Shandong Province, China known as Zibo Saibo Import & Export Co. Ltd. [Zibo Saibo]. The contact person of Zibo Saibo is Ms. Wendy Chen who is a Chinese.
The subject has 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.
As the history of the subject is about nine years in Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Description of Instrument |
Mortgagee |
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10-06-2011 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
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17-01-2013 |
Mortgage |
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.73 |
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UK Pound |
1 |
Rs.101.48 |
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Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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Report Prepared
by : |
SMN |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.