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Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
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Name : |
CENTRAL AVENUE TRADERS |
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Registered Office : |
Unit A, 7/F., Success Commercial Building, 245-251 Hennessy Road, Wanchai |
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Country : |
Hongkong |
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Date of Incorporation : |
21.11.2007 |
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Com. Reg. No.: |
35938274-001-08 |
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Legal Form : |
Sole Ownership |
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Line of Business : |
Buying Agent, Commission Agent, Importer, Exporter and Wholesaler of
Building Materials, Chemicals, Fertilizers, Sports Goods, Toys, Stationery,
Office Equipment, Consumer Goods, Air-Conditioners. |
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No. of Employees : |
6. (Including parent and sister companies) |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 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 |
CENTRAL AVENUE TRADERS
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
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]
Vision United Traders, Hong Kong. [BR
No. 35938274-003-08]
Associated
Company:-
Zibo Saibo Import & Export Co. Ltd., China.
35938274-001-08
Manager: Mr. Subramanyan
Balkrishnan
(Mobile Phone No.: 852-9809 5476)
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: 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 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 contracted.
Commercial Morality: Satisfactory.
Banker: Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Standing: Normal.
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 5.0 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 Hong Kong mobile phone number 852‑9809
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. Its markets keep on expanding.
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 and
significant manufacturers in China and the other Asian countries.
Cosmoss Vu is also 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. It also trades in other products as
entrusted by overseas customers.
The subject also trades in the above-mentioned products.
Cosmoss Vu has had premises which is located at 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 which has had sufficient
working capital to support its operating level.
As the history of the subject is over eight years in Hong Kong, on
the whole, consider it good for normal business engagements.
COSMOSS VU
LTD.
Address: Unit A, 7/F.,
Success Commercial Building, 245-251 Hennessy Road, Wanchai, Hong Kong.
35938274-000
0990436
18th August, 2005.
HK$5,000,000.00
(As per registry
dated 18-08-2014)
|
Name |
|
No. of shares |
|
Balkrishnan SUBRAMANYAN |
|
5,000,000 ======= |
(As per registry
dated 18-08-2014)
|
Name (Nationality) |
Address |
|
Balkrishnan SUBRAMANYAN |
11/F., Block 38, Baguio Villa, 555 Victoria Road, Hong Kong. |
Balkrishnan SUBRAMANYAN (As per registry dated 18-08-2014)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
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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 |
|
|
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 |
-- |
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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.