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MIRA INFORM REPORT
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Report No. : |
505628 |
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Report Date : |
23.04.2018 |
IDENTIFICATION DETAILS
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Name : |
COSMOSS VU LIMITED |
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Registered Office : |
Unit A, 7/F., Success Commercial Building, 245-251 Hennessy
Road, Wanchai |
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Country : |
Hong Kong |
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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 : |
Buying Agent, Commission Agent, Importer, Exporter and
Wholesaler of Chemicals, Fertilizers, Office Equipment, Consumer Goods,
Air-Conditioners, Electric Appliances |
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No. of Employees : |
10. (Including
subsidiary) |
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 : |
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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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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 |
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 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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.
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Source
: CIA |
Company
name and address
COSMOSS VU
LIMITED
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
MANAGEMENT:
Managing Director: Mr. Balkrishnan Subramanyan
SUMMARY
Incorporated on: 18th
August, 2005.
Organization:
Private Limited
Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
10. (Including subsidiary)
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
Unit A, 7/F., Success Commercial Building,
245-251 Hennessy Road, Wanchai, Hong Kong.
Associated Company:-
Zibo Saibo Import & Export Co. Ltd.
621, Building 8, Blue Diamond International
Building, 121A-1 Gongqingtuan West Road, Zhangdian, Zibo City, Shandong
Province, China.
[Tel: 86-533 5201430]
BUSINESS
REGISTRATION NUMBER
35938274
COMPANY
FILE NUMBER
0990436
MANAGEMENT
Managing Director: Mr. Balkrishnan Subramanyan
(Hong Kong Mobile: 852-9809 5476)
Contact Person: Ms. Rose Ho
ISSUED
SHARE CAPITAL
HK$5,000,000.00
SHAREHOLDER
(As per registry dated 18-08-2017)
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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 ======= |
DIRECTOR
(As per registry dated 18-08-2017)
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Name (Nationality) |
Address |
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Balkrishnan SUBRAMANYAN |
11/F., Block 38, Baguio Villa, 555 Victoria
Road, Hong Kong. |
SECRETARY
Balkrishnan SUBRAMANYAN (As per registry dated 18-08-2017)
HISTORY
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.
OPERATIONS
Activities: Buying
Agent, Commission Agent, Importer, Exporter and Wholesaler.
Lines: Chemicals,
Fertilizers, Office Equipment, Consumer Goods, Air-Conditioners, Electric
Appliances.
Employees: 10. (Including subsidiary)
Commodities Imported: China, other Asian countries, etc.
Markets: India,
other Asian countries, Europe, Africa, etc.
Terms/Sales:
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: HK$5,000,000.00
Mortgage or Charge (since 2011): (See
attachment)
Profit or Loss: Making a small profit every
year.
Condition:
Keeping
in an active manner.
Facilities:
Making
active use of general banking facilities.
Payment:
No
Complaints.
Commercial Morality: Good.
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.
GENERAL
Having issued 5 million ordinary shares of HK$1.00 each and
incorporated in August 2005, Cosmoss Vu Limited is wholly owned by Mr.
Balkrishnan Subramanyan. Subramanyan is
also the only director of the subject.
He is a Hong Kong ID holder and has got the right to reside in Hong
Kong permanently. He is also CEO of the
subject.
Subramanyan can be reached at his Hong Kong mobile phone number
852‑9809 5476.
The subject has emerged as a one stop resource provider for import
requirements from China and the Asia Pacific region. It has been working closely with its
customers and vendors.
Its prime markets are 19 different countries including India,
China, Ethiopia, the US, Ruwanda, Argentina, Sri Lanka, Bangladesh, Nigeria,
Ghana, Cotonou, South Africa, Equatorial Guinea, France, Germany, the UK, the
UAE, Oman, Qatar, Kenya, Tanzania, etc.
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 as all the products are
sourced from reliable manufacturers.
The subject has two divisions: chemical division and home electric
appliances division.
It is 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, etc.
Most of the chemicals are imported from China, Europe and
India. Many of its customers are garment
or textile product manufacturers.
Its home electric appliances division is trading in the following
commodities:
Juice Extractor (with juice jug), Blender, Vacuum Cleaner,
Kettles, Windows Air Conditioners, Mini-Refrigerators, Chest Freezers, Insular
Freezers, Chest Freezer with Back Condensers, Floor Standing Air Conditioners,
Split Air Conditioners, Showcase Freezers, Vertical Freezers and Upright Bottle
Coolers, Wall Fans, Stand Fans, Steam Irons, Rice Cookers, Washing Machines,
Upright Bottle Coolers, Water Dispensers, Toaster, Rice Cooker, Electric Iron,
Electric Coil Cooker, Heater, electric iron, other small home electric
appliances, etc.
In recent years, the subject is putting emphasises in the electric
appliances trading business.
The subject also trades in other products such as sports goods,
toys and games, household products (non-electric), stationery and office
equipment, etc. as entrusted by foreign customers.
The subject has had an associated company in Zibo City, Shandong
Province, China known as Zibo Saibo Import & Export Co. Ltd. [Zibo Saibo].
The registered capital of Zibo Saibo was RMB20,000 Yuan. The subject is its main shareholder.
Established 2005, Zibo Saibo is mainly supplying basic
chemicals. It supplies two area items:
one is aromatic chemical & essential oil like alpha pinene, musk ambrette
eucalyptol citronella oil, eucalyptus oil, clover leaf oil, etc., another item
is masterbatch which includes colour masterbatch, functional masterbatch and
filer masterbatch, etc.
The annual sales turnover of the subject is significant as regular
customers have been maintained.
The subject has had 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 contact person of the subject Ms. Rose Ho is a Hong Kong
employee.
As the history of the subject is over twelve years and three
months in Hong Kong, on the whole, consider it good for normal business
engagements.
MORTGAGE
OR CHARGE
(Since 2011)
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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 |
INR 66.02 |
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1 |
INR 92.72 |
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Euro |
1 |
INR 81.45 |
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HKD |
1 |
INR 8.47 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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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.