MIRA
INFORM REPORT
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Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PERSIAN ARTS LTD. |
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Registered Office : |
G/F & 1/F, Vogue Bldg., |
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Country : |
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Date of Incorporation : |
4-5-1998 |
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Com. Reg. No.: |
643830 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wholesale & retail of carpets & rugs. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
UP TO USD 5, 000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
name & address
PERSIAN ARTS LTD.
G/F & 1/F, VOGUE BLDG.,
TEL : 852 25248901
FAX : 852 25242301
EXECUTIVE SUMMARY
INCORPORATION DATE :
4-5-1998
REGISTRATION NO. :
643830
REGISTERED LEGAL FORM :
PRIVATE LIMITED CO.
CHIEF EXECUTIVE : SHAH LUQMAN (DIRECTOR)
STAFF STRENGTH :
3.
AUTHORIZED CAPITAL
: HK$0.69M = 0.69M SHARES @ HK$1.-
PAID-UP CAPITAL
: HK$0.5M
BUSINESS LINE :
WHOLESALE & RETAIL OF CARPETS & RUGS
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81906 = USD1 AS OF 2007-05-09
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
SC is a private limited company registered under
incorporation file no. 643830 on 4-5-1998.
SC's shareholders & directors are shown to be as
follows:
Shareholders (as at 4-5-2006) Number
of shares held
- Shah Luqman 499,999
- Shah Liaqat 1
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500,000
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Directors
(as at 4-5-2006)
- Shah Luqman / P359397(9)
- Shah Liaqat / H672618
The above registration information is based on SC's annual
return filed at Companies Registry within the last 2 years.
No material change or amendment regarding SC has been traced
& noted within last 2 years.
Shah Luqman, director:
- He has over 10 years of experience in present field
Currently active in SC's day-to-day operations & is
responsible for its management.
Registered residential address: Same as heading business
address.
Credit
history check : This refers to a check
of our database whether the said person has been involved in any of
the
following stored by us within the last 6 years:
Civil
litigation as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent
payment records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Shah Liaqat, director:
- He is by Pakistani nationality
- He has over 10 years of experience in present field
Currently residing in
Registered residential address:
Credit
history check : This refers to a check
of our database whether the said person has been involved in any of
the
following records stored by us within the last 6 years:
Civil
litigation as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent
payment records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Ownership background appraisal:
Rating : 3 Obtained scores : 52 (see explanatory notes
below)
Keys : 1 : scores 81-100 : Excellent
2
: scores 61-80 : Good
3
: scores 46-60 : Average
4
: scores 21-45 : Fair
5
: scores 01-20 : Poor
The rating indicates the personal financial &
operational strength of SC's major principals.
It is calculated from a composite of scores obtained from the following
5 factors which carry equal weight in our analysis:
Personal financial strength, credit history & trade
reputation, business experience & track record, market connection and
management skill.
During our report preparation, the principals could not be
contacted while the staff members hesitated to release financial information
without the principals' consent.
As per current co. search, total amount of indebtedness of
SC in respect of all mortgages and charges which are required to be registered
with Companies Registry as at 4-5-2006 was nil.
Banking relations are maintained principally with: HSBC.
This section will contain the civil litigations & winding-up
petitions filed against SC for the last 6 years (as stored in our database),
and the mortgage/charge records filed by SC for the last 2 years. In
Civil litigation/winding-up
petitions : (X) see below ( )
see attached sheet
Date : 7-1-2005
Defendant(s) : SC
Plaintiff(s) : Commissioner of Inland Revenue
Cause of claim : Tax
Claimed amount : $26,457
Date : 17-1-2006
Defendant(s) : SC
Plaintiff(s) : Commissioner of Inland Revenue
Cause of claim : Tax
Claimed amount : $6,137
Date : 8-1-2007
Defendant(s) : SC
Plaintiff(s) : Commissioner of Inland Revenue
Cause of claim : Tax
Claimed amount : $27,416
Note:
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Attempts in contacting SC's directors for outcome of the
writ record have encountered no response.
Information regarding the current status of the writ record is not
available.
Mortgage/charge record(s) : None filed since its incorporation date.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments
habits and ability to pay. It is based
on the 3 weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment records and our debt collection record concerning SC.
Trade
payment experience : SC
did not provide any name of trade/service suppliers and we have no other
sources
to conduct the enquiry at present.
Delinquent payment record : None
in our database.
Debt collection record : No
overdue amount owed by SC was placed to us for collection within the last 6
years.
Business categories :
SC is engaged in wholesale & retail of carpets &
rugs.
Principal purchases :
Major types of sourcing :
Merchandise
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries :
Europe,
Buying terms :
L/C & T/T
Principal market :
Local--type of customers :
Retailers & walk-in customers
Selling terms :
COD, credit of 30 days, cash & credit card payment
Overseas--buying countries :
Nil
Selling terms :
Nil
Total number of employees : 3.
Location : Maintaining its office & shop at the
heading business address which occupies a gross area of 800 square feet at a
commercial building in a commercial & residential district.
Condition inside the premises
during our visit :
Office/factory layout : Standard.
SC is not known to have any subsidiary at
present.
SC is considered small-sized in
its line locally. With regard to its size of operation and limited growth potential,
credit should be confined to small amount at present.
-- Asset Tracing --
Upon our current investigation, our database & sources
consulted indicate that SC was not involved in any property transaction (both
purchase & disposal) in
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)