MIRA INFORM REPORT

 

 

Report Date :           

20.10.2011

 

IDENTIFICATION DETAILS

 

Name :

SHAH  CARPET  PALACE

 

 

Registered Office :

Room 2002-2003, 20/F., Horizon Plaza, 2 Lee Wing Street, Ap Lei Chau

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

01.09.2004

 

 

Com. Reg. No.:

34869763-000-09

 

 

Legal Form :

Partnership Concern

 

 

Line of Business :

Importer, Exporter, Wholesaler and Retailer of all kinds of carpets, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

SHAH  CARPET  PALACE

 

 

Company ADDRESS

 

Room 2002-2003, 20/F., Horizon Plaza, 2 Lee Wing Street, Ap Lei Chau, Hong Kong.

PHONE/FAX:     2521 6677

 

 

MANAGEMENT

 

Manager:  Mr. Bokhan Shah

 

 

SUMMARY

 

Establishment:                                      1st September, 2004.

 

Organization:                             Partnership.

 

Capital:                                     Not disclosed.

 

Business Category:                    Carpet Trader.

 

Employees:                               2.

           

Main Dealing Banker:                 National Bank of Pakistan, Hong Kong Branch.

 

Banking Relation:                       Satisfactory.

Company ADDRESS

 

Head Office:-

Room 2002-2003, 20/F., Horizon Plaza, 2 Lee Wing Street, Ap Lei Chau, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

34869763-000-09

 

 

MANAGEMENT

 

Manager:  Mr. Bokhan Shah

 

 

PARTNERS

 

Name:                           Mr. Bokhan SHAH

Residential Address:      Flat A, 3/F., 389 Lockhart Road, Wanchai, Hong Kong..

 

Name:                           Mr. Qasim SHAH

Residential Address:      Flat A, 3/F., 389 Lockhart Road, Wanchai, Hong Kong.

 

 

HISTORY

 

The subject was established on 1st September, 2004 as a partnership concern jointly owned by Mr. Haider Shah and Mr. Bokhan Shah under the Hong Kong Business Registration Regulations.

The following table shows the changes of the partners:

Name

Incoming Date

Outgoing Date

Haider Shah

01-09-2004

21-03-2011

Qasim Shah

21-03-2011

--

Bokhan Shah

01-09-2004

--

Formerly the subject was located at ‘G/F., 44 Wyndham Street, Central, Hong Kong’, has moved to the present address in recent years.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

OPERATIONS

 

Activities:                      Importer, Exporter, Wholesaler and Retailer.

 

Lines:                           All kinds of carpets, etc.

 

Employees:                   2.

 

Commodities Imported:   Pakistan, the Middle East, etc.

 

Markets:                       Hong Kong, other Asian countries, etc.

 

Terms/Sales:                 COD or as per contracted.

 

Terms/Buying:               Various terms.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Making a small profits in the past four years.

 

Condition:                      Keeping in a normal manner.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         National Bank of Pakistan, Hong Kong Branch.

 

Standing:                      Normal.

 

 

GENERAL

 

Shah Carpet Palace is a partnership jointly owned by Mr. Bokhan Shah and Mr. Qasim Shah.  Both of the Shahs belong to the same family.

The two Shahs are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

The subject’s operating address is now located at Room 2002-2003, 20/F., Horizon Plaza, 2 Lee Wing Street, Ap Lei Chau, Hong Kong where is also a retailing outlet.

Your given phone and fax number 2521 7321 and 2845 1703 do not belong to the subject.  They belong to National Bank of Pakistan, Hong Kong Branch.

Formerly the subject had a retailing outlet located at G/F., 44 Wyndham Street, Central, Hong Kong, now it has moved to the present address.

The subject is engaged in importing, exporting, wholesaling and retailing the following commodities:

Hand Made Carpets such as Nain Isfahan Qum Kashan, Hereke Nain Bokhara, Kilim Tribal Carpets Geometric Pattern, Floral Pattern Runners, all kinds of hand made carpets, etc.

The subject’s business hour ranges from 10:30 am to 6:30 pm.  Walk-in customers are served.

Before joining the subject, Qasim Shah has set up his own company known as ‘Persian Carpets Gallery’ [PCG].  Now, PCG has moved to the same operating address as the subject.

PCG is currently a 3rd generation family business which has been operated in Hong Kong for the past 30 years.

Boasting a massive 3,000 square feet in size with a wide selection, the subject and PCG are the biggest showroom of hand knotted Oriental carpets in Hong Kong.

The subject is able to provide customers with extremely fine knotted 100% silk and wool carpets from Iran, Pakistan and Turkey.  Styles of carpet include Hareke, Isfahan, Kashan, Mashed, Nain, Tabriz and Qum.

The business of the subject is chiefly handled by the two Shahs.  Business is normal.

As the history of the subject is over seven years and a month in Hong Kong, on the whole, consider it good for normal credit requirements in moderate credit amounts.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.18

UK Pound

1

Rs.77.49

Euro

1

Rs.67.96

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.