MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
POWER RUSH TRADING 241 CC |
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Registered Office : |
Unit 1, |
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Country : |
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Date of Incorporation : |
09.11. 2004 |
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Com. Reg. No.: |
2004/116267/23. |
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Legal Form : |
Limited Liability |
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Line of Business : |
Importing of face cloths and dish cloths under the brand
name, SEASONS |
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 : |
US$1 000 000 |
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Status : |
Small Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COMPANY NAME
POWER RUSH TRADING 241 CC
PHYSICAL ADDRESS
Unit 1
KyalamI
POSTAL ADDRESS
2153
TELEPHONE NUMBER : 011 466 0807
FAX NUMBER : 011 466 0389
MEMBERS
50% C ARTHURS ID No. 6806150967085
50% R UPASANI ID No. 7210081119180
ASSOCIATE COMPANIES
None
BANKERS
ABSA, Randburg Branch, account number 4062422969. It was stated that the subject enjoys overdraft facilities to an extent of R150 000, unsecured. Utilisation is stated to fluctuate.
DATE REGISTERED
9 November 2004
Registration Certificate Number: 2004/116267/23.
The subject began operating from 2005.
C ARTHURS was previously involved in financial management and is a bookkeeper and R UPASANI was previously a creative director for a company involved in design and advertising.
VAT NUMBER
4140221492
MAJOR OPERATION
Importing of face cloths and dish cloths under the brand name, SEASONS.
MAJOR SUPPLIERS
The subject imports all of its supplies and deals locally with
EXPRESS CLEARING AND FORWARDING
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Wholesalers
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Neighbouring countries
TOTAL EMPLOYEES
4
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased
MEMBERS CONTRIBUTION
R10
The following estimated financial situation was submitted:
STOCK R400 000 – R500 000
DEBTORS R500 000
CREDITORS Fluctuates
TURNOVER per month R450 000 – R500 000
AUDITORS
ARNO COETZEE (CA)
YEAR END
JULY
INSURANCE BROKERS
ABSA
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. COD R100 000 Excellent
COMMENTS
This is a new business that is not a general credit seeker locally. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser figure on a letter of credit basis.
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%)