MIRA INFORM
REPORT
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Report Date : |
21.02.2011 |
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 : |
Closed Corporation |
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Line of Business : |
Importing of face
cloths and dish cloths |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Note:
(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):
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
100% P UPASANI ID No. 6811175417181
The membership changed in 2009 and was previously 80% P UPASANI,
10% MRS. R UPASANI and 10% C ARTHURS
The membership changed in 2006 and was previously 50% C ARTHURS and 50% R
UPASANI.
ASSOCIATE COMPANIES
None
BANKERS
ABSA, Randburg Branch, Account Number: 4062422969.
It was stated that the subject enjoys an unsecured overdraft facility to an extent of R150 000. The respondent stated that the overdraft facility is not utilised as credit balances are normally maintained at the bank.
DATE REGISTERED
9 November 2004
Registration Certificate Number: 2004/116267/23.
The subject began operating from 2005.
VAT NUMBER
4140221492
MAJOR OPERATION
Importing of face cloths and dish cloths under the brand name, SEASONS.
MAJOR SUPPLIERS
The subject imports
from various countries and deals with the local forwarding and clearing agents,
CROWN LOGISTICS in
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Wholesalers
AREA OF DISTRIBUTION AND SELLING
EXPORTS
Neighbouring
countries
TOTAL EMPLOYEES
Approximately 11
employees
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported
to be leased
MEMBERS CONTRIBUTION
R2
The respondent declined to update the financial information on the
subject. Nevertheless, historical
information as at April 2009 reads as follow:
STOCK (the only figure updated) R5 000 000 –
R 6 000 000
DEBTORS R1 500 000 – R 2 000 000
CREDITORS R 1 000 000
TURNOVER per annum R26
000 000
AUDITORS
KOBILAN PILLAY,
Fourways
YEAR END
FEBRUARY
INSURANCE BROKERS
ABSA BROKERS
TRADE REFERENCES – JULY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. C.O.D R100 000 Excellent
TRADE REFERENCES – APRIL 2009
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±3 years open acc ±R200 000 30 days 30 days Good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1
year+ R500 000 R250 000 30
days 53 days Good
c/l -R500 000
COMMENTS
This is a comparatively established business, which imports most of its supplies. The subject is meeting its only local commitment considerably over terms. We have not traced dealings to an extent of U$1 000 000 DA and it is suggested that dealings be to a lesser extent on a letter of credit basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.18 |
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1 |
Rs.73.04 |
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Euro |
1 |
Rs.61.43 |
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 |
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 |
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.