MIRA INFORM REPORT
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Report Date : |
29.06.2011 |
IDENTIFICATION DETAILS
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Name : |
PULSE HOLDINGS CC |
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Formerly Known As : |
Versatex Trading 472 CC |
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Registered Office : |
254 Point Road, Durban 4000 |
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Country : |
South Africa |
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Date of Incorporation : |
03.09.2003 |
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Com. Reg. No.: |
2003/074089/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Importing and wholesaling
of hardware, electronics and other household items. |
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 |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Africa |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
|
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 |
Assessment:
This is an
established business that imports.
The subject received
a bank code C for R1 000 000 over 30 days.
It is therefore
suggested dealings be spread.
Company
Information
|
Registered
Name |
PULSE HOLDINGS CC |
|
Trading
as/ Division Name |
None |
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Previous Name |
Versatex Trading 472 CC |
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Date of Name
Change |
2006-04-28 |
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Registration
Number |
2003/074089/23 |
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Registration
Date |
2003-09-03 |
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Date Commenced
Trading |
2006 |
|
History of
Business |
The subject was formerly a dormant shelf company that changed its name
and began trading in 2006. |
|
Members of
subject and % holding |
100% MR YAHYAH GORA |
|
Members
Contribution |
R65 |
|
Age of Company |
7 Years 9 months |
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Status |
Active |
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Operations
Assessment |
Importing and wholesaling of hardware,
electronics and other household items. |
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Industry/
Customers |
90% wholesalers 10% retailers |
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Major Industry
Code / SICC |
61399 Wholesale/ Retail |
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Definition of
Code |
Wholesale trade in other household goods. |
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Head Office
Physical Address |
254 Point Road DURBAN 4000 |
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Head Office
Postal Address |
P O Box 149044 EAST END 4018 |
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Current Tel
Number |
031 3685857 |
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Current Fax
Number |
031 3326912 |
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Current Email Address |
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Web Site Address |
None |
Tax
Information
|
Vat Number |
74750204325 |
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Status |
Active |
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Vat Liable Date |
Monthly |
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Tax Number |
9314587164 |
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Tax Clearance
Expire Date |
February |
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Financial Year
End |
February |
Black Economic Empowerment
|
Status |
Yes |
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Score |
B |
|
Expire Date |
August |
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BEE Certificate
Available |
Unknown |
ISO Status
|
Type of ISO
Grade |
None |
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ISO Certificate |
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ISO Certificate
Available |
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Certified by an
Accredited Agent |
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Workman’s compensation
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Registered |
Yes |
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Compliance
Certified |
Yes |
Company Structure
|
Branches |
1 |
|
Branches Names |
Country |
Province |
|
Durban
City |
SA |
Kwazulunatal |
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Subsidiary
Companies |
None |
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Shareholding |
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Registration
Number |
|
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Import / Export |
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Number of
Employees |
40 |
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1.
Salaried
employees |
10 |
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2.
Waged
employees |
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3.
Permanent
employees |
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4.
Casual
employees |
30 |
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5.
Contracted
employees |
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Company Fleet |
6 |
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Fleet Operations |
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The Fleet is
made up of |
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1.
Cars |
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2.
Light
Delivery Vehicles |
6 |
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3.
Trailers |
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4.
Busses |
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5.
Trucks |
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6.
Fork
Lifts |
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7.
Other |
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Head Office
Owned/ Rented |
Owned |
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Owned by |
By a trust in which Mr GORA is the trustee. |
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Type of Premises |
Offices and warehouse |
Branches Owned/
Rented |
Rented |
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Rental Company |
Unknown |
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Type of Premises |
Retail |
Trade References
It was stated that
the company imports from overseas and is only dealing on credit basis with a
clearing agent locally.
|
Supplier |
Contact |
|
Raysons Shipping |
031 3035220 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
4 years |
R15 mill |
R12.5 mill |
30 days |
R10 mill |
30 days |
Good |
Adverse Information on Subject
|
Judgements |
None |
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Possible
Judgements |
None |
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Civil Court |
None |
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RDs |
None |
Default Data
|
Date |
Details |
|
None |
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Notarial Bonds
|
Date |
Details |
|
None |
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Auditors Information
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Company
Registered Name |
SHABIR GOGA INCORPORATED |
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Trading Name |
None |
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Registration
Number |
1999/008837/21 |
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Physical Address |
81 Scott Street NEWCASTLE Kwazulu Natal |
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Postal Address |
P O Box 176 NEWCASTLE 2940 |
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Contact Person |
ABDULLA |
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Contact Number |
034 3128678 |
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Email |
|
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Principals |
SHABIR HOOSEN GOGA IRSHAD PEER |
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Judgements
Against Subject |
None on record |
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Judgements
Against Principals |
None on record |
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Subject Verified
as Client |
Yes |
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SAICA number |
20043068 |
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Tax Number |
9138016218 |
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BEE Status |
Yes level 1 |
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Financial Year
End |
February |
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Years With
Auditors |
Old |
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Website |
none |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
MALHERBE LOURENS |
Unknown |
Bank Information
|
Bank |
ABSA |
|
Branch |
Kingsmead |
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Bank Account
Number |
4056989363 |
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Type of account |
Current |
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Account Name |
PULSE HOLDINGS CC |
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Date Opened |
30-01-2003 |
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Bank Code |
C |
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Bank Comment |
The subjects bankers consider them equal to R1 000 000 over
30 days in the normal way of business. |
Deeds Information
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Property Interest |
|||
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Property Type: ` |
None |
Stand Number: |
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Street Number: |
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Street Name: |
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Municipal Suburb: |
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Municipal City: |
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Township Name: |
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Province: |
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Deeds Office: |
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Transfer ID: |
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Title Deed Number: |
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Purchase Date: |
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Transfer Date: |
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Erf Size: |
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Sold Price: |
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Financial Information
Financial Estimates
Only the following
figures were forthcoming:
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CURRENT ASSETS |
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Stock |
R25 000 000 |
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Debtors |
R10-15 000 000 |
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Cash on Hand |
|
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FIXED ASSETS |
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Plant,
Equipment, Vehicles |
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Property |
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CURRENT
LIABILITIES |
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Creditors |
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Loans/ From? |
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LONG TERM
LIABILITIES |
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Morgage Bonds |
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ANNUAL / MONTHLY
Turnover |
10-15 000 000 per month |
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Previous Year
Turnover |
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Estimated
Current Year Turnover |
R180 000 000 |
Principals
|
Number of
Principals |
1 |
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Average Age of
Active Principals |
39 |
Active Principals
Principal 1 of 1
|
Surname |
GORA |
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First Names |
YAHYAH |
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Marital Status |
Married |
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ID Number |
7202285145087 |
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Verified ID
Number |
Yes |
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Current Age |
39 |
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Designation |
Member |
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Status |
Active |
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Appointment Date |
2003-09-03 |
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Address (at time of
Appointment) |
Flat 707 Belmont Arcade MARINE PARADE Durban |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
None on record |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information on Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
TIMS INVESTMENTS CC |
1992/027953/23 |
Deregistration
Final |
0 |
No |
|
VRYHEID CORNER STORES CC |
1995/005160/23 |
Deregistration
Final |
0 |
No |
|
REFLECT- ALL 1017 CC |
2000/006648/23 |
Deregistration
Final |
0 |
No |
|
NEXOR 95 CC |
2001/057723/23 |
Deregistration
Final |
0 |
No |
|
WINNING STRIKE INVESTMENTS 13 (PTY) LTD |
2003/020351/07 |
In Business |
0 |
No |
|
IZINYONI TRADING 217 CC |
2003/094863/23 |
Deregistration
Process |
0 |
No |
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HONEY COASTLINE INVESTMENTS 60 CC |
2004/080841/23 |
In Business |
0 |
No |
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FOREST MOON TRADE AND INVEST CC |
2006/132677/23 |
Deregistration
Final |
0 |
No |
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PULSE FURNITURE MANUFACTURING CC |
2006/167538/23 |
Deregistration
Process |
0 |
No |
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PULSE FURNITURE OUTLETS CC |
2006/168139/23 |
Deregistration
Process |
0 |
No |
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JEWEL WHOLESALERS |
7202285145087 |
|
0 |
No |
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JUNK SHOP |
7202285145087 |
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0 |
No |
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RANK SUPERMARKET T/A NO WHOLESALERS |
7202285145087 |
|
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
12.5 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
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TWINKLE INVESTMENTS (PTY) LTD |
1994/007855/07 |
In Business |
0 |
No |
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SUNHAY MANUFACTURERS CC |
1999/051934/23 |
In Business |
0 |
No |
|
IMPACT PUS TRADING 10 CC |
2000.035845/23 |
Deregistration
Process |
0 |
No |
|
EDGE TO EDFGE 152 (PTY) LTD |
2001/009385.07 |
In Business |
0 |
No |
|
UNITEAM INVSTEMNTS 119 CC |
2001/057378/23 |
Deregistration
process |
0 |
No |
Deeds Information
Property Interests of
Principle
|
Property Interest |
|||
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Title Deed No. |
None on record. |
Erf/Site No. |
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Deeds Office |
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Physical Address |
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Property Type |
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Extent / Size |
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Purchase Date |
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Purchase price |
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% Ownership |
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Bond Holder |
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Bond Number |
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Bond Amount |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.05 |
|
UK Pound |
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.64.37 |
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 |
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.