MIRA INFORM REPORT
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Report Date : |
05.01.2012 |
IDENTIFICATION DETAILS
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Name : |
power rush trading 241 cc |
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Registered Office : |
Unit 1 Silverstone Crescent Kyalami Business Park Kyalami 2153 |
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Country : |
Saouth Africa |
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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 : |
Close Corporation |
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Line of Business : |
Importing and exporting of towels, cloths
and allied products. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRAs 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 : |
No Complaints |
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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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Africa |
A2 |
A2 |
|
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
|
Total
Credit Limit Exposure: Total
Suretyship: On
investigation contact was made again with PRAVIN UPASANI on his cellular
number of 082 4967256. He
was reluctant to assist with full information, However, please see the
information below. |
We have only traced dealings to an extent of R430 000.
We cannot recommend a maximum figure.
Company Information
|
Registered Name |
POWER RUSH TRADING 241 CC |
|
Trading as/ Division Name |
None |
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Previous Name |
None |
|
Date of Name Change |
N/A |
|
Registration Number |
2004/116267/23 |
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Registration Date |
2004-11-09 |
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Date Commenced Trading |
2004 |
|
Age of Business |
7 years 1 month |
|
History of Business |
The subject was a shelf company that was purchased by MR UPASAMI and
began trading in 2004. |
|
Members and % holding |
100% P UPASANI |
|
Members Contribution |
R100 |
|
Status |
In Business |
|
Operations Assessment |
Importing and exporting of towels, cloths
and allied products. |
|
Industry/ Customers |
Wholesalers that distribute to the large
chain stores. |
|
Export |
Neighbouring countries |
|
Major Industry Code / SICC |
61310 Wholesale |
|
Definition of Code |
Wholesale trade in textiles , clothing and
footwear |
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Head Office Physical Address |
Unit 1 Silverstone Crescent Kyalami Business Park KYALAMI 2153 |
|
Head Office Postal Address |
Box 1820 JUSKEI PARK 2194 |
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Current Tel Number |
011 4660807 |
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Cell number |
082 4967256 |
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Current Fax Number |
011 4660389 |
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Web Site Address |
www.towelafrica.com |
Auditors Information
|
Company Registered Name |
KOBILAN PILLAY ( I C G FINANCIAL SERVICES) |
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Postal Address |
PO Box 2387 EDENVALE 1610 |
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Contact Person |
KOBILAN |
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Contact Number |
Not available |
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SAICA number |
22380 |
Previous Auditors
|
Company Name |
Phone Number |
Time with previous auditors |
|
ROY LOMNITZ |
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|
MALHERBE LOURENS |
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Tax Information
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Vat Number |
4140221492 |
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Status |
Active |
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Vat Liable Date |
Every second month |
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Tax Number |
9446589153 |
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Tax Clearance Expire Date |
February |
|
Financial Year End |
February |
Black Economic Empowerment
|
Status |
None |
ISO Status
|
Type of ISO Grade |
None |
Workmans compensation
|
Registered |
Yes |
Company Structure
Subsidiaries
|
Subsidiary Company |
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 |
8 |
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1. Salaried
employees |
8 |
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2. Waged
employees |
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3. Permanent
employees |
8 |
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4. Casual
employees |
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5. Contracted
employees |
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Company Fleet |
No of vehicles: |
Owned/ Leased |
Value |
Outstanding Balance |
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Fleet Operations |
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The Fleet is made up of |
7 |
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1. Cars |
X |
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2. Light
Delivery Vehicles |
X |
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3. Trailers |
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4. Busses |
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5. Trucks |
X |
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6. Fork
Lifts |
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7. Other |
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Offices |
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Head Office Owned/ Rented |
Rented |
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Rental Company |
LRB PROPERTIES |
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Owned by |
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Value |
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Bond |
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Bank |
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Lease Agreement |
Unknown, been there for many years |
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Lease Expire Date |
Unknown |
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Type of Premises |
Office and warehouse |
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Branches Names |
Country |
Province |
|
None |
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Branches Owned/ Rented |
N/A |
Management Overview
Organisation chart
|
Level |
Position |
Name |
|
1 |
MANAGING MEMBER |
PRAVIN UPASANI |
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Company Structure (Ownership)
Note: One level up and
all levels down
|
Holding |
Company |
Sub |
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100% PRAVIN UPASANI |
POWER RUSHTRADING 241 CC |
None |
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Trade References
|
Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial Bonds |
|
1 |
INHOUSE CROWN LOGISTICS |
Samantha 0861
4646873 |
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Trade
References Detail
|
Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1 |
2 years |
R1 000 000 |
R430 000 |
30 days |
R270 000 |
30 days |
Excellent |
Adverse Information on Subject
Judgements
|
Judgements |
None |
|
Possible
Judgements |
None |
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Civil Court
Records |
None |
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RDs |
None |
Business
Rescue
|
Date registered |
Business rescue practitioner |
Contact Information |
Details |
|
None |
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Default
Listings
|
Date |
Details |
|
None |
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Notarial
Bonds
|
Date |
Details |
|
None |
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Bank Information
|
Bank |
ABSA |
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Branch |
RANDBURG |
|
Bank Account Number |
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Type of Account |
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Account Name |
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Overdraft Facilities |
Yes, however hardly used |
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Date Opened |
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Bank Code |
None given, details were not forthcoming |
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Bank Comment |
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Bank
Codes History
|
Date
requested |
Bank
Code |
Enquiry
Amount |
Number
of RDs |
RD
amount |
RD
Date |
Bank
Comments |
Years
with bank |
|
None |
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Previous
Bank Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
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None |
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Deeds Information
Property Interestsfor Company
|
Title Deed No. |
None |
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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Financial Information
Financial
Estimates
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CURRENT ASSETS |
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Stock |
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Debtors |
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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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Previous Year Turnover |
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Estimated Current Year Turnover |
R40 000 000- R50 000 000 |
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Current Turnover per month |
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Current Turnover per annum |
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Please
note the following:
|
Turnover and assets less than R 1,000,000.00 |
The subject falls within the National Credit Act |
|
Turnover and assets less than R 2,000,000.00 |
The subject falls within the Consumer Protection Act |
Principals
|
Number of Principals |
1 |
|
Average Age of Active Principals |
43 |
Active
Principals
Principal 1 of 1: PRAVIN UPASANI
|
Surname |
UPASANI |
|
First Name |
PRAVIN |
|
Other Names |
None |
|
Marital Status |
Married |
|
ID Number |
6811175417081 |
|
Verified ID Number |
Yes |
|
Current Age |
43 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
2009-03-31 |
|
Physical Address (at time of Appointment) |
Unit 1 Silverstone Crescent Kyalami Business Park KYALAMI 2153 |
|
Postal Address |
P O Box 182 JUSKEI PARK 2153 |
|
Current Tel Number |
011 4660807 |
|
Cell number |
082 4967256 |
|
Current Fax Number |
011 4660389 |
|
Shareholding |
100% Member |
Adverse
Information for PRAVIN UPASANI
Judgement
|
Number
of Judgements |
None |
Debt Review
|
Debt
review |
None |
Other
|
Default data |
None |
Business
Information for PRAVIN UPASANI
Current Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
PRT
INTERNATIONAL METALS CC |
2009/017527/23 |
In Business |
2 years 11
months |
0 |
No |
|
PRT
ENTERTAINMENT CC |
2010/093423/23 |
In Business |
1 years 6 months |
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
10 years |
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
HOTCH (PTY) LTD |
2001/000900/07 |
Deregistration
Final |
10 years 11
months |
0 |
No |
|
EVEROLL (PTY)
LTD |
2002/026249/07 |
Deregistration
Final |
9 years 2 months |
0 |
No |
Deeds Information
Property Interestsfor PRAVIN UPASANI
|
Title Deed No. |
None |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
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Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
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% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.14 |
|
|
1 |
Rs.83.08 |
|
Euro |
1 |
Rs.69.25 |
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 SCs 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.