MIRA INFORM REPORT

 

 

Report Date :

27.06.2013

 

IDENTIFICATION DETAILS

 

Name :

POWER RUSH TRADING 241 CC

 

 

Registered Office :

Unit 1, Silverstone Crescent, Kyalami Business Park, Mid rand, 1684

 

 

Country :

South Africa

 

 

Date of Incorporation :

09.11.2004

 

 

Com. Reg. No.:

B2004/116267/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Subject is involved in the importation of household items such as towels, face cloths under an in-house brand "SEASONS"

 

 

No. of Employees :

Not Available 

 

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

South Africa ECONOMIC OVERVIEW

 

South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors and a stock exchange that is the 15th largest in the world. Even though the country possesses modern infrastructure that support a relatively efficient distribution of goods to major urban centers throughout the region, some components retard growth. The economy began to slow in the second half of 2007 due to an electricity crisis. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Subsequently, the global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. State power supplier Eskom has built two new power stations and installed new power demand management programs to improve power grid reliability. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

 

Source : CIA

 

 

 

Subject Name

POWER RUSH TRADING 241 CC

Country

SOUTH AFRICA

Subject Contact Person

PRAVIN UPASANI - Managing Member

Assessment

This is a well-established business.

 

On investigation contact was made with the managing member, PRAVIN UPASANI. The company has been in business for 8 Years 7 Months. No adverse information was revealed during the investigation.

 

CIPC reflects PRAVIN UPASANI status as resigned, which is confirmed to be incorrect. We have requested documentation from PRAVIN UPASANI which states the status as incorrect.

 

The company imports majority of its goods and only has one local service provider, terms of which are met however occasionally extended.

 

Please see the information obtained below.

 

 

Company information

 

Registered Name

POWER RUSH TRADING 241 CC

Trading as/ Division Name

TOWELS 4 AFRICA

Previous Name

None

Date of Name Change

None

Registration Number

B2004/116267/23

Registration Date

2004/11/09

Date Commenced Trading

2004-11-09

Age of Business

8 Years 7 Months

History of Business

POWER RUSH TRADING 241 CC trading as TOWELS 4 AFRICA was registered in November 2004 and operations commenced immediately.

History of Principals

There are currently no active members as per the information provided by CI PC.

Shareholders/Members/Partners of subject and % holding

100 % - PRAVIN EKNATH UPASANI

Authorised Share Capital

R1000.00

Issued Share Capital/Members Contribution

R 100.00

Status

In Business

Operations Assessment

The company is involved in the importation of household items such as towels, face cloths under an in-house brand "SEASONS"

Industry/ Customers

Public and Retailers

Export

Yes

Export Countries

Botswana,Malawi

Import

Yes

Import Countries

India

Major Industry Code / SICC

61310

Definition of Code

Wholesale trade in textiles, clothing and footwear

Head Office Physical Address

Unit 1, Silverstone Crescent, Kyalami Business Park, MID RAND, 1684

Head Office Postal Address

PO Box 182, Jukskei Park, RANDBURG, 2153

Current Tel Number

0114660807

Cell Number

0824967256

Current Fax Number

0114660389

Current Email Address

prt@live.co.za  / accounts@towelsafrica.com

Web Site Address

www.towelsafrica.com

 

 

Auditors information

 

Company Registered Name

KOBILAN PILL AY

Trading Name

Unavailable

Registration Number

Unavailable

Physical Address

Unavailable

Postal Address

P 0 BOX 2387, EDENVALE, 1610

Contact Person

Unavailable

Contact Number

Unavailable

Email

Unavailable

Principals

 

Judgements Against Subject

Unavailable

Judgements Against Principals

Unavailable

Subject Verified as Client

 

Practice Number

22380

VAT Number

Unavailable

Tax Number

Unavailable

BEE Status

Unavailable

Financial Year End

Unavailable

No of years in Business

3 Years 5 Months

Website

Unavailable

 

Previous Auditors Information - No Information on Record

 

Tax Information

 

Vat Number

4140221492

Status

ACTIVE

Vat Liable Date

2005/07/01

Tax Number

9446589153

Financial Year End

February

 

Black Economic Empowerment Information - No Information on Record

ISO Status

 

Type of ISO Grade

There is no ISO grade

ISO Certificate

No

ISO Certificate Available

No

Certified by an Accredited Agent

No

 

Work Mans Information - No Information on Record

 

 

Company Structure

 

·         Subsidiaries Information - No Information on Record

·         Employees Information - No Information on Record

·         Company Fleet Information - No Information on Record

·         Offices Information - No Information on Record

·         Branch Information - No Information on Record

 

 

Management Overview

 

Organisation Chart

Level

Position

Name

Comment

 

1

Managing Member

PRAVIN EKNATH UPASANI

 

 

Company Structure (Ownership)

Note: One level up and all levels down

 

Holding

Company

Sub

Comment

100% - PRAVIN EKNATH UPASANI

POWER RUSH TRADING 241 CC

 

 

 

Key Deals - No Information on Record

 

 

Trade References

 

Trade Reference nr

Supplier

Contact

Surety Value

Notarial Bonds

Comment

1

KUEHNE AND NAGEL

0115747000

 

 

 

 

Trade References Detail

 

Nr

Age of Acc

Credit Limit

Max Credit

Terms

Average Purchases

Terms Taken

Comment

1

1 Year

R 300000.00

R180000

30 Days

R 93000

30 Days - 45 Days

Account is covered by CGIC, fair account

 

Adverse Information on Subject

 

·         Business Rescue - No Information on Record

·         Judgements - No information on record

·         Default Listing - No information on record

·         Notarial Bonds - No information on record

 

 

Bank Information 

 

Bank

ABSA

Branch

Declined

Brach Code

632005

Bank Account Number

Declined

Type of Account

Current account

Account Name

POWER RUSH TRADING 241 CC

Overdraft Facilities

The company enjoys a overdraft facility

Bank Code

P

Bank Comment

A Bank code could not be obtained as the subject declined to provide a bank account number.

Bank Code History - No Information on Record

 

Previous Bank Account Information - No Information on Record

 

Deeds Information - No information on record

 

Financial Estimates

 

Stock

R10000000.00

 

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

0

Average Age of Active Principals

45

 

Active Principals Principal - 1of 1 PRAVIN UPASANI

Surname

UPASANI

First Name

PRAVIN

Other Names

EKNATH

Marital Status

Married

ID Number

6811175417181

Verified ID Number

Yes

Current Age

45 Years Old

Designation

Managing Member

Status

Active

Appointment Date

2004/11/09

Physical Address (at time of Appointment)

31 RONDEL STREET, JUKSKEIPARK, JOHANNESBURG, 2000

Postal Address

PO BOX 182, JUKSKEI PARK, RANDBURG, 2153

Current Tel Number

0117044993

Cell number

0824967256

Shareholding/Membership

100%

 

Principal's Adverse - No information on record

 

 

Business Information for PRAVIN UPASANI

 

Principal's Current Business Interests - No information on record

 

Principal's Previous Business Interests - No information on record

 

Principal's Deeds Information - No information on record

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.85

UK Pound

1

Rs.92.31

Euro

1

Rs.78.23

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.