MIRA
INFORM REPORT
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Report Date : |
10.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
THE GOLDEN TIME |
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Registered Office : |
Sarthik Complex, Fun Repub Satellite, Ahmedabad – 380 015, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 (Estimated) |
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Date of Incorporation : |
1990 |
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Legal Form : |
Partnership concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Dealer of watches like Titan and other major brands. |
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. |
Small |
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Maximum Credit Limit : |
USD 16000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small concern having satisfactory track. Management
remained non –co – operative during current investigation. Payments are slow but correct. The concern can be considered for small
to mediocre business dealings on safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
Sarthik Complex, Near Fun Republic Multiplex, Ahmedabad – 380 015,
India |
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Tel. No.: |
91-79-32911313 / 26927300 |
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Mobile No.: |
91-9825055682 / 98925197100 |
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Fax No.: |
91-79-26924900 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.fts |
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Location : |
Owned |
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Retail store No 1: |
C. G. Road: Amar Complex,
Swastik Cross Roads, Ahmedabad – 380 009, India |
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Tel. No. : |
91-79-26441420/26442802 |
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Fax No. : |
91-79-26466021 |
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E-mail : |
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Area : |
1000 sq.fts |
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Location : |
Owned |
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Retail store No
2: |
Dumas Road - Ground Floor, Iscon Mall, Opp. Rajhans Theatre, Surat,
India |
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Area : |
1000 sq.fts |
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Location : |
Owned |
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Tel. No. : |
91-261-2252657 / 2252658 |
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E-mail : |
PARTNERS
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Name : |
Mr. Supal Doshi |
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Designation : |
Partner |
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Date of Birth/Age : |
29 Years |
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Qualification : |
Graduate |
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Experience : |
11 Years |
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Name : |
Mr. Kirit Doshi |
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Designation : |
Partner |
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Date of Birth/Age : |
58 Years |
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Qualification : |
Post Graduate |
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Experience : |
38 Years |
BUSINESS DETAILS
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Line of Business : |
Dealer of watches like Titan and other major brands. |
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Terms : |
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Selling : |
Cash [100%] |
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Purchasing : |
Cash, Credit |
GENERAL
INFORMATION
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Customers : |
End users |
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No. of Employees : |
8 |
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Banking
Relations : |
--- |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.4.000 Millions (Estimated) |
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Borrowed : |
--- |
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Total : |
Rs.4.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
Note:
Refused to part financial details as well as Bankers details:
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Particulars |
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31.03.2007 |
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Sales Turnover (Estimated) |
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8.000 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject is the biggest retailer of watches in Gujarat and one of the
largest in India, with three spacious showrooms (over 4000 sq.ft. each) in
prime locations in Ahmedabad and Surat.
The Golden Time group has been associated with the watches business for
more than 80 years and is managed by the family’s third generation of
professional entrepreneurs dealing with over 30 prestigious international and
national brands.
It has played an important role in the creation of awareness and demand for
high end watch brands in Gujarat and surrounding states and built an image of
reliability and service through high quality brands and personnel. The range at
the showrooms includes branded jewellery, writing instruments and lifestyle
products.
The customers of The Golden Time are not only local shoppers who come
for the vast variety and range as well as convenience but also regular NRIs who
have experienced the ‘high value for money’ proposition that they understand,
seek and appreciate.
The high quality products at all the showrooms of The Golden Time are
ably supported by trained sales staff and well equipped service centers with
hi-tech machinery and expert technicians to provide a total ‘satisfaction
experience’.
PRODUCTS RANGE
(BRANDS)
Subject is the authorized
retailer for more than 50 international and national brands of watches,
jewellery, writing instruments and lifestyle products including some of the
most reputed and valuable brands in the world. This is a measure of the trust
and confidence placed by these companies in The Golden Time to showcase and
market their brands with the highest standards set by them.
Ø
Watches
Ø
Writing Instruments
Ø
Accessories
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.41 |
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UK Pound |
1 |
Rs.79.81 |
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Euro |
1 |
Rs.57.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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28 |
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%)
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. |
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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