MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DHIRAJ SONS MEGA STORES PRIVATE LIMITED |
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Registered Office : |
PPT and TV High School, Nanpura, Surat 395001, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.07.1983 |
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Com. Reg. No.: |
006335 |
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CIN No.: [Company
Identification No.] |
U52190GJ1983PTC006335 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTD00132G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Retailer of Watches like Titan, Citizen, Sonata |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 131000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade
relations are fair. Business is
active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Chirag Modi and Mr. Rajnikant Modi |
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Designation : |
Director |
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Contact No.: |
91-9825121222 [Mr. Chirag Modi] 91-9825137222 [Mr. Rajnikant Modi] |
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Date : |
25.06.2008 |
LOCATIONS
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Registered Office : |
PPT and TV High School, Nanpura, Surat 395001, Gujarat, India |
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Tel. No.: |
91-261-2478078 |
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E-Mail : |
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Website : |
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Corporate Office : |
Near Mansukhlal Tower, Athawa Gate, Near Chowpati, Surat 395001,
Gujarat, India |
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Tel. No.: |
91-261-3077777/ 2478078 |
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Fax No.: |
91-261-2478024 |
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E-Mail : |
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Area : |
95000 Sq. fts. |
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Location : |
Owned |
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Showrooms : |
Dhiraj Sons Fashion World Address : Opposite
T & TV High School, Nanpura, Surat Phone Nos.:91-261-2460084 Fax :91-261-2460087 E-mail contact@dhirajsons.com Dhiraj Sons Mega Store Address: Athwalines, Near Chowpati, Surat - 395001. Gujarat.
India. Fax :91-261 2478024 E-mail contact@dhirajsons.com Dhiraj Sons Super Market Address: Parle Point, Surat - 395001. Gujarat. India. Phone Nos.:91 -261 - 2224321,2224364,2224543 Fax : 91 -261 -2478024 E-mail: contact@dhirajsons.com Dhiraj Sons Music Shop Address: Chowpatty, Surat
- 395001. Gujarat. India. Phone Nos.: 91-261– 2478078 Fax : 91-261-2478024 E-mail:
contact@dhirajsons.com Dhiraj Sons Card Shop Address: Chowpatty, Surat - 395001. Gujarat. India. Phone Nos: 91 - 261 -
2668731 Fax : 91 -261- 2478024 E-mail: contact@dhirajsons.com
Dhiraj Sons Poly Corner Address: Chowpatty, Surat - 395001. Gujarat. India. Phone Nos.:91-261-2478078 Fax: 91-261 - 2478024 E-mail : contact@dhirajsons.com |
DIRECTORS
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Name : |
Mr. Rajnikant Dhirajlal Modi |
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Designation : |
Director |
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Address : |
25-1, Sarjan Society, Opposite Sargam Shopping Centre, Parle Point,
Surat 395001, Gujarat, India |
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Date of Birth/Age : |
08.07.1946 |
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Date of Appointment : |
12.04.2002 |
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Name : |
Mr. Sanjaybhai Rajnikant Modi |
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Designation : |
Director |
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Address : |
25-1, Sarjan Society, Opposite Sargam Shopping Centre, Parle Point,
Surat 395001, Gujarat, India |
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Date of Birth/Age : |
25.06.1970 |
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Date of Appointment : |
07.05.2002 |
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Name : |
Mr. Prafulchandra Dhirajlal Modi |
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Designation : |
Director |
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Address : |
48-B, Sarjan Society, Opposite Sargam Shopping Centre, Parle Point,
Surat 395003, Gujarat, India |
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Date of Birth/Age : |
07.08.1951 |
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Date of Appointment : |
07.05.2002 |
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Name : |
Mr. Ankurbhai Prafulchandra Modi |
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Designation : |
Director |
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Address : |
48-B, Sarjan Society, Opposite Sargam Shopping Centre, Parle Point,
Surat 395001, Gujarat, India |
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Date of Birth/Age : |
01.01.1977 |
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Date of Appointment : |
07.05.2002 |
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Name : |
Mr. Chiragbhai Bipinchandra Modi |
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Designation : |
Director |
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Address : |
30, Sarjan Society, Opposite Sargam Shopping Centre, Parle Point, Surat
395001, Gujarat, India |
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Date of Birth/Age : |
01.03.1979 |
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Date of Appointment : |
07.05.2002 |
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Name : |
Mr. Bipinchandra Dhirajlal Modi |
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Designation : |
Director |
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Address : |
30, Sarjan Society, Opposite Sargam Shopping Centre, Parle Point,
Surat 395001, Gujarat, India |
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Date of Birth/Age : |
13.09.1949 |
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Date of Appointment : |
07.05.2002 |
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Name : |
Mr. Denishbhai Bipinchandra Modi |
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Designation : |
Director |
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Address : |
30, Sarjan Society, Opposite Sargam Shopping Centre, Parle Point,
Surat 395001, Gujarat, India |
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Date of Birth/Age : |
03.04.1982 |
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Date of Appointment : |
07.05.2002 |
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Name : |
Mr. Shilaben Rajnikant Modi |
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Designation : |
Director |
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Address : |
25-1, Sarjan Society, Opposite Sargam Shopping Centre, Parle Point,
Surat 395001, Gujarat, India |
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Date of Birth/Age : |
01.09.1949 |
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Date of Appointment : |
01.07.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2005]
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Names of Shareholders |
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No. of Shares |
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Bipinchandra Modi |
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1000 |
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Prafulchandra Modi |
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1000 |
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Prafulchandra Modi [HUF] |
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1000 |
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Rekhaben Modi |
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1000 |
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Nayanaben Modi |
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1000 |
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Sanjay Modi |
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1000 |
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Sanjay Modi [HUF] |
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1000 |
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Nehaben Modi |
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1000 |
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Ankur Modi |
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1500 |
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Ankur Modi [HUF] |
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1000 |
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Jenishben Modi |
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1000 |
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Chirag Modi |
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1000 |
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Chirag Modi [HUF] |
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1000 |
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Krishnaben Modi |
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1000 |
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Denish Modi |
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1000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Retailer of Watches like Titan, Citizen, Sonata |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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No. of Employees : |
350 |
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Bankers : |
Canara Bank K. M. Road, Surat
395001, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Natvarlal Vepari and Company Chartered Accountants |
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Address : |
405, River Palace II, Nanpura, Surat 395001, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000 |
Equity Shares |
Rs.100/-
each |
Rs. 3.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.500 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.838 |
25.609 |
23.510 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.338 |
27.609 |
25.510 |
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LOAN FUNDS |
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1] Secured Loans |
147.084 |
125.219 |
101.257 |
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2] Unsecured Loans |
29.627 |
20.174 |
17.049 |
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TOTAL BORROWING |
176.711 |
145.393 |
118.306 |
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DEFERRED TAX LIABILITIES |
3.675 |
3.866 |
3.703 |
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TOTAL |
206.724 |
176.868 |
147.519 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
94.268 |
90.088 |
86.305 |
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Capital work-in-progress |
0.000
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0.000 |
0.000 |
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INVESTMENT |
1.127 |
1.127 |
1.128 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
109.568
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100.897 |
73.080 |
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Sundry Debtors |
6.199
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7.401 |
5.017 |
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Cash & Bank Balances |
3.939
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2.790 |
2.288 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
62.235
|
34.181 |
14.260 |
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Total
Current Assets |
181.941
|
145.269 |
94.645 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
65.937
|
56.416 |
33.059 |
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Provisions |
4.675
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3.200 |
1.500 |
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Total
Current Liabilities |
70.612
|
59.616 |
34.559 |
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Net Current Assets |
111.329
|
85.653 |
60.086 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
206.724 |
176.868 |
147.519 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2008 |
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Sales Turnover [Estimated] |
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750.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.39
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7.43 |
5.99 |
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Current Ratio (Current Asset/Current Liability) |
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2.58
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2.44 |
2.74 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Hindustan
Lever
- Procter and
Gamble
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
DHIRAJ SONS MEGA STORE PRIVATE LIMITED |
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Presented By |
Mr. Rajnikant Dhirajlal Modi |
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1) Date and description of instrument creating the change |
Agreement of hypothecation
Book Debt dated 03.10.2003 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 30.000
Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Hypothecation of
stock lying in all the 4 stores and book debts |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest 1% above
PLR or @ 12% whichever is less. |
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5) Name and Address and description of the person entitled to the
charge. |
Canara Bank Kotsafil Main
Road, Surat 395003 |
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6) Date and brief description
of instrument modifying the charge |
Supplemental
Common hypothecation agreement dated 15.06.2005 |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
The effect of the
modification is that amount of the charge is increased by cash credit limit
of Rs. 20.000 Millions making an aggregate of Rs. 60.000 Millions. Now the total amount of charge comprised
of :
|
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90099712 |
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Corporate identity
number of the company |
U52190GJ1983PTC006335 |
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Name of the
company |
DHIRAJ SONS MEGA
STORES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
PPT and TV High School, Nanpura, Surat 395001, Gujarat, India |
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Type of charge |
Immovable
property Others Hypothecation of
stock |
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Particular of
charge holder |
Canara Bank K. M. Road, Surat
395001, Gujarat, India |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
common hypothecation agreement along with agreement relating to amendment for
equitable mortgage of property by deposited. |
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Date of
instrument Creating the charge |
23.03.2007 |
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Amount secured by
the charge |
Rs. 167.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.50% p.a. at
present Terms of
Repayment On demand in case
of cash credit facility and as per repayment schedule in case of term loan. Margin 25% against stock Extent and
Operation of the charge Hypothecation of
stock lying in all stores of the company Plant and
machinery, furniture and fixtures, computers, fax machines, air conditioners,
office equipment, lift, generators, electronic fixture, TV System, Neon Sign
Board, Tempo and Vehicle etc. |
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Short particulars
of the property charged |
All the piece and
parcel of land and building existing and/or to be constructed thereon
together with sematically and apparent thereto at ward no. 1, survey no.
528/7, admeasuring about 1107.0353 Sq. mtrs. And survey no. 234, Scheme 5,
Sub Plot No. 31 at Taluka Choryasi, District Surat |
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Date of latest modification
prior to the present modification |
01.06.2006 |
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Particulars of
the present modification |
Present cash
credit limit is enhanced by Rs. 17.500 Millions making an aggregate of total
limits to Rs. 167.500 Millions comprised of term loan of Rs. 70.000 Millions
and cash credit limit of Rs. 97.500 Millions. |
AS PER WEBSITE DETAILS:
Subject is a corporate group comprising of a
business activity firms like Mega Store, Super Store, Music Shop, Card Shop, Toy
Shop and now Fashion World.
|
Dhiraj Sons Fashion World |
A grand Fashion world for branded Men, Women, Kids
Garments & Accessories and presenting a constant changing Fashion World.
The entire place is totally air conditioned with gorgeous automatic escalator
entrance. |
|
Dhiraj Sons Mega Store |
A Three Storeyed store housing all kinds of groceries,
toiletries, food stuffs, household items, crockery's, watches, electronic
items, gift items etc. |
|
Dhiraj Sons Super Market |
A store housing all kinds of groceries, toiletries, food
stuffs, household items, crockery's, watches, electronic items, gift items
etc. |
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Dhiraj Sons Toy Shop |
An extravagant collection of toys & soft toys and
games are available for kids of all ages. |
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Dhiraj Card Shop |
Cards for Birthday, Anniversary,
Sorry, Thank you, New year, Christmas, Pateti, Idd, Condolences, Friendship,
Love, Best Wishes and all Occasions. |
|
Dhiraj Poly Corner |
All kinds of plastic items like buckets,
tumblers, boxes, jars, household items etc. |
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Dhiraj Music |
English, Hindi, Gujarati Audio Cassettes
and Compact Discs ( CD's). |
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.73 |
|
UK Pound |
1 |
Rs. 84.38 |
|
Euro |
1 |
Rs. 66.97 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|