BUSINESS INFORMATION REPORT
1. Summary Information
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|
Country |
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Company Name |
DOUBLE DEE TECHNOLOGY PRIVATE LIMITED |
Principal Name 1 |
MR. DEEPAK JEEVANDAS DOONGURSEE |
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Status |
MODERATE |
Principal Name 2 |
MR. GAURANG DEEPAK DOONGURSEE |
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|
|
Registration # |
11-127683 |
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Street Address |
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||
|
Established Date |
11.07.2000 |
SIC Code |
-- |
|
Telephone# |
91-22-66318373 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-22-66341001 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
DIAMOND TOOLS |
|
# of employees |
NOT AVAILABLE |
Product Name 2 |
DIAMOND CUTTING TOOLS |
|
Paid up capital |
Rs.8,500,000/- |
Product Name 3 |
MACHINES |
|
Shareholders |
DIRECTORS OR RELATIVES OF DIRECTORS – 100% |
Banking |
BANK OF |
|
Public Limited Corp. |
NO |
Business Period |
|
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ca
(14) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
23,222,000
|
Current Liabilities |
5,871,000
|
|
Inventories |
5,584,000
|
Long-term Liabilities |
47,297,000 |
|
Fixed Assets |
23,510,000 |
Other Liabilities |
1,716,000 |
|
Deferred Assets |
0,000,000 |
Total Liabilities |
54,884,000 |
|
Invest& other Assets |
0,000 |
Retained Earnings |
(11,068,000) |
|
|
|
Net Worth |
(2,568,000) |
|
Total Assets |
52,316,000 |
Total Liab. & Equity |
52,316,000 |
|
Total Assets (Previous Year) |
50,115,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
NA |
Net Profit |
728,000 |
|
Sales(Previous yr) |
60,272,000 |
Net Profit(Prev.yr) |
614,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
DOUBLE DEE TECHNOLOGY PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
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Date of Incorporation
: |
11.07.2000 |
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|
|
|
Com. Reg. No.: |
11-127683 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8.500
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29220MH2000PTC127683 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMD11185G |
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PAN No.: [Permanent Account No.] |
AABCD8065C |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Diamond Tools, Diamond Cutting
Tools and Machines. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
a huge accumulated losses being recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered/ Head Office : |
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Tel. No.: |
91-22-66318373/ 66318171 |
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Fax No.: |
91-22-66341001 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Deepak Jeevandas Doongursee |
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Designation : |
Director |
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Address : |
O-2, |
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Date of Birth/Age : |
19.05.1944 |
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Date of Appointment : |
11.07.2000 |
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DIN No.: |
00029111 |
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Name : |
Mr. Gaurang Deepak Doongursee |
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Designation : |
Director |
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Address : |
O-2, |
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Date of Birth/Age : |
04.04.1978 |
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Date of Appointment : |
15.05.2002 |
|
DIN No.: |
00029132 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Deepak Doongursee |
|
845100 |
|
Nalini Doongursee |
|
100 |
|
Gaurang Doongursee |
|
4700 |
|
Mallika Seth |
|
100 |
|
Total |
|
850000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamond Tools, Diamond Cutting
Tools and Machines. |
|
|
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Licensed
Capacity (Nos.)
|
Installed
Capacity |
Actual
Production |
|
Segment |
3610000 |
1905000 |
40744 |
|
Diamond Wire Beads |
1800000 |
4500000 |
2046623 |
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|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v Bank of v
Indian Overseas Bank, Fort Branch, Tamarind
House, 30 and 32, Ground Floor, Tamarind Lane, Mumbai – 400 023, Maharashtra,
India |
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Facilities : |
(All the above loans are secured against personal guarantees of Directors and collaterally secured against residential flat of directors)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.V. Damania and Company Chartered Accountants |
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Address : |
14/2, Mahalaxmi Industrial Estate, |
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Tel. No.: |
91-22-66614320/ 21/ 22 |
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Fax No.: |
91-22-24938040 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAEFM9871H |
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Related Parties (Concerns under same Management) : |
v
Diament Boart Petroleum India Private Limited v
Diament Boart India Private Limited v
Doongursee and Sons v
Viper Wire |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500 millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
850000 |
Equity Shares |
Rs.10/- each |
Rs.8.500
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.500 |
8.500 |
8.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(11.068) |
(11.796) |
(12.410) |
|
|
NETWORTH |
(2.568) |
(3.296) |
(3.910) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
42.894 |
13.065 |
9.600 |
|
|
2] Unsecured Loans |
4.403 |
29.755 |
40.351 |
|
|
TOTAL BORROWING |
47.297 |
42.820 |
49.951 |
|
|
DEFERRED TAX LIABILITIES |
0.296 |
0.719 |
0.000 |
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|
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TOTAL |
45.025 |
40.243 |
46.041 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.510 |
25.693 |
25.215 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
4.396 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
5.584
|
5.282 |
5.880 |
|
|
Sundry Debtors |
11.637
|
16.340 |
14.072 |
|
|
Cash & Bank Balances |
1.279
|
1.383 |
0.621 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
10.306
|
1.417 |
2.849 |
|
Total
Current Assets |
28.806
|
24.422 |
23.422 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.469
|
5.977 |
3.090 |
|
|
Other Current Liabilities |
2.402
|
2.450 |
3.563 |
|
|
Provisions |
1.420
|
1.445 |
0.339 |
|
Total
Current Liabilities |
7.291
|
9.872 |
6.992 |
|
|
Net Current Assets |
21.515
|
14.550 |
16.430 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
45.025 |
40.243 |
46.041 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
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Income |
NA |
60.272 |
34.387 |
|
|
|
Other Income |
|
NA |
0.027 |
|
|
|
TOTAL (A) |
NA |
NA |
34.414 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Material and Spares Consumed |
|
NA |
20.853 |
|
|
|
Staff Cost |
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|
2.661 |
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|
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Administrative and Other Overheads |
|
|
3.858 |
|
|
|
Increase/ Decrease in Stock |
|
|
0.622 |
|
|
|
TOTAL (B) |
NA |
NA |
27.994 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
6.420 |
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|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
|
1.287 |
|
|
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
5.133 |
|
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
4.041 |
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
0.305 |
6.855 |
1.092 |
|
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|
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Less |
TAX (H) |
(0.423) |
6.241 |
(4.969) |
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PROFIT AFTER TAX
(G-H) (I) |
0.728 |
0.614 |
6.061 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(11.796) |
(12.410) |
(18.471) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(11.068) |
(11.796) |
(12.410) |
|
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|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
13.719 |
11.378 |
5.699 |
|
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TOTAL EARNINGS |
13.719 |
11.378 |
5.699 |
|
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|
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|
|
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IMPORTS |
|
|
|
|
|
|
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Raw Materials |
10.629 |
16.893 |
6.062 |
|
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TOTAL IMPORTS |
10.629 |
16.893 |
6.062 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.86 |
0.72 |
7.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
17.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
11.37 |
3.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.58
|
13.68 |
2.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12)
|
(2.08) |
(0.28) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(21.26)
|
(15.99) |
(14.56) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.95
|
2.47 |
3.35 |
LOCAL AGENCY FURTHER INFORMATION
GENERAL REVIEW:
The overall
performance of the Company during the year was found to be satisfactory.
FORM 8:
|
Corporate
identity number of the company |
U29220MH2000PTC127683 |
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Name of the
company |
DOUBLE DEE TECHNOLOGY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
E-Mail: doongursee@double-dee.com |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10060035 |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Indian Overseas Bank, Fort Branch, Tamarind House, 30 and 32, Ground
Floor, Tamarind Lane, Mumbai – 400 023, Maharashtra, India E-Mail: forttbr@mummrc01.iobnet.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation (For Securing Machineries / Vehicles / Goods / Book Debts). |
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Date of
instrument Creating the charge |
12.05.2011 |
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Amount secured by
the charge |
Rs.57.652
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Cash Credit / Term
Loans : BR + 2.75% p.a. (presently 12.25% p.a.) FDDBP/FDUBD
LC/NLC : BR + 0.75% p.a. (presently
10.25% p.a.) Terms of
Repayment: Cash Credit /
FDDBP/FDUBD LC/NLC: Repayable on Demand. Existing Term
Loans: No Changes from the existing terms. TL of Rs.3.500
millions (Fresh): Repayable in 35 installments of Rs.0.097 million and 1
installment of Rs.0.096 million starting from the next month of the first
disbursal. TL of Rs.6.700
millions (Fresh): Repayable in 35 installments of Rs.0.186 million and 1 installment
of Rs.0.187 million starting from the commencement of the commercial
production but not later than 6 months from the first disbursal of loan. Margin: Cash Credit :
Stocks - 25% ; Book Debt - 50% FDDBP/FDUBD
LC/NLC : Nil Term Loans : 25% Extent and
Operation of the charge: The charge is to
operate as security, by way of first exclusive charge, for the due repayment
of the enhanced credit facility of Rs.57.652 millions together with
interests, additional interest, costs, charges, expenses and all other moneys
payable by the Company to the Bank from time to time in terms of sanction. Others:
|
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Short particulars
of the property charged |
Hypothecation, of
: a) Stock of raw
materials, work in process and finished goods. b) Book debts,
receivables and other claims which may due and owing to the Company from time
to time. c) Machinery
purchased or to be purchased out of the term loans. |
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|
Date of latest
modification prior to the present modification |
21.07.2010 |
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|
Particulars of
the present modification |
The amount
secured by the charge has been enhanced from Rs.53.953 millions to Rs.57.652
millions. |
FIXED ASSETS:
v Office Equipments
v Furniture and Fixtures
v Plant and Machinery
v Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.46 |
|
|
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
14 |
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 |
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.