MIRA
INFORM REPORT
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Report Date : |
19.11.2011 |
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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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 |
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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
: |
Producer of Diamond Tools, Marble
Diamond Wire, Granite Diamond Wire and Construction Diamond Wire. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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
huge accumulated losses 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 can 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Pramod |
|
Designation : |
Finance Executive |
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Date : |
18.11.2011 |
LOCATIONS
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Registered Office / Head Office : |
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Tel. No.: |
91-22-66318373 |
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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 : |
Managing 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 |
Other Directorship
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S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U29220MH1985PTC036284 |
Diamant Boart
India Private Limited |
Managing
director |
20-05-85 |
20-05-85 |
- |
Dormant |
NO |
|
2 |
U29220MH2000PTC127683 |
Double Dee
Technology Private Limited |
Managing
director |
11-07-00 |
11-07-00 |
- |
Active |
NO |
|
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 : |
15.05.2002 |
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Date of Appointment : |
15-05-2002 |
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DIN No.: |
00029132 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U29220MH2000PTC127683 |
Double Dee
Technology Private Limited |
Director |
15-05-02 |
15-05-02 |
- |
Active |
NO |
|
2 |
U29220MH1985PTC036284 |
Diamant Boart
India Private Limited |
Director |
05-06-03 |
05-06-03 |
- |
Dormant |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Pramod |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Deepak Jeevandas Doongursee |
|
845100 |
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Nalini Doongursee |
|
100 |
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Gaurang Deepak Doongursee |
|
4700 |
|
Mallika Seth |
|
100 |
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Total |
|
850000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Producer of Diamond Tools, Marble
Diamond Wire, Granite Diamond Wire and Construction Diamond Wire. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Segment |
Nos. |
3610000 |
1905000 |
40744 |
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Diamond Wire Beads |
Nos. |
1800000 |
4500000 |
2046623 |
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Segment |
Nos. |
NA |
NA |
36744 |
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Wire Beads |
Nos. |
NA |
NA |
1470123 |
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Diamond Wire |
Nos. |
NA |
NA |
9792 |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
Indian Overseas Bank, Fort Branch, Tamarind House, 30 and 32, Ground
Floor, Tamarind Lane, Mumbai - 400023, Maharashtra, India |
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Facilities : |
Note : All the above loans are secured against personnel guarantees of
Director 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, D. Shivner Road, Lower Parel, Mumbai
– 400013, |
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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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PAN.: |
AAEFM9871H |
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Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
850000 |
Equity Shares |
Rs.10/- each |
Rs.8.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.500 |
8.500 |
8.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.00 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.00 |
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4] (Accumulated Losses) |
(11.067) |
(11.795) |
(12.410) |
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NETWORTH |
(2.567) |
(3.295) |
(3.910) |
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LOAN FUNDS |
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1] Secured Loans |
42.893 |
13.065 |
9.600 |
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2] Unsecured Loans |
4.403 |
29.755 |
40.351 |
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TOTAL BORROWING |
47.296 |
42.820 |
49.951 |
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DEFERRED TAX LIABILITIES |
0.296 |
0.719 |
0.000 |
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TOTAL |
45.025 |
40.244 |
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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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
4.396 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.583
|
5.282 |
5.880 |
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Sundry Debtors |
11.637
|
16.340 |
14.072 |
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Cash & Bank Balances |
1.279
|
1.383 |
0.621 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.306
|
1.417 |
2.849 |
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Total
Current Assets |
28.805
|
24.422 |
23.422 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.469 |
5.977 |
3.090 |
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Other Current Liabilities |
2.402
|
2.450 |
3.563 |
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Provisions |
1.419
|
1.444 |
0.339 |
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Total
Current Liabilities |
7.290
|
9.871 |
6.992 |
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Net Current Assets |
21.515
|
14.551 |
16.430 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
45.025 |
40.244 |
46.041 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT BEFORE
TAX |
0.305 |
6.855 |
1.092 |
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Less |
TAX |
(0.423) |
6.241 |
(4.969) |
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PROFIT AFTER TAX
|
0.728 |
0.614 |
6.061 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(11.796) |
(12.410) |
(18.471) |
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BALANCE CARRIED
TO THE B/S |
(11.068) |
(11.796) |
(12.410) |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value of exports |
13.719 |
11.378 |
12.131 |
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TOTAL EARNINGS |
13.719 |
11.378 |
12.131 |
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IMPORTS |
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Raw Materials |
10.629 |
16.893 |
NA |
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TOTAL IMPORTS |
10.629 |
16.893 |
NA |
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Earnings Per
Share (Rs.) |
0.86 |
0.72 |
7.13 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.58
|
13.68 |
2.25 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.12)
|
(2.08) |
(0.28) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(21.26)
|
(15.99) |
(14.56) |
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Current Ratio (Current Asset/Current Liability) |
|
3.95
|
2.47 |
3.35 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors
|
|
|
|
|
- Amount due to Micro and Small Enterprises |
0.000 |
0.000 |
0.000 |
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- Others |
3.469 |
5.977 |
3.090 |
|
|
3.469 |
5.977 |
3.090 |
NOTE :
Registered office of the company has been sifted from “Plot No-C-113,
MIDC Pawane, T. T. C. Industrial Area,
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 (ID) number of the charge to be modified |
10060035 |
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Type of charge |
Book debts Movable property (not being pledge) |
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Particular of charge holder |
Indian Overseas Bank, Fort Branch, Tamarind House, 30 and 32, Ground
Floor, Tamarind Lane, Mumbai - 400023, Maharashtra, India E-mail : forttbr@mummrc01.iobnet.co.in
|
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Nature of instrument creating 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 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.35 Lacs (Fresh) : Repayable in 35 instalments of Rs.97,250/-
and 1 instalment of Rs.96,250/- starting from the next month of the first
disbursal. TL of Rs.67 Lacs (Fresh) : Repayable in 35 instalments of
Rs.1,86,100/- and 1 instalment of Rs.1,86,500/- 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.576.52
lacs 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 ([Limits Rs. In
Millions)
|
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Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
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 instrument modifying the charge |
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
Million to Rs.57.652 Millions |
FIXED ASSETS:
- Office Equipments
- Furniture and Fixtures
- Plant and Machinery
- 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.51.35 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.69.26 |
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 |
- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
12 |
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.