MIRA INFORM REPORT
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Report Date : |
16.12.2014 |
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) : |
31.03.2014 |
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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.8.849 millions |
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CIN No.: [Company Identification
No.] |
U29220MH2000PTC127683 |
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IEC No.: |
Not Available |
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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 Cutting Tools. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 an
established company having moderate track record. The rating
reflects moderate financial risk profile marked by thin profit margin and
huge borrowings recorded by the company. However, trade relations
are reported as fair. Business is active. Payment terms are reported to be
slow but correct. The company can
be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Pramod Shah |
|
Designation : |
Finance Manager |
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Contact No.: |
91-22-66318373 |
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Date : |
15.12.2014 |
LOCATIONS
|
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 : |
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Factory : |
D-222/ 51, TTC Industrial Estate, MIDC, Nehrul, Navi Mumbai – 400 706,
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DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Deepak Jeevandas Doongursee |
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Designation : |
Director |
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Address : |
193, NCPA Apartments, |
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Date of Birth/Age : |
19.05.1944 |
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Date of Appointment : |
01.12.2012 |
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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 : |
193, NCPA Apartments, Marine Drive, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Date of Birth/Age : |
04.04.1978 |
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Date of Appointment : |
15.05.2002 |
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DIN No. : |
00029132 |
KEY EXECUTIVES
|
Name : |
Mr. Pramod Shah |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Deepak Jeevandas Doongursee |
878461 |
99.28 |
|
Nalini Deepak Doongursee |
100 |
0.01 |
|
Gaurang Deepak Doongursee |
6212 |
0.70 |
|
Mallika Rahul Seth |
100 |
0.01 |
|
Total |
884873 |
100.00 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Diamond Cutting Tools. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT
AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG TERM
BORROWINGS Terms of Repayment/ Security @ Term Loans and Working
Capital Loans are primarily secured by hypothecation charge on: a) Stock of raw
materials, work in progress and finished goods. b) Book debts,
receivables and other claims which may due and wino to the company from time
to time. c) Machinery purchased or
to be purchased out of the term loans. d)
Fixed Deposit as collateral security against working capital loan. # Vehicle loans are secured
by a hypothecation charge on the respective Vehicles and repayable in equated
monthly instalments on reducing balance method. Maturity Schedule (Rs. in millions)
SHORT TERM
BORROWINGS For security and other
terms of Working Capital Loan and Working capital loan is repayable on demand. |
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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 – 400 013, Maharashtra, India |
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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
No.: |
AAEFM9871H |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 30.09.2014
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 |
|
884873 |
Equity Shares |
Rs.10/- each |
Rs.8.849 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
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|
|
(1)
Shareholders' Funds |
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|
|
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(a) Share Capital |
8.849 |
8.849 |
8.795 |
|
(b) Reserves & Surplus |
9.806 |
8.603 |
4.440 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
18.655 |
17.452 |
13.235 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
1.124 |
1.302 |
10.880 |
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(b) Deferred tax liabilities (Net) |
0.412 |
0.062 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
1.536 |
1.364 |
10.880 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
71.091 |
73.622 |
24.866 |
|
(b) Trade
payables |
10.241 |
6.788 |
9.415 |
|
(c) Other
current liabilities |
6.815 |
8.012 |
16.955 |
|
(d) Short-term
provisions |
0.762 |
0.961 |
0.742 |
|
Total Current
Liabilities (4) |
88.909 |
89.383 |
51.978 |
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TOTAL |
109.100 |
108.199 |
76.093 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i)
Tangible assets |
30.210 |
26.492 |
26.839 |
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(ii)
Intangible Assets |
0.029 |
0.011 |
0.014 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.202 |
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(d) Long-term Loan and Advances |
8.831 |
5.455 |
2.660 |
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(e) Other
Non-current assets |
0.841 |
0.794 |
2.450 |
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Total Non-Current
Assets |
39.911 |
32.752 |
32.165 |
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(2) Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
13.799 |
11.663 |
8.101 |
|
(c) Trade
receivables |
31.323 |
36.462 |
32.030 |
|
(d) Cash
and cash equivalents |
23.729 |
25.581 |
1.070 |
|
(e)
Short-term loans and advances |
0.302 |
1.517 |
2.585 |
|
(f) Other
current assets |
0.036 |
0.224 |
0.142 |
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Total
Current Assets |
69.189 |
75.447 |
43.928 |
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|
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TOTAL |
109.100 |
108.199 |
76.093 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Revenue from Operations (Net) |
85.136 |
83.296 |
NA |
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Other Income |
2.532 |
0.346 |
NA |
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TOTAL |
87.668 |
83.642 |
NA |
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Less |
EXPENSES |
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Cost of Materials Consumed |
27.360 |
34.554 |
NA |
|
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Changes in inventories of finished goods and
Stock-in-Trade |
(1.174) |
(3.694) |
NA |
|
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Employees benefits expense |
12.604 |
14.179 |
NA |
|
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Other expenses |
28.580 |
25.372 |
NA |
|
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TOTAL |
67.370 |
70.411 |
NA |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
20.298 |
13.231 |
NA |
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|
Less |
FINANCIAL
EXPENSES |
14.545 |
7.143 |
NA |
|
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PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.753 |
6.088 |
NA |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.821 |
4.150 |
NA |
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PROFIT/
(LOSS) BEFORE TAX |
1.932 |
1.938 |
0.410 |
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|
Less |
TAX |
0.729 |
0.383 |
(0.178) |
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|
PROFIT/
(LOSS) AFTER TAX |
1.203 |
1.555 |
0.588 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
Export of Goods (at F.O.B.) |
23.316 |
29.781 |
18.552 |
|
|
TOTAL EARNINGS |
23.316 |
29.781 |
18.552 |
|
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|
Earnings /
(Loss) Per Share (Rs.) |
1.36 |
1.76 |
0.69 |
|
Expected Sales (2014-2015): Rs.120.000 millions
The above information has been parted by Mr. Pramod Shah (Finance
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.41 |
1.87 |
NA |
|
|
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|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
23.84 |
15.88 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.77 |
1.79 |
0.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.11 |
0.03 |
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|
Debt Equity Ratio (Total Debt/Networth) |
|
3.87 |
4.29 |
2.70 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.78 |
0.84 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
8.795 |
8.849 |
8.849 |
|
Reserves & Surplus |
4.440 |
8.603 |
9.806 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
13.235 |
17.452 |
18.655 |
|
|
|
|
|
|
Long Term borrowings |
10.880 |
1.302 |
1.124 |
|
Short Term borrowings |
24.866 |
73.622 |
71.091 |
|
Total borrowings |
35.746 |
74.924 |
72.215 |
|
Debt/Equity ratio |
2.701 |
4.293 |
3.871 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
|
31.03.2013 |
31.03.2014 |
|
|
|
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations
(net) |
|
83.296 |
85.136 |
|
|
|
|
2.209 |
NET PROFIT MARGIN
|
Net Profit Margin |
|
31.03.2013 |
31.03.2014 |
|
|
|
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations
(net) |
|
83.296 |
85.136 |
|
Profit |
|
1.555 |
1.203 |
|
|
|
1.87% |
1.41% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current
Maturities of Long Term Debts |
|
|
|
|
Term Loan from Bank |
1.320 |
2.419 |
10.651 |
|
Vehicle Loan from Bank |
0.324 |
0.000 |
0.510 |
|
Total |
1.644
|
2.419 |
11.161 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
The registered office of the company has been sifted from Plot No.
C-113, MIDC Pawane, T.T.C. Industrial Area, Thane Belapur Road, Navi Mumbai –
400 703, Maharashtra to the present address w.e.f. 01.06.2007.
COMPANY
OVERVIEW:
The Company was
incorporated on 11th July 2000 as a private limited company under
the Companies Act, 1956 and is registered with the Registrar of Companies Maharashtra.
The Principal activity of the Company is manufacturing of Diamond cutting
tools.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
From
Directors (Interest
free unsecured loan from directors are repayable on demand.) |
22.003 |
36.372 |
|
Total |
22.003 |
36.372 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10060035 |
06/09/2013 * |
43,605,000.00 |
INDIAN OVERSEAS BANK |
FORT BRANCH, TAMARIND
HOUSE, 30 AND 32, TAMARIND LANE, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B86659802 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
·
Office Equipments
·
Furniture and Fixtures
·
Plant and Machinery
·
Computers
·
Land at Patalganga
Intangible Assets
·
Computer Software
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 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 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.62.65 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.78.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
-- PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.