MIRA
INFORM REPORT
|
Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HINCON TECHNOCONSULT LIMITED |
|
|
|
|
Registered
Office : |
Hincon House, L.B.,S. Marg, Vikroli (West), Mumbai – 400083,
Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.05.1954 |
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Com. Reg. No.: |
11-040180 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203MH1945PLC040180 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH07660C |
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|
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|
PAN No.: [Permanent Account No.] |
AABCG1620N |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Civil Engineering Design and Consultancy Services |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 95000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal for business dealings at usual
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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Hincon House, L.B.,S. Marg, Vikroli (West), Mumbai – 400083,
Maharashtra, India |
|
Tel. No.: |
91-22-45751000 |
|
Fax No.: |
91-22-25775950 |
|
E-Mail : |
DIRECTORS
AS ON : 07.09.2011
|
Name : |
Mr. Ajit Gulabchand |
|
Designation : |
Director |
|
Address : |
94, NCPA Apartments Dorab Tata Road, Mumbai – 400021, Maharashtra,
India |
|
Date of Birth/Age : |
28.06.1948 |
|
Date of Appointment : |
20.09.1984 |
|
Din No.: |
00010827 |
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|
|
|
Name : |
Mr. Dinkar M Savur |
|
Designation : |
Director |
|
Address : |
1/8, Gurudev Society, Prabhadevi Sea Face, Mumbai – 400025,
Maharashtra, India |
|
Date of Birth/Age : |
29.05.1932 |
|
Date of Appointment : |
20.09.1984 |
|
Din No.: |
00335946 |
|
|
|
|
Name : |
Mr. Pandurang Kelkar |
|
Designation : |
Director |
|
Address : |
G-4, Adinath Co-Op Housing Society, Antop Hill Road, Vadala, Mumbai –
400007, Maharashtra, India |
|
Date of Birth/Age : |
06.06.1933 |
|
Date of Appointment : |
24.09.1985 |
|
Din No.: |
00255935 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 07.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hindustan Construction Company Limited, India |
|
999400 |
|
Gulabchand Ajit |
|
100 |
|
Aruna Madhav Pai |
|
100 |
|
Dinkar M Savur |
|
100 |
|
Vithal Kulkarni |
|
100 |
|
Shalakha Dhawan |
|
100 |
|
Doshi Rajas |
|
100 |
|
|
|
|
|
Total |
|
1000000 |
AS ON : 07.09.2011
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Civil Engineering Design and Consultancy Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|
|
Bankers : |
Not Available |
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Facilities : |
--- |
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Banking Relations
: |
--- |
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Auditors : |
|
|
Name : |
Mehta and Pai Chartered Accountant |
|
Address : |
B-16, Everest, 3rd Floor, 156, Tardeo Road, Mumbai –
400034, Maharashtra, India |
|
|
|
|
Holding Company / Parent Company : |
Hindustan Construction Company Limited L45200MH1926PLC001228 |
|
|
|
|
Fellow Subsidiary : |
·
Western Securities Limited ·
Pune Paud Toll Road Company Limited ·
Nirmal BOT Limited ·
HCC Real Estate Limited ·
HCC Singapore Enterprises Pte Limited ·
HCC Mauritius Enterprises Limited ·
HCC Aviation Limited ·
HCC Infrastructure Limited ·
Panchkutir Developers Limited ·
Badarpur Faridabad Tollways Limited ·
HCC Construction Limited ·
Highbar Technologies Limited ·
Baharampore Farakka Highways Limited ·
Farakka Raiganj Highway Limited ·
Raiganj – Dalkhola Highway Limited |
|
|
|
|
Subsidiary of Fellow Subsidiary : |
·
Lavasa Corporation Limited ·
HREL Township Developers Limited ·
HREL (Thane) Real Estate Limited ·
Maan Township Developers Limited ·
Nashik Township Developers Limited ·
Charosa Wineries Limited ·
Powai Real Estate Developers Limited ·
HCC Realty Limited ·
Lavasa Hotel Limited ·
Warasgaon Lake View Hotels Limited ·
Apollo Lavasa Health Corporation Limited ·
Ecomotel Hotel Limited ·
Dasve Business Hotel Limited ·
Dasve Conventional Centre Limited ·
Lakeshore Watersports Company Limited ·
Lakeview Clubs Limited ·
Dasve Hospitality Institutes Limited ·
Dasve Retails Limited ·
Full Spectrum Adventure Limited ·
Spotless Laundry Services Limited ·
Lavasa Bamboocraft Limited ·
Green Hill Residencies Limited ·
Knowledge Vista Limited ·
Reasonable Housing Limited ·
My City Technology Limited ·
Minfur Interior Technologies Limited ·
Verzon Hospitality Limited ·
Rhapsody Hospitality Limited ·
Sirrah Palace Hotels Limited ·
Andromeda Hotels Limited ·
Valley View Entertainment Limited ·
Whislling Thrush Facilities Services Limited ·
Warasgaon Power Supply Limited ·
Sahyadri City Management Limited ·
Warasgaon Tourism Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
A Ordinary Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
500000 |
B Ordinary Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.30.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
A Ordinary Shares |
Rs.10/- each |
Rs. 0.100
Million |
|
10000 |
B Ordinary Shares |
Rs.10/- each |
Rs. 0.100
Million |
|
980000 |
Equity Shares |
Rs.10/- each |
Rs. 9.800
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.10.000 Millions |
Notes :
Hindustan Construction Company Limited and Its Nominees hold all the shares
of the company.
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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13.793 |
10.447 |
6.330 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
23.793 |
20.447 |
16.330 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.793 |
20.447 |
16.330 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
9.382 |
10.099 |
10.916 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
16.522 |
0.003 |
0.546 |
|
|
DEFERREX TAX ASSETS |
2.381 |
2.415 |
2.486 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.582 |
0.582 |
|
|
Sundry Debtors |
0.000
|
10.567 |
0.609 |
|
|
Cash & Bank Balances |
0.474
|
0.755 |
2.263 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.230
|
5.450 |
3.465 |
|
Total
Current Assets |
2.704
|
17.354 |
6.919 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Sundry Creditors |
7.196
|
9.422 |
4.537 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
7.196
|
9.422 |
4.537 |
|
|
Net Current Assets |
(4.492)
|
7.932 |
2.382 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.793 |
20.447 |
16.330 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operation |
(0.182) |
0.500 |
0.445 |
|
|
|
Other Income |
6.152 |
6.771 |
6.674 |
|
|
|
TOTAL |
5.970 |
7.271 |
7.119 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Construction Expenses |
0.000 |
0.005 |
0.60 |
|
|
|
Office and Site Establishment |
0.778 |
0.986 |
1.272 |
|
|
|
Employees Remuneration and Welfare Expenses |
0.000 |
0.000 |
0.683 |
|
|
|
Interest on Loan |
0.000 |
0.000 |
0.050 |
|
|
|
TOTAL |
0.778 |
0.991 |
2.065 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.192 |
6.280 |
5.054 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.716 |
0.817 |
0.976 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.476 |
5.463 |
4.078 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.113 |
1.272 |
0.833 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.363 |
4.191 |
3.245 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.266 |
5.148 |
1.934 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
12.611 |
9.266 |
5.148 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.35 |
4.19 |
3.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
56.33
|
57.63 |
45.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2459.34)
|
1092.60 |
916.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
37.03
|
19.89 |
22.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.26 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
0.46 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.37
|
1.84 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS :
·
Building
·
Furniture And Fixtures
·
Office Equipments
·
Plant and Machinery
·
Computers
·
Technical Knowhow
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. 45.24 |
|
|
1 |
Rs. 73.88 |
|
Euro |
1 |
Rs. 65.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.