MIRA
INFORM REPORT
|
Report Date : |
20.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HDO TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
Dorr – Oliver House, Chakala, Andheri (East), Mumbai – 400099,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.07.2006 |
|
|
|
|
Com. Reg. No.: |
11-163187 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
7500 Euro |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH2006PLC163187 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH10043F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH7203G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Engineered Solutions, technologies and EPC Installation |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 113000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. The
company is doing well. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 : |
Dorr – Oliver House, Chakala, Andheri (East), Mumbai – 400099,
Maharashtra, India |
|
Tel. No.: |
91-22-28359400 |
|
Fax No.: |
91-22-28355659 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON : 30.09.2010
|
Name : |
Mr. S.C. Sekaran |
|
Designation : |
Director |
|
Address : |
61, P and T Colony, Opposite Vikrampuri, Secunderabad – 500014, Andhra
Pradesh, India |
|
Date of Birth/Age : |
06.01.1955 |
|
Date of Appointment : |
20.07.2006 |
|
Din No.: |
00334115 |
|
|
|
|
Name : |
Mr. G. Ramkrishna Rao |
|
Designation : |
Director |
|
Address : |
301, Shanti Nilaya Apartments, E-65 and 66, Madhura Nagar, Hyderabad –
500038, Andhra Pradesh, India |
|
Date of Birth/Age : |
10.09.1947 |
|
Date of Appointment : |
29.01.2007 |
|
Din No.: |
00022412 |
|
|
|
|
Name : |
Mr. Prabhakar Ram Tripathi |
|
Designation : |
Chairman |
|
Address : |
Plot No. 2, NCL, North Avenue, Kompally, Secunderabad – 500014, Andhra
Pradesh, India |
|
Date of Birth/Age : |
24.06.1943 |
|
Date of Appointment : |
31.07.2006 |
|
Din No.: |
00376429 |
|
|
|
|
Name : |
Mr. E. Sunil Reddy |
|
Designation : |
Director |
|
Address : |
M-22/3RT, Vijaynagar Colony, Hyderabad – 500034, Andhra Pradesh, India
|
|
Date of Birth/Age : |
21.07.1961 |
|
Date of Appointment : |
20.07.2006 |
|
Din No.: |
00023590 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hindustan Dorr-Oliver Limited, India |
|
49994 |
|
S.C. Sekaran |
|
1 |
|
Subodh Bhel |
|
1 |
|
Girish Kumar Dave |
|
1 |
|
P.K. Mishra |
|
1 |
|
M.G. Sahani |
|
1 |
|
P.D. Nathani |
|
1 |
|
|
|
|
|
Total |
|
50000 |
AS ON : 30.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Engineered Solutions, technologies and EPC Installation |
GENERAL INFORMATION
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
--- |
|
|
|
|
Banking Relations
: |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturwedi and Partners Chartered Accountant |
|
Address : |
403, Chiranjiv Towers, Nehru Place, New Delhi – 110019, Delhi, India |
|
|
|
|
Holding Company : |
Hindustan Dorr-Oliver Limited CIN No.: L74210MH1974PLC017644 |
|
|
|
|
Fellow Subsidiaries Company : |
IMCO (2210) Limited |
|
|
|
|
Subsidiary of Fellow Subsidiary : |
·
DavyMarkham Holdings Limited ·
DavyMarkham Limited |
|
|
|
|
Ultimate Holding Company : |
·
IVRCL Infrastructures and Projects Limited |
|
|
|
|
Fellow Subsidiaries of the Holding Company |
·
IVRCL PSC Pipes Private Limited ·
IVR Enviro Projects Private Limited ·
IVRCL Assets and Holdings Limited ·
(formerly IVR Prime Urban Developers Limited) ·
IVRCL Steel Constructions and Services Limited ·
IVRCL Chengapalli Tollways Limited ·
IVRCL Holdings and Services Pte. Limited ·
IVRCL Infrastructures and Projects (Botswana)
(Pty) Limited |
|
|
|
|
Subsidiaries of Fellow Subsidiaries of the Holding Company : |
·
Jalandhar Amritsar Tollways Limited ·
Alkoor Petro Limited ·
Salem Tollways Limited ·
Kumarapalyam Tollways Limited ·
Chennai Water Desalination Limited ·
First STP Private Limited ·
IVRCL Building Products Limited ·
IVRCL Indore Gujarat Tollways Limited ·
IVR Hotels and Resorts Limited ·
Geo IVRCL Engineering Limited ·
IVRCL Mega Malls Limited ·
HDO Technologies Limited ·
Agaram Developers Private Limited ·
Papankuzhi Developers Private Limited ·
Mummidi Developers Private Limited ·
Samatteri Developers Private Limited ·
Annupampattu Developers Private Limited ·
Kunnam Developers Private Limited ·
Tirumani Developers Private Limited ·
Ilavampedu Developers Private Limited ·
Haripuram Developers Private Limited ·
Chodavaram Developers Private Limited ·
Vedurwada Developers Private Limited ·
Rudravaram Developers Private Limited ·
Gajuwaka Developers Private Limited ·
Geo Prime Developers Private Limited ·
Theata Developers Private Limited ·
Duvvda Developers Private Limited ·
IVR Prime Developers (Mylapore) Private Limited ·
IVR Prime Developers (Palakkad ) Private Limited ·
IVR Prime Developers ( Guindy ) Private Limited ·
Gamaa Developers Private Limited ·
Simhachalam Prime Developers Private Limited ·
Siripuram Developers Private Limited ·
Kasibugga Developers Private Limited ·
Vijayawada Developers Private Limited ·
Eluru Developers Private Limited ·
IVR Prime Developers ( Nellore ) Private Limited ·
IVR Prime Developers ( Amalapuram ) Private
Limited ·
IVR Prime Developers ( Erode ) Private Limited ·
IVR Prime Developers ( Guntur ) Private Limited ·
IVR Prime Developers ( Kakinada ) Private Limited ·
IVR Prime Developers ( Araku ) Private Limited ·
IVR Prime Developers ( Pudukkottai ) Private
Limited ·
Absorption Aircon Engineer Private Limited ·
IVR Prime Developers ( Vanaprastha ) Private
Limited ·
IVR PUDL Resorts and Clubs Private Limited ·
IVR Prime Developers (Thandiarpet ) Private
Limited ·
IVR Prime Developers (Gummidipundy ) Private
Limited ·
IVR Prime Developers (Kodambakkam) Private
Limited ·
IVR Prime Developers (Arumbakkam ) Private
Limited ·
IVR Prime Developers (Anna Nagar ) Private
Limited ·
IVR Prime Developers (Pallavaram ) Private
Limited ·
IVR Prime Developers (West Mambalam ) Private
Limited ·
Bibinagar Developers Private Limited ·
IVR Prime Developers (Anakapalle ) Private
Limited ·
IVR Prime Developers (Rajampeta) Private Limited ·
IVR Prime Developers (Tanuku) Private Limited ·
IVR Prime Developers (Red Hills) Private Limited ·
IVR Prime Developers (Rajahmundry) Private
Limited ·
IVR Prime Developers (Tuni) Private Limited ·
IVR Prime Developers (Bobbilli) Private Limited ·
IVR Prime Developers (Bhimavaram) Private Limited ·
IVR Prime Developers (Valasaravakkam) Private
Limited ·
IVR Prime Developers (Adayar) Private Limited ·
IVR Prime Developers (Ananthapuram) Private
Limited ·
IVR Prime Developers (Perumbadur) Private Limited ·
IVR Prime Developers (Egmore ) Private Limited ·
IVR Prime Developers (Tambram) Private Limited ·
IVR Prime Developers (Ashram) Private Limited ·
IVR Prime Developers (Retiral Homes) Private
Limited ·
IVR Prime Developers (Avadi) Private Limited ·
IVR Prime Developers (Alwarpet) Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Euro 0.15 each |
1350000 Euro |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Euro 0.15
each |
7500 Euro |
|
|
|
|
|
Note : Out of the above 50000 shares are held by Hindustan Dorr-Oliver Limited,
the Holding 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 |
7500 |
7500 |
7500 |
|
|
2] Share Application Money |
15151 |
15151 |
15151 |
|
|
3] Reserves & Surplus |
544173 |
192868 |
47324 |
|
|
4] (Accumulated Losses) |
000 |
000 |
000 |
|
|
NETWORTH |
566824 |
215519 |
69975 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
000 |
000 |
000 |
|
|
2] Unsecured Loans |
000 |
000 |
000 |
|
|
TOTAL BORROWING |
000 |
000 |
000 |
|
|
DEFERRED TAX LIABILITIES |
128955 |
80188 |
5501 |
|
|
|
|
|
|
|
|
TOTAL |
695779 |
295707 |
75476 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
683726 |
859874 |
26524 |
|
|
Capital work-in-progress |
000 |
000 |
000 |
|
|
|
|
|
|
|
|
INVESTMENT |
000 |
000 |
000 |
|
|
DEFERREX TAX ASSETS |
000 |
000 |
000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
000
|
000 |
000 |
|
|
Sundry Debtors |
19263
|
23207 |
100520 |
|
|
Cash & Bank Balances |
2196
|
25778 |
33268 |
|
|
Other Current Assets |
000
|
000 |
000 |
|
|
Loans & Advances |
754475
|
471097 |
36883 |
|
Total
Current Assets |
775934
|
520082 |
170671 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
710742
|
1051962 |
113896 |
|
|
Provisions |
53063
|
32212 |
7748 |
|
Total
Current Liabilities |
763805
|
1084174 |
121644 |
|
|
Net Current Assets |
12129
|
(564092) |
49027 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
000 |
000 |
000 |
|
|
OTHERS |
(76) |
(75) |
(75) |
|
|
|
|
|
|
|
|
TOTAL |
695779 |
295707 |
75476 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Income from Services |
2539718 |
1695961 |
381060 |
|
|
|
Other Income |
72 |
102 |
000 |
|
|
|
TOTAL (A) |
2539790 |
1696063 |
381060 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and Administrative Expenses |
1852229 |
1376528 |
304950 |
|
|
|
TOTAL (B) |
1852229 |
1376528 |
304950 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
687561 |
319535 |
76110 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
667 |
1042 |
1498 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
686894 |
318493 |
74612 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
193010 |
91161 |
7280 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
493884 |
227332 |
67331 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
142579 |
81788 |
27161 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
351305 |
145544 |
40170 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
192868 |
145544 |
7153 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
544173 |
192868 |
145544 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
463.72 |
192.12 |
53.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.83
|
8.58 |
10.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.44
|
13.40 |
17.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.83
|
16.47 |
34.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.87
|
1.05 |
0.96 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
5.03 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
0.47 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND FUTURE
PROSPECTS
The Company has
just closed its third full year of operations during which there has been both
consolidation and growth in the Knowledge Process Outsourcing sector.
The Company’s
operation for the year 2009-10 have resulted in a turnover of Euro 1024560 and
profit after tax of Euro 351303.
The recessionary
trends that were evident at the end of the last financial year did not impact
the operations of the Company in any significant manner. As expected, both Government
and large private sector undertakings continuing to fund projects in the Oil
and Alumina refinery sectors.
During the year
the Company carried out engineering services for many prestigious projects
including the complete water management system for Guru Gobind Singh Refinery
at Bhatinda, a Settler-Washer package for Anrak Alumina, a Basic Engineering
package for Effluent Treatment Plant for Coromandel International Limited and
Detail Engineering for a mobile sea water desalination plant for ILF Consulting
Engineers at Oman.
Essential
activities such as training and software procurement continued at the Company’s
offices at Mumbai, Chennai, Bangalore and Ahmadabad. In addition, the Company
concentrated on addition of skilled manpower at all locations.
The process of
identification of key personnel for the Delhi branch was also started during
the year, and it is expected that this branch will be fully functional during
the current year.
FIXED ASSETS :
·
Office Equipments
·
Furniture and Fixtures
·
Computer and Peripherals
·
Vehicles
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. 45.61 |
|
|
1 |
Rs. 75.32 |
|
Euro |
1 |
Rs. 65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.