MIRA
INFORM REPORT
|
Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
HCL CORPORATION LIMITED |
|
|
|
|
Formerly Known
As : |
SLOCUM INVESTMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
806, Siddharth, 96, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2010 |
|
|
|
|
Date of
Incorporation : |
27.03.1980 |
|
|
|
|
Com. Reg. No.: |
55-180124 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5014.169 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65993DL1980PLC180124 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH01809D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Providing IT and Technology Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 140000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a part of HCL Group, a major global technology and IT
venture. It is a well established and reputed company having fine track. Directors
are reported to be experienced, respectable and resourceful businessmen.
Their trade relations are fair. 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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 : |
806, Siddharth, 96, |
|
E-Mail : |
DIRECTORS
As on 31.12.2010
|
Name : |
Mr. Subroto Bhattacharya |
|
Designation : |
Director |
|
Address : |
E-10, Sector – 40, Gautam Budh Nagar, Noida – 201303, |
|
Date of Birth/Age : |
12.10.1940 |
|
Date of Appointment : |
25.05.1994 |
|
DIN No. : |
00009524 |
|
|
|
|
Name : |
Mr. Shiv Sivasubramaniam Nadar |
|
Designation : |
Director |
|
Address : |
44, Friends Colony (East), |
|
Date of Birth/Age : |
18.07.1945 |
|
Date of Appointment : |
27.03.1980 |
|
DIN No. : |
00015850 |
|
|
|
|
Name : |
Mrs. Kiran Shiv Nadar |
|
Designation : |
Director |
|
Address : |
44, Friends Colony (East), |
|
Date of Birth/Age : |
03.05.1951 |
|
Date of Appointment : |
06.04.1998 |
|
DIN No. : |
00024723 |
|
|
|
|
Name : |
Mrs. Roshni Shiv Nadar |
|
Designation : |
Whole-time Director |
|
Address : |
44, Friends Colony (East), |
|
Date of Birth/Age : |
16.09.1981 |
|
Date of Appointment : |
16.09.2008 |
|
DIN No. : |
02346621 |
KEY EXECUTIVES
|
Name : |
Mr. Pawan Kumar Danwar |
|
Designation : |
Secretary |
|
Address : |
17A, Dhruv Apartments, Plot No. 43, Sector – 17, |
|
Date of Birth/Age : |
07.07.1966 |
|
Date of Appointment : |
02.08.2010 |
|
PAN No. : |
AAEPD4727D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
Address |
No. of Shares |
|
Mr. Shiv Sivasubrahmaniam Nadar |
44, Friends Colony (East), |
28568144 |
|
Mrs. Kiran Shiv Nadar |
44, Friends Colony (East), |
16391800 |
|
Ms. Roshni Shiv Nadar |
44, Friends Colony (East), |
5179448 |
|
Mr. P. Shivaprasad |
No. 21, |
328 |
|
Ms. Kala Vijay Kumar |
No. 401, |
328 |
|
Mrs. Jamuna Ponkannan Kannan |
Plot No. 4, Door No. 8, SBI Colony 1st,
Virugambakkam, Chennai – 600090, |
328 |
|
Mr. N. Ranjit |
E-58, 8th |
328 |
|
Mr. Neelesh Agarwal |
B-140, Sector – 19, Noida – 201301, |
328 |
|
Mr. P. R. Bansal |
B-19/3, Shakti Nagar – 110007, |
328 |
|
Ms. Rita Gupta |
B-101, Sector – 19, Noida – 201301, |
328 |
|
Total |
|
50141688 |
As on 31.12.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT and Technology Services. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Building 8, 7th and 8th Floor, Tower – B, |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
Universal Office Automation Limited CIN No. : L34300DL1991PLC044365 HCL Infosolutions Limited CIN No. : U74899DL1992PLC050844 Vama Sundari Investments (Chennai) Private Limited CIN No. : U67190DL2008PTC183176 Guddu Investments (Chennai) Private Limited CIN No. : U67190DL2008PTC183191 Blueberry Investments (Chennai) private Limited CIN No. : U67190DL2008PTC183175 Julian Investments (Chennai) Private Limited CIN No. : U67190DL2008PTC183196 Slocum Investments (Pondi) Private Limited CIN No. : U65190DL2008PTC183850 Skin Investments (Chennai) Private Limited CIN No. : U67190DL2008PTC183199 SSN Investments (Chennai) Private Limited CIN No. : U67190DL2008PTC183197 Slocum Investments (Chennai) Private Limited CIN No. : U67190DL2008PTC183200 Kiranroshni Investments (Chennai) Private Limited CIN No. : U67190DL2008PTC183192 HCL Corporation ( |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50477500 |
Equity Shares |
Rs.100/- each |
Rs.5047.750 Millions |
|
22500 |
Preference Shares |
Rs.100/- each |
Rs.2.250 Millions |
|
|
Total |
|
Rs.5050.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50141688 |
Equity Shares |
Rs.10/-each |
Rs.5014.169
Millions |
Notes :
- Pursuant to
scheme of amalgamation of HCL Peripherals Limited ("Transferor
Company") with the Company, the authorised capital of transferor
company has been combined with the Company, and has resulted in an
increase in authorised capital by Rs. 30.000 millions (Previous year Nil).
- During the
year, the Company increased it's authorised capital by Rs. 4970.000
millions (Previous year 7 Nil).
- Paid-up share
capital includes -
- 150.869 (Previous Year-150,869) equity shares issued as fully paid
up without payment being received in cash, net of adjustment of 8,092
(Previous Year- 8,092) equity shares of 7 LOOI- each fully paid up
earlier held by a transferor company cancelled, pursuant to scheme of
amalgamation.
- 49,988,817 (Previous year Nil) equity shares issued as bonus
shares in the ration of 327 shares for every 1 share held by
capitalisation of balance
in profit and lass account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5014.169 |
15.287 |
15.287 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
29218.724 |
29965.709 |
24916.050 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
34232.893 |
29980.996 |
24931.337 |
|
|
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 |
4.719 |
11.470 |
|
|
|
|
|
|
|
|
TOTAL |
34232.893 |
29985.715 |
24942.807 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
194.457 |
159.180 |
156.969 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
119.884 |
|
|
|
|
|
|
|
|
INVESTMENT |
31698.911 |
8791.463 |
22984.672 |
|
|
DEFERREX TAX ASSETS |
32.294 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
66.006
|
17961.483 |
802.256 |
|
|
Other Current Assets |
47.672
|
1246.883 |
23.524 |
|
|
Loans & Advances |
2962.031
|
2090.346 |
1244.491 |
|
Total
Current Assets |
3075.709
|
21298.712 |
2070.271 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15.852
|
6.805 |
39.082 |
|
|
Other Current Liabilities |
0.938
|
1.503 |
148.571 |
|
|
Provisions |
751.688
|
255.332 |
201.336 |
|
Total
Current Liabilities |
768.478
|
263.640 |
388.989 |
|
|
Net Current Assets |
2307.231
|
21035.072 |
1681.282 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
34232.893 |
29985.715 |
24942.807 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Dividend Income |
2328.558 |
3526.060 |
3360.153 |
|
|
|
Interest Income |
747.639 |
1626.048 |
179.844 |
|
|
|
Other Income |
3609.184 |
717.090 |
1363.109 |
|
|
|
TOTAL (A) |
6685.381 |
5869.198 |
4903.106 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Provision for diminution of investments (net) |
147.814 |
5.143 |
0.000 |
|
|
|
Provision for Non Performing Assets (net) |
0.000 |
0.000 |
6.165 |
|
|
|
Portfolio Management Fee |
5.124 |
4.608 |
1.914 |
|
|
|
Personnel Expenses |
45.219 |
21.997 |
10.692 |
|
|
|
Administration Expenses |
120.631 |
231.458 |
287.930 |
|
|
|
Reversal of unrealized gain on mutual fund investments |
0.000 |
0.000 |
105.335 |
|
|
|
Reversal of income on Non Performing assets |
0.000 |
0.000 |
1.471 |
|
|
|
TOTAL (B) |
318.788 |
263.206 |
413.507 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6366.593 |
5605.992 |
4489.599 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.047 |
3.036 |
0.017 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6366.546 |
5602.956 |
4489.582 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.222 |
7.830 |
5.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6358.324 |
5595.126 |
4483.944 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
927.137 |
545.467 |
144.872 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
5431.187 |
5049.659 |
4339.072 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
23702.851 |
19802.053 |
16227.446 |
|
|
|
|
|
|
|
|
|
Add |
Transfer
on amalgamation |
310.636 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
543.119 |
0.000 |
0.000 |
|
|
|
Transfer to Statutory Reserve |
1086.237 |
1148.861 |
764.465 |
|
|
|
Dividend |
1349.313 |
0.000 |
0.000 |
|
|
|
Utilised for issue of Bonus shares |
4998.882 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
21467.123 |
23702.851 |
19802.053 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
108.32 |
100.71 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
PAT / Total Income |
(%) |
81.24
|
86.04 |
88.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
194.43
|
26.07 |
201.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.19 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.00
|
80.79 |
5.32 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address
:
Registered office of the company has been shifted from Old No. 95, New
No. 211,
Operations :
The
profit after tax for the accounting year ended 30th June. 2010 was Rs. 5430.000
millions as against Rs. 5050.000 millions for the previous Accounting year. An
amount of Rs. 21467.100 millions is proposed to be carried forward in the
Profit and Loss Account.
Scheme of Amalgamation :
Pursuant
to the Scheme of Amalgamation (the "Scheme") sanctioned by the
Hon'ble High Court of Delhi vide its Order dated February 19, 2010, HCL Peripherals
Limited, a wholly owned subsidiary (the "Transferor Company"), has
been amalgamated with HCL Corporation Limited (the "Company") with
effect from April 1, 2009 (the "Appointed Date"). Accordingly, the
Scheme of Amalgamation has become effective on March 12, 2010 on confirmation
by the Registrar of Companies, NCT of Delhi and Haryana, of the order of
Hon'ble High Court of Delhi.
The
Company has accounted for the amalgamation under 'pooling of interest method*
being an amalgamation in the nature of merger, as prescribed by the Accounting
standard "AS-14", "Accounting for Amalgamations" as
notified u/s 21 l(3C) of the Companies Act, 1956.
In terms
of the Scheme, shortfall represents aggregate value of the assets reduced by
the aggregate value of the liabilities and balance in Profit and Loss account and reserves of the
Transferor Company over the value of inter se investments cancelled pursuant to
the amalgamation. This shortfall on account of the amalgamation of the
Transferor Company, Rs. 169.529 millions has been
adjusted from the Capital Redemption Reserve, Securities Premium Account and
General Reserve.
Fixed Assets :
- Land
- Building
- Furniture and Fixtures
- Computers
- Plant and Machinery
- Office Equipment
- 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.44.42 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.