MIRA INFORM REPORT

Report No. :	503930
Report Date :	19.04.2018

IDENTIFICATION DETAILS

Name :	HINDUSTAN COLAS PRIVATE LIMITED (w.e.f. 13.04.2015)
Formerly Known As :	HINDUSTAN COLAS LIMITED
Registered Office :	Hincol House, B-601, 6^th Floor, Marathan Futurex, N.M. Joshi Marg, Lower Parel, Mumbai – 400013, Maharashtra
Tel. No.:	91-22-41553100
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	17.07.1995
Com. Reg. No.:	11-090671
Capital Investment / Paid-up Capital :	INR 94.500 Million
CIN No.: [Company Identification No.]	U23200MH1995PTC090671
IEC No.: [Import-Export Code No.]	0395033187
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07271F
GSTN : [Goods & Service Tax Registration No.]	27AAACH1172P1ZD
PAN No.: [Permanent Account No.]	AAACH1172P
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is engaged in the manufacturing and selling of value added Bituminous products e.g. Bitumen Emulsions and Modified Bitumen (Registered activity and also confirmed by management)
No. of Employees :	200 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a joint venture between “Hindustan Petroleum Corporation Limited”, India holds 50% and “Colasie SA”, France holds 50% stake in the company. The company was incorporated in the year 1957. It is a manufacturer and importer of Value Added Bituminous products i.e Bitumen Emulsions. Mr. Vishal Mapsare (Finance Executive) has provided information about the subject to us. For the financial year 2017, the revenue of the company has increased by 5.41% along with decent profit margin of 12.14%. The healthy financial profile of the company is marked by strong networth base along with strong debt coverage indicators due to debt free balance sheet profile. The company has favourable Earning Per Share (EPS) of INR 97.76 against a face value (FV) of INR 10. Rating takes into consideration strong financial and managerial support that the company receives from its joint venture entity backed by its well experienced management team. The rating also takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for good 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 19.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Vishal Mapsare
Designation :	Finance Executive
Contact No.:	91-22-23023250
Date :	16.04.2018

LOCATIONS

Registered Office :	Hincol House, B-601, 6^th Floor, Marathan Futurex, N.M. Joshi Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-41553100
Fax No.:	91-22-27631942 / 23741711
E-Mail :	corporate@hincol.com customerconnect@hincol.com hr@hincol.com vendor_relations@hincol.com corporate@hincol.com
Website :	http://www.hincol.com
Corporate Office :	R and C Building, 5^th Floor, Sir J.J. Road, Byculla, Mumbai – 400 008, Maharashtra, India
Tel. No.:	91-22-61501000
Fax No.:	91-22-23741711
E-Mail :	hincol@bom2.vsnl.net.in
Regional Offices:	8th Floor, Industry House, 10 Camac Street, Kolkatta – 700017, West Bengal, India
Tel. No.:	91-33-40011441
Other Regional Offices:	Located at: · Mumbai · Tamilnadu · New Delhi · West Bengal
Manufacturing Plants :	Plot No. D-500, Off Hpclvashi Terminal, MIDC, ITC Area, Turbhe, New Mumbai – 400705, Maharashtra, India
Manufacturing Plants :	Also Located at: · Andhra Pradesh · Haryana · Midnapur, West Bengal · Baroda · Tamilnadu · Utter Pradesh · Howrah, West Bengal · Manglore, Karnataka

DIRECTORS

As on 31.03.2017

Name :

Mr. Jacques Marcel Pastor

Designation :

Director

Address :

Salintara Condo 126 Rama 3 Bangkok 10400 Thailand

Date of Birth/Age :

26.06.1954

Qualification :

Master Degree in Civil Engineering

Date of Appointment :

21.12.1995

DIN No :

00152436

Name :

Mr. Herve Le Bouc

Designation :

Director

Address :

17, Avenue De Lamballe, Paris- 75016, France

Date of Birth/Age :

07.01.1952

Qualification :

Master Degree in Civil Engineering

Date of Appointment :

14.08.2008

Din No.:

02107707

Name :

Mr. Jacques Yves Leost

Designation :

Alternate Director

Address :

65 Rue Du Moulin D'aulne Senlisse 78720 FR

Date of Appointment :

16.03.2016

DIN No.:

03315956

Name :

Mr. Pushp Kumar Joshi

Designation :

Director

Address :

Bungalow No. 19, HP Nagar (East), Vasinaka, Chembur, Mumbai – 400074, Maharashtra, India

Date of Appointment :

25.07.2014

DIN No.:

05323634

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	18/09/2012	-
U01119CT2008GOI020900	CREDA - HPCL BIO FUEL LIMITED	24/09/2012	-
U23201RJ2013GOI043865	HPCL RAJASTHAN REFINERY LIMITED	18/09/2013	-
U24290BR2009GOI014927	HPCL BIOFUELS LIMITED	01/07/2013	-
U40101GJ2013PTC077228	HPCL SHAPOORJI ENERGY PRIVATE LIMITED	24/07/2014	-
U74899DL1998GOI096845	PRIZE PETROLEUM COMPANY LIMITED	06/09/2012	-

Name :

Mr. Ramaswamy Jagannathan

Designation :

Additional Director

Address :

8A, HP Nagar East, Vasinaka, Chembur, Mumbai - 400074, Maharashtra, India

Date of Appointment :

02.08.2016

DIN No.:

06627920

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	08/09/2016	-
U01119CT2008GOI020900	CREDA - HPCL BIO FUEL LIMITED	30/08/2016	-
U11101AP1999PTC032851	SOUTH ASIA LPG COMPANY PRIVATE LIMITED	30/09/2016	-
U23201PB2000PLC024126	HPCL-MITTAL ENERGY LIMITED	29/09/2016	-
U23201RJ2013GOI043865	HPCL RAJASTHAN REFINERY LIMITED	11/08/2016	-
U24290BR2009GOI014927	HPCL BIOFUELS LIMITED	17/09/2016	-
U40101GJ2013PTC077228	HPCL SHAPOORJI ENERGY PRIVATE LIMITED	06/09/2016	-
U60101PB2008PLC031563	HPCL-MITTAL PIPELINES LIMITED	29/09/2016	-
U74899DL1998GOI096845	PRIZE PETROLEUM COMPANY LIMITED	31/08/2016	-

Name :

Mrs. Jeya Krishnan Sukumaran

Designation :

Director

Address :

1 C/D, Silver Oaks Estate Compound, Bhulabhai Desai Road, Warden Road, Cumba, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

07.01.1952

Qualification :

Master Degree in Civil Engineering

Date of Appointment :

17.08.2015

DIN No.:

07234397

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	15/09/2017	-

Name :

Mr. Somchit Sertthin

Designation :

Director

Address :

55/36, Muangthong Thani Chaengwattana Road, Pakkred, Northaburi-11120 Thailand

Date of Birth/Age :

22.09.1952

Qualification :

Bachelor Degree in Business Administration

Date of Appointment :

17.07.1995

DIN No :

00231058

KEY EXECUTIVES

Name :	Mr. Vishal Mapsare
Designation :	Finance Executive
Name :	Mr. Sanjeev Kumar Rastogi
Designation :	Company Secretary
Address :	31/503, H P Nagar (East), Vasi Naka , Chembur, Mumbai - 400074, Maharashtra, India
Date of Appointment :	02.05.2014
PAN No.:	ADTPR1761M
Name :	Mrs. Radha Krishnan Kuppu Swamy
Designation :	Chief Executive Officer
Address :	4, Orion Condominium Bhulsabhai Desai Road Oomer Park, Cumballa Hill Mumbai - 400026, Maharashtra, India
Date of Appointment :	02.06.2015
PAN No.:	AAJPR4014Q
Name :	Mrs. Radha Krishnan Kuppu Swamy
Designation :	Manager
Address :	4, Orion Condominium Bhulsabhai Desai Road Oomer Park, Cumballa Hill Mumbai - 400026, Maharashtra, India
Date of Appointment :	02.06.2015
PAN No.:	AAJPR4014Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Jacques Marcel Pastor	100
Colasie, SA	4724600
Hindustan Petroieum Corporation Limited, India	4724600
Somchit Sertthin	100
Hugues De champs	100
Laurent Le Boulch	100
J Ramaswamy	100
Pushp K.Joshi	100
Shrikant M. Bhosekar	100
S.P. Gupta	100
Total	9450000

Equity Share Break up (Percentage of Total Equity)

As on 28.07.2017

Category	Percentage
Promoter – (Government Companies)	50.00
Promoter - Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in the manufacturing and selling of value added Bituminous products e.g. Bitumen Emulsions and Modified Bitumen (Registered activity and also confirmed by management)

Products :

Item Code No.	Product Description
27150010	Emulsions
19209	Modified Bitumen

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

• China
• Iran
• Ireland

Terms :

Selling :

Advance Payment, L/C, and Cheque

Purchasing :

Advance Payment, L/C, and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

End Users

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

200 (Approximately)

Bankers :

Bank Name	Kotak Mahindra Bank Limited
Branch	Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra, India
Person Name (With Designation)	--
Contact Number	91-22-66563434 (Continuously ringing)
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	Ford, Rhodes, Parks and Company Chartered Accountants
Address :	312/313 Sai Commercial Complex BKS Devshi Marg, Govandi, Mumbai-400088, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFF1843L
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture :	Hindustan Petroleum Corporation Limited, India L23201MH1952GOI008858 Colas SA, France
Others :	Chemoran Limited Tipco Asphalt Public Company Limited Mangalore Refinery and Petrochemicals Limited Colas Midi-Mediterranee Raycol Asphalt Company Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	INR 10/- each	INR 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9450000	Equity Shares	INR 10/- each	INR 94.500 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	94.500	94.500	94.500
(b) Reserves & Surplus	2545.100	2019.833	1327.635
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2639.600	2114.333	1422.135
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	52.344	61.598	64.302
(c) Other long term liabilities	1.082	1.626	1.626
(d) long-term provisions	20.059	15.692	22.443
Total Non-current Liabilities (3)	73.485	78.916	88.371
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	225.068	185.692	479.724
(c) Other current liabilities	490.146	379.288	408.991
(d) Short-term provisions	14.502	14.696	500.324
Total Current Liabilities (4)	729.716	579.676	1389.039
TOTAL	3442.801	2772.925	2899.545
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	936.240	1007.485	796.032
(ii) Intangible Assets	6.796	2.081	2.335
(iii) Capital work-in-progress	8.104	4.578	5.491
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.398	8.427	8.007
(e) Other Non-current assets	53.597	255.114	0.000
Total Non-Current Assets	1011.135	1277.685	811.865
(2) Current assets
(a) Current investments	275.074	45.132	41.014
(b) Inventories	336.928	230.473	200.560
(c) Trade receivables	512.595	474.417	377.672
(d) Cash and cash equivalents	1107.864	616.731	1309.682
(e) Short-term loans and advances	11.140	2.641	122.036
(f) Other current assets	188.065	125.846	36.716
Total Current Assets	2431.666	1495.240	2087.680
TOTAL	3442.801	2772.925	2899.545

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	7608.929	7217.842	7438.41
	Other Income	110.325	94.886	123.815
	TOTAL	7719.254	7312.728	7562.225
Less	EXPENSES
	Cost of Materials Consumed	4962.201	4965.288	6124.994
	Purchases of Stock-in-Trade	0.690	43.854	2.749
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(51.198)	(7.769)	62.180
	Employees benefits expense	182.918	155.849	146.806
	Extraordinary items before tax	0.000	0.000	0.854
	CSR expenditure	0.000	0.000	11.110
	Other expenses	1064.766	875.786	346.016
	TOTAL	6159.377	6033.008	6694.709
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1559.877	1279.720	867.516
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1559.877	1279.720	867.516
Less/ Add	DEPRECIATION/ AMORTISATION	140.806	108.578	130.305
	PROFIT/ (LOSS) BEFORE TAX	1419.071	1171.142	737.211
Less	TAX	495.274	411.808	247.788
	PROFIT/ (LOSS) AFTER TAX	923.797	759.334	489.423
	IMPORTS
	Raw Materials	139.982	55.669	0.000
	Components and Stores parts	0.161	1.796	6.540
	Capital Goods	22.041	3.833	3.687
	TOTAL IMPORTS	162.184	61.298	10.227
	Earnings / (Loss) Per Share (INR)	97.76	80.35	51.79

Particulars	31.03.2018
Sales Turnover (Approxiately)	8000.000

Expected Sales (2018.2019) : INR 8000.000 Million

The above information has been parted by Mr. Mr. Vishal Mapsare (Finance Executive)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	1445.074	718.408	1021.342
Net cash flows from (used in) operating activities	955.562	304.294	767.445

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	24.59	23.99	18.53
Account Receivables Turnover (Income / Sundry Debtors)	14.84	15.21	19.70
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	16.55	13.53	28.57
Inventory Turnover (Operating Income / Inventories)	4.63	5.55	4.33
Asset Turnover (Operating Income / Net Fixed Assets)	1.64	1.26	1.08

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.21	0.21	0.48
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.28	0.27	0.98
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.36	0.48	0.57
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	12.14	10.52	6.58
Return on Total Assets ((PAT / Total Assets) * 100)	%	26.83	27.38	16.88
Return on Investment (ROI) ((PAT / Networth) * 100)	%	35.00	35.91	34.41

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	3.33	2.58	1.50
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.87	2.18	1.36
G-Score Ratio Financial (Networth / Total Assets)	0.77	0.76	0.49
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.33	2.58	1.50

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	94.500	94.500	94.500
Reserves & Surplus	1327.635	2019.833	2545.100
Net worth	1422.135	2114.333	2639.600
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	7438.410	7217.842	7608.929
		(2.965)	5.418

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	7438.410	7217.842	7608.929
Profit	489.423	759.334	923.797
	6.58%	10.52%	12.14%

LEGAL CASES

HIGH COURT

THE COMMISSIONER COMMERCIAL T S.C. AX U.P. LKO. SS HINDUSTAN COLAS LTD. G WALIOR ROAD KARARI JHANSI

High Court-Uttar Pradesh

Case No: WR 570/2010

Case Status: Pending

Judge: HON BLE Ms. JUSTICE BHARATI SAPRU

Date:2016-09-20

THE COMMISSIONER COMMERCIAL T S.C. AX U.P. LKO. SS HINDUSTAN COLAS LTD. G WALIOR ROAD KARARI JHANSI

High Court-Uttar Pradesh

Case no: PO 570/2010

Case Status: Pending

Judge: HON BLE MR. JUSTICE SURYA PRAKASH KESARWANI

Date:2016-12-01

THE COMMISSIONER COMMERCIAL T S.C. AX U.P. LKO. SS HINDUSTAN COLAS LTD. G WALIOR ROAD KARARI JHANSI

High Court-Uttar Pradesh

Case no: R 569/2010

Case status: Pending

Judge: HON BLE MR. JUSTICE YASHWANT VARMA

Date:2016-08-26

THE COMMISSIONER COMMERCIAL T S.C. AX U.P. LKO. SS HINDUSTAN COLAS LTD. G WALIOR ROAD KARARI JHANSI

High Court-Uttar Pradesh

Case no: R 570/2010

Case status: Pending

Judge: HON BLE MR. JUSTICE YASHWANT VARMA

Date:2016-08-26

THE COMMISSIONER COMMERCIAL T S.C. AX U.P. LKO. SS HINDUSTAN COLAS LTD. G WALIOR ROAD KARARI JHANSI

High Court-Uttar Pradesh

Case no: PO 569/2010

Case status: Pending

Judge: HON BLE Ms. JUSTICE BHARATI SAPRU

Date:2016-09-15

THE COMMISSIONER COMMERCIAL T S.C. AX U.P. LKO. SS HINDUSTAN COLAS LTD. G WALIOR ROAD KARARI JHANSI

High Court-Uttar Pradesh

Case no: NDF 570/2010

Case status: Pending

Judge: HON BLE MR. JUSTICE SURYA PRAKASH KESARWANI

Date:2016-11-08

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Plot No. D-500, Off Hpclvashi Terminal, MIDC, ITC Area, Turbhe, New Mumbai – 400705, Maharashtra, India to the present address.

COMPANY OVERVIEW

Subject (referred to as 'Hincol' or 'the Company'), formerly known as "Hindustan Colas Limited", was incorporated on 17th July 1995. The Company is a Joint Venture of M/s Hindustan Petroleum Corporation Limited, a Govt. of India Enterprise and M/s Colas SA, a French company. The Company is engaged in the manufacturing and selling of value added Bituminous products e.g. Bitumen Emulsions and Modified Bitumen in India.

The Financial statements are reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors of the Company at the Board meeting held on 19th April 2017.

Financial Result

The highlights of the financial performance of the company during the financial year ended March 31, 2017 as compare with the previous financial year ended March 31, 2016 are summarized below:

During the year, the company registered a total revenue of INR 7719.000 Million, an increase of 6% over the same period of the previous year. Profit before tax of the company increased from INR 1171.000 Million in 2015-16 to INR 1419.000 Million in 2016-17 reflecting an increase of 21%. Profit after tax of the Company increased from INR 761.000 Million in 2015-16 to INR 923.000 Million in 2016-17 reflecting an increase of 21%.

PERFORMANCE

Manufacturing

The Company has 9 plants under operation at Navi Mumbai (Maharashtra), Bahadurgarh (Haryana), Irungattukottai (near Chennai, Tamil Nadu), Savli (near Vadodara, Gujarat), Vishakapatnam (Andhra Pradesh), Mangalore (Karnataka), Jhansi (Uttar Pradesh), Haldia and Uluberia (West Bengal).

During the financial year 2016-17 total sales volume was 220 TMT against 206 TMT in previous financial year.

New Products:

The Company have introduced Bituclair, the colorless bitumen solution from Colas portfolio, first time in the country. Honey-colored when applied in thin films, the synthethic binder Bituclair is made with the base that does not contain asphaltene, molecules that are responsible for the black color of conventional bitumen binders. Bituclair is a petroleum-based synthetic binder that may be used to produce colored paving materials. It can be used to enhance the natural colour and texture of aggregates, and can be easily colored using small amounts of pigments to provide an extensive colour palatte.

The manufacture and laying of products based on Bituclair are similar to those of the corresponding classical bitumen.

The first project using Bituclair was construction of cycle track with red pigment at Lucknow. 6-8mm layer of Slurry Seal was applied manually on top of cement concrete surface to provide cycle track surface.

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G59536912	100097037	KOTAK MAHINDRA BANK LIMITED	18/04/2017	-	24/10/2017	110000000.0	27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
2	G43669894	10550400	Corporation Bank	07/02/2015	-	19/04/2017	1432007.5	21, Dalal Street, Veena Chambers, Fort, Mumbai – 400023, Maharashtra, India
3	C46396529	10540042	Corporation Bank	08/12/2014	-	24/02/2015	358500.0	104, Ground Floor, Bharat House, B.S. Marg, Churchgate (East), Kala Ghoda, Fort, Mumbai – 400023, Maharashtra, India
4	C01038413	10021641	KOTAK MAHINDRA BANK LIMITED	22/09/2006	28/01/2008	27/03/2014	65000000.0	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI – 400021, Maharashtra, India
5	A05750724	80013257	CORPORATION BANK	16/03/2000	-	12/09/2006	15000000.0	21, FORT, DALAL STREET, MUMBAI – 400023, Maharashtra, India
6	A05727557	80013259	CORPORATION BANK	10/03/1998	-	12/09/2006	30000000.0	DALAL STREET, FORT, MUMBAI – 400023, Maharashtra, India

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Other money for which company is contingently liable	105.997	120.393

FIXED ASSETS

• Land
• Buildings
• Residential building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Bridges roads ports culverts

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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 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	INR
US Dollar	1	INR 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	VRS
Report Prepared by :	SUJ

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.