Ya my understanding of dilution B is 1:31, but there are different versions for North America and Europe with different concentrations, for some reason. I believe Indofunk is living in NY so I am assuming he is using the more concentrated us version which has Dil B and Dil H as 1:31 and 1:63 respectively. (The ratios for the Euro version are 1:9 and 1:19 respectively.) Satish, are you using the European version of the concentrate? Indofunk already mentioned a good link for info on HC-110:
http://www.covingtoninnovations.com/hc110/ I generally use Dil B unless the time is less that 5 minutes, then I do as he said and use dillution H (but at 1:63 as I use the concentrated yankee syrup). Remember that even if it is diluted you still need to make sure you are using enough HC-110 concentrate in the soup (which is the case for all developers). The Covington page says that you should use at least 6ml of the US concentrate and 19.2ml of the Euro stuff per roll of 135/120 film.
I do like that hc-110 is dead simple and stores well in concentrate form and from what I understand it is relatively benign Eco-wise (tho caffenol is likely the winner in this category). It creates pretty sharp negs but it is probably not the best for when you need a low contrast devel (hence me borrowing some rodinal from mike for tech pan tests). I have also not liked the look for some films, such as fuji neopan. I dont know why but it seems to come out pretty grainy. My main film is FP4+ and I like the look with this film.