MIRA INFORM REPORT

Report Date :

17.08.2011

IDENTIFICATION DETAILS

Name :	HIGHBAR TECHNOLOGIES LIMITED

Registered Office :	Hincon House, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400083, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	25.11.2009

Com. Reg. No.:	11-197299

Capital Investment / Paid-up Capital :	Rs. 0.500 Million

CIN No.: [Company Identification No.]	U72900MH2009PLC197299

TAN No.: [Tax Deduction & Collection Account No.]	MUMH12484D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Providing Software Solutions.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Status :	New Company

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a subsidiary of Hindustan Construction Company Limited, India It is a relatively a new company and yet to establish itself gradually. Business is active. Payment terms are unknown. However, in view of strong holding 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)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Lalit Mahajan
Designation :	Regional Sales Manager

LOCATIONS

Registered Office :	Hincon House, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India
Tel. No.:	91-22-25795959/25751000
Fax No.:	91-22-25775950
E-Mail :	vithal.kulkarni@hccindia.com vikasdalvi@hccindia.com enquiry@highbartechnologies.com
Website :	www.highbartechnologies.com
Location :	Owned

DIRECTORS

As on 07.06.2011

Name :	Mr. Ajit Gulabchand Doshi
Designation :	Director
Address :	94, NCPA Apartments, 1 Dorab Tata Road, Nariman Point, Mumbai – 400021, Maharasahtra, India
Date of Birth/Age :	28.06.1948
Date of Appointment :	25.11.2009
DIN No.:	00010827

Name :	Ms. Shalaka Gulabchand Dhawan
Designation :	Director
Address :	172, 17^th Floor, Venus Apartments, 87, Cuff Parade, Mumbai – 400005, Maharasahtra, India
Date of Birth/Age :	02.08.1977
Date of Appointment :	25.11.2009
DIN No.:	00011094

Name :	Krishna Gajanan Tendulkar
Designation :	Director
Address :	6, Annapurna Farms, Punch Kutir Lake, Boulevard Road, Hiranandani Gardens, Powai, Mumbai – 400076, Maharasahtra, India
Date of Birth/Age :	04.12.1954
Date of Appointment :	25.11.2009
DIN No.:	00017995

Name :	Mr. Praveen Balkishan Sood
Designation :	Director
Address :	Flat No. 2103, Glencroft Building, Hiranandani Gardens, Powai, Mumbai-400087, Maharashtra, India
Date of Birth/Age :	01.02.1958
Date of Appointment :	25.11.2009
DIN No.:	00018013

KEY EXECUTIVES

Name :	Mr. Lalit Mahajan
Designation :	Regional Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.06.2011

Names of Shareholders		No. of Shares
Hindustan Construction Company Limited, India		2049940
Ajit Gulabchand Doshi		10
Shalaka Gulabchand Dhawan		10
Krishna Gajanan Tendulkar		10
Praveen Balkishan Sood		10
Vithal Kulkarni		100
Rajgopal Nogja		10

Total		2050090

As on 07.06.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Providing Software Solutions.

GENERAL INFORMATION

No. of Employees :	100 (Approximately)

Bankers :	Canara Bank, Vikhroli Branch


Banking Relations :	--

Auditors :
Name :	Mehta and Pai Chartered Accountant
Address :	B-16, Everest, 3^rd Floor, 156, Tardeo Road, Mumbai – 400037, Maharashtra, India
PAN No.:	AAFFM5366C

Holding Company :	Hindustan Construction Company Limited [L45200MH1926PLC001228]

Fellow Subsidiaries:	Western Securities Limited Hincon Technoconsult Limited HCC Real Estate Limited HCC Singapore Enterprises Private Limited HCC Mauritius Enterprises Limited Pune Paud Toll Road Company Limited Nirmal BOT Limited Badarpur Faridabad Totlway Limited HOC Infrastructure Limited Panchkutir Developers Limited HCC Aviation Limited HCC Construction Limited Bsharampore-Farakka Highways Limited Farakke- Raiganj Highways Limited Raiganj-Dalkhola Highways Limited

Subsidiaries of Fellow Subsidiaries :	Powai Real Estate Developers Limited Lavasa Corporation Limited HREL Township Developers Limited HREL (Thane) Real Estate Limited HCC Realty Limited Maan Township Developers Limited Nashik Township Developers Limited Charosa Wineries Limited Lavasa Hotel Limited Warasgaon Lake View Hotels Limited Apollo Lavasa Health Corporation Limited Ecomotel Hotel Limited Dasve Business Hotel Limited Dasve Conventional Center Limited Lakeshore Watersporta Company Limited Lakeview Clubs Limited Dasve Hospitality Institutes Dasve Retail Limited Spotless Laundry Services Limited SOL Hospitality Limited Lavasa Bamboocraft Limited Knowledge Vista Limited Green Hills Residencies Limited Full Spectrum Adventures Limited Reasonable Housing Limited My City Technology Limited Mintur Interior Technologies Limited Verzon Hospitality Limited Rhapsody Hospitality Limited Sirrah Palace Hotels Limited Andromeda Hotels Limited Valley View Entertainment Limited Whistling Thrush Facilities Services Limited Warasgaon Power Supply Limited Sahyadri City Management Limited Warasgaon Tourism Limited

CAPITAL STRUCTURE

As on 07.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
4950000	Equity Shares	Rs.10/- each	Rs.49.500 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
2050000	Equity Shares	Rs.10/- each	Rs.20.500 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Note: Hindustan Construction Company Limited and it’s nominees held all the above equity shares of the company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(1.816)
NETWORTH		(1.316)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000

TOTAL		(1.316)

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
		0.211
INVESTMENT
DEFERREX TAX ASSETS		0.000
		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.529
	Other Current Assets	0.000
	Loans & Advances	0.172
Total Current Assets		0.701
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.422
	Other Current Liabilities	0.806
	Provisions	0.000
Total Current Liabilities		2.228
Net Current Assets		(1.527)

MISCELLANEOUS EXPENSES		0.000

TOTAL		(1.316)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL	0.000

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	1.816
		Financial Expenses
		Depreciation
		TOTAL	1.816

	PROFIT / LOSS BEFORE TAX		(1.816)

Less	TAX		0.000

	PROFIT / LOSS AFTER TAX		(1.816)

	Earnings Per Share (Rs.)		(36.33)

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	0.00

Net Profit Margin (PBT/Sales)	(%)	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(259.06)

Return on Investment (ROI) (PBT/Networth)		1.38

Debt Equity Ratio (Total Liability/Networth)		(1.69)

Current Ratio (Current Asset/Current Liability)		0.31

LOCAL AGENCY FURTHER INFORMATION

Operations:

The company was floated on 25^th November, 2009 by Hindustan Construction Company Limited (HCC) as a wholly owned subsidiary company.

The company has incurred a loss of Rs. 1.816 Millions mainly on account of expenses incurred on branding, which is carried forward to the balance sheet

In view of losses for the period, the directors regret their inability to recommend any dividend on Equity shares.

Fixed Assets:

Land
Building and shed
Plant and Machinery
Heavy Vehicles
Light Vehicles
Office Equipment
Furniture and Fixture
Computer Machinery

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	Indian Rupees
US Dollar	1	Rs.45.25
UK Pound	1	Rs.73.88
Euro	1	Rs.65.06

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	-

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.

MIRA INFORM REPORT

(259.06)

Unit