MIRA INFORM REPORT

Report Date :

20.10.2012

IDENTIFICATION DETAILS

Name :	HIGHBAR TECHNOLOGIES LIMITED

Registered Office :	Hincon House, 11^th Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	25.11.2009

Com. Reg. No.:	11-197299

Capital Investment / Paid-up Capital :	Rs. 49.500 millions

CIN No.: [Company Identification No.]	U72900MH2009PLC197299

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

PAN No.: [Permanent Account No.]	AACCH3030Q

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 :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 82000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a subsidiary of ‘Hindustan Construction Company Limited’. It is an established company having moderate track. It has achieved minimal profits during 2011. Reserves are very low. However, trade relations are reported as improving. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Nilesh
Designation :	Accountant
Contact No.:	91-22-25775958
Date :	19.10.2012

LOCATIONS

Registered Office :	Hincon House, 11^th Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India
Tel. No.:	91-22-25795959/25751000
Fax No.:	91-22-25775950/25794251
E-Mail :	vithal.kulkarni@hccindia.com vikasdalvi@hccindia.com enquiry@highbartechnologies.com praveen.sood@hccindia.com
Website :	www.highbartechnologies.com

DIRECTORS

As on 12.06.2012

Name :	Mr. Ajit Gulabchand Doshi
Designation :	Director
Address :	94, NCPA Apartments, 1 Dorab Tata Road, Nariman Point, Mumbai – 400021, Maharashtra, India
Date of Birth/Age :	28.06.1948
Qualification :	B Com.
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, Maharashtra, India
Date of Birth/Age :	02.08.1977
Qualification :	B.A. (Boston University)
Date of Appointment :	25.11.2009
DIN No.:	00011094

Name :	Mr. Krishna Gajanan Tendulkar
Designation :	Director
Address :	6, Annapurna Farms, Punch Kutir Lake, Boulevard Road, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	04.02.1954
Qualification :	B Com., B.G.L., F.C.A.
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
Qualification :	B Com., C.A.
Date of Appointment :	25.11.2009
DIN No.:	00018013

KEY EXECUTIVES

Name :	Mr. Nilesh
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 12.06.2012

Names of Shareholders		No. of Shares
Hindustan Construction Company Limited		4949940
Ajit Gulabchand Doshi		10
Shalaka Gulabchand Dhawan		10
Krishna Gajanan Tendulkar		10
Praveen Balkishan Sood		10
Vithal Kulkarni		100
Rajgopal Nogja		10

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
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

Facilities :

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Working Capital Loans unsecured

16.200

0.000

Total

16.200

0.000


Banking Relations :	--

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

Holding Company :	· Hindustan Construction Company Limited [CIN No.: L45200MH1926PLC001228]

Subsidiary Company :	· Highbar Technologies FZ LLC, United Arab Emirates

Fellow Subsidiaries:	· Western Securities Limited · Hincon Technoconsult Limited · Pune Paud Toll Road Co Limited · HCC Real Estate Limited · HCC Singapore Enterprises Pte Limited · HCC Mauritius Enterprises Limited · HCC Construction Limited · HCC Concessions Limited · HCC Infrastructure Company Limited · Panchkutir Developers Limited · Badarpur Faridabad Tollways Limited · HCC Aviation Limited · Baharampore-Farakka Highways Limited · Farakka-Raiganj Highways Limited · Raiganj-Dalkhola Highways Limited

Subsidiaries of Fellow Subsidiaries :	· Nirmal BOT Limited · Lavasa Corporation Limited · HREL Thane Real Estate Limited. · HREL Township Developers Limited · Maan Township Developers Limited · Nashik Township Developers Limited · Charosa Wineries Limited · Powai Real Estate Developers Limited · HCC Realty Limited · # Klemanor Investments Limited · $ Karl Steiner AG, Switzerland · Steiner Promotions ET Participations SA · Steiner (Deutschland) GMBH · VM + ST AG · Steiner Leman SAS · Steiner Valleiry Route De Bloux · Eurohotel SA · Lavasa Hotels Limited · Apollo Lavasa Health Corporation Limited · Ecomotel Hotels Limited (upto 1st September 2010) · Dasve Business Hotels Limited · Dasve Convention Centre Limited · Lakeshore Watersport Compnay Limited · Dasve Hospitality Institutes Limited · Lakeview Clubs Limited · Dasve Retails Limited · Full Spectrum Adventure Limited · Spotless Laundry Services Limited · Lavasa Bamboocraft Limited · Green Hill Residences Limited · Reasonable Housing Limited · My City Technology Limited · Future City Multiservices SEZ Limited (Formerly Minfur Interior Technologies Limited ) · Verzon Hospitality Limited (upto 30th December 2010) · Rhapsody Commercial Space Limited (Formerly 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 · Our Home Service Apartments Limited · Hill City Service Apartments Limited · Warasgaon Infrastructure Providers Limited · Kart Racers Limited · Nature Lovers Retail Limited · Osprey Hospitality Limited · Mugaon Luxury Hotels Limited · Starlit Resort Limited · Rosebay Hotels Limited · Warasgaon Valley Hotels Limited · Knowledge Vista Limited (upto 22nd April 2010)

CAPITAL STRUCTURE

As on 12.06.2012

Authorized Capital:

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs. 10/- each	Rs. 100.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

4950000	Equity Shares	Rs. 10/- each	Rs. 49.500 millions

As on 31.03.2011

Authorized Capital:

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs. 10/- each	Rs. 100.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

2050000	Equity Shares	Rs. 10/- each	Rs.20.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.500	0.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.089	0.000
4] (Accumulated Losses)		0.000	(1.816)
NETWORTH		20.500	(1.316)
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		16.200	0.000
TOTAL BORROWING		16.200	0.000
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		36.789	(1.316)

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2.455	0.000
Capital work-in-progress		0.492	0.211

INVESTMENT
DEFERREX TAX ASSETS		0.635	0.000
		0.852	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	23.962	0.000
	Cash & Bank Balances	0.492	0.529
	Other Current Assets	4.104	0.000
	Loans & Advances	32.479	0.172
Total Current Assets		61.037	0.701
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.856	1.422
	Other Current Liabilities	11.826	0.806
	Provisions	11.000	0.000
Total Current Liabilities		28.682	2.228
Net Current Assets		32.355	(1.527)

MISCELLANEOUS EXPENSES		0.000	0.000

TOTAL		36.789	(1.316)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	147.255	0.000
		Other Income	0.000	0.000
		TOTAL (A)	147.255	0.000

Less	EXPENSES
		Employee related expenses	99.990
		Administrative selling other expenses	44.392	1.816
		TOTAL (B)	144.382	1.816

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.873	(1.816)

Less	FINANCIAL EXPENSES (D)		0.366	0.000

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.507	(1.816)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.428	0.000

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.079	(1.816)

Less	TAX (I)		0.173	0.000

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		1.906	(1.816)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.816)	0.000

	BALANCE CARRIED TO THE B/S		0.090	(1.816)

	Earnings / (Loss) Per Share (Rs.)		0.93	(36.33)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	1.29	0.00

Net Profit Margin (PBT/Sales)	(%)	1.41	0.00

Return on Total Assets (PBT/Total Assets}	(%)	3.27	(259.06)

Return on Investment (ROI) (PBT/Networth)		0.10	1.38

Debt Equity Ratio (Total Liability/Networth)		2.18	(1.69)

Current Ratio (Current Asset/Current Liability)		2.12	0.31

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars		31.03.2011	31.03.2010
	(Rs. In Millions)

Creditors due to small micro enterprises		0.000	0.000
Sundry Creditors		5.856	1.422

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----
22]	Litigations that the firm / promoter involved in	----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

Registered office of the company has been shifted from Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra to the present address w.e.f. 16.11.2011

BACKGROUND

The company carries on the business of developing, designing, buying, selling, importing, exporting, marketing, dealing in, distributing, licensing, integrating, interfacing, customizing, implementing, maintaining and supporting services, products, tools, accessories used in the field of Information Technology.

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 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.53.71
UK Pound	1	Rs.86.14
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	PJA

Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		33

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	-

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.

(259.06)

Unit