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History of Hittco Tools Ltd.

The Comp. was incorporated as a public limited Comp. on the 4th January 1995. Its present authorised capital stands at Rs.650 lacs. The Comp. is promoted by Mr.Surendra Bhandari, his associates & members of his family, & B.I.Holdings [Bangalores] Private Limited. an investment Comp. promoted by Mr.Surendra Bhandari. The Comp. has filed with the Secretariat of Industrial Approvals [SIAs] the Industrial Entrepreneur Memorandum vide letter dated the 14th September 1995 for manufacture of drills & taps & has received the acknowledgement [No. 5588/SIA/IMO/95 dated 10-11-1995s].

The Comp. had initially decided to locate the project in Gummidipoondi in Tamilnadu & has acquired land admeasuring 2.50 acres in the SIPCOT Industrial Complex at Gummidipoondi on lease. The Comp. subsequently decided to alter the project concept & to locate the same at Peenya Industrial Area where the promoters already have an existing base. The project can be segregated into two distinct components: [as] to take on lease the assets of an existing profit-making two decades old proprietory concern of Mr.Surendra Bhandari named Hindustan Tools Corporation as a going concern, & [bs] to expand installed capacity and establish facilities to diversify the product range on its own account.

Lease arrangement between the Comp. & Hindustan Tools Corporation

Hindustan Tools Corporation was established in 1971 as a proprietory concern of Mr.Surendra Bhandari to manufacture a range of drills & has, over the years. established the brand name HITTCO in the domestic markets. The firm has a good track record of performance & growth. & details in this regard are given elsewhere in this Prospectus. The lease arrangement between the Comp. & Hindustan Tools Corporation has been made effective from the 15th September 1995 & will be in force for a period of twentyfive years. In terms of arrangement, the Comp. has acquired the entire assets of Hindustan Tools Corporation, other than sundry debtors & sundry creditors, on a lease basis as a going concern for a consideration of Rs,90 lacs. This amount is viewed as reasonable by KSIIDC who has appraised the project & sanctioned the term loan. The benefits to the company, besides the use of fixed assets of value approximately Rs.168,32 lacs as per approved valuer's report, includes the use of well-established brand name HITTCO as also a well-trained workforce & an established marketing office network, For more details in regard to valuation, please see paragraph under the head cost of project.

2000 - The Comp. has changed its identity to become Hittco Online Technologies limited [HOTLs] as part of its strategy to enter the Internet & IT-enabled services segment.

- The Comp. is set to launch a transaction-based B2B portal for tools & industrial consumables - toolconsume.com.

2007

-Hittco Tools Ltd has appointed Mr. Sidharth Bhandari as Managing Director of Comp. with effect from December 13, 2007.