MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	NEST POWER ELECTRONICS PRIVATE LIMITED
Registered Office :	19/ 506, Stone House, Market Road, Aluva, Ernakulam-683101, Kerala
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.01.2000
Com. Reg. No.:	09 -13605
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U31200KL2000PTC013605
IEC No.:	3999000139
TAN No.: [Tax Deduction & Collection Account No.]	CHNN00700A
PAN No.: [Permanent Account No.]	AABCN1303K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Convertors, Adaptors, Electronic Power Supply Assemblies.
No. of Employees :	4000 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered / Corporate Office :	19/ 506, Stone House, Market Road, Aluva, Ernakulam-683101, Kerala, India
Tel. No.:	91-484-2413246
Fax No.:	91-484-2413053
E-Mail :	kpcs@nestcorp.net pkrkris@nestcorp.net k.padmanabhan@nestgroup.net
Website :	http://www.nestpower.com
Factory:	43 A, Cochin Special Economic Zone, Kakkanad, Kochi-682037, Kerala, India
Tel. No.:	91-484-2413188/2413202
Fax No.:	91-484-2413208

DIRECTORS

AS ON 30.09.2010

Name :

Nagoor Rawther Jehangir

Designation :

Managing Director

Address :

Mackar Manzil, Fboa Road, Thynothi Lane , Aluva, Ernakulam-683101, Kerala, India

Date of Birth/Age :

01.12.1955

Date of Appointment :

19.01.2000

Din No.:

00002790

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Managing director	01-11-06	08-02-90	-	Active	NO
2	U32109KL1992PTC006409	CRYSIND ELECTRONICS PRIVATE LIMITED	Managing director	01-11-06	28-02-92	-	Amalgamated	NO
3	U28999KL1994PTC007865	SUN PRECISION WORKS PRIVATE LIMITED	Managing director	01-11-06	22-04-94	-	Amalgamated	NO
4	U31300KL1994PTC007867	SUN GENERIC CABLES PRIVATE LIMITED	Managing director	01-11-06	22-12-94	-	Amalgamated	NO
5	U51311KL1990PLC006710	TREND TEXTILE LIMITED	Director	05-04-95	05-04-95	-	Active	NO
6	U33201KL1996PTC010702	J2 OPTRONICS PRIVATE LIMITED	Managing director	01-11-06	02-09-96	-	Amalgamated	NO
7	U72200KL1997PTC011153	NEST SYSTEMS PRIVATE LIMITED	Managing director	01-11-06	28-01-97	-	Amalgamated	NO
8	U72200KL1995PTC008912	NETWORK SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Managing director	24-06-97	24-06-97	-	Active	NO
9	U15495KL1989PLC005529	NEST CONDIMENTS LIMITED	Director	18-10-97	18-10-97	-	Active	NO
10	U72200KL1998PTC012602	NEST INFORMATION TECHNOLOGIES PRIVATE LIMITED	Managing director	18-11-98	18-11-98	-	Active	NO
11	U30009KL1999PTC013131	SABA POWERDEX PRIVATE LIMITED	Director	12-07-99	12-07-99	-	Active	NO
12	U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Managing director	01-11-06	19-01-00	-	Active	NO
13	U31904KL2000PTC014280	NEST MAGNETICS PRIVATE LIMITED	Director	24-10-00	24-10-00	-	Amalgamated	NO
14	U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Director	24-10-00	24-10-00	-	Active	NO
15	U72200KL2001PTC014952	NEST INSTITUTE OF ADVANCED TECHNOLOGIES PRIVATE LIMITED	Director	18-09-01	18-09-01	-	Strike off	NO
16	U35999KL2002PTC015731	NEST AEROSPACE PRIVATE LIMITED	Director	07-11-02	07-11-02	-	Active	NO
17	U72900KL2002PTC015791	NEST TECHNOLOGY ENABLED SERVICES PRIVATE LIMITED	Director	05-12-02	05-12-02	-	Active	NO
18	U72900KL2002PTC015790	NTC SOFTECH INDIA PRIVATE LIMITED	Director	05-12-02	05-12-02	-	Active	NO
19	U15312KL1996PTC010357	NENMANY AGRO MILLS PRIVATE LIMITED	Director	01-06-05	01-06-05	-	Active	YES
20	U15311KL1993PTC006960	NAZ RICE AND FOODS PRIVATE LIMITED	Director	01-06-05	01-06-05	-	Active	YES
21	U72200KL2006PTC019920	JKH SOLUTIONS PRIVATE LIMITED	Managing director	17-10-06	17-10-06	-	Active	NO
22	U70101KL2006PTC019929	NEST REALTIES INDIA PRIVATE LIMITED	Managing director	20-10-06	20-10-06	-	Active	NO
23	U30009KL2006PTC020022	NEST CONNECTIVITY SOLUTIONS PRIVATE LIMITED	Managing director	23-11-06	23-11-06	-	Active	NO
24	U70102KL2007PTC020633	NEST HI-TEK PARK PRIVATE LIMITED	Managing director	11-04-07	11-04-07	-	Active	NO
25	U32109KL2007PTC021022	SFO TECHNOLOGIES DIGITAL PRIVATE LIMITED	Managing director	03-07-07	03-07-07	07-09-07	Active	NO
26	U74140KL2008PTC022613	JAVAD K HASSAN CONSULTANCY PRIVATE LIMITED	Director	16-06-08	16-06-08	-	Active	NO
27	U15499KL2010PTC025511	QLIFE CONSUMER PRODUCTS PRIVATE LIMITED	Director	16-02-10	16-02-10	-	Active	NO
28	U15400KL2011PTC027626	MALABAR MEGA FOOD PARK PRIVATE LIMITED	Director	09-02-11	09-02-11	-	Active	NO
29	U15499KL2007PTC020723	ROYALMALABAR FOODS PRIVATE LIMITED	Director	05-05-11	05-05-11	-	Active	NO
30	U33130KA2011PTC060750	HITACHI NEST CONTROL SYSTEMS PRIVATE LIMITED	Director	10-10-11	10-10-11	-	Active	NO

Name :

Shafi Muhamad Ulooji

Designation :

Director

Address :

Dreams, Ponnurunni Vyttila, Kochi, Ernakulam-682019, Kerala, India

Date of Birth/Age :

04.11.1951

Date of Appointment :

30.06.2004

Din No.:

00002452

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200KL1995PTC008912	NETWORK SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Director	17-04-95	17-04-95	Active	NO
2	U33201KL1996PTC010702	J2 OPTRONICS PRIVATE LIMITED	Director	02-09-96	02-09-96	Amalgamated	NO
3	U72200KL1997PTC011153	NEST SYSTEMS PRIVATE LIMITED	Director	28-01-97	28-01-97	Amalgamated	NO
4	U33201KL1992PTC006860	NORTPAK FIBRE OPTICS PRIVATE LIMITED	Whole-time director	01-07-97	01-07-97	Amalgamated	NO
5	U72200KL1998PTC012602	NEST INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	18-11-98	18-11-98	Active	NO
6	U72200KL2001PTC014952	NEST INSTITUTE OF ADVANCED TECHNOLOGIES PRIVATE LIMITED	Director	18-09-01	18-09-01	Strike off	NO
7	U35999KL2002PTC015731	NEST AEROSPACE PRIVATE LIMITED	Director	07-11-02	07-11-02	Active	NO
8	U72900KL2002PTC015791	NEST TECHNOLOGY ENABLED SERVICES PRIVATE LIMITED	Director	05-12-02	05-12-02	Active	NO
9	U72900KL2002PTC015790	NTC SOFTECH INDIA PRIVATE LIMITED	Director	05-12-02	05-12-02	Active	NO
10	U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Director	30-06-04	30-06-04	Active	NO
11	U32109KL2007PTC021022	SFO TECHNOLOGIES DIGITAL PRIVATE LIMITED	Director	01-09-07	01-09-07	Active	NO
12	U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Director	15-02-11	15-02-11	Active	NO
13	U33130KA2011PTC060750	HITACHI NEST CONTROL SYSTEMS PRIVATE LIMITED	Director	10-10-11	10-10-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
SFO Technologies Private Limited, India	99990
Nagoor Rawther Jehangir	10
Total	100000

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Convertors, Adaptors, Electronic Power Supply Assemblies.

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Installed Capacity	Actual Production
Electronic Components and Devices	Nos.	1831530	293036

GENERAL INFORMATION

No. of Employees :

4000 [Approximately]

Bankers :

· Citi Bank

· State Bank of Travancore

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Working Capital Loan	25.129	18.546
Total	25.129	18.546
Unsecured Loan
Intercorporate Loans:
From Holding Company	0.000	19.162
From Others	0.010	0.010
Total	0.010	19.172

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Wilmont Park, Business Centre, 1^st Floor, Warriam Road, Ernakulam-682016, Kerala, India
Tel. No.:	91-484-2353694
Fax No.:	91-484-2380094
Pan No.:	AACFD3771D
Holding Company:	SFO Technologies Private Limited [U72900KL1990PTC005620]
Fellow Subsidiary:	· Opterna Inc. · SFO Technologies Digital Private Limited · SFO Technologies Inc. USA
Enterprises under the control of person controlling the holding company :	· Nihon Nest Corporation, Japan · Network Systems and Technologies Private Limited · AM Network Inc. · Nestronix Inc. · Nest Technologies Inc. USA · Nest Information Technologies Private Limited · Ashling Microsystems Limited
Enterprises under the control of KMP :	· Nest Aerospace Private Limited · Swiftlink Fibre Optics Private Limited · Nest Technology Enabled Services Private Limited · Nest Condiments Limited · Nest Research and Development Centre · Nest Food and Beverages Corporation · NJ Business Corporation · Modayil Properties Private Limited · Naz Rice and Foods Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		245.412	215.350	177.153
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		255.412	225.350	187.153
LOAN FUNDS
1] Secured Loans		25.129	18.546	24.919
2] Unsecured Loans		0.010	19.172	19.172
TOTAL BORROWING		25.139	37.718	44.091
DEFERRED TAX LIABILITIES		7.619	8.887	10.274
TOTAL		288.170	271.955	241.518
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.863	45.785	48.111
Capital work-in-progress		0.000	0.000	0.044
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.876	109.598	95.492
	Sundry Debtors	174.146	147.948	144.808
	Cash & Bank Balances	0.698	6.977	0.341
	Other Current Assets	0.006	0.031	0.004
	Loans & Advances	19.150	45.003	25.913
Total Current Assets		367.876	309.557	266.558
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	111.039	72.636	47.050
	Other Current Liabilities	6.736	6.823	4.549
	Provisions	5.597	5.535	24.005
Total Current Liabilities		123.372	84.994	75.604
Net Current Assets		244.504	224.563	190.954
MISCELLANEOUS EXPENSES		0.803	1.607	2.409
TOTAL		288.170	271.955	241.518

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	281.975	357.789	182.777
		Other Income	12.975	36.278	4.788
		TOTAL (A)	294.950	394.067	187.565
Less	EXPENSES
		Material Consumed	205.561	280.738	143.123
		Operating and other expenses	49.343	68.256	39.663
		TOTAL (B)	254.904	348.994	182.786
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		40.046	45.073	4.779
Less	FINANCIAL EXPENSES (D)		2.270	2.302	2.982
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.776	42.771	1.797
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.925	3.949	3.842
	PROFIT BEFORE TAX (E-F) (G)		31.851	38.822	(2.045)
Less	TAX (H)		1.790	0.625	0.224
	PROFIT AFTER TAX (G-H) (I)		30.061	38.197	(2.269)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	217.870	314.315	127.402
		Non Recurring Expenses Recovered	8.991	14.602	0.000
	TOTAL EARNINGS		226.861	328.917	127.402
	IMPORTS
		Raw Materials	208.769	244.628	143.160
	Earnings Per Share (Rs.)		300.61	381.97	(22.70)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.19	9.69	(1.21)
Net Profit Margin (PBT/Sales)	(%)	11.30	10.85	(1.12)
Return on Total Assets (PBT/Total Assets}	(%)	7.75	10.93	(0.65)
Return on Investment (ROI) (PBT/Networth)		0.12	0.85	(0.01)
Debt Equity Ratio (Total Liability/Networth)		0.58	0.54	0.64
Current Ratio (Current Asset/Current Liability)		2.98	3.64	3.53

LOCAL AGENCY FURTHER INFORMATION

RESULT OF OPERATIONS:

Total revenue recorded for the year is Rs.295.000 Millions as against the last year revenue recorded of Rs.394.100 Millions and the company has achieved an operating profit of Rs.31.900 Millions as against the last year operating loss of Rs.38.800 Millions. Total profit after tax for the year is Rs.30.100 Millions.

BUSINESS:

Recession and Economic down fall of United States of America has negatively impacted the revenues of the company as the company is depended on US market. Impact of the global melt down of economics on profit margin of the company has kept minimal by increasing productivity, reducing cost of operations and improving overall efficiency.

CONTINGENT LIABILITIES:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Claims against the company not acknowledged as debt:
Income tax demands pending in appeal	2.907	2.907

FIXED ASSETS:

• Building
• Plant and Machinery
• Furniture and Fittings
• Office Equipments
• Computer
• Motor vehicles

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 records 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.53.03
UK Pound	1	Rs.82.34
Euro	1	Rs.69.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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		49

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.