MIRA INFORM REPORT

Report Date :

15.10.2011

IDENTIFICATION DETAILS

Name :	SFO TECHNOLOGIES PRIVATE LIMITED
Formerly Known As:	SUN FIBRE OPTICS PRIVATE LIMITED
Registered Office :	Stone House Market Road, Aluva, Ernakulam – 683101, Kerala
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.02.1990
Com. Reg. No.:	09-5620
Capital Investment / Paid-up Capital :	Rs.70.010 millions
CIN No.: [Company Identification No.]	U72900KL1990PTC005620
TAN No.: [Tax Deduction & Collection Account No.]	CHNS02626B
PAN No.: [Permanent Account No.]	AADCS3318K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Electronics Devices, SMT Assembly and Chip on Board Assembly
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 7354972
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 Office :	Stone House Market Road, Aluva, Ernakulam – 683101, Kerala
Tel. No.:	91-484-2413246
Fax No.:	91-484-2413053
E-Mail :	kpcs@nestcorp.net / k.padmanabhan@nestgroup.net
Websites:	www.nestgroup.net
Corporate Office:	The Nest Group, Plot No. 99, Kiadb Industrial Area, Bommasandra 4th Phase, Hosur
Tel. No.:	91-80-27835120
Fax No.:	91-80-27833543
E-Mail :	thomas.v@nestgroup.net
Website:	www.nestgrop.net
Factory :	Plot No. 2, Cochin Special Economic Zone, Kakkanad, Cochin – 682 037
Tel. No.:	91-484-2413223
Fax No.:	91-484-2413058
E-Mail :	vijo.mathew@nestgroup.net
Website :	www.nestgroup.net
Area :	35000 x 6 Sq.fts
Location :	Owned
Indian Corporate Office :	Plot No. 2, Cochin Special Economic Zone ,Kerala
Tel. No.:	91 484 2413223
Fax No.:	91 484 2413053
Digital Electronics Division (Cochin) I	Plot No.37, Cochin Special Economic Zone ,Kakkanad, Kochi-682 037
Tel. No.:	91-484-2413205 / 2413206
Fax No.:	91-484-2413204
E-Mail :	thomas.john@nestgroup.net
Digital Electronics Division (Cochin) II	Plot No.36,Cochin Special Economic Zone ,Kakkanad, COCHIN - 682 037 KERALA
E-Mail :	thomas.john@nestgroup.net
Cable & Wire Harness Division	Plot No.17 ,Cochin Special Economic Zone ,Kakkanad, Cochin - 682 037 ,Kerala
E-Mail :	rama.varma@nestgroup.net
Optoelectronics Division	Plot No.43 ,Cochin Special Economic Zone ,Kakkanad, Cochin - 682 037 KeralaThis email address is being protected from spam bots, you need Javascript enabled to view it
E-Mail :	shafi.um@nestgroup.net
Power Electronics Division	Plot No.43 A ,Cochin Special Economic Zone ,Kakkanad, Cochin - 682 037, KeralaThis email address is being protected from spam bots, you need Javascript enabled to view it
E-Mail :	narayanan.vr@nestgroup.net
RF, Microwave & Wireless Division	Plot No.2 ,Cochin Special Economic Zone ,Kakkanad, Cochin - 682 037, Kerala,This email address is being protected from spam bots, you need Javascript enabled to view it
Email:	neelakantan.g@nestgroup.net
Mechanical Division (Bangalore) I	Plot No.99, KIADB Industrial Area, Bommasandra, 4th Phase Hosur Road, Bangalore - 560 099This email address is being protected from spam bots, you need Javascript enabled to view it
Email	shekhar.choudhury@nestgroup.net
Software Services Division (Kalamassery)	Unit III, Nest Tower ,University Junction, Nh 47 ,Cochin University Po ,South Kalamassery, Ernakulam 682 022This email address is being protected from spam bots, you need Javascript enabled to view it
Email:	krishnan.n@nestgroup.net
Electronics Division	No. 690/55/3, Nets Towers ,Hosur Road, Bommasandra, Bangalore - 560 099
Email:	jacob.p@nestgroup.net This email address is being protected from spam bots, you need Javascript enabled to view it
Magnetics Division	No. 690/55/3, Nest Towers ,Hosur Road, Bommasandra, Bangalore - 560 099
Email:	jacob.p@nestgroup.net
System Integration Division (Alwaye)	111/21, AmbattukavuThaikattukara P O, Alwaye - 683 106
Email:	am.iqbal@nestgroup.net
Mechanical Division (Bangalore) II	14A, KIADB Industrial Estate ,Veerasandra ,Hosur Road, BANGALORE
System Integration Division (Bangalore)	No.27, II Cross, CSI Compound, Mission Road, BANGALORE - 560 027 This email address is being protected from spam bots, you need Javascript enabled to view it
Email:	manoj.menon@nestgroup.net
Software Services Division (Trivandrum) I	A-3, Periyar, Technopark,Kariyavattam, Trivandrum – 695581 ,Kerala, India
Email:	sasi.kumar@nestgroup.net
Software Services Division (Trivandrum) II	T. C. 13/ 58, Gnayalloor Buildings,Kesavadasapuram ,Trivandrum - 695004 Kerala, India
Email: This email address is being protected from spam bots, you need Javascript enabled to view it	sasi.kumar@nestgroup.net
Cyber Campus (Alwaye)	Royal Plaza ,4th Floor ,Bride Road ,Alwaye
Cyber Campus (Trivandrum)	Sumaj Complex ,Chavadimukku ,Sreekariyam ,Trivandrum - 695017

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Jehangir Rawther Nagoor

Designation :

Vice Chairman and Managing Director

Address :

Mackar Manzil Fboa Road, Aluva, Ernakulam – 683101, Kerala, India

Date of Birth/Age :

01.12.1955

Date of Appointment :

08.02.1990

Din No.:

00002790

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
U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Managing director	01-11-06	08-02-90	-	Active	NO
U32109KL1992PTC006409	CRYSIND ELECTRONICS PVT LTD	Managing director	01-11-06	28-02-92	-	Amalgamated	NO
U28999KL1994PTC007865	SUN PRECISION WORKS PVT LTD	Managing director	01-11-06	22-04-94	-	Amalgamated	NO
U31300KL1994PTC007867	SUN GENERIC CABLES PVT LTD	Managing director	01-11-06	22-12-94	-	Amalgamated	NO
U51311KL1990PLC006710	TREND TEXTILE LIMITED	Director	05-04-95	05-04-95	-	Active	NO
U33201KL1996PTC010702	J2 OPTRONICS PRIVATE LIMITED.	Managing director	01-11-06	02-09-96	-	Amalgamated	NO
U72200KL1997PTC011153	NEST SYSTEMS PRIVATE LIMITED	Managing director	01-11-06	28-01-97	-	Amalgamated	NO
U72200KL1995PTC008912	NETWORK SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Managing director	24-06-97	24-06-97	-	Active	NO
U15495KL1989PLC005529	NEST CONDIMENTS LIMITED	Director	18-10-97	18-10-97	-	Active	NO
U72200KL1998PTC012602	NEST INFORMATION TECHNOLOGIES PRIVATE LIMITED	Managing director	18-11-98	18-11-98	-	Active	NO
U30009KL1999PTC013131	SABA POWERDEX PRIVATE LIMITED	Director	12-07-99	12-07-99	-	Active	NO
U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Managing director	01-11-06	19-01-00	-	Active	NO
U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Director	24-10-00	24-10-00	-	Active	NO
U31904KL2000PTC014280	NEST MAGNETICS PRIVATE LIMITED	Director	24-10-00	24-10-00	-	Amalgamated	NO
U72200KL2001PTC014952	NEST INSTITUTE OF ADVANCED TECHNOLOGIES PRIVATE LIMITED	Director	18-09-01	18-09-01	-	Strike off	NO
U35999KL2002PTC015731	NEST AEROSPACE PRIVATE LIMITED	Director	07-11-02	07-11-02	-	Active	NO
U72900KL2002PTC015790	NTC SOFTECH INDIA PRIVATE LIMITED	Director	05-12-02	05-12-02	-	Active	NO
U72900KL2002PTC015791	NEST TECHNOLOGY ENABLED SERVICES PRIVATE LIMITED	Director	05-12-02	05-12-02	-	Active	NO
U15311KL1993PTC006960	NAZ RICE AND FOODS PVT LTD	Director	01-06-05	01-06-05	-	Active	YES
U15312KL1996PTC010357	NENMANY AGRO MILLS PRIVATE LIMITED	Director	01-06-05	01-06-05	-	Active	YES
U72200KL2006PTC019920	JKH SOLUTIONS PRIVATE LIMITED	Managing director	17-10-06	17-10-06	-	Active	NO
U70101KL2006PTC019929	NEST REALTIES INDIA PRIVATE LIMITED	Managing director	20-10-06	20-10-06	-	Active	NO
U30009KL2006PTC020022	NEST CONNECTIVITY SOLUTIONS PRIVATE LIMITED	Managing director	23-11-06	23-11-06	-	Active	NO
U70102KL2007PTC020633	NEST HI-TEK PARK PRIVATE LIMITED	Managing director	11-04-07	11-04-07	-	Active	NO
U32109KL2007PTC021022	SFO TECHNOLOGIES DIGITAL PRIVATE LIMITED	Managing director	03-07-07	03-07-07	07-09-07	Active	NO
U74140KL2008PTC022613	JAVAD K HASSAN CONSULTANCY PRIVATE LIMITED	Director	16-06-08	16-06-08	-	Active	NO
U15499KL2010PTC025511	QLIFE CONSUMER PRODUCTS PRIVATE LIMITED	Director	16-02-10	16-02-10	-	Active	NO
U15400KL2011PTC027626	MALABAR MEGA FOOD PARK PRIVATE LIMITED	Director	09-02-11	09-02-11	-	Active	NO
U15499KL2007PTC020723	ROYALMALABAR FOODS PRIVATE LIMITED	Director	05-05-11	05-05-11	-	Active	NO
U33130KA2011PTC060750	HITACHI NEST CONTROL SYSTEMS PRIVATE LIMITED	Director	10-10-11	10-10-11	-	Active	NO

DIRECTORSHIP IN OTHER COMPANIES:

CIN of the Company

U32109KL1992PTC006409]

Name of the Company

Crysind Electronics Private Limited

Designation:

Director

CIN of the Company

U28999KL1994PTC007865

Name of the Company

Sun Precision Works Private Limited

Designation:

Director

CIN of the Company

U31300KL1994PTC007867

Name of the Company

Sun Generic Cables Private Limited

Designation:

Director

CIN of the Company

U72200KL1995PTC008912

Name of the Company

Network Systems & Technologies Private Limited

Designation:

Director

CIN of the Company

U33201KL1996PTC010702

Name of the Company

J2 Optronics Private Limited

Designation:

Director

CIN of the Company

U72200KL1997PTC011153

Name of the Company

Nest Systems Private Limited

Designation:

Director

CIN of the Company

U31200KL2000PTC013605

Name of the Company

Nest Power Electronics Private Limited

Designation:

Director

CIN of the Company

U31904KL2000PTC014280

Name of the Company

Nest Magnetics Private Limited

Designation:

Director

CIN of the Company

Saba Powerdex Private Limited

Name of the Company

U30009KL1999PTC013131

Designation:

Director

CIN of the Company

U72200KL1998PTC012602

Name of the Company

Nest Information Technologies Private limited

Designation:

Director

CIN of the Company

U33201KL2000PTC014279

Name of the Company

Swiftlink Fibre Optics Private Limited

Designation:

Director

CIN of the Company

U32109KL2002PTC015790

Name of the Company

Nest Photonics Private limited

Designation:

Director

CIN of the Company

U72900KL2002PTC015791

Name of the Company

Nest Technology Enabled Services Private Limited

Designation:

Director

CIN of the Company

U35301KL2002PTC015731

Name of the Company

Nest Avionics Private limited

Designation:

Director

Name :

Mr. Iqbal Mohammed Ali

Designation :

Director

Address :

1320A, Panaykka-Pparamp, 33 Vennala, Kochi, Ernakulam – 683101, Kerala, India

Date of Birth/Age :

28.05.1951

Date of Appointment :

08.02.1990

Din No.:

00002418

Name :

Mr. Javad K. Hassan

Designation :

Chairman

Address :

1900, Yorkshire Drive, Bluebell, , United Status - 19422

Date of Birth/Age :

07.10.1940

Date of Appointment :

22.12.2004

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
U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Whole-time director	08-02-90	08-02-90	-	Active	NO
U28999KL1994PTC007865	SUN PRECISION WORKS PVT LTD	Director	22-04-94	22-04-94	-	Amalgamated	NO
U51225KL2008PTC023445	GREENHOUSE CARDAMOM MARKETING INDIA PRIVATE LIMITED	Director	21-11-08	21-11-08	-	Active	NO
U15312KL2009PTC024079	MMK RICE MILLS PRIVATE LIMITED	Director	21-04-09	21-04-09	-	Active	NO

Name :

Mr. Sunil Theckath Vasudevan

Designation :

Director

Address :

96, 2^nd Cross Road, Block 5, Banashankari, 3^rd Stage, 3^rd phase, Bangalore – 560 085, Karnataka, India

Date of Birth/Age :

03.03.1966

Date of Appointment :

28.05.2007

Din No.:

00294130

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
U52520AP1990PTC011172	TRINETHRA SUPERRETAIL Private LIMITED	Director	10-08-05	10-08-05	02-01-07	Active	NO
U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Nominee director	28-05-07	28-05-07	10-06-11	Active	NO
U64200MH1999PTC137729	MUSIC BROADCAST PRIVATE LIMITED	Director	24-08-07	24-08-07	-	Active	NO
U74999MH1993PTC172842	RDC CONCRETE (INDIA) PRIVATE PRIVATE LIMITED	Director	31-07-08	01-11-07	-	Active	NO
U28993AP1999PTC033188	ROBO SILICON PRIVATE LIMITED	Director	26-12-07	26-12-07	30-07-10	Active	NO
U85110KL2008PTC021703	DM HEALTHCARE PRIVATE LIMITED	Director	23-02-08	23-02-08	-	Active	NO
U85110PN1996PLC104292	PRERANA HOSPITAL LIMITED	Director	29-09-09	08-11-08	-	Active	NO
U40300MH2007PTC173456	AKSHAYINI OORJA PRIVATE LIMITED	Director	02-02-10	02-02-10	-	Active	NO
U26921KL2002PTC015427	NEPTUNE READYMIX CONCRETE PRIVATE LIMITED	Nominee director	26-05-10	26-05-10	19-01-11	Active	NO
U92311UR1989PTC010798	MADKINI HYDRO POWER PRIVATE LIMITED	Additional director	20-07-10	20-07-10	21-07-10	Active	NO
U45201KL2008PTC021727	AMBADY INFRASTRUCTURE PRIVATE LIMITED	Additional director	01-10-10	01-10-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Padamabhan Kumaravel
Designation :	Secretary
Address :	310/C, Vallayil House, cochin Palace P O Thrippunithura, Ernakulam – 682301, Kerala, India
Date of Birth/Age :	01.06.1967
Date of Appointment :	01.09.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
A M Iqbal	140
Gul Mohammed	1000
Nishi Jehagir	139860
Javed K Hassan	559000
Indian Value Fund Trustee Company Private Limited, India	100
Indian Value Fund Trustee Company Private Limited, India	39929
Darkwood Investment Limited, India	19225
Total	759254

AS ON 30.09.2010

Category	Percentage
Foreign holdings (Foreign institutional investors ) foreign companies foreign financial institutions , non residents or Overseas corporate bodies or others	79.85
Bodies corporate	0.01
Directors or relative of directors	19.98
Other top fifty (50) shareholders	0.16
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Electronics Devices, SMT Assembly and Chip on Board Assembly
Products :	PC Boards

PRODUCTION STATUS (As on 31.03.2009):-

Particulars	Unit	Actual Production
Sheet Metal and Aluminium Components	Nos.	5670212
Electronics Devices	Nos.	11114295

GENERAL INFORMATION

Customers:

· Areva

· Alstom

· Ericsson

· Hitachi

· Lambda

· ISO

· DP World

· ABB

· Novar

· Siemens

· Adva

· Danaher

· Texas Instruments

· Tata

· Tokyo Electron

· Tyco

· Toshiba

· NEC

· Avanex

· Gould

· Solectron

· Pegasus Transtech

· Am / Comm Systems

· Philips

· Intel

No. of Employees :

2000 (Approximately)

Bankers :

Export-Import Bank Of India, Center One Building, Floor 21, World Trade Center Complex, Cuffe Parade,, Mumbai - 400005, Maharashtra, India

Facilities:

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks Working Capital Loans Term Loans (Amount Payable within one year Rs.137.597 Millions) Vehicle Loans (Secured by hypothecation of vehicle financed) (Amount Payable within one year Rs.7.501 Millions)	821.138 503.472 13.234	579.686 670.475 9.275
Total	1337.844	1259.437
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Inter Corporate Loans 5905426 Fully Convertible Debentures of Rs.0.008 Millions each Lions from Directors	30.596 499.151 10.689	34.301 499.151 10.689
Total	540.438	544.142

Banking Relations :

--

Auditors :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Wilmont Park Business Centre, 1^st Floor, Warriam Road, Kochi-682016, Kerala, India

Pan No. :

AACFD3771D

Tel No.:

91-484-2353694

Fax No.:

91-484-2380094

Subsidiary :

· SEO Technology Digital Private Limited

[CIN : U32109KL2007PTC021022

• Nest Power Electronics Private Limited

U70102KL2007PTC020633

· Nest Power Electronics Private Limited

[U31200KL2000PTC013605]

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 100/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
700100	Equity Shares	Rs. 100/- each	Rs.70.010 millions

AFTER 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1501000	Equity Shares	Rs. 100/- each	Rs.150.100 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
865668	Equity Shares	Rs. 100/- each	Rs. 86.566 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		70.010	70.010	70.010
2] Share Application Money		250.003	250.003	250.003
3] Reserves & Surplus		1518.730	1408.899	1355.199
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1838.743	1728.912	1675.212
LOAN FUNDS
1] Secured Loans		1337.844	1259.437	953.935
2] Unsecured Loans		540.438	544.142	542.286
TOTAL BORROWING		1878.282	1803.579	1496.221
DEFERRED TAX LIABILITIES		81.399	76.824	63.699
TOTAL		3798.424	3609.315	3235.132
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		961.313	759.839	664.503
Capital work-in-progress		0.000	158.268	124.023
INVESTMENT		695.481	370.048	270.081
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1178.078	1007.858	945.585
	Sundry Debtors	1060.430	1001.608	686.186
	Cash & Bank Balances	108.357	65.291	95.624
	Other Current Assets	1.054	0.774	1.243
	Loans & Advances	664.479	1084.769	1325.360
Total Current Assets		3012.398	3160.300	3053.998
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	718.020	549.924	596.418
	Other Current Liabilities	113.680	269.328	228.857
	Provisions	39.068	19.888	52.198
Total Current Liabilities		870.768	839.140	877.473
Net Current Assets		2141.630	2321.160	2176.525
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3798.424	3609.315	3235.132

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3566.472	3564.968	3045.174
		Other Income	134.992	260.461	97.837
		TOTAL (A)	3701.464	3825.429	3143.011
Less	EXPENSES
		Material Consumed	2556.264	2878.025	2365.950
		Operating and Other Expenses	755.195	662.286	557.842
		TOTAL (B)	3311.459	3540.311	2923.792
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		390.005	285.118	219.219
Less	FINANCIAL EXPENSES (D)		133.242	130.482	118.700
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		256.763	154.636	100.519
Less/ Add	DEPRECIATION/ AMORTISATION (F)		85.456	63.764	49.169
	PROFIT BEFORE TAX (E-F) (G)		171.307	90.872	51.350
Less	TAX (I)		61.476	40.378	15.843
	PROFIT AFTER TAX (G-I) (J)		109.831	50.494	35.507
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1994.565	1683.433	1242.805
	TOTAL EARNINGS		1994.565	1683.433	1242.805
	IMPORTS
		Raw Materials and Components	1746.963	2119.091	2009.458
		Capital Goods	21.050	16.725	52.265
	TOTAL IMPORTS		1768.013	2135.816	2061.723
	Earnings Per Share (Rs.)		156.88	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.97	1.32	1.13
Net Profit Margin (PBT/Sales)	(%)	4.80	2.55	1.69
Return on Total Assets (PBT/Total Assets}	(%)	4.31	2.32	1.38
Return on Investment (ROI) (PBT/Networth)		0.09	0.05	0.03
Debt Equity Ratio (Total Liability/Networth)		1.49	0.48	0.52
Current Ratio (Current Asset/Current Liability)		3.46	3.77	3.48

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U72900KL1990PTC005620
Name of the company	SFO TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Stone House Market Road, Aluva, Ernakulam – 683101, Kerala, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	EXPORT-IMPORT BANK OF INDIA
Nature of instrument creating charge	Deed of Hypothecation (DOH) dated November 30, 2010, executed by SFO Technologies Private Limited ("The Borrower") in favour of Export-Import Bank of India ("Exim Bank") creating security by way of a pari passu first charge on the entire fixed assets of the Borrower and a pari passu second charge on the entire current assets of the Borrower, both present and future for the loan of Rs. 275.000 millions (this loan), granted by Exim Bank to the Borrower.
Date of instrument Creating the charge	30/11/2010
Amount secured by the charge	Rs.275.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rupee disbursement - 11 % per annum payable with monthly rests subject to reset of interest in accordance with loan agreement. Dollar disbursement- LIBOR (6 M) plus 450 bps (including withholding tax) Terms of Repayment 20 equal quarterly installments commencing after 1 year from the date of first disbursement or such other date closer to that date as may be advised by EXIM Bank at the time of making the first disbursement. Margin 10.18 percent Extent and Operation of the charge Pari passu first charge over the entire movable fixed assets, present and future of the Borrower and Pari passu second charge on the entire current assets of the Borrower, present and future, in accordance with the order of priority of charges as mentioned in Schedule IV of the agreement.
Short particulars of the property charged	Entire movable fixed assets of the Borrower, including present and future more particularly mentioned in Schedule III to the DOH attached hereto. Entire current assets of the Borrower, both present and future more particularly mentioned in Schedule III to the DOH attached hereto

Fixed Assets

· Improvements to Leasehold Building

· Plant and Machinery

· Furniture and Fitting

· Office Equipments

· Computer

· Motor Vehicles

Press Releases

SFO Technologies IP - 802.11r Implementation

Voice over WLAN is one of the hottest areas where lot of R and D is happening specifically in minimizing the delays during data transfer while roaming.

A new wireless standard 802.11r is introduced by IEEE to tackle this problem. IEEE 802.11r achieves this by introducing heavily optimized mechanisms for security association establishment and reservation of QoS parameters in the network for a mobile unit when it moves from one Access Point to another.

Understanding the importance of IEEE 802.11r and its targets, SFO Technologies has already set its focus onto the implementation of 802.11r protocol stack. As of now SFO Technologies has a complete working prototype of the IEEE 802.11r draft specification. The stack enables the WLAN mobile units to achieve roaming in less than 20ms.

The architecture of SFO Technologies’ 802.11r protocol stack is sufficiently independent of the WLAN hardware used. Currently we support WLAN chips from Atheros and Marvel. This means that, our 802.11r stack can be readily used by our customers to implement 802.11r functionality in their Access Points and mobile units which uses these chipsets.

SFO Technologies can also provide 802.11r support for other WLAN chips as per requirements which involves minor development effort, thanks to the hardware independent and modular design of the protocol stack.

Ready to Deploy- VoWiFi 802.11r Support

OS	Windows 2K/XP	Linux(2.6 Kernel)
Platform	x86	x86, ARM
Chipset	Atheros	Atheros Marvel Prism

PRESS RELEASE :

Hitachi and SFO Technologies agree
to form Indian Joint Venture Company
for Control Systems of Thermal Power Business

Tokyo, Japan and Kochi, India, September 27, 2011- Hitachi, Limited (President: Hiroaki Nakanishi, NYSE: HIT / TSE: 6501, "Hitachi") and SFO Technologies Pvt. Ltd., a NeST Group Company (Managing Director: N. Jehangir, "SFO Technologies"), today announced that they have agreed to establish a joint venture in the field of advanced control systems for thermal power plants. The joint venture company, Hitachi NeST Control Systems Pvt. Ltd. is scheduled to be established in October 2011 and to be based in Bangalore, India. Hitachi India Pvt. Ltd., a wholly owned subsidiary of Hitachi and SFO Technologies will own the joint venture's shares 70％ and 30％, respectively.

Based on this agreement, Hitachi and SFO Technologies will promote to expand their control systems businesses in India. This will be achieved by converging the strengths of each company-Hitachi's leading edge control technologies, advanced manufacturing technologies, wealth of experience and expertise in plant control systems and SFO Technologies' 10 years experienced control systems and its highly skilled employees, as well as its nationwide sales and service network in India. Hitachi NeST Control Systems Pvt. Ltd. is targeting sales of approximately 1.5 billion Indian Rupees (2.6 billion yen) in the fiscal year ending in March 2015.

The market for information and control systems for social infrastructure is expected to grow in step with economic development in India. Power is a critical infrastructure on which socio-economic development of the country depends. India is expected to add 200 GW in the next 10 years. Major portion of the investment would be in thermal power plants especially in large sized supercritical units. Hitachi has made significant investments in India, including BGR Energy Systems Limited, to manufacture super-critical turbines, generators and boilers in Chennai.

Against this backdrop, Hitachi and SFO Technologies will form a Joint Venture to provide engineering, manufacturing, commissioning and after-service advanced control systems for thermal power plants. This Joint Venture is aimed to capitalize these opportunities and talent that Indian market will provide. Hitachi has been using SFO Technologies' engineering services in thermal power control systems field for the last 10 years for projects both inside and outside India. In the Joint Venture, Hitachi will bring in advanced control technology for thermal power plants. SFO Technologies will merge its existing 10 years experienced control systems division with the new joint venture company and offer its manufacturing space and expertise in Bangalore for localizing the technology in India.

Hitachi is focusing on accelerating the global development of the Social Innovation Business, which is made up of social infrastructure supported by highly reliable and highly efficient information and telecommunications technology. Hitachi has identified India as a fifth key management area for further business expansion in India. Hitachi has decided to establish this Hitachi NeST Control Systems Private Limited, a joint venture with SFO Technologies, to build up control system engineering capability, starting with thermal power control systems.

SFO Technologies also recognizes energy as an important growing market segment in India and is focused on enlarging its portfolio of products and services for this sector. Through this joint venture with Hitachi, SFO Technologies hopes to strengthen its control and automation offerings to meet the growing demand in India.

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. 49.02
UK Pound	1	Rs. 77.12
Euro	1	Rs. 67.55

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		64

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

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.