MIRA INFORM REPORT

Report Date :

08.01.2013

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) :	31.03.2011
Date of Incorporation :	19.01.2000
Com. Reg. No.:	09 -013605
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 1100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘SFO Technologies Private Limited’. It is a well established company having a satisfactory track record. The financial position of the company appears to be good. There appears some dip in the profits during 2011. However, trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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, India'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.

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 29.09.2011

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/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Managing director	01/11/2006	08/02/1990	-	Active	NO
2	U32109KL1992PTC006409	CRYSIND ELECTRONICS PRIVATE LIMITED	Managing director	01/11/2006	28/02/1992	-	Amalgamated	NO
3	U28999KL1994PTC007865	SUN PRECISION WORKS PRIVATE LIMITED	Managing director	01/11/2006	22/04/1994	-	Amalgamated	NO
4	U31300KL1994PTC007867	SUN GENERIC CABLES PVT LTD	Managing director	01/11/2006	22/12/1994	-	Amalgamated	NO
5	U51311KL1990PLC006710	TREND TEXTILE LIMITED	Director	05/04/1995	05/04/1995	30/11/2012	Active	NO
6	U33201KL1996PTC010702	J2 OPTRONICS PRIVATE LIMITED.	Managing director	01/11/2006	02/09/1996	-	Amalgamated	NO
7	U72200KL1997PTC011153	NEST SYSTEMS PRIVATE LIMITED	Managing director	01/11/2006	28/01/1997	-	Amalgamated	NO
8	U72200KL1995PTC008912	NETWORK SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Managing director	24/06/1997	24/06/1997	-	Active	NO
9	U15495KL1989PLC005529	NEST CONDIMENTS LIMITED	Director	18/10/1997	18/10/1997	-	Active	NO
10	U72200KL1998PTC012602	NEST INFORMATION TECHNOLOGIES PRIVATE LIMITED	Managing director	18/11/1998	18/11/1998	-	Active	NO
11	U30009KL1999PTC013131	SABA POWERDEX PRIVATE LIMITED	Director	12/07/1999	12/07/1999	01/09/2012	Active	NO
12	U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Managing director	01/11/2006	19/01/2000	-	Active	NO
13	U31904KL2000PTC014280	NEST MAGNETICS PRIVATE LIMITED	Director	24/10/2000	24/10/2000	-	Amalgamated	NO
14	U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Director	24/10/2000	24/10/2000	-	Active	NO
15	U72200KL2001PTC014952	NEST INSTITUTE OF ADVANCED TECHNOLOGIES PRIVATE LIMITED	Director	18/09/2001	18/09/2001	-	Strike off	NO
16	U35999KL2002PTC015731	NEST AEROSPACE PRIVATE LIMITED	Director	07/11/2002	07/11/2002	-	Active	NO
17	U72900KL2002PTC015790	NTC SOFTECH INDIA PRIVATE LIMITED	Director	05/12/2002	05/12/2002	06/01/2012	Active	NO
18	U72900KL2002PTC015791	NEST TECHNOLOGY ENABLED SERVICES PRIVATE LIMITED	Director	05/12/2002	05/12/2002	-	Active	NO
19	U15311KL1993PTC006960	NAZ RICE AND FOODS PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	YES
20	U15312KL1996PTC010357	NENMANY AGRO MILLS PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	YES
21	U29220KL2006PTC019920	RAY-HANS PRECISION TOOLS PRIVATE LIMITED	Managing director	17/10/2006	17/10/2006	-	Active	NO
22	U70101KL2006PTC019929	NEST REALTIES INDIA PRIVATE LIMITED	Managing director	20/10/2006	20/10/2006	-	Active	NO
23	U30009KL2006PTC020022	NEST CONNECTIVITY SOLUTIONS PRIVATE LIMITED	Managing director	23/11/2006	23/11/2006	05/03/2012	Active	NO
24	U70102KL2007PTC020633	NEST HI-TEK PARK PRIVATE LIMITED	Managing director	11/04/2007	11/04/2007	-	Active	NO
25	U32109KL2007PTC021022	SFO TECHNOLOGIES DIGITAL PRIVATE LIMITED	Managing director	07/06/2012	03/07/2007	-	Active	NO
26	U74140KL2008PTC022613	JAVAD K HASSAN CONSULTANCY PRIVATE LIMITED	Director	16/06/2008	16/06/2008	-	Active	NO
27	U15499KL2010PTC025511	QLIFE CONSUMER PRODUCTS PRIVATE LIMITED	Director	16/02/2010	16/02/2010	-	Active	NO
28	U15400KL2011PTC027626	MALABAR MEGA FOOD PARK PRIVATE LIMITED	Director	09/02/2011	09/02/2011	-	Active	NO
29	U15499KL2007PTC020723	ROYALMALABAR FOODS PRIVATE LIMITED	Director	05/05/2011	05/05/2011	-	Active	NO
30	U33130KA2011PTC060750	HITACHI NEST CONTROL SYSTEMS PRIVATE LIMITED	Director	10/10/2011	10/10/2011	-	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/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200KL1995PTC008912	NETWORK SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Director	17/04/1995	17/04/1995	-	Active	NO
2	U33201KL1996PTC010702	J2 OPTRONICS PRIVATE LIMITED.	Director	02/09/1996	02/09/1996	-	Amalgamated	NO
3	U72200KL1997PTC011153	NEST SYSTEMS PRIVATE LIMITED	Director	28/01/1997	28/01/1997	-	Amalgamated	NO
4	U33201KL1992PTC006860	NORTPAK FIBRE OPTICS PRIVATE LIMITED	Whole-time director	01/07/1997	01/07/1997	-	Amalgamated	NO
5	U72200KL1998PTC012602	NEST INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	18/11/1998	18/11/1998	-	Active	NO
6	U72200KL2001PTC014952	NEST INSTITUTE OF ADVANCED TECHNOLOGIES PRIVATE LIMITED	Director	18/09/2001	18/09/2001	-	Strike off	NO
7	U35999KL2002PTC015731	NEST AEROSPACE PRIVATE LIMITED	Director	07/11/2002	07/11/2002	-	Active	NO
8	U72900KL2002PTC015790	NTC SOFTECH INDIA PRIVATE LIMITED	Director	05/12/2002	05/12/2002	06/01/2012	Active	NO
9	U72900KL2002PTC015791	NEST TECHNOLOGY ENABLED SERVICES PRIVATE LIMITED	Director	05/12/2002	05/12/2002	-	Active	NO
10	U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Director	30/06/2004	30/06/2004	-	Active	NO
11	U32109KL2007PTC021022	SFO TECHNOLOGIES DIGITAL PRIVATE LIMITED	Director	01/09/2007	01/09/2007	-	Active	NO
12	U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Director	15/02/2011	15/02/2011	-	Active	NO
13	U33130KA2011PTC060750	HITACHI NEST CONTROL SYSTEMS PRIVATE LIMITED	Director	10/10/2011	10/10/2011	-	Active	NO

Name :	Mr. Guhan Subramaniam
Designation :	Alternate Director
Address :	565/2, 15^th Main Road, 4^th Block, Koramangala, Bangalore-560034, Karnataka, India
Date of Birth/Age :	08.05.1954
Date of Appointment :	21.09.2011
Date of Cessation :	31.03.2012
DIN No.:	00131687
Name :	Mr. Mark Agnelo Silgardo
Designation :	Nominee Director
Address :	402/502, Anclare Abode, Plot No-96, St. Andrews Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	20.04.1958
Date of Appointment :	15.07.2011
DIN No.:	02298310

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63040KA1978PTC050693	QUIKJET CARGO AIRLINES PRIVATE LIMITED	Director	12/04/2012	15/10/2008	-	Active	NO
2	U74999MH2007PLC169998	THE MOBILESTORE SERVICES LIMITED.	Director	03/03/2010	03/03/2010	-	Active	NO
3	U74140MH2005PLC158416	IIML ASSET ADVISORS LIMITED	Director	16/09/2011	29/10/2010	-	Active	NO
4	U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Nominee director	11/05/2011	11/05/2011	-	Active	NO
5	L72200AP2003PLC041860	GSS INFOTECH LIMITED	Director	30/12/2011	13/05/2011	-	Active	NO
6	U17120MH2008PLC180246	JYOTHY FABRICARE SERVICES LIMITED	Director	07/07/2011	18/06/2011	-	Active	NO
7	U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Nominee director	15/07/2011	15/07/2011	-	Active	NO
8	U72200KL1995PTC008912	NETWORK SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Nominee director	15/07/2011	15/07/2011	-	Active	NO
9	U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Nominee director	15/07/2011	15/07/2011	-	Active	NO
10	U70102KL2007PTC020633	NEST HI-TEK PARK PRIVATE LIMITED	Nominee director	15/07/2011	15/07/2011	-	Active	NO
11	U32109KL2007PTC021022	SFO TECHNOLOGIES DIGITAL PRIVATE LIMITED	Nominee director	29/06/2012	29/06/2012	-	Active	NO

Name :	Mr. Arun Mangilal Luharuka
Designation :	Nominee Director
Address :	1902, Lakshachandi Heights Tower, ‘B’ Gokuldham, Goregaon (East), Off Genakvm Marg, Mumbai-400063, Maharashtra, India
Date of Birth/Age :	10.05.1970
Date of Appointment :	15.07.2011
DIN No.:	02889091

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L72200RJ2000PLC016272	CAREER POINT LIMITED	Nominee director	01/01/2010	01/01/2010	09/11/2011	Active	NO
2	U45200AP2004PLC043015	GKC PROJECTS LIMITED	Alternate director	22/03/2012	23/09/2010	02/05/2012	Active	NO
3	U72400TN2004PTC054226	NEWGEN KNOWLEDGE WORKS PRIVATE LIMITED	Nominee director	30/05/2011	30/05/2011	-	Active	NO
4	U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Alternate director	15/07/2011	15/07/2011	-	Active	NO
5	U70102KL2007PTC020633	NEST HI-TEK PARK PRIVATE LIMITED	Nominee director	15/07/2011	15/07/2011	-	Active	NO
6	U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Nominee director	15/07/2011	15/07/2011	-	Active	NO
7	U72200KL1995PTC008912	NETWORK SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Nominee director	15/07/2011	15/07/2011	-	Active	NO
8	U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Nominee director	15/07/2011	15/07/2011	-	Active	NO
9	U18101MH2002PTC134409	KIMAYA FASHIONS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO
10	U24232MP2002PLC015293	SYMBIOTEC PHARMALAB LIMITED	Alternate director	20/07/2012	20/07/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

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

AS ON 29.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Convertors, Adaptors, Electronic Power Supply Assemblies.
Products :	· Convertors · Adaptors

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
Electronics Components and Devices	Nos.	117796

GENERAL INFORMATION

No. of Employees :

4000 [Approximately]

Bankers :

· Citi Bank

· State Bank of Travancore

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Loans	2.840	25.129
TOTAL	2.840	25.129
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Intercorporate Loans
- From Holding Company	1.352	0.000
- From Others	0.000	0.010
TOTAL	1.352	0.010

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 CIN No.: - U72900KL1990PTC005620
Fellow Subsidiaries :	· SFO Technologies Digital Private Limited · SFO Technologies Inc, USA · Swiftlink Fibre Optics Private Limited
Enterprises under the control of person controlling the holding company :	· Nest Technologies Corporation · Opterna AM · Opterna Europe · Nest Europe Limited · Network Systems and Technologies Private Limited · Opterna AB · Nest Hi-Tek Park Private Limited · Nihon Nest Corporation · Ashling Microsystems Limited · Nest GmbH · Opterna MEAFZCO · Auriga Nest MEAFZCO · Opterna Technologies India Private Limited
Enterprises under the control of KMP :	· Nest Aerospace Private Limited · Nest Technology Enabled Services Private Limited · Nest Condiments Limited · Saba Powerdex Private Limited · Nest Realities Private Limited · N J Business Corporation · Nest Food and Beverages Corporation · Nest Information Technologies Private Limited · Nemani Agro Mills Private Limited · Naz Rice and Foods Private Limited · Nest Connectivity Solutions Private Limited · Indian Cardamom Marketing Company Private Limited · Photon Data Links Private Limited · N J Enterprises · Nest R and D Centre

CAPITAL STRUCTURE

AS ON 31.03.2011

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

Note

All the shares are held by SFO Technologies Private Limited, the holding Company, and its nominees

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		268.703	245.412	215.350
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		278.703	255.412	225.350
LOAN FUNDS
1] Secured Loans		2.840	25.129	18.546
2] Unsecured Loans		1.352	0.010	19.172
TOTAL BORROWING		4.192	25.139	37.718
DEFERRED TAX LIABILITIES		6.382	7.619	8.887
TOTAL		289.277	288.170	271.955
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.741	42.863	45.785
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	181.331	173.876	109.598
	Sundry Debtors	78.974	174.146	147.948
	Cash & Bank Balances	0.417	0.698	6.977
	Other Current Assets	0.007	0.006	0.031
	Loans & Advances	11.441	19.150	45.003
Total Current Assets		272.170	367.876	309.557
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.037	111.039	72.636
	Other Current Liabilities	1.972	6.736	6.823
	Provisions	5.625	5.597	5.535
Total Current Liabilities		17.634	123.372	84.994
Net Current Assets		254.536	244.504	224.563
MISCELLANEOUS EXPENSES		0.000	0.803	1.607
TOTAL		289.277	288.170	271.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	371.881	281.975	357.789
		Other Income	4.722	12.975	36.278
		TOTAL (A)	376.603	294.950	394.067
Less	EXPENSES
		Material Consumed	290.250	205.561	280.738
		Operating and other expenses	41.048	49.343	68.256
		TOTAL (B)	331.298	254.904	348.994
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.305	40.046	45.073
Less	FINANCIAL EXPENSES (D)		1.963	2.270	2.302
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.342	37.776	42.771
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.238	5.925	3.949
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		37.104	31.851	38.822
Less	TAX (H)		13.813	1.790	0.625
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		23.291	30.061	38.197
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	290.527	217.870	314.315
		Non Recurring Expenses Recovered	3.173	8.991	14.602
	TOTAL EARNINGS		293.700	226.861	328.917
	IMPORTS
		Raw Materials & Components	220.119	208.769	244.628
	TOTAL IMPORTS		220.119	208.769	244.628
	Earnings Per Share (Rs.)		232.91	300.61	381.97

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.18	10.19	9.69
Net Profit Margin (PBT/Sales)	(%)	9.98	11.30	10.85
Return on Total Assets (PBT/Total Assets}	(%)	12.09	7.75	10.93
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.85
Debt Equity Ratio (Total Liability/Networth)		0.10	0.58	0.54
Current Ratio (Current Asset/Current Liability)		15.43	2.98	3.64

LOCAL AGENCY FURTHER INFORMATION

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three 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)	Yes
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	No
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

RESULTS OF OPERATIONS

Total revenue recorded for the year is Rs. 376.600 Millions as against the last year revenue recorded of Rs. 294.900 Millions. The company has achieved an operating profit of Rs. 37.100 Millions as against Rs. 31.900 Millions during the last year. Total profit after tax for the year is Rs. 23.200 Millions.

BUSINESS

The company has taken steps to take advantage of the results of globalization and also to face the challenges posed by it. Gross margin is getting eroded continuously for the last few years due to the entry of new players and as a strategy, the company has taken steps to scale up its operations to bring down cost and increase efficiency of productions.

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 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 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. 54.97
UK Pound	1	Rs. 88.10
Euro	1	Rs. 71.66

INFORMATION DETAILS

Report Prepared by :

DPT

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.