MIRA INFORM REPORT

Report Date :

18.07.2013

IDENTIFICATION DETAILS

Name :	SFO TECHNOLOGIES PRIVATE LIMITED (w.e.f. 12.05.2006)

Formerly Known As :	SUN FIBRE OPTICS PRIVATE LIMITED

Registered Office :	Stone House, Market Road, Aluva, Ernakulam – 683101, Kerala

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	08.02.1990

Com. Reg. No.:	09-005620

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 :	Manufacturer of Electronic Goods and Components.

No. of Employees :	3500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 7800000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and reputed company having a good track record. The latest financials are not made available with the government department. As per previous year’s, the financial position of the company seems to be strong. Performance capability appears to be light. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB (Term Loan Fund Based Facilities)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	June 2013

Rating Agency Name	ICRA
Rating	A2 (Short Term Fund Based Facilities)
Rating Explanation	Strong degree of safety and low credit risk.
Date	June 2013

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 PARTED BY

Name :	Mr. Satish
Designation :	Accounts Department
Contact No.:	91-484-6614300
Date :	16.07.2013

LOCATIONS

Registered Office :	Stone House, Market Road, Aluva, Ernakulam – 683101, Kerala, India
Tel. No.:	91- 484-2413246
Fax No.:	91- 484-2413147/ 2413053
E-Mail :	k.padmanabhan@nestgroup.net kpcs@nestcorp.net
Website :	www.nestgroup.net

India Corporate Office :	Plot No.2, Cochin Special Economic Zone, Kakkanad, Cochin – 682037, Kerala, India
Tel. No.:	91-484-6614300/ 6614000
Fax No.:	91-484-2413053/ 2413147

Digital Electronics Division (Cochin) I	Plot No.37, Cochin Special Economic Zone, Kakkanad, Cochin - 682037, Kerala, India
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 - 682037 Kerala , India

Cable and Wire Harness Division	Plot No.17, Cochin Special Economic Zone, Kakkanad, Cochin - 682037, Kerala, India
E-Mail :	neelakantan.g@nestgroup.net

Optoelectronics Division :	Plot No.43, Cochin Special Economic Zone, Kakkanad, Cochin - 682037, Kerala, India
E-Mail :	shafi.um@nestgroup.net

Power Electronics Division :	Plot No.43 A, Cochin Special Economic Zone, Kakkanad, Cochin - 682037, Kerala, India
E-Mail :	narayanan.vr@nestgroup.net

RF, Microwave and Wireless Division :	Plot No.2, Cochin Special Economic Zone, Kakkanad, Cochin - 682037, Kerala, India
Email:	neelakantan.g@nestgroup.net

Mechanical Division (Bangalore) I :	Plot No.99, KIADB Industrial Area, Bommasandra, 4th Phase Hosur Road, Bangalore - 560099, Karnataka, India
Email	shekhar.choudhury@nestgroup.net

Software Services Division (Kalamassery)	Unit III, Nest Tower, University Junction, NH 47, Cochin University PO ,South Kalamassery, Ernakulam - 682022, Kerala, India
Email:	krishnan.n@nestgroup.net

Electronics Division / Magnetics Division :	No.690/55/3, Nest Towers, Hosur Road, Bommasandra, Bangalore - 560099, Karnataka, India
Email:	jacob.p@nestgroup.net

Mechanical Division (Bangalore) II :	14A, KIADB Industrial Estate, Veerasandra, Hosur Road, Bangalore, Karnataka, India
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:	sasi.kumar@nestgroup.net

Cyber Campus (Alwaye) :	Royal Plaza, 4^th Floor, Bride Road, Alwaye, Kerala, India

Cyber Campus (Trivandrum) :	Sumaj Complex, Chavadimukku, Sreekariyam, Trivandrum – 695017, Kerala, India

Corporate Headquarters :	4511 Singer Court, Suite 201 Chantilly, VA 20151

DIRECTORS

AS ON 31.12.2012

Name :	Mr. Nagoor Jehangir Rawther
Designation :	Managing Director
Address :	Macker Manzil, XX/125, Thynothil Lane, Alwane, Ernakulam – 683 101, Kerala, India
Date of Birth/Age :	01.12.1955
Date of Appointment :	01.11.2006
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	01-11-06	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	30-11-12	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	01-09-12	Active	NO
12	U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Managing director	01-11-06	19-01-00	-	Amalgamated	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	-	Amalgamated	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	U72900KA2002PTC069523	NTC SOFTECH INDIA PRIVATE LIMITED	Director	05-12-02	05-12-02	06-01-12	Active	NO
18	U72900KL2002PTC015791	NEST TECHNOLOGY ENABLED SERVICES PRIVATE LIMITED	Director	05-12-02	05-12-02	-	Active	NO
19	U15311KL1993PTC006960	NAZ RICE AND FOODS PVT LTD	Director	01-06-05	01-06-05	-	Active	NO
20	U15312KL1996PTC010357	NENMANY AGRO MILLS PRIVATE LIMITED	Director	01-06-05	01-06-05	-	Active	NO
21	U29220KL2006PTC019920	RAY-HANS PRECISION TOOLS 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	05-03-12	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	07-06-12	03-07-07	-	Amalgamated	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
31	U51225KL2008PTC023445	GREENHOUSE CARDAMOM MARKETING INDIA PRIVATE LIMITED	Director	20-12-12	20-12-12	-	Active	NO
32	U80903KL2013PTC033914	NEST INSTITUTE OF FIBER OPTIC TECHNOLOGY PRIVATE LIMITED	Director	24-04-13	24-04-13	-	Active	NO

Name :	Mr. Iqbal Mohammed Ali
Designation :	Whole-time Director
Address :	1320-A, Panaykkapparamp, 33, Vennala, Kochi, Ernakulam – 682 028, Kerala, India
Date of Birth/Age :	28.05.1951
Date of Appointment :	08.02.1990
DIN No.:	00002418

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	Whole-time director	08-02-90	08-02-90	-	Active	NO
2	U28999KL1994PTC007865	SUN PRECISION WORKS PRIVATE LIMITED	Director	22-04-94	22-04-94	-	Amalgamated	NO
3	U51225KL2008PTC023445	GREENHOUSE CARDAMOM MARKETING INDIA PRIVATE LIMITED	Director	21-11-08	21-11-08	20-12-12	Active	NO
4	U15312KL2009PTC024079	MMK RICE MILLS PRIVATE LIMITED	Director	21-04-09	21-04-09	-	Active	NO

Name :	Mr. Javad Kuttikaran Hassan
Designation :	Director
Address :	1235, Stuart Robeson, Dr. Mclean VA, USA 22101
Date of Birth/Age :	07.10.1940
Date of Appointment :	22.12.2004
DIN No.:	00004483

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	Company/ LLP Status	Defaulting status
1	U32109KL1992PTC006409	CRYSIND ELECTRONICS PRIVATE LIMITED	Director	28-02-92	28-02-92	Amalgamated	NO
2	U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Director	22-12-04	22-12-04	Active	NO
3	U31300KL1994PTC007867	SUN GENERIC CABLES PRIVATE LIMITED	Director	22-12-04	22-12-04	Amalgamated	NO
4	U74140KL2008PTC022613	JAVAD K HASSAN CONSULTANCY PRIVATE LIMITED	Director	16-06-08	16-06-08	Active	NO
5	U33113KA2009PTC049727	OPTERNA TECHNOLOGIES PRIVATE LIMITED	Director	30-04-09	30-04-09	Active	NO
6	U70101KL2006PTC019929	NEST REALTIES INDIA PRIVATE LIMITED	Director	09-04-10	09-04-10	Active	NO
7	U72900KA2002PTC069523	NTC SOFTECH INDIA PRIVATE LIMITED	Director	31-01-11	31-01-11	Active	NO

Name :	Ms. Deepa Valangaiman Sankaran
Designation :	Nominee Director
Address :	201, May Flower, 31-A Union Park, Khar (West), Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	17.11.1968
Date of Appointment :	11.05.2011
DIN No.:	01803254

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	U74899HR1994PLC040956	ESCORTS CONSTRUCTION EQUIPMENT LIMITED	Director	28-09-07	10-05-07	16-04-10	Amalgamated	NO
2	U40101KA1986PLC007404	BHORUKA POWER CORPORATION LIMITED	Director	29-09-08	16-02-08	08-05-13	Active	NO
3	U67190MH2008FTC179996	DARBY ASIA INVESTORS (INDIA) PRIVATE LIMITED	Director	12-03-08	12-03-08	-	Active	NO
4	L72200RJ2000PLC016272	CAREER POINT LIMITED	Nominee director	27-07-09	27-07-09	01-01-10	Active	NO
5	U45200AP2004PLC043015	GKC PROJECTS LIMITED	Director	31-05-10	23-12-09	-	Active	NO
6	U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Nominee director	11-05-11	11-05-11	-	Active	NO
7	U72400TN2004PTC054226	NEWGEN KNOWLEDGE WORKS PRIVATE LIMITED	Nominee director	30-05-11	30-05-11	-	Active	NO
8	U18101MH2002PTC134409	KIMAYA FASHIONS PRIVATE LIMITED	Director	22-07-11	22-07-11	-	Active	NO
9	U24232MP2002PLC015293	SYMBIOTEC PHARMALAB LIMITED	Director	15-09-11	15-09-11	-	Active	NO
10	U32109KL2007PTC021022	SFO TECHNOLOGIES DIGITAL PRIVATE LIMITED	Nominee director	29-06-12	29-06-12	-	Amalgamated	NO
11	U72200KA2012PTC066617	INFAINDIA INFOSERVICES PRIVATE LIMITED	Director	07-11-12	07-11-12	31-01-13	Active	NO

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 :	11.05.2011
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	Company/ LLP Status	Defaulting status
1	U63040KA1978PTC050693	QUIKJET CARGO AIRLINES PRIVATE LIMITED	Director	12-04-12	15-10-08	Active	NO
2	U74999MH2007PLC169998	THE MOBILESTORE SERVICES LIMITED.	Director	03-03-10	03-03-10	Active	NO
3	U74140MH2005PLC158416	IIML ASSET ADVISORS LIMITED	Director	16-09-11	29-10-10	Active	NO
4	U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Nominee director	11-05-11	11-05-11	Active	NO
5	L72200AP2003PLC041860	GSS INFOTECH LIMITED	Director	30-12-11	13-05-11	Active	NO
6	U17120MH2008PLC180246	JYOTHY FABRICARE SERVICES LIMITED	Director	07-07-11	18-06-11	Active	NO
7	U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Nominee director	15-07-11	15-07-11	Amalgamated	NO
8	U72200KL1995PTC008912	NETWORK SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Nominee director	15-07-11	15-07-11	Active	NO
9	U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Nominee director	15-07-11	15-07-11	Amalgamated	NO
10	U70102KL2007PTC020633	NEST HI-TEK PARK PRIVATE LIMITED	Nominee director	15-07-11	15-07-11	Active	NO
11	U32109KL2007PTC021022	SFO TECHNOLOGIES DIGITAL PRIVATE LIMITED	Nominee director	29-06-12	29-06-12	Amalgamated	NO

Name :	Mr. Arun Mangilal Luharuka
Designation :	Alternate Director
Address :	1902, Lakshachandi Heights, Tower ‘B’, Gokuldham, Goregaon (East), Mumbai – 400 063, 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	01-01-10	01-01-10	09-11-11	Active	NO
2	U45200AP2004PLC043015	GKC PROJECTS LIMITED	Alternate director	14-05-13	23-09-10	-	Active	NO
3	U72400TN2004PTC054226	NEWGEN KNOWLEDGE WORKS PRIVATE LIMITED	Nominee director	30-05-11	30-05-11	-	Active	NO
4	U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Alternate director	15-07-11	15-07-11	-	Active	NO
5	U70102KL2007PTC020633	NEST HI-TEK PARK PRIVATE LIMITED	Nominee director	15-07-11	15-07-11	-	Active	NO
6	U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Nominee director	15-07-11	15-07-11	-	Amalgamated	NO
7	U72200KL1995PTC008912	NETWORK SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Nominee director	15-07-11	15-07-11	-	Active	NO
8	U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Nominee director	15-07-11	15-07-11	-	Amalgamated	NO
9	U18101MH2002PTC134409	KIMAYA FASHIONS PRIVATE LIMITED	Director	22-07-11	22-07-11	-	Active	NO
10	U24232MP2002PLC015293	SYMBIOTEC PHARMALAB LIMITED	Alternate director	20-07-12	20-07-12	-	Active	NO

Name :	Mr. Muhammad Osman Siddque
Designation :	Director
Address :	1217, Stuart Robeson Drive , VA 22101-2964, Virginia, USA
Date of Birth/Age :	19.05.1950
Date of Appointment :	07.02.2012
DIN No.:	03638507

KEY EXECUTIVES

Name :	Mr. Kumaravel Padamabhan
Designation :	Secretary
Address :	VIII/396-A, Kokkapilly P.O., Ernakulam – 682305, Kerala, India
Date of Birth/Age :	01.06.1967
Date of Appointment :	01.09.2006
PAN No. :	AERPK4579H

Name :	Mr. Satish
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

Names of Shareholders	No. of Shares
Iqbal Mohammed Ali	140
Gul Mohammed Iqbal	1000
Nishi Jehagir	139860
Javad K. Hassan, USA	559000
Nagoor Jehangir Rawther	98671
Franklin Templeton Private Equity Strategy A/C PMS, India	50
IL and FS Trust Company Limited, India	23
IL and FS Trust Company Limited, India	27
Tara India Holdings ‘A’ Limited, Mauritius	100
ASCF L. P. (Mauritius) Company Limited, Mauritius	100
TOTAL	798971

AS ON 31.12.2012

Equity Shares Break Up	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	69.98
Bodies corporate	0.02
Directors or relatives of Directors	30.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electronic Goods and Components.

Terms :
Selling :	L/C, Cash, Credit

Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2010)

Particulars	Unit	Actual Production
Sheet Metal and Aluminium Components	Nos.	5670212
Electronic Goods and Components	Nos.	11114295

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

3500 (Approximately)

Bankers :

· Axis Bank Limited, 41/419, Ground Floor, Chicago Plaza, Rajaji Road, Cochin - 682035, Kerala, India

· State Bank of Travancore, Commercial Branch, Malankara Centre, M G Road, Ernakulam - 682035, Kerala, India

· Indian Bank

· HDFC Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured	387.472	516.707
Working capital loans secured	1365.233	821.138

TOTAL	1752.705	1337.845


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Wilmont Park Business Centre, 1^st Floor, Warriam Road, Kochi - 682 016, Kerala, India
Tel. No.:	91-484-2353694
Fax No.:	91-484-2380094
PAN No.:	AACFD3771D

Subsidiaries :	· Nest Power Electronics Private Limited, India CIN No.: U31200KL2000PTC013605 · SFO Technologies Digital Private Limited, India CIN No.: U32109KL2007PTC021022 · S F O Technologies Inc., United States · Swiftlink Fibre Optics Private Limited, India CIN No.: U33201KL2000PTC014279 · Nest Hi-Tek Park Private Limited, India CIN No.: U70102KL2007PTC020633 · Network Systems and Technologies Private Limited, India CIN No.: U72200KL1995PTC008912 · Nihon Nest Corporation, Japan · Ashling Microsystems Limited, Ireland · Nest GmbH, Germany

Others Related Party :	· Nest Technologies Corporation, United States · Opterna AM (Formerly AM Networks), United States · Opterna Europe, United Kingdom · Nest Europe Limited, United Kingdom · Opterna AB, Sweden · Opterna MEAFZCO (Formerly Nest Technologies MEAFZCO), United Arab Emirates · Auriga Nest MEAFZCO, United Arab Emirates · Opterna Technologies Private Limited, India CIN No.: U33113KA2009PTC049727

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Nest Aerospace Private Limited, India CIN No.: U35999KL2002PTC015731 · Nest Technology Enabled Services Private Limited, India CIN No.: U72900KL2002PTC015791 · Nest Condiments Limited, India CIN No.: U15495KL1989PLC005529 · Saba Powerdex Private Limited, India CIN No.: U30009KL1999PTC013131 · Nest Realties India Private Limited, India CIN No.: U70101KL2006PTC019929 · N J Business Corporation, India · Nest Foods and Beverages Corporation, India · Nenmany Agro Mills Private Limited, India CIN No.: U15312KL1996PTC010357 · Naz Rice and Foods Private Limited, India CIN No.: U15311KL1993PTC006960 · Nest Connectivity Solutions Private Limited, India CIN No.: U30009KL2006PTC020022 · Indian Cardamom Marketing Company Private Limited, India CIN No.: U15499TN1998PTC041615 · Photon Data Links Private Limited, India CIN No.: U33201KL1995PTC009069 · Nest Research and Development Centre, India · Nest Information Technologies Private Limited, India CIN No.: U72200KL1998PTC012602

CAPITAL STRUCTURE

AS ON 31.12.2012

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

798971	Equity Shares	Rs.100/- each	Rs.79.897 Millions

AS ON 31.03.2011

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

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		70.010	70.010	70.010
2] Share Application Money		250.003	250.003	250.003
3] Reserves & Surplus		1635.927	1518.730	1408.899
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1955.940	1838.743	1728.912
LOAN FUNDS
1] Secured Loans		1752.705	1337.845	1259.437
2] Unsecured Loans		531.433	540.437	544.142
TOTAL BORROWING		2284.138	1878.282	1803.579
DEFERRED TAX LIABILITIES		90.999	81.400	76.824

TOTAL		4331.077	3798.425	3609.315

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1027.583	961.314	759.839
Capital work-in-progress		61.208	0.000	158.268

INVESTMENT		1107.277	695.481	370.048
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1451.207	1178.078	1007.858
	Sundry Debtors	1075.522	1060.430	1001.608
	Cash & Bank Balances	173.003	108.358	65.291
	Other Current Assets	1.336	1.054	0.774
	Loans & Advances	616.115	774.591	1084.769
Total Current Assets		3317.183	3122.511	3160.300
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	806.392	694.823	549.924
	Other Current Liabilities	169.293	136.877	269.328
	Provisions	206.489	149.181	19.888
Total Current Liabilities		1182.174	980.881	839.140
Net Current Assets		2135.009	2141.630	2321.160

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		4331.077	3798.425	3609.315

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5220.106	3566.473	3564.968
		Other Income	182.086	134.992	260.461
		TOTAL (A)	5402.192	3701.465	3825.429

Less	EXPENSES
		Material Consumed	3984.026	2556.264	2878.025
		Operating and Other Expenses	962.369	755.196	662.286
		TOTAL (B)	4946.395	3311.460	3540.311

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		455.797	390.005	285.118

Less	INTEREST (D)		180.666	133.242	130.482

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		275.131	256.763	154.636

Less/ Add	DEPRECIATION/ AMORTISATION (F)		96.765	85.456	63.764

	PROFIT BEFORE TAX (E-F) (G)		178.366	171.307	90.872

Less	TAX (H)		61.169	61.476	40.378

	PROFIT AFTER TAX (G-H) (I)		117.197	109.831	50.494

	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	2934.958	1994.566	1683.433
		Design and Development Charges, Non-Recurring Expenses Recovered, etc.	0.00	80.510	66.938
	TOTAL EARNINGS		2934.958	2075.076	1750.371

	IMPORTS
		Capital Goods	NA	21.050	16.725
		Raw Materials and Components	NA	1746.963	2119.091
	TOTAL IMPORTS		NA	1768.013	2135.816

	Earnings Per Share (Rs.)
	- Basic		167.40	156.88	72.12
	- Diluted		129.49	144.68	66.51

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.17	2.97	1.32

Net Profit Margin (PBT/Sales)	(%)	3.42	4.80	2.55

Return on Total Assets (PBT/Total Assets}	(%)	4.11	4.19	2.32

Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.05

Debt Equity Ratio (Total Debt/Networth)		1.17	1.02	1.04

Current Ratio (Current Asset/Current Liability)		2.81	3.18	3.77

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	Yes
10]	Designation of contact person	Yes
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	Yes
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	Yes

UNSECURED LOAN

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010
Debentures unsecured	499.151	499.151
Loans subsidiaries unsecured	19.228	0.000
Loans directors unsecured	10.690	10.690
Other debt unsecured	2.364	30.596

TOTAL	531.433	540.437

RESULTS OF OPERATIONS

Total revenue recorded for the year was Rs.5402.200 Millions as against the last year revenue of Rs.3701.500 Millions. The company has achieved a profit before tax of Rs.178.400 Millions as against Rs.171.300 Millions in the last year. Total profit after tax for the year 2010-11 was Rs.117.200 Millions

BUSINESS

The company has achieved an increase in sales of Rs.1700.700 Millions which represents 45.95% of the sales recorded for the previous year ended on 31.03.2010.The company could accomplish the result due to its inherent strengths in quality manufacturing practices, world-class technical capabilities and design and value engineering expertise.

NEW PRODUCTS AND CLIENTS

The company has been successfully adding new clients thereby increasing the growth potential in terms of turnover and profitability in the coming years.

SUBSIDIARIES

NeST Power Electronics Private Limited, SFO Technologies Digital Private Limited and NeST Hi-Tek Park Private Limited and Swiftlink Fibre Optics Private Limited are the subsidiary companies in India.

CONTINGENT LIABILITIES:

Particular	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Open Letter of Credits	68.331	139.250
Bank Guarantees issued by bankers	16.558	101.534
Income Tax demands pending in Appeal *	13.423	0.000

NOTE

* In connection with the income tax demands pending in appeal, the Company has paid under protest Rs.2.000 Millions

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 E-mail: k.padmanabhan@nestgroup.net
This form is for	Modification of charge
Charge identification number of the charge to be modified	10308684
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others
Particular of charge holder	State Bank of Travancore, Commercial Branch, Malankara Centre, M G Road, Ernakulam - 682035, Kerala, India E-mail: cbernakulam@sbt.co.in
Nature of instrument creating charge	Extension of Equitable Mortgage by constructive delivery of title deeds by SFO Technologies Private Limited with State Bank of India (SBI) stating that the Equitable Mortgage created shall apply pari passu among SBT(Rs. 900.000 Millions Working capital and Rs. 200.000 Millions - Term Loan), State Bank of India (Rs.850.000 Millions), Indian Bank (Rs. 251.000 Millions), Axis Bank (Rs. 400.000 Millions), and Exim Bank (Rs. 275.000 Millions on the immovable property at plot 130,101, 100, 99 at Bommasandra 4th phase, Yarandahalli, Bangalore.
Date of instrument Creating the charge	14.01.2013
Amount secured by the charge	Rs. 900.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Rupee Disbursement-2% above the SBT base rate Dollar Disbursement-6 months LIBOR plus 350 bps Terms of repayment Repayable on demand by bank Margin Raw materials : 10% Stock in progress : 10% Finished goods : 10% Book Debts/Receivables : 10% Extent and operation of the charge Pari passu first charge over the entire current assets of the company including receivables and pari passu second charge over the fixed assets of the company. Other Nature of facility availed by the Bank EPC/PCFC/FDBP/FBEP/EBRD - Rs. 600.000 Millions OD(Deemed Export Bills) - (Rs. 200.000 Millions sub limit) Letter of Credit/Bank Guarantee - Rs. 300.000 Millions ------------------------------ Total Rs. 900.000 Millions
Short particulars of the property charged (Including location of the property)	Pari Passu first charge over the entire current assets of the company Pari Passu second charge over the fixed assets of the company
Particulars of the present modification	Extension of Equitable Mortgage by constructive delivery of title deeds by SFO Technologies Private Limited with State Bank of India (SBI) stating that the Equitable Mortgage created shall apply pari passu among SBT(Rs. 900.000 Millions Working capital and Rs. 200.000 Millions - Term Loan), State Bank of India (Rs.850.000 Millions), Indian Bank (Rs. 251.000 Millions), Axis Bank (Rs. 400.000 Millions), and Exim Bank (Rs. 275.000 Millions on the immovable property at plot 130,101, 100, 99 at Bommasandra 4th phase, Yarandahalli, Bangalore.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Office Equipments

· Computers

· Vehicles

WEBSITE DETAILS

NEWS

NEST AND EASI ANNOUNCE STRATEGIC PARTNERSHIP

NeST (www.nestsoftware.com), the Software division of SFO Technologies and a part of the NeST Group of companies (www.nestgroup.net) is a premier provider of electronics hardware and software services has partnered with EASi (www.easi.com), a leader in Vehicle Product Engineering based in Michigan, USA to develop integrated solutions for the Automobile industry. EASi and NeST will jointly offer value-added solutions in Active Safety, Telematics, Infotainment and Navigation systems.

This long term partnership is a vision to integrate state-of-the-art mechanical, electrical/ electronics systems through strong domain knowledge. “New developments in automotive engineering require true synergy between mechanical systems, electronics and control systems. Through this partnership we will strive to provide innovative solutions to our customers” said EASi’s president, Prakash “Krish” Krishnaswamy. “Our partnership with EASi will leverage our core strengths of Embedded Engineering services coupled with our value added Electronics Manufacturing Services. EASi’s strengths in Mechanical systems design and simulation in combination with our expertise in Software and Electronics will help us to deliver optimized, high quality product solutions to the automotive industry”, said NEST’s Vice Chairman and Managing Director, Mr. N. Jehangir.

About EASi

Founded in 1981, EASi is a global engineering firm that services the US, Europe, Japan, China and India markets. EASi’s service offerings cover all key areas of body, exterior, interior and safety systems. EASi is a trusted engineering partner to leading car manufacturers across the globe. For more information visit http://www.easi.com or send an email to info@easi.com

About NeST

NeST Software (Network Systems and Technologies (Private) Limited), is a technology company which offers customized software and hardware development services for engineering applications and product development services for customers worldwide. NeST Software, is the Software division of SFO Technologies and is part of the NeST Group of companies (www.nestgroup.net). With some of the world’s leading corporations as customers; NeST has business operations in the United States, Canada, India, Japan, Germany, Sweden UK, UAE, Qatar and Australia.

NEST BECOMES THE 4TH COMPANY IN THE WORLD TO RECEIVE AUTOMOTIVE SPICE® MATURITY LEVEL 5 CERTIFICATION

Network Systems and Technologies Private Limited (NeST) – the Software division of SFO Technologies and a part of the NeST Group of Companies, has announced that its Automotive Software division has achieved Automotive SPICE® Organizational Maturity Level 5 certification under the PATHFINDERTM scheme. NeST becomes the fourth company in the world and the first company in Technopark to receive the Automotive SPICE® Maturity Level 5 certification.

Press Release

Automotive SPICE® (ASPICE) is a framework for assessing software development processes for automotive applications. A joint assessment team from Impronova AB (Sweden) and KPMG (India) carried out the week long assessment of NeST’s Automotive Software Group. The assessment team leader was Alec Dorling from Impronova AB. Alec Dorling, who is is also the international convener of the ISO/IEC standardization project said: “NeST joins the select group of companies that have achieved certification to Automotive SPICE® Maturity Level 5 under the PATHFINDERTM scheme. This is a significant achievement and reaffirms NeST’s commitment to adhere to world’s best practices in developing software for the automotive industry. With the quantum of software required to be developed for Automobiles increasing exponentially, the addition of NeST as an ASPICE high maturity developer can only be beneficial to the industry”.

At NeST, Quality has always been a way of life, with continual allegiance to quality standards like ISO 9001, CMMI® and the recent accreditation by Belgium based ISTQB (International Software Testing Qualifications Board).

Mr. N Jehangir, Vice Chairman and MD of the NeST Group said: “We are extremely proud to have been awarded the ASPICE Maturity Level 5 Certification. It is all the more significant because we are only the fourth company in the world to have achieved this. It demonstrates our passion for quality and commitment to deliver software adhering to the world’s best practices.”

The automotive software group is part of the 1200 plus team of engineers at NeST. Located at Technopark, Trivandrum, NeST provides engineering services in multiple domains including Automotive, Consumer Electronics, Healthcare, Industrial Automation and Communicators. An end to end solutions provider, NeST is involved in product engineering, embedded applications, high performance computing, quality consulting and testing.

About NeST

NeST Software, the Software division of SFO Technologies and a part of the NeST Group of companies, an International Corporate group of over 25 companies is headquartered in Chantilly, VA. NeST group has over 4000 employees world-wide. NeST Software provides high quality, cost effective and reduced time-to-market service and solutions in the area of hardware manufacturing, software development, embedded product development, optronics, fiber optics, broadband, Multicore computing, R&D and many other cutting edge technologies. The NeST Group has several hardware and software facilities spread across Trivandrum, Cochin, Bangalore and Mysore in India and, in the USA. The NeST software Division is certified at 1SO 9001 and ISO 27001. NeST is also the world's third company to be assessed at CMMI Level 5 .With some of the world’s leading corporations as customers; NeST has business operations in the United States, Canada, Australia, Japan, United Kingdom and Qatar.

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. 59.36
UK Pound	1	Rs. 89.69
Euro	1	Rs. 77.98

INFORMATION DETAILS

Information Gathered by :	PLK

Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.