MIRA INFORM REPORT

Report Date :

01.03.2013

IDENTIFICATION DETAILS

Name :	SFO TECHNOLOGIES PRIVATE LIMITED
Formerly Known As :	SUN FIBRE OPTICS PRIVATE LIMITED
Registered Office :	Stone House, Market Road, Aluva, Ernakulam – 683 101, 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 :	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 7824000
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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A2 (Short Term Bank Facilities)
Rating Explanation	Having strong degree of safety regarding timely payment of financial obligation it carry low credit risk.
Date	February, 2012

LOCATIONS

Registered Office :	Stone House, Market Road, Aluva, Ernakulam – 683 101, Kerala, India
Tel. No.:	91-484-2413246
Fax No.:	91-484-2413053
E-Mail :	kpcs@nestcorp.net k.padmanabhan@nestgroup.net
Website :	www.nestgroup.net
India Corporate Office :	Plot No.2, Cochin Special Economic Zone, Kakkanad, Cochin – 682 037, 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 - 682 037, 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 - 682 037 Kerala , India
Cable and Wire Harness Division	Plot No.17, Cochin Special Economic Zone, Kakkanad, Cochin - 682 037, Kerala, India
E-Mail :	neelakantan.g@nestgroup.net
Optoelectronics Division :	Plot No.43, Cochin Special Economic Zone, Kakkanad, Cochin - 682 037, Kerala, India This 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, Kerala, India This email address is being protected from spam bots, you need Javascript enabled to view it
E-Mail :	narayanan.vr@nestgroup.net
RF, Microwave and Wireless Division :	Plot No.2, Cochin Special Economic Zone, Kakkanad, Cochin - 682 037, Kerala, India 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 - 560 099, Karnataka, India This 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 - 682 022, Kerala, India This email address is being protected from spam bots, you need Javascript enabled to view it
Email:	krishnan.n@nestgroup.net
Electronics Division / Magnetics Division :	No.690/55/3, Nest Towers, Hosur Road, Bommasandra, Bangalore - 560 099, Karnataka, India
Email:	jacob.p@nestgroup.net This email address is being protected from spam bots, you need Javascript enabled to view it
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 – 695 581 ,Kerala, India
Email:	sasi.kumar@nestgroup.net
Software Services Division (Trivandrum) II :	T. C. 13/ 58, Gnayalloor Buildings, Kesavadasapuram, Trivandrum – 695 004 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, 4^th Floor, Bride Road, Alwaye, Kerala, India
Cyber Campus (Trivandrum) :	Sumaj Complex, Chavadimukku, Sreekariyam, Trivandrum – 695 017, Kerala, India
Corporate Headquarters :	44901, Falcon Place, Suite 116, Terling, VA 20166

DIRECTORS

As on 29.09.2011

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	01/11/2006	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 PRIVATE LIMITED	Managing director	01/11/2006	22/12/1994	-	Amalgamated	NO
5	U51311KL1990PLC006710	TREND TEXTILE LIMITED	Director	05/04/1995	05/04/1995	-	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	-	Active	NO
12	U31200KL2000PTC013605	NEST POWER ELECTRONICS PRIVATE LIMITED	Managing director	01/11/2006	19/01/2000	-	Active	NO
13	U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Director	24/10/2000	24/10/2000	-	Active	NO
14	U31904KL2000PTC014280	NEST MAGNETICS PRIVATE LIMITED	Director	24/10/2000	24/10/2000	-	Amalgamated	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 PVT LTD	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	U72200KL2006PTC019920	JKH SOLUTIONS 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 :

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	08/02/1990	08/02/1990	-	Active	NO
2	U28999KL1994PTC007865	SUN PRECISION WORKS PRIVATE LIMITED	Director	22/04/1994	22/04/1994	-	Amalgamated	NO
3	U51225KL2008PTC023445	GREENHOUSE CARDAMOM MARKETING INDIA PRIVATE LIMITED	Director	21/11/2008	21/11/2008	-	Active	NO
4	U15312KL2009PTC024079	MMK RICE MILLS PRIVATE LIMITED	Director	21/04/2009	21/04/2009	-	Active	NO

Name :

Mr. Javad Kuttikaran Hassan

Designation :

Director

Address :

1900, Yorkshire Drive, Bluebell, United States - 19422

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109KL1992PTC006409	CRYSIND ELECTRONICS PRIVATE LIMITED	Director	28/02/1992	28/02/1992	-	Amalgamated	NO
2	U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Director	22/12/2004	22/12/2004	-	Active	NO
3	U31300KL1994PTC007867	SUN GENERIC CABLES PRIVATE LIMITED	Director	22/12/2004	22/12/2004	-	Amalgamated	NO
4	U74140KL2008PTC022613	JAVAD K HASSAN CONSULTANCY PRIVATE LIMITED	Director	16/06/2008	16/06/2008	-	Active	NO
5	U33113KA2009PTC049727	OPTERNA TECHNOLOGIES PRIVATE LIMITED	Director	30/04/2009	30/04/2009	-	Active	NO
6	U70101KL2006PTC019929	NEST REALTIES INDIA PRIVATE LIMITED	Director	09/04/2010	09/04/2010	-	Active	NO
7	U72900KL2002PTC015790	NTC SOFTECH INDIA PRIVATE LIMITED	Director	31/01/2011	31/01/2011	-	Active	NO

Name :

Ms. Deepa Valangaiman Sankaran

Designation :

Nominee Director

Address :

Franklin Temple Ton, Wockhardt Tower, G-Block, Level 4, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, 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	28/09/2007	10/05/2007	16/04/2010	Amalgamated	NO
2	U40101KA1986PLC007404	BHORUKA POWER CORPORATION LIMITED	Director	29/09/2008	16/02/2008	-	Active	NO
3	U67190MH2008FTC179996	DARBY ASIA INVESTORS (INDIA) PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Active	NO
4	L72200RJ2000PLC016272	CAREER POINT LIMITED	Nominee director	27/07/2009	27/07/2009	01/01/2010	Active	NO
5	U45200AP2004PLC043015	GKC PROJECTS LIMITED	Director	31/05/2010	23/12/2009	-	Active	NO
6	U72900KL1990PTC005620	SFO TECHNOLOGIES PRIVATE LIMITED	Nominee director	11/05/2011	11/05/2011	-	Active	NO
7	U72400TN2004PTC054226	NEWGEN KNOWLEDGE WORKS PRIVATE LIMITED	Nominee director	30/05/2011	30/05/2011	-	Active	NO
8	U18101MH2002PTC134409	KIMAYA FASHIONS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO
9	U24232MP2002PLC015293	SYMBIOTEC PHARMALAB LIMITED	Director	15/09/2011	15/09/2011	-	Active	NO
10	U32109KL2007PTC021022	SFO TECHNOLOGIES DIGITAL PRIVATE LIMITED	Nominee director	29/06/2012	29/06/2012	-	Active	NO

Name :

Mr. Mark Agnelo Silgardo

Designation :

Nominee Director

Address :

402/502, Anclare abode, Plot No-96, St. Andrews Road, Bandra (West), Mumbai – 400 050, 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	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 :

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	01/01/2010	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

Name :

Mr. Muhammad Osman Siddque

Designation :

Director

Address :

1217, Stuart Robeson Drive , VA 22101-2964, Virginia

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 – 682 305, Kerala, India
Date of Birth/Age :	01.06.1967
Date of Appointment :	01.09.2006
PAN No. :	AERPK4579H

MAJOR SHAREHOLDERS

As on 29.09.2011

Names of Shareholders	No. of Shares
Iqbal Mohammed Ali	140
Gul Mohammed Iqbal	1000
Nishi Jehagir	139860
Javad K. Hassan, United States	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 ‘A’ Limited, Mauritius	100
ASCF L. P. (Mauritius) Company Limited, Mauritius	100
Total	798971

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	64.64
Bodies corporate	12.95
Directors or relatives of directors *	22.41
Total	100.00

* Director’s / relatives holding includes foreign holding of 70% since one director is an US Citizen.

BUSINESS DETAILS

Line of Business :	Manufacturer of Electronic Goods and Components.
Products :	v SMT Assembly v Chip on Board Assembly

PRODUCTION STATUS (AS ON 31.03.2010):

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sheet Metal and Aluminium Components	Nos.	Not Applicable	Not Applicable	5670212
Electronic Goods and Components	Nos.	Not Applicable	Not Applicable	11114295

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

Axis Bank Limited, Chicago Plaza, Rajaji Road, Cochin - 682 035, Kerala, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans secured	387.472	516.707
Working capital loans secured	1365.233	821.138
Total	1752.705	1337.845

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
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

Banking Relations :	--
Financial Institution :	3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No:5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India
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 :	v Nest Power Electronics Private Limited, India (CIN No.: U31200KL2000PTC013605) v SFO Technologies Digital Private Limited, India (CIN No.: U32109KL2007PTC021022) v S F O Technologies Inc., United States v Swiftlink Fibre Optics Private Limited, India (CIN No.: U33201KL2000PTC014279) v Nest Hi-Tek Park Private Limited, India (CIN No.: U70102KL2007PTC020633) v Network Systems and Technologies Private Limited, India (CIN No.: U72200KL1995PTC008912) v Nihon Nest Corporation, Japan v Ashling Microsystems Limited, Ireland v Nest GmbH, Germany
Others Related Party :	v Nest Technologies Corporation, United States v Opterna AM (Formerly AM Networks), United States v Opterna Europe, United Kingdom v Nest Europe Limited, United Kingdom v Opterna AB, Sweden v Opterna MEAFZCO (Formerly Nest Technologies MEAFZCO), United Arab Emirates v Opterna Technologies Private Limited, India (CIN No.: U33113KA2009PTC049727) v Auriga Nest MEAFZCO, United Arab Emirates
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	v Nest Aerospace Private Limited, India (CIN No.: U35999KL2002PTC015731) v Nest Technology Enabled Services Private Limited, India (CIN No.: U72900KL2002PTC015791) v Nest Condiments Limited, India (CIN No.: U15495KL1989PLC005529) v Saba Powerdex Private Limited, India (CIN No.: U30009KL1999PTC013131) v NEST REALTIES INDIA PRIVATE LIMITED, India (CIN No.: U70101KL2006PTC019929) v N J Business Corporation, India v Nest Foods and Beverages Corporation, India v Nenmany Agro Mills Private Limited, India (CIN No.: U15312KL1996PTC010357) v Naz Rice and Foods Private Limited, India (CIN No.: U15311KL1993PTC006960) v Nest Connectivity Solutions Private Limited, India (CIN No.: U30009KL2006PTC020022) v Indian Cardamom Marketing Company Private Limited, India (CIN No.: U15499TN1998PTC041615) v Photon Data Links Private Limited, India (CIN No.: U33201KL1995PTC009069) v Nest Research and Development Centre, India v Nest Information Technologies Private Limited, India (CIN No.: U72200KL1998PTC012602)

CAPITAL STRUCTURE

As on 29.09.2011

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	3566.472	3564.968
		Other Income	182.086	134.992	260.461
		TOTAL (A)	5402.192	3701.464	3825.429
Less	EXPENSES
		Material Consumed	3984.026	2556.264	2878.025
		Operating and Other Expenses	962.369	755.195	662.286
		TOTAL (B)	4946.395	3311.459	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.	NA	80.510	66.938
	TOTAL EARNINGS		NA	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 Liability/Networth)		1.77	1.55	1.53
Current Ratio (Current Asset/Current Liability)		2.81	3.18	3.77

LOCAL AGENCY FURTHER INFORMATION

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.

FURTHER ISSUE OF CAPITAL:

Subsequent to the financial year, during the current financial year 2011-2012,

1. The company has issued 98671 equity shares of Rs.100/- at par value and converted 19225 Fully Convertible Debentures issued to Darkwood Investment Limited, Mauritius to equity shares of the company.

2. Equity shares held by Darkwood Investment Limited, Mauritius was bought back by the company through Buy back of equity shares.

3. The company has converted 39829 Fully Convertible Debentures issued to India Value Fund Trustee Company Private Limited to Series A Compulsory Convertible Debentures (Series A CCDs) of the company and the said series A compulsory convertible debentures were bought by 2 new investors namely, Franklin Templeton Asset Management India Private Limited and IL & FS Trust Company Limited.

4. The company has issued 38032 Series B Compulsory Convertible Debentures (Series B CCDs) of face value of Rs.0.021 million and out of the said Series B CCDs, 58 Series B CCDs were converted to 200 Series A equity shares of Rs.100 each the company.

5. The company has converted 100 equity shares of Rs.100/- each to 100 Series A equity shares of Rs.100/- each of the company.

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

FIXED ASSETS:

v Land

v Building

v Plant and Machinery

v Furniture and Fittings

v Office Equipments

v Computers

v 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.53.77
UK Pound	1	Rs.81.57
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

RAJ

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
-	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.