MIRA INFORM REPORT

Report Date :

30.03.2013

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 :	Not Available

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 good. 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 – 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 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 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 - 682037, 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 - 682037, 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 - 560099, 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 - 682022, 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 - 560099, 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 – 695581 ,Kerala, India
Email:	sasi.kumar@nestgroup.net
Software Services Division (Trivandrum) II :	T. C. 13/ 58, Gnayalloor Buildings, Kesavadasapuram, Trivandrum – 695004 Kerala, India
Email: This email address is being protected from spam bots, you need Javascript enabled to view it	sasi.kumar@nestgroup.net
Cyber Campus (Alwaye) :	Royal Plaza, 4^th Floor, Bride Road, Alwaye, Kerala, India
Cyber Campus (Trivandrum) :	Sumaj Complex, Chavadimukku, Sreekariyam, Trivandrum – 695017, Kerala, India
Corporate Headquarters :	44901, Falcon Place, Suite 116, Terling, VA 20166

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	01/11/2006	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	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
31	U51225KL2008PTC023445	GREENHOUSE CARDAMOM MARKETING INDIA PRIVATE LIMITED	Director	20/12/2012	20/12/2012	-	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	20/12/2012	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 :

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	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 :

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	28/09/2007	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
11	U72200KA2012PTC066617	INFAINDIA INFOSERVICES PRIVATE LIMITED	Director	07/11/2012	07/11/2012	31/01/2013	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	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, 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

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	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 Holilding ‘A’ Limited, Mauritius	100
ASCF L. P. (Mauritius) Company Limited, Mauritius	100
Total	798971

Equity Share Break up (Percentage of Total Equity)

AS ON 31.12.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian 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.

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 :

Not Available

Bankers :

• Axis Bank Limited, 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 :

(Rs. In Millions)

Secured Loan	31.03.2011	31.03.2010
Rupee term loans secured	387.472	516.707
Working capital loans secured	1365.233	821.138
Total	1783.9361	1369.076

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 Opterna Technologies Private Limited, India (CIN No.: U33113KA2009PTC049727) 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 :	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	3566.472	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.	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	No
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)	No
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

UNSECURED LOAN

(Rs. In Millions)

	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	562.6641	571.668

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

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration 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 (ID) number of the charge to be modified	10308684
Type of charge	Book debts Movable property (not being pledge) Floating charge Others (Including the fixed assets.)
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 P Ltd 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. Others 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 or asset(s) charged (including complete address and 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

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fittings
• Office Equipments
• Computers
• Vehicles

AS PER WEBSITE DETAILS:

PRESS RELEASES

FT PES INVESTS IN SFO TECHNOLOGIES PRIVATE LIMITED

INDIA INFOLINE NEWS SERVICE/ 17:50 , MAY 24, 2011

SFO is one of the largest electronic manufacturing services (“EMS”) players in India focused on low volume, high mix products in emerging segments such as Healthcare, Automotive and Industrial.

Franklin Templeton Asset Management (India) Private Limited, ("FT India") announced that, Franklin Templeton Private Equity Strategy ("FTPES"), a private equity portfolio managed by FT India and advised by Darby Asia Investors (India) Private Limited (“Darby India”), has invested Rs. 675 million in Kochi based SFO Technologies Private Limited ("SFO"). Transaction details were not disclosed. 

SFO is one of the largest electronic manufacturing services (“EMS”) players in India focused on low volume, high mix products in emerging segments such as Healthcare, Automotive and Industrial. SFO provides services across the entire spectrum including design, manufacturing and embedded software development. It has received several awards for quality, including global supplier award several times, resulting in the Company being identified as one of the five key strategic sourcing partners for one of the major Healthcare OEMs worldwide. The Company is part of the NeST group of companies and has presence across the globe and employs around 4,000 people. The investment is part of Rs. 1,665 million fund raise by the Company from three private equity investors including FTPES for providing growth capital as well as exit to the existing investor.

NETWORK SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED PLANS INITIAL PUBLIC OFFERING IN 2014

May 11, 2012, 12.08AM IST

KOCHI: The technologies division of Network Systems and Technologies Private Limited (NeST) Group, based in Kochi, is planning a initial public offering (IPO) in the second half of calendar year 2014, said K B Gopalakrishnan, chief financial officer of SFO Technologies, a group company of NeST.

The chill that has been hanging over the IPO market had forced the group to postpone its original plan for an IPO in fiscal 2010. "We wanted to hold the IPO during 2009-2010, but the period was bad for the global economy. Hence, due to market volatility, we postponed it to 2014," Gopalakrishnan said.

HITACHI, SFO TECH TO FORM JOINT VENTURE

Kochi, October 3:

Hitachi Limited and SFO Technologies Private Limited, a NeST group company, have announced today that they will set up a joint venture company in the field of advanced control systems for thermal power plants.

The joint venture company, Hitachi NeST Control Systems Private Limited is likely to be set up this month and will be based in Bangalore.

Hitachi India Private Limited, a wholly owned subsidiary of Hitachi, will hold 70 per cent stake in the joint venture and SFO Technologies will hold the balance, Mr. N.Jehangir, Managing Director, SFO Technologies, said.

Hitachi and SFO Technologies will promote to expand its control systems businesses in India. This will be achieved by converging the strengths of each company — Hitachi’s leading edge control technologies, advanced manufacturing technologies, wealth of experience and expertise in plant control systems and SFO Technologies’ 10 years experience in control systems and its skilled employees, as well as its nationwide sales and service network in India.

Hitachi NeST Control Systems Private Limited is targeting sales of around Rs.1500.000 Millions by March 2015, he said.

According to Mr. Jehangir, the market for information and control systems for social infrastructure is expected to grow as the economy grows in India. Power is a critical infrastructure on which socio-economic development of the country depends.

India is expected to add 200 GW in the next 10 years. Major portion of the investment would be in thermal power plants especially in large sized supercritical units. Hitachi has made significant investments in India, including BGR Energy Systems Limited, to manufacture super-critical turbines, generators and boilers in Chennai.

The joint venture company will provide engineering, manufacturing, commissioning and after-service advanced control systems for thermal power plants.

Hitachi has been using SFO Technologies’ engineering services in thermal power control systems for the last 10 years for projects both in India and abroad.

In the joint venture, Hitachi will bring in advanced control technology for thermal power plants.

SFO Technologies will synergise its control systems division, which has 10 years’ experience, with the new joint venture company and offer its manufacturing space and expertise in Bangalore for localising the technology in India, he said.

SFO TECHNOLOGIES STRIVES TO BECOME A KEY PLAYER IN INTERNATIONAL MARKET

Starting off as an EMS company in 1990, in Cochin, SFO Technologies Private Limited today boasts of its global presence. The flagship company of the NeST Group, SFO Technologies aims to be a billion dollar company by 2015 by expanding its existing capacities and through acquisitions

At a time when the Indian electronics manufacturing industry was at a nascent stage, two brothers Javad K Hassan and N Jehangir, who are from Kerela, took up the challenge to form one of the first electronics manufacturing services (EMS) companies in India with the aim to establish India’s footprint in the global electronics map. Formed in 1990, SFO Technologies has grown from strength to strength by adding new manufacturing competencies such as wire harnessing, RF and wireless, power supplies, fibre optics, magnetics, sheet metal fabrication and plastic injection moulding.

From a turnover of Rs 37.9 million in 1991-92, to Rs 6706.000 millions out of NeST Group’s Rs.8845.000 millions in 2011-12, SFO Technologies today has over 5000 employees and operates at 32 locations, with many Fortune 500 companies as its customers, spread across USA, Europe and Asia.

Today, SFO Technologies is the flagship company of the NeST Group founded by Javad K Hassan and N Jehangir, which is a conglomerate of companies with the expertise in developing embedded and realtime software, and which are focused on low-volume, high-mix products in the healthcare, automotive and industrial space.

“Today, SFO has over 50 world class customers in different countries. Therefore, we are able to withstand any economic downturn in any particular country or company. We also have multiple manufacturing locations to address situations like a sudden increased demand, natural calamity or labour unrest,” shares N Jehangir, vice chairman and managing director, SFO Technologies.

With a strength of 150 people, SFO Technologies started manufacturing in the Cochin Special Economic Zone in 1991. N Jehangir and Javad Hassan wanted to create a unique company in Kerala with a global approach, something which was unheard of at that time. However, it was not easy to gain the confidence of foreign buyers since India was considered as a technologically challenged sourcing centre, which didn’t conform to international standards.

But Jehangir and Hassan were determined to start an EMS venture and gradually managed to build SFO’s image in the foreign market. Recalls Jehangir, “I was a fresh graduate when we started SFO with a small team of experts and a lot of conviction. The time was ripe to explore the foreign market since companies in the US had decided to outsource electronic products and assemblies to low cost countries like China and India in 1990. At that time, EMS for export was an unknown model for Indian companies and SFO became one of the first in the country to venture into this field. Gradually, we got more and more opportunities to expand our business globally, because of our service, expert team hard work.”

Strategies that have helped SFO grow

SFO Technologies describes itself as a unique original design manufacturer (ODM) company offering ‘concept to product’ services with proven excellence in technology, cost, quantity and delivery. SFO follows a one-roof concept, providing total solutions covering design, software development, engineering and manufacturing of printed circuit board assemblies (PCBAs), fibre optics, power supply, cable and wire harnesses, sheet metal, plastic moulded parts and magnetic systems, with total integration testing. For its technology development service, a strategic area of growth for the company, SFO has tied up with premier research and academic labs to undertake technology development projects under the guidance of world renowned scientists and technologists.

Says N Jehangir, “Our focus is on customer satisfaction. The efforts at SFO are to address customer requirements and offer cost-effective solutions. Customer delight takes priority over profitability.” The company has been able to do so by learning from its top clients like GE, which is one of its oldest customers. Adds Jehangir, “GE has been our best customer in our 22 year journey. From them, we have learned things like adherence to quality parameters and e-waste management systems, which we have implemented in our systems. MNCs like GE, Philips, Toshiba, Tyco, etc, spend a lot of money on their quality management systems and by having such customers, we get an opportunity to understand their systems, which we implement in our own company.”

Catering to the customers’ needs assumes a greater significance at SFO. Building the strength and capabilities of its personnel is also equally important for the company. SFO believes in a people-centric philosophy to ensure that there is synergy between the corporate goals and the aspirations of its employees. For this, the company follows what it calls the ‘5P’ process, which stands for the patience to work with customer, passion to work, following the goal with perseverance and persistence, hence becoming a partner. Jehangir believes this approach has not only helped the company in meeting the expectations of its customers but has also added value to its employees who are now better equipped to handle projects.

At SFO, a lot of emphasis is given to training, since the firm considers its manpower as its most valuable asset. To make sure that the company absorbs the best talent, it has partnered with KMEA Engineering College, Cochin. SFO’s HR department picks up the most suitable candidates from the college who are then given on-the-job training at the company. Informs Jehangir, “I can say it with pride that being in the business of manufacturing, where labour unrests and strikes are a common phenomenon, we have never faced even a single day of strike. Also, the attrition level at SFO is just 0.5 per cent. We have been able to retain most of our employees with us for 22 years and will continue to do so.” Through practices like Kaizen, the continuous improvement of employees is ensured at SFO. States Jehangir, “We recruit highly qualified professionals who undergo extensive inhouse, on the job, training before joining operations. Our employees are provided with continuous training in many management subjects that make them competent to take on higher responsibilities in the future. Through Kaizen, employees are even encouraged to come up with suggestions for continuous improvements.”

Cashing in on its strengths

Quality is the cornerstone of all activities at SFO, which is why the company has obtained the most coveted certifications such as ISO 9001, ISO 14000, ISO 13485, TL 9000, and recently, AS 9100 and SEI CMMI Level 5. As Jehangir puts it, “This certification will enable the company to register major growth in our business including the aerospace segment.” The company already has two major customers in this segment and expects that AS 9100 certification will enable the company to enlist many more companies.

Jehangir believes that to stay ahead of competition, continuous improvement is an essential strategy, so the company practices the Lean methodology as a tool to constantly improve its processes to reduce the cost of operations without sacrificing on quality, delivery and cost performance.

Apart from Kaizen, Six Sigma manufacturing practices are followed at SFO. These have helped the firm identify and remove the causes of defects (errors), and minimise variability in manufacturing and business processes.

SFO’s huge infrastructure adds to its strengths. It has a manufacturing capability that enables its customers to transfer new product introductions seamlessly. Its 60,000 sq m of manufacturing facilities are located in Trivandrum, Cochin, Bengaluru and Mysore, facilitating hassle free import and export with access to international airports and container seaports, thus providing easy access to countries across the globe. It has ten SMT lines with a total placement capability of 700,000 components per hour and world class machines by Siemens, Fuji, Philips, etc.

All its units are ISO 9001 certified and the group now aspires to reach Six Sigma status in quality. The software units of the group operating in Trivandrum and Cochin are assessed at CMMi Level 5. SFO has also established a worldwide operations network with offices that provide onsite consulting and development services in USA, Canada, Australia, Japan, UK and Qatar.

The company has many awards to its credit, which includes the ‘Best Quality Award’ from GE Healthcare, the ‘On Time Delivery Award’ from GE Energy, the ‘Cost Competitiveness Award’ from Tyco, the ‘Best Design Award’ from Diebold and the ‘Value Engineering Award’ from New Flyer. It has also won the ‘Best Exporter Award’ from the Government of India.

The road ahead

Starting as an EMS company that was purely into manufacturing, today SFO is a one-stop solutions provider for design, software, manufacture and post-sales support. SFO now aims to be a US$ 1 billion company by 2015 through organic and inorganic growth, which will include expansion of its existing capacities and acquisitions.

Shares Jehangir, “We are planning vertical and horizontal integration to add to our business activities. We want to expand our global presence and open up manufacturing facility in China and high level integration facilities in the US, Japan and UK. We already have our marketing offices for software and hardware solutions in these countries.”

As far as organic growth is concerned, taking advantage of the fact that people are now opening up to the Indian market and moving away from China, SFO has expanded its manufacturing capabilities. It has recently completed its second factory in Mysore and another in Chennai is under construction. SFO is also planning to enter north India with a factory in Noida by the middle of 2013.

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

SDA

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	NO
--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

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