1. Summary Information

		Country	India
Company Name	SFO TECHNOLOGIES PRIVATE LIMITED	Principal Name 1	Mr. Iqbal Mohammed Ali
Status	Satisfactory	Principal Name 2	Mr. Nagoor Jehangir Rawther
		Registration #	09-005620
Street Address	Stone House Market Road, Aluva, Ernakulam – 683101, Kerala, India
Established Date	08.02.1990	SIC Code	--
Telephone#	91-484-2413246	Business Style 1	Manufacturer
Fax #	91-484-2413053	Business Style 2
Homepage	www.nestgroup.net	Product Name 1	Electronics Devices
# of employees	Not Available	Product Name 2	Electronic Goods
Paid up capital	Rs.79,897,000/-	Product Name 3	--
Shareholders	Foreign holdings–69.98% Others – 0.02% Directors or relatives of Directors – 30.00%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	24 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Subsidiary company	India	Nest Power Electronics Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	30.06.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,358,961,000	Current Liabilities	1,728,909,000
Inventories	2,006,355,000	Long-term Liabilities	3,067,146,000
Fixed Assets	1,543,521,000	Other Liabilities	178,188,000
Deferred Assets	0,000	Total Liabilities	4,974,243,000
Invest& other Assets	1,427,394,000	Retained Earnings	2,282,091,000
		Net Worth	2,361,988,000
Total Assets	7,336,231,000	Total Liab. & Equity	7,336,231,000
Total Assets (Previous Year)	4,499,357,000
P/L Statement as of	30.06.2012		(Unit: Indian Rs.)
Sales	6,419,987,000	Net Profit	77,089,000
Sales(Previous yr)	5,220,106,000	Net Profit(Prev.yr)	117,197,000

MIRA INFORM REPORT

Report Date :

15.03.2014

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 – 683 101, Kerala
Country :	India
Financials (as on) :	30.06.2012 (15 Months)
Date of Incorporation :	08.02.1990
Com. Reg. No.:	09-005620
Capital Investment / Paid-up Capital :	Rs.79.897 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 (46)

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

Maximum Credit Limit :	USD 9440000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has filed latest financial for the year 2013 but same could not be made available form government department. As per available financial of 2012 (15 months), the rating reflects established presence in the domestic electronic manufacturing services industry supported by its strong client profile and sound financial risk profile. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loan facilities=BBB
Rating Explanation	Moderate degree of safety of carry moderate credit risk.
Date	June 2013

Rating Agency Name	ICRA
Rating	Short Term fund based facilities=A2
Rating Explanation	Strong degree of safety it carry 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.

LOCATIONS

Registered Office :	Stone House, Market Road, Aluva, Ernakulam – 683101, Kerala, India
Tel. No.:	91- 484-2413246/ 6614338
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 :	4511 Singer Court, Suite 201 Chantilly, VA 20151

DIRECTORS

AS ON 18.12.2013

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	-	Amalgamated	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	-	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	U72900KA2002PTC069523	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	NO
20	U15312KL1996PTC010357	NENMANY AGRO MILLS PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO
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	-	Amalgamated	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
32	U80903KL2013PTC033914	NEST INSTITUTE OF FIBER OPTIC TECHNOLOGY PRIVATE LIMITED	Director	24/04/2013	24/04/2013	-	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	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	U72900KA2002PTC069523	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	08/05/2013	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	21/10/2013	Active	NO
10	U32109KL2007PTC021022	SFO TECHNOLOGIES DIGITAL PRIVATE LIMITED	Nominee director	29/06/2012	29/06/2012	-	Amalgamated	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	18/11/2013	Active	NO
7	U33201KL2000PTC014279	SWIFTLINK FIBRE OPTICS PRIVATE LIMITED	Nominee director	15/07/2011	15/07/2011	-	Amalgamated	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	-	Amalgamated	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	-	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	01/01/2010	01/01/2010	09/11/2011	Active	NO
2	U45200AP2004PLC043015	GKC PROJECTS LIMITED	Alternate director	14/05/2013	23/09/2010	08/08/2013	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	-	Amalgamated	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	-	Amalgamated	NO
9	U18101MH2002PTC134409	KIMAYA FASHIONS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO
10	U24232MP2002PLC015293	SYMBIOTEC PHARMALAB LIMITED	Alternate director	02/08/2013	20/07/2012	21/10/2013	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

AS ON 18.12.2013

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

Equity Share Break up (Percentage of Total Equity)

AS ON 18.12.2013

Category	Percentage
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
Directors or relatives of Directors	30.00
Others	0.02
Total	100.00

BUSINESS DETAILS

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

PRODUCTION STATUS (As on 31.03.2010)

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

GENERAL INFORMATION

Customers :

• ABB
• Alstom
• APC
• Areva
• Corning
• DP World
• Ericsson
• Hitachi
• Philips
• Novar

No. of Employees :

Not Available

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 LOANS	30.06.2012 (15 Months) Rs. In millions
Long Term Borrowings
Term Loans from Banks	126.043
Rupee Term Loans from others	169.021
Short Term Borrowings
Working Capital Loans from Banks	4.500
Loans repayable on Demand from Banks	1619.189
TOTAL	1918.753

Secured Loan	31.03.2011 (12 Months) Rs. In millions
Rupee term loans secured	387.472
Working capital loans secured	1365.233
TOTAL	1752.705

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 – 400703, 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 :	· 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 18.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2801000	Equity Shares	Rs.100/- each	Rs.280.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
798971	Equity Shares	Rs.100/- each	Rs.79.897 Millions

AS ON 30.06.2012

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2012 (15 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	79.897
(b) Reserves & Surplus	2282.091
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	2361.988
(3) Non-Current Liabilities
(a) long-term borrowings	1443.457
(b) Deferred tax liabilities (Net)	140.541
(c) Other long term liabilities	20.373
(d) long-term provisions	32.385
Total Non-current Liabilities (3)	1636.756
(4) Current Liabilities
(a) Short term borrowings	1623.689
(b) Trade payables	1394.890
(c) Other current liabilities	313.646
(d) Short-term provisions	5.262
Total Current Liabilities (4)	3337.487
TOTAL	7336.231
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1537.962
(ii) Intangible Assets	5.559
(iii) Capital work-in-progress	2.298
(iv) Intangible assets under development	0.000
(b) Non-current Investments	1423.096
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	368.572
(e) Other Non-current assets	0.000
Total Non-Current Assets	3337.487
(2) Current assets
(a) Current investments	2.000
(b) Inventories	2006.355
(c) Trade receivables	1625.419
(d) Cash and cash equivalents	169.228
(e) Short-term loans and advances	193.735
(f) Other current assets	2.007
Total Current Assets	3998.744
TOTAL	7336.231

SOURCES OF FUNDS		31.03.2011 (12. Months)	31.03.2010 (12. Months)
SHAREHOLDERS FUNDS
1] Share Capital		70.010	70.010
2] Share Application Money		250.003	250.003
3] Reserves & Surplus		1635.927	1518.730
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1955.940	1838.743
LOAN FUNDS
1] Secured Loans		1752.705	1337.845
2] Unsecured Loans		531.433	540.437
TOTAL BORROWING		2284.138	1878.282
DEFERRED TAX LIABILITIES		90.999	81.399
TOTAL		4331.077	3798.424
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1027.583	961.313
Capital work-in-progress		61.208	0.000
INVESTMENT		1107.277	695.481
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1451.207	1178.078
	Sundry Debtors	1075.522	1060.430
	Cash & Bank Balances	173.003	108.358
	Other Current Assets	1.336	1.054
	Loans & Advances	616.115	774.591
Total Current Assets		3317.183	3122.511
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	806.392	694.823
	Other Current Liabilities	169.293	136.877
	Provisions	206.489	149.181
Total Current Liabilities		1182.174	980.881
Net Current Assets		2135.009	2141.630
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		4331.077	3798.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2012 (15 Months)	31.03.2011 (12 Months)	31.03.2010 (12 Months)
	SALES
		Income	6419.987	5220.106	3566.472
		Other Income	287.811	182.086	134.992
		TOTAL (A)	6707.798	5402.192	3701.464
Less	EXPENSES
		Material Consumed	4603.895	3984.026	2556.264
		Operating and Other Expenses	1550.943	962.369	755.195
		TOTAL (B)	6154.838	4946.395	3311.459
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		552.960	455.797	390.005
Less	FINANCIAL EXPENSES (D)		274.679	180.666	133.242
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		278.281	275.131	256.763
Less/ Add	DEPRECIATION/ AMORTISATION (F)		160.484	96.765	85.456
	PROFIT BEFORE TAX (E-F) (G)		117.797	178.366	171.307
Less	TAX (H)		40.708	61.169	61.476
	PROFIT AFTER TAX (G-H) (I)		77.089	117.197	109.831
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3416.824	2934.958	1994.566
	TOTAL EARNINGS		3416.824	2934.958	1994.566
	IMPORTS
		Raw Materials and Components	NA	NA	1746.963
		Capital Goods	NA	NA	21.050
	TOTAL IMPORTS		NA	NA	1768.013
	Earnings Per Share (Rs.)
	Basic		96.85	167.40	156.88
	Diluted		73.97	129.49	144.68

KEY RATIOS

PARTICULARS		30.06.2012 (15 Months)	31.03.2011 (12 Months)	31.03.2010 (12 Months)
PAT / Total Income	(%)	1.15	2.17	2.97
Net Profit Margin (PBT/Sales)	(%)	1.83	3.42	4.80
Return on Total Assets (PBT/Total Assets}	(%)	1.99	4.11	4.19
Return on Investment (ROI) (PBT/Networth)		0.05	0.09	0.09
Debt Equity Ratio (Total Debt /Networth)		1.30	1.17	1.02
Current Ratio (Current Asset/Current Liability)		1.20	2.81	3.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.06.2012
	(Rs. In Millions)
Share Capital	79.897
Reserves & Surplus	2282.091
Net worth	2361.988
long-term borrowings	1443.457
Short term borrowings	1623.689
Total borrowings	3067.146
Debt/Equity ratio	1.299

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	30.06.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3566.472	5220.106	6419.987
		46.366	22.986

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	30.06.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3566.472	5220.106	6419.987
Profit	109.831	117.197	77.089
	3.08%	2.25%	1.20%

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	Yes
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	Yes

RESULTS OF OPERATIONS

Total revenue recorded for the year (15 months) was Rs.6707.800 Millions as against the last year (12 months) revenue of Rs.5401.800 Millions. Subject has achieved a profit before tax of Rs.117.800 Millions as against Rs.178.300 Millions in the previous year. Total profit after tax for the year under report is Rs.77.100 Millions.

BUSINESS

Subject could accomplish the increase in revenue due to its inherent strength in quality manufacturing practices, world-class technical capabilities and design and value engineering expertise. The cost of manufacturing has gone up and margins got reduced due to global economic conditions. Therefore, your company could not maintain its profitability during the year under report. Members of the board of directors of subject expect to achieve increase in sales and profitability during the year 2013-2014.

UNSECURED LOANS

Particulars	30.06.2012 (15 Months) Rs. In millions
Long Term Borrowings
Bonds and Debentures	1148.393
TOTAL	1148.393

PARTICULARS	31.03.2011 (12 Months) Rs. In millions
Debentures unsecured	499.151
Loans subsidiaries unsecured	19.228
Loans directors unsecured	10.690
Other debt unsecured	2.364
TOTAL	531.433

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10336996	14/01/2013 *	200,000,000.00	STATE BANK OF TRAVANCORE	COMMERCIAL BRANCH, MALANKARA CENTRE, M G ROAD, ERNAKULAM, KERALA - 682035, INDIA	B70093349
2	10313477	16/12/2011 *	400,000,000.00	AXIS BANK LIMITED	CHICAGO PLAZA, RAJAJI ROAD, COCHIN, KERALA - 682035, INDIA	B29214319
3	10308684	14/01/2013 *	900,000,000.00	STATE BANK OF TRAVANCORE	COMMERCIAL BRANCH, MALANKARA CENTRE, M G ROAD, ERNAKULAM, KERALA - 682035, INDIA	B70216171
4	10255343	06/09/2011 *	275,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTER ONE BUILDING, FLOOR 21, WORLD TRADE CENTER COMPLEX, CUFFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA - 400005, INDIA	B22309652
5	10243199	23/01/2012 *	110,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, FIRST FLOOR, VANKARATH TOWERS, BYE PASS JN., PADIVATTOM, ERNAKULAM, KERALA - 682024, INDIA	B32713885
6	10216194	23/01/2012 *	290,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, FIRST FLOOR, VANKARATH TOWERS, BYE PASS JN., PADIVATTOM, ERNAKULAM, KERALA - 682024, INDIA	B32715328
7	10100855	17/05/2010 *	850,000,000.00	STATE BANK OF INDIA	FIRST FLOOR, COMMERCIAL BRANCH, VANKARATH TOWERS, BY-PASS JUNCTION, PALARIVATTOM, ERNAKULAM, KERALA - 682024, INDIA	A86772704
8	80056293	17/11/2000	63,500,000.00	STATE BANK OF TRAVANCORE	INDUSTRIAL FINANCE BRANCH, MALANKARA CENTRE, M.G. ROAD, ERNAKULAM, KERALA - 682035, INDIA	-
9	90015856	17/05/2010 *	251,000,000.00	INDIAN BANK	SHANMUGHAM ROAD, ERNAKULAM, KOCHI, KERALA - 682031, INDIA	A86723152

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Office Equipments

· Computers

· 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 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.61.51
UK Pound	1	Rs.102.21
Euro	1	Rs.85.22

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.