MIRA INFORM REPORT

Report No. :	337030
Report Date :	14.08.2015

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
Tel No. :	91-80-67012300
Country :	India
Financials (as on) :	31.03. 2014
Date of Incorporation :	08.02.1990
Com. Reg. No.:	09-005620
Capital Investment / Paid-up Capital :	Rs.79.897 Million
CIN No.: [Company Identification No.]	U72900KL1990PTC005620
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHNS02626B
PAN No.: [Permanent Account No.]	AADCS3318K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electronic Goods and Components.
No. of Employees :	Management non cooperative

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 7000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a flagship company of the kerala based Nest group. It is an established company having satisfactory track. The company possesses an acceptable financial profile marked by adequate reserves position along with moderate capitalization and coverage metrics owing to high working capital intensive operations due to stretched payable and collection terms, high inventory and high level of group investments. Management has witnessed an adequate revenue base, whereas has reported thin margins during FY14, inherent in the business. The ratings also take into consideration, the risk related to client concentration and the vulnerability of profits to the fluctuations in foreign exchange rates. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters, the company can be considered for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loan facilities=BBB (suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 2014

Rating Agency Name	ICRA
Rating	Short Term loan facilities=A2 (suspended)
Rating Explanation	Strong degree of safety and low credit risk.
Date	December 2014

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 31-03-2013.

INFORMATION DENIED BY

Management non co-operative (91-8067012300)

LOCATIONS

Registered Office :	Stone House, Market Road, Aluva, Ernakulam – 683101, Kerala, India
Tel. No.:	91-484-2413246/ 6614338
Mobile No.:	91-9847038159 (Mr. Sateesh B.)
Fax No.:	91-484-2413147/ 2413053
E-Mail :	k.padmanabhan@nestgroup.net kpcs@nestcorp.net sateesh.b@nestcrop.net
Website :	www.nestgroup.net
Location :	Leased
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. 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

Name :

Mr. Jaad Kvuttikaranhassan

Designation :

Director

Address :

1900, Yorkshire Drive, Blue Bell, 19422, , United States Of America

Date of Birth/Age :

07.10.1940

Date of Appointment :

22.12.2004

DIN No.:

00004483

KEY EXECUTIVES

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

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 and Exporter of Electronic Goods and Components.
Products :	· SMT Assembly · Chip on Board Assembly
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Avnet India Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	GE Healthcare
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Management non-cooperative

Bankers :

• State Bank of India, commercial Branch, First floor, Vankarthi towers, Bye Pass road Ernakulam, Kerla – 682024, India

• 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan	81.217	195.835
SHORT TERM BORROWING
Loans repayable on demand	1969.522	1910.778
Total	2050.739	2106.613

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 :	Network Systems And Technologies Limited Nest Hi-Tek Park Private Limited
	·
Others Related Party :	PTERNA Technologies Private Limited CIN NO. :U33113KA2009PTC049727 Opterna AM
	Opterna Meafzco Nihon Nest Corporation Hitachi Nest Control Systems Private Limited Ashling Microsystems

CAPITAL STRUCTURE

AS ON 18.12.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	30.06.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	79.897	79.897	79.897
(b) Reserves & Surplus	2441.285	2347.864	2282.091
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2521.182	2427.761	2361.988
(3) Non-Current Liabilities
(a) long-term borrowings	1229.610	1348.338	1443.457
(b) Deferred tax liabilities (Net)	148.734	7.500	140.541
(c) Other long term liabilities	7.500	139.163	20.373
(d) long-term provisions	35.365	33.64	32.385
Total Non-current Liabilities (3)	1421.209	1528.641	1636.756
(4) Current Liabilities
(a) Short term borrowings	1969.522	1910.778	1623.689
(b) Trade payables	1483.460	1217.757	1394.89
(c) Other current liabilities	365.885	323.193	313.646
(d) Short-term provisions	5.695	5.542	5.262
Total Current Liabilities (4)	3824.562	3457.270	3337.487
TOTAL	7766.953	7413.672	7336.231
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1497.156	1512.431	1537.962
(ii) Intangible Assets	3.709	3.258	5.559
(iii) Capital work-in-progress	6.423	6.052	2.298
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1423.124	1423.124	1423.096
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	281.598	373.581	368.572
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3212.010	3318.446	3337.487
(2) Current assets
(a) Current investments	1.994	1.858	2.000
(b) Inventories	2140.182	2107.426	2006.355
(c) Trade receivables	1898.361	1592.997	1625.419
(d) Cash and cash equivalents	157.459	162.217	169.228
(e) Short-term loans and advances	355.724	229.934	193.735
(f) Other current assets	1.223	0.794	2.007
Total Current Assets	4554.943	4095.226	3998.744
TOTAL	7766.953	7413.672	7336.231

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (12 months)	31.03.2013 (9 months)	30.06.2012
	SALES
	Income	7873.654	5586.916	6688.882
	Other Income	73.989	14.652	18.916
	TOTAL (A)	7947.643	5601.568	6707.798
Less	EXPENSES
	Cost of Materials Consumed	5684.966	4039.530	4697.154
	Material consumed	1590.029	1142.669	1457.684
	TOTAL (B)	7274.995	5182.199	6154.838
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	672.648	419.369	552.960
Less	FINANCIAL EXPENSES (D)	313.055	204.075	274.679
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	359.593	215.294	278.281
Less/ Add	DEPRECIATION/ AMORTISATION (F)	176.502	127.027	160.484
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	183.091	88.267	117.797
Less	TAX (I)	89.671	22.494	40.708
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	93.420	65.773	77.089
	EARNINGS IN FOREIGN CURRENCY	3896.200	3690.115	3416.824
	Earnings / (Loss) Per Share (Rs.) (Basic)	116.93	82.32	96.85
	Earnings / (Loss) Per Share (Rs.) (Diluted)	87.40	61.53	73.97

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	138.935	208.296	210.126
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	514.134	156.019	262.513

KEY RATIOS

PARTICULARS		31.03.2014 (12 months)	31.03.2013 (9 months)	31.06.2012
Net Profit Margin (PAT/Sales)	(%)	1.19	1.18	1.15
Operating Profit Margin (PBITD/Sales)	(%)	8.54	7.51	8.27
Return on Total Assets (PBT/Total Assets}	(%)	2.89	1.47	1.99
Return on Investment (ROI) (PBT/Networth)		0.07	0.04	0.05
Debt Equity Ratio (Total Debt /Networth)		1.27	1.34	1.30
Current Ratio (Current Asset/Current Liability)		1.19	1.18	1.20

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.06.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	79.897	79.897	79.897
Reserves & Surplus	2282.091	2347.864	2441.285
Net worth	2361.988	2427.761	2521.182
long-term borrowings	1443.457	1348.338	1229.610
Short term borrowings	1623.689	1910.778	1969.522
Total borrowings	3067.146	3259.116	3199.132
Debt/Equity ratio	1.299	1.342	1.269

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.06.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6688.882	5586.916	7873.654
		(16.475)	40.930

NET PROFIT MARGIN

Net Profit Margin	30.06.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6688.882	5586.916	7873.654
Profit	77.089	65.773	93.420
	1.15%	1.18%	1.19%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS:

The company could maintain the growth in revenue during the year under report, despite the slowdown of major economies across the globe.

The company has successfully bagged orders from major players in the defence sector based on its inherent strength in quality and its superior manufacturing capabilities. The company is confident of achieving increased pace in sales and profitability in the upcoming years.

The software business of the company, run through its subsidiary company, Network Systems and Technologies Limited, Trivandrum (NSTL) through a Business Transfer Agreement dated 19 September 2014 was sold to M/s QuEST Global Engineering Services Private Limited having its office at 102, 4th Main, Bharath HBCS Layout, BTM 2nd Stage, Bangalore-560 076.

The shares of the subsidiaries of NSTL namely Nest Tech GmBH, Germany and SFO Technologies Corporation has been sold to QuEST Global Engineering Limited, Unit 1, Westland Business Park, Winterstoke Road, Weston-Super-Mare, North Somerset, BS24 9 AB, United Kingdom vide Share Purchase Agreements dated 18 September 2014. Also, the subsidiary in Japan, Nihon Nest Corporation vide Share Purchase Agreement dated 18 September 2014 has sold its shares to M/s QuEST Global Services Pte Ltd, #7 Temasek Boulevard, # 09-04 Suntec Tower One, Singapore-038 987.

RESEARCH AND DEVELOPMENT (JKH TECHNOLOGY CENTRE)

The R and D centre has been extending its business offerings to global customers as well as National Defence research labs. Many development projects were bagged from institutions like NPOL, RCI, establishing the technical competency.

Most of such projects were of R and D in nature and R and D could conceive the systems and execute the projects. Another major highlight of RandD centre is its recognition as DSIR approved Research Lab.

TECHNOLOGY ROAD MAP

The technology road map adopted by the company will establish the company, a leader in medical electronics, automotive, aerospace and embedded system software products and services during the next few years.

UNSECURED LOANS:

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Fully convertible debenture	1148.393	1148.393
Incorporate borrowing	0.000	4.11
Total	1148.393	1152.503

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.64.92
UK Pound	1	Rs.101.44
Euro	1	Rs.72.26

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KSH
Report Prepared by :	ART

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--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		44

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.