MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
The Correct name of the company is “Envision Scientific Private Limited”
IDENTIFICATION DETAILS
|
Name : |
ENVISION SCIENTIFIC PRIVATE LIMITED |
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Registered
Office : |
8, Narayan Darshan Apartment, Opposite Rupam Cinema, Salabatpura Surat
– 395003, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.12.2008 |
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Com. Reg. No.: |
04-055732 |
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CIN No.: [Company Identification
No.] |
U24230GJ2008PTC055732 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTE00317C |
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PAN No.: [Permanent Account No.] |
AACCE0979P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provider of drug
delivery technologies to the healthcare industry |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Yet to commence |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2008, the company has
not started its commercial activities. Payments terms are not known. The company can be considered for business dealings on a secured 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
8, Narayan Darshan Apartment, Opposite Rupam Cinema, Salabatpura Surat
– 395003, |
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E-Mail : |
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Website : |
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Corporate Office : |
Office 1~3, Sliver Palm II, Kadampalli, Nanpura, |
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Tel. No.: |
91-261-2460003 |
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Fax No.: |
91-261-2460006 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Ms. Aparna Manishkumar Doshi |
|
Designation : |
Director |
|
Address : |
704, Megh Malhar Apartment, Bhatar Char Rasta, |
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Date of Birth/Age : |
24.07.1969 |
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Date of Appointment : |
22.12.2008 |
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Date of Cessation : |
29.06.2010 |
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DIN No.: |
02358824 |
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Name : |
Ms. Jayshree Jayeshkumar Chevli |
|
Designation : |
Director |
|
Address : |
124, Gandhi Kutir, Udhna Mabdalla, |
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Date of Appointment : |
22.12.2008 |
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Date of Cessation : |
29.06.2010 |
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DIN No.: |
02417624 |
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|
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Name : |
Mr. Devanshu Prataprai Sheth |
|
Designation : |
Director (Projects) |
|
Address : |
8-A, Nutan Bharat Society, Alkapuri, Vadodara – 390007, |
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Date of Birth/Age : |
23.11.1966 |
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Date of Appointment : |
15.11.2010 |
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DIN No.: |
00026146 |
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Name : |
Mr. Jayesh Mahendrabhai Chevli |
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Designation : |
Director (Finance and Accounts) |
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Address : |
5B, Sankar Nagar Society, Bhatar, |
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Date of Appointment : |
28.06.2010 |
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DIN No.: |
01928051 |
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Name : |
Mr. Manish Indulal Doshi |
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Designation : |
Founder and Chief Executive Officer |
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Address : |
704, Megh Malhar Apartment, Bhatar Char Rasta, |
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Date of Appointment : |
28.06.2010 |
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DIN No.: |
00013936 |
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Name : |
Mr. Divyesh Prasannavadan Sherdiwala |
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Designation : |
Director (Technical) |
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Address : |
2/280, Moto Mohallo, Rustampura, |
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Date of Appointment : |
28.06.2010 |
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DIN No.: |
01927375 |
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Name : |
Ms. Jagruti Divyesh Sherdiwala |
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Designation : |
Director |
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Address : |
2/272, |
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Date of Appointment : |
22.12.2008 |
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Date of Cessation : |
29.06.2010 |
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DIN No.: |
02417301 |
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Name : |
Zemin Jayeshkumar Chevli |
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Designation : |
Director |
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Address : |
58-59, Sanskar Nagar Society, Near Moneopathic College, Bhatar Road,
Surat – 395007, Gujarat, India |
|
Date of Appointment : |
22.12.2008 |
|
Date of Cessation : |
29.06.2010 |
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DIN No.: |
02424521 |
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Name : |
Mr. Bhavdip Indulal Doshi |
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Designation : |
Director |
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Address : |
C/43 |
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Date of Birth/Age : |
09.08.1973 |
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Date of Appointment : |
15.11.2010 |
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DIN No.: |
01365599 |
KEY EXECUTIVES
|
Name : |
Mr. Ronak Choksi |
|
Designation : |
Chief Operating Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Chevli Jayshree Jayeshkumar |
|
1250 |
|
Chevli Zemin Jayeshkumar |
|
1200 |
|
Doshi Aparna Manishkumar |
|
5100 |
|
Sherdiwala Jagruti Divyesh |
|
2450 |
|
Total |
|
10000 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider of drug
delivery technologies to the healthcare industry |
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GENERAL INFORMATION
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Suppliers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N. M. Singapuri and Company Chartered Accountant |
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Address : |
0/18, Kanaknidhi, Opposite Gandhi Smruti, Timaliyawad, |
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Tel. No.: |
91-261-2476263 |
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E-Mail : |
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Pan No.: |
AACFN0833E |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.100 |
0.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(3.331) |
(0.085) |
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NETWORTH |
|
(3.231) |
0.015 |
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LOAN FUNDS |
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|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
2.221 |
0.079 |
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TOTAL BORROWING |
|
2.221 |
0.079 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
|
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TOTAL |
|
(1.010) |
0.094 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.556 |
0.000 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.010 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
0.140
|
0.075 |
|
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Sundry Debtors |
|
0.000
|
0.000 |
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Cash & Bank Balances |
|
0.013
|
0.079 |
|
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Other Current Assets |
|
0.000
|
0.000 |
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Loans & Advances |
|
0.111
|
0.004 |
|
Total
Current Assets |
|
0.264
|
0.158 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1.808
|
0.079 |
|
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Other Current Liabilities |
|
0.000
|
0.000 |
|
|
Provisions |
|
0.043
|
0.000 |
|
Total
Current Liabilities |
|
1.851
|
0.079 |
|
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Net Current Assets |
|
(1.587)
|
0.079 |
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|
MISCELLANEOUS EXPENSES |
|
0.011 |
0.015 |
|
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|
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TOTAL |
|
(1.010) |
0.094 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
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|
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Income |
|
0.000 |
0.000 |
|
|
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Foreign Exchange Gain |
|
0.001 |
0.000 |
|
|
|
TOTAL |
|
0.001 |
0.000 |
|
|
|
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|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold (R and D Expenses) |
|
1.154 |
0.000 |
|
|
|
Clinical trial expenses (R and D Expenses) |
|
1.562 |
0.000 |
|
|
|
Administrative Expenses |
|
0.476 |
0.081 |
|
|
|
Pre-Incorporation Expenses |
|
0.004 |
0.004 |
|
|
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Depreciation |
|
0.051 |
0.000 |
|
|
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TOTAL |
|
3.247 |
0.085 |
|
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|
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|
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|
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|
PROFIT |
|
(3.246) |
(0.085) |
|
|
|
|
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(395.85) |
(53.80) |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
1.00 |
5.67 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
(1.26) |
10.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.14 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
Company has not done any activity during the year.
Fixed Assets:
- Equipments
- Computer
- Patent and
Trademarks
AS PER WEBSITE DETAILS
PROFILE:
Subject is a
provider of drug delivery technologies to the healthcare industry. There
developed technologies are designed to be utilized for various types of drug
and different delivery systems. Its proprietary NANO ACTIVETM
Technology is designed for drug delivery utilizing Nanotechnology from various
types of devices and surfaces.
There NANO ACTIVETM
Technology will enable them to utilize it for improvement of products and
overcome short comings of current
available technology in devices. Envision Scientific aims to build on
its technical expertise and experience of its team in the medical device field. There Strategy is to become a
leader in the field of drug delivery utilizing nanotechnology. The NANOACTIVETM
Coating technology is a polymer free
Nano carrier based coating. It eliminates the current limitations of drug
delivery systems and effectively performs as per the programmed needs.
Subject has a team
of Scientists who evaluates the need in an efficient product design by studying
data from current available drug delivery devices. There core technologies and
offerings include drug delivery technologies from various surfaces and various
devices. The company aims to deliver healthcare industry with new and improved products
with advanced functionality and performance. There Strategy is to design,
develop and build on there core competences of cardiovascular devices and its
associated drug delivery systems. Envision Scientific aims to be become a
partner of choice in Industry.
MANAGEMENT:
Manish Doshi (Founder
and Chief Executive Officer)
Manish Doshi, has
been a pioneer in the field of Stent Industry in
With an Engineering
degree from the prestigious MS University, Vadodara in the year 1991 - Mr.
Doshi has been in to research and development activitites for coatings on
Stents. He has also been involved in publishing various papers in technology of
Coronary Stents and its coatings. He has been conferred Honorary Doctorate from
two renowned universtites for his research and development work in the field of
nano technology application for treating coronary artery disease. He was also
awarded the Business Person of the Year award by Southern Gujarat Chamber of
Commerce in 2005.
Mr. Doshi is also
the founder of Envision Scientific and Heartbeat Intervention, which are
involved in Design, development and marketing of Medical Devices.
E-mail: manish@envisionscientifc.com
Jayesh Chevli,
Director (Finance and Accounts)
Jayesh Chevli,
Director - Finance and Accounts is with Envision Scientific with
responsibilites of overlooking the Financial matters related to the company. He
currently looks after expansion projects in addition to the upcomming new
facility of Envision Scientific.
Mr. Jayesh worked at
various level in Finance and Accounts department with Industry and has in-depth
knowledge of the Taxation. He started his own Chemical and Textile auxillaries
company in 1990 and looked after the product sourcing and market development.
He has extensive experience in working with start ups and launching them. He
has worked for the past 20 years in developing his chemical partnership
firm to great heights.
He has completed his
Commerce degree in the year 1986 from
E-mail: jayesh@envisionscientific.com
Divyesh Sherdiwala, Director
(Technical)
Divyesh Sherdiwala
is an Engineer from MS University, Vadodara in the year 1990. He has over 20
years of technical experience of various fields. He is involved in development
of new methods and processes for Textile industry. Bringing his technical
knowledge of Chemicals and its applications, he works closely with the
Technical development team of the Company.
Divyesh leads the
Research and Development team at Envision Scientific. He works with RandD team
for development in the field of Nanotechnology and Drug Delivery Systems. He
bring with him his years of experience to the Company.
E-mail : Divyesh@envisionscientific.com
Ronak Choksi (Chief
Operating Officer)
Ronak Choksi is an
Electronics Engineer with Biomedical background. He has over 18 years of
experience in Medical industry. He has worked at various locations and
designations with multinationals like GE Medical Systems, Philips Medical
Systems and Johnson and Johnson.
He bring with his
experience and knowledge of setting up projects in Medical Industry. He has
been associated with Imaging systems and Medical device development with
various organizations for the past 10 years.
He has extensive
knowledge of Cardiovascular device industry and has worked in Stent design in
his previous assignment. He has been associated with design of Stent
manufacturing equipment and bringing automation to manufacturing processes.
E-mail: ronak@envisionscientific.com
Devanshu Sheth,
Director (Projects)
Devanshu Sheth is
Director heading new Projects. He also serves as the Managing Director of
Tanvika Polymers Private Limited. His company is successfully manufacturing PVC
Shrink Films and Printed Shrink labels in the field of flexible packaging since
past three years. He has extensive experience in speciality chemicals and
implementation of turnkey projects of chemical plants and machineries in Middle
East Countries, since the last 15 years.
Proficient in the
field of marketing and finance he craves new challenges and is actively
involved in the coordination and implementation of overseas and domestic
projects. He brings his immense knowledge and exposure to the company in terms
of various new and upcoming projects.
E-mail: devanshu@envisionscientific.com
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.