MIRA INFORM REPORT

Report Date :

14.08.2013

IDENTIFICATION DETAILS

Name :	ENVISION SCIENTIFIC PRIVATE LIMITED

Registered Office :	8, Narayan Darshan Apartment, Opposite Rupam Cinema, Salabatpura, Surat – 395003, Gujarat

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	22.12.2008

Com. Reg. No.:	04-055732

Capital Investment / Paid-up Capital :	Rs. 10.714 Millions

CIN No.: [Company Identification No.]	U24230GJ2008PTC055732

TAN No.: [Tax Deduction & Collection Account No.]	SRTE00317C

PAN No.: [Permanent Account No.]	AACCE0979P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture of Cardiovascular Devices for the Treatment of Cardiovascular Diseases.

No. of Employees :	Not available

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 238000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. There appears losses recorded by the company. However, networth of the company seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	8, Narayan Darshan Apartment, Opposite Rupam Cinema, Salabatpura Surat – 395003, Gujarat, India
E-Mail :	envisionscientific@drdcs.net
Website :	www.envisionscientific.com

Corporate Office :	Office 1-3, Sliver Palm II, Kadampalli, Nanpura, Surat - 395 001, Gujarat, India
Tel. No.:	91-261-2460003
Fax No.:	91-261-2460006
E-Mail :	inquiry@envisionscientific.com contact@envisionscientific.com

DIRECTORS

As on ; 29.09.2012

Name :	Mr. Manish Indulal Doshi
Designation :	Managing Director
Address :	704, Megh Malhar Apartment, Bhatar Char rasta, Althan Road, Surat – 395017, Gujarat, India
Date of Birth/Age :	18.10.1968
Date of Appointment :	28.06.2010
DIN No.:	00013936

Name :	Mr. Devanshu Prataprai Sheth
Designation :	Director (Projects)
Address :	8-A, Nutan Bharat Society, Alkapuri, Vadodara – 390007, Gujarat, India
Date of Birth/Age :	23.11.1966
Date of Appointment :	15.11.2010
DIN No.:	00026146

Name :	Mr. Kalpeshkumar Bishamberdayal Verma
Designation :	Director
Address :	104, Triveni, Swaminarayan Society, Sardar Gunj, anand, Gujarat, India-389001
Date of Birth/Age :	11.04.1970
Date of Appointment :	23.05.2011
DIN No.:	00042579

Name :	Mr. Bhavdip Indulal Doshi
Designation :	Director
Address :	C/43 Yash Tower 100 Ring Road Satelite, Ahmedabad – 380001, Gujarat, India
Date of Birth/Age :	09.08.1973
Date of Appointment :	15.11.2010
DIN No.:	01365599

Name :	Mr. Divyesh Prasannavadan Sherdiwala
Designation :	Director (Technical)
Address :	2/280, Moto Mohallo, Rustampura, Surat – 395002, Gujarat, India
Date of Birth/Age :	25.04.1968
Date of Appointment :	28.06.2010
DIN No.:	01927375

Name :	Mr. Jayesh Mahendrabhai Chevli
Designation :	Director (Finance and Accounts)
Address :	5B, Sankar Nagar Society, Bhatar, U.M. Road, Surat – 395001, Gujarat, India
Date of Birth/Age :	14.04.1966
Date of Appointment :	28.06.2010
DIN No.:	01928051

Name :	Mr. Nipul H Patel
Designation :	Director
Address :	2532, Dune Forest, Portage, USA-463368
Date of Birth/Age :	21.08.1969
Date of Appointment :	23.05.2011
DIN No.:	03543691

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on ; 29.09.2012

SHAREHOLDING DETAILS FILE ATTACED

Equity Share Break up (Percentage of Total Equity)

As on ; 29.09.2012

Category	Percentage
Bodies corporate	5.00
Directors or relatives of Directors	78.00
Other top fifty shareholders	17.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Cardiovascular Devices for the Treatment of Cardiovascular Diseases.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, Digvijay Towers, Opposite St. Xaviers School, Ghod Dod Road, Surat – 395007, Gujarat, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2012	As on 31.03.2011
Long term borrowings :
Term Loan
From Bank	7.410	0.000
Other Loan
From Bank	0.750	0.000
Total	8.160	0.000


Auditors :
Name :	Sudit K Parekh and Company Chartered Accountants
Address :	Ballard House, 2^nd Floor, Adi Marzban Path, Ballard Pier, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66178000
Fax No.:	91-22-66178002
E-Mail :	admin@skparekh.com
PAN No.:	AAAFS4500P

Other Related Parties :	v Heart Beat Interventions Private Limited v OM Health Solutions Private Limited v Concept Medical research Private Limited v Triveni Infraspace Private Limited v P.M. Sherdiwala HUF v Shiv Krupa Dye Chem v Shiv Shankar Dye Chem v Shiv Shakti Chemicals v Shiv Shakti Enterprises

CAPITAL STRUCTURE

As on : 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

1300000	Equity Shares	Rs.10/- each	Rs. 13.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1071400	Equity Shares	Rs.10/- each	Rs. 10.714 Millions

After : 29.09.2012

Authorised Capital : Rs. 13.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 11.597 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.714	8.600
(b) Reserves & Surplus	40.043	(7.162)
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	8.968	0.000
Total Shareholders’ Funds (1) + (2)	59.725	1.438

(3) Non-Current Liabilities
(a) long-term borrowings	16.189	3.988
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.914	0.000
Total Non-current Liabilities (3)	17.103	3.988

(4) Current Liabilities
(a) Short term borrowings	12.265	9.293
(b) Trade payables	22.630	0.562
(c) Other current liabilities	9.983	0.618
(d) Short-term provisions	.0.003	0.000
Total Current Liabilities (4)	44.881	10.473

TOTAL	121.709	15.899

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48.793	2.107
(ii) Intangible Assets	0.722	0.476
(iii) Capital work-in-progress	0.000	3.360
(iv) Intangible assets under development	49.474	1.037
(b) Non-current Investments	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.150	7.135
(e) Other Non-current assets	0.003	0.002
Total Non-Current Assets	100.152	14.127

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.747	0.343
(c) Trade receivables	8.762	0.000
(d) Cash and cash equivalents	0.508	0.489
(e) Short-term loans and advances	1.540	0.940
(f) Other current assets	0.000	0.000
Total Current Assets	21.557	1.772

TOTAL	121.709	15.899

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.100
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		2.221
TOTAL BORROWING		2.221
DEFERRED TAX LIABILITIES		0.000

TOTAL		2.321

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.556
Capital work-in-progress		0.000

INVESTMENT		0.010
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.140
	Sundry Debtors	0.013
	Cash & Bank Balances	0.097
	Other Current Assets	0.000
	Loans & Advances	0.017
Total Current Assets		0.267
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.828
	Other Current Liabilities	0.027
	Provisions	0.000
Total Current Liabilities		1.855
Net Current Assets		(1.588)

MISCELLANEOUS EXPENSES		0.011

PROFIT AND LOSS ACCOUNT		3.332

TOTAL		2.321

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	15.438	0.000	0.000
		Other Income	0.024	0.002	0.000
		TOTAL	15.462	0.002	0.000

Less	EXPENSES
		TOTAL	16.897	14.445	3.195

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.000	(14.443)	(3.195)

Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.065	0.051

Add	PRIOR PERIOD ITEMS		0.000	0.019	0.000

	PROFIT BEFORE TAX		(1.435)	(14.489)	(3.246)

Less	TAX		0.000	0.000	0.000

	PROFIT AFTER TAX		(1.435)	(14.489)	(3.246)

	EARNINGS IN FOREIGN CURRENCY
		Sale of Services	7.094	NA	NA
	TOTAL EARNINGS		7.094	NA	NA

	IMPORTS
		Stenta Purchase	1.390	0.246	0.000
		Capital Goods	3.343	0.000	0.000
		Chemicals	0.000	0.033	0.000
		Consumables	0.003	0.000	0.000
	TOTAL IMPORTS		4.736	0.279	0.000

	Earnings Per Share (Rs.)		(1.67)	(126.22)	(324.63)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(9.28)	(724450.00)	NA

Net Profit Margin (PBT/Sales)	(%)	(9.30)	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	(6.32)	(162.63)	(1215.73)

Return on Investment (ROI) (PBT/Networth)		(0.02)	(10.08)	(32.46)

Debt Equity Ratio (Total Liability/Networth)		0.29	2.77	22.21

Current Ratio (Current Asset/Current Liability)		0.51	0.85	0.14

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 two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BACKGROUND :

Subject formed in December 2008 is into design, development and manufacture of cardiovascular devices for the treatment of cardiovascular diseases. It intends to be a leading provider of drug delivery technologies to the healthcare industry. The technologies developed and under development are designed to be utilized for different types of drug and delivery systems. The Company has a team of scientists who evaluate the need in an efficient manner by studying data from current available drug delivery devices and try to bring out the solution to the problems that are faced in current devices in the market. The core technologies and offerings include drug delivery technologies from various surfaces and devices. The Company has commercialized its manufacturing and sales since January 2012.

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Long term borrowings :
From related parties :	8.029	3.988
Short term borrowings		0
Loans repayable on demand		0
From related parties	12.265	3.009
From Others	--	6.284
Total	20.294	13.281

INDEX OF CHARGE :

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10305179	25/07/2012 *	28,400,000.00	AXIS BANK LIMITED	DIGVIJAY TOWERS , OPP. ST. XAVIER'S SCHOOL, GHOD DOD ROAD, SURAT, Gujarat - 395007, INDIA	B44581510

FIXED ASSETS:

Computer
Building
Plant and Equipments
Furniture and Fixtures
Computers
Office Equipments
Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.43
UK Pound	1	Rs. 95.08
Euro	1	Rs. 81.78

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		33

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.

MIRA INFORM REPORT

Mr. Kalpeshkumar Bishamberdayal Verma

Mr. Nipul H Patel

(9.28)

(9.30)

(6.32)

(0.02)

0.29

0.51

Unit