MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	ENVISION SCIENTIFIC PRIVATE LIMITED
Registered Office :	Shop No. 1, 2, 3, 4, Silver Palm – 2, Kadampalli, Nanpura, Surat – 395001, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.12.2008
Com. Reg. No.:	04-055732
Capital Investment / Paid-up Capital :	Rs. 12.299 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 :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Case site not working
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Faiz Nagaria
Designation :	Accounts Manager
Contact No.:	91-9723551224
Date :	11.09.2014

LOCATIONS

Registered Office :	Shop No. 1, 2, 3, 4, Silver Palm – 2, Kadampalli, Nanpura, Surat – 395001, Gujarat, India
Tel. No.:	91-261-2460003
Mobile No.:	91-9723551224 (Mr. Faiz)
Fax No.:	91-261-2460006
E-Mail :	faiz@envisionscientific.com
Website :	www.envisionscientific.com
Area :	450 sq. ft.
Location :	Owned
Factory :	C 1 B 108 Ichachapur GIDC Bhator Sachin Hazira Road, Surat – 394510, Gujarat, India

DIRECTORS

As on: 30.09.2013

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 :

20.05.2011

DIN No.:

00013936

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	U33119GJ2001PTC040121	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	01/04/2002	01/04/2002	08/10/2007	Active	NO
2	U33110GJ2007PTC052416	HEART BEAT INTERVENTION PRIVATE LIMITED.	Managing director	20/10/2008	20/12/2007	-	Active	NO
3	U24230GJ2008PTC055730	CONCEPT MEDICAL RESEARCH PRIVATE LIMITED	Director	22/12/2008	22/12/2008	-	Active	NO
4	U33112GJ2009PTC057446	OM HEALTH SOLUTIONS PRIVATE LIMITED	Director	05/02/2010	05/02/2010	-	Active	NO
5	U24230GJ2008PTC055732	ENVISION SCIENTIFIC PRIVATE LIMITED	Managing director	20/05/2011	28/06/2010	-	Active	NO

Name :

Mr. Devanshu Prataprai Sheth

Designation :

Director

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

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	U25202GJ2006PTC048181	TANVIKA POLYMERS PRIVATE LIMITED	Director	24/04/2006	24/04/2006	-	Active	NO
2	U24230GJ2008PTC055732	ENVISION SCIENTIFIC PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
3	U33112GJ2009PTC057446	OM HEALTH SOLUTIONS PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
4	U33110GJ2007PTC052416	HEART BEAT INTERVENTION PRIVATE LIMITED.	Director	15/11/2010	15/11/2010	-	Active	NO

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

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	U51909GJ1994PTC022251	B. C. VERMA ENTERPRISES PRIVATE LIMITED	Director	14/06/1994	14/06/1994	-	Active	NO
2	U65910GJ1994PTC022299	B C VERMA INVESTMENTS PRIVATE LIMITED	Director	21/06/1994	21/06/1994	-	Active	NO
3	U74999GJ1994PTC022356	BHARAT TYRES (GUJARAT) PRIVATE LIMITED	Director	28/03/2007	01/04/1997	-	Active	NO
4	U45201GJ2010PTC060294	TRIVENI INFRASPACE PRIVATE LIMITED	Director	17/04/2010	17/04/2010	-	Active	NO
5	U67120GJ2005PTC046322	MONEYBERRYS INVESTMENT SERVICES PRIVATE LIMITED	Additional director	01/06/2010	01/06/2010	-	Active	NO
6	U24230GJ2008PTC055732	ENVISION SCIENTIFIC PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO

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

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	U29199GJ1997PTC032545	SHIV LASER TECH PRIVATE LIMITED	Director	15/08/1997	15/08/1997	10/09/2009	Strike off	NO
2	U29219GJ1993PLC019848	FIREFLY ENERGY LIMITED	Whole-time director	27/03/2004	27/03/2004	17/04/2009	Active	NO
3	U72900MH2000PLC123764	Web BUSINESSES.COM GLOBAL LIMITED	Director	21/03/2006	21/03/2006	11/04/2009	Active	NO
4	U28930GJ2006PLC047896	ALPHA NIPPON INNOVATIVES LIMITED	Director	02/11/2006	02/11/2006	11/04/2009	Active	NO
5	U29299GJ2007PTC051004	ALPHA VASCULAR TECHNOLOGIES PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
6	U51507GJ2010PTC061809	LOTUS CARDIAC CARE PRIVATE LIMITED	Director	30/07/2010	30/07/2010	05/06/2014	Active	NO
7	U24230GJ2008PTC055732	ENVISION SCIENTIFIC PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
8	U33112GJ2009PTC057446	OM HEALTH SOLUTIONS PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
9	U33110GJ2007PTC052416	HEART BEAT INTERVENTION PRIVATE LIMITED.	Director	15/11/2010	15/11/2010	-	Active	NO

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

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	U33110GJ2007PTC052416	HEART BEAT INTERVENTION PRIVATE LIMITED.	Director	20/12/2007	20/12/2007	-	Active	NO
2	U33112GJ2009PTC057446	OM HEALTH SOLUTIONS PRIVATE LIMITED	Director	05/02/2010	05/02/2010	-	Active	NO
3	U24230GJ2008PTC055732	ENVISION SCIENTIFIC PRIVATE LIMITED	Director	30/09/2010	28/06/2010	-	Active	NO

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

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	U33110GJ2007PTC052416	HEART BEAT INTERVENTION PRIVATE LIMITED.	Director	20/12/2007	20/12/2007	-	Active	NO
2	U33112GJ2009PTC057446	OM HEALTH SOLUTIONS PRIVATE LIMITED	Director	05/02/2010	05/02/2010	-	Active	NO
3	U24230GJ2008PTC055732	ENVISION SCIENTIFIC PRIVATE LIMITED	Director	30/09/2010	28/06/2010	-	Active	NO

Name :

Mr. Nipul H Patel

Designation :

Director

Address :

3, Navrang Society, Maul Dairy Road, Anand – 388001, Gujarat, India

Date of Birth/Age :

21.08.1969

Date of Appointment :

23.05.2011

DIN No.:

03543691

Name :

Mr. Jnyan S. Patel

Designation :

Director

Address :

Vikas Villa, 502 CTS 567, Janki Kutir, Juhu Church Road, Juhu, Near Pruthvi Theater,Vile Parle (West), Mumbai – 400054, Maharashtra, India

Date of Appointment :

18.07.2013

DIN No.:

05188767

KEY EXECUTIVES

Name :	Mr. Faiz Nagaria
Designation :	Accounts Manager
Name :	Mr. Dhiren R Dave
Designation :	Company secretary
Address :	D – 412, International Trade Center, Majura Gate, Ring Road, Surat – 395002, Gujarat, India
Tel No.:	91-79-2475122 / 2460903
Mobile No.:	91-9824115061
Tel No.:	www.drdcs.net

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

SHAREHOLDING LIST ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Venture capital	5.00
Directors or relatives of directors	79.00
Other top fifty shareholders	16.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture Of Cardiovascular Devices For The Treatment Of Cardiovascular Diseases.
Imports :
Products :	Parts
Countries :	France
Terms :
Selling :	Cash and credit
Purchasing :	Cash and credit

GENERAL INFORMATION

Suppliers :

Minva FXF – France

Customers :

Lotus Cardiac Care Private Limited, Ahmedabad, Gujarat, India

No. of Employees :

80 (Approximately)

Bankers :

· Standard Chartered Bank, 2^nd Floor, C K Tower, Surat Dumas Road, Parle Point, Surat – 395007, Gujarat, India

· Axis Bank Limited, Digvijay Towers, Opposite St. Xavier’s School, Ghod Dod Road, Surat – 395007. Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
TERM LOANS
From Banks	5.190	7.410
OTHER LOANS
From Banks	0.276	0.750
SHORT TERM BORROWINGS:
From banks	17.883	0.000
Total	23.349	8.160

Banking Relations :	--
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
Sister Concern :	· Heart Beat Interventions Private Limited · OM Health Solutions Private Limited · Concept Medical research Private Limited · Triveni Infraspace Private Limited · P.M. Sherdiwala HUF · Shiv Krupa Dye Chem · Shiv Shankar Dye Chem · Shiv Shakti Chemicals · Shiv Shakti Enterprises

CAPITAL STRUCTURE

As on: 30.09.2013

Authorized 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
1159716	Equity Shares	Rs.10/- each	Rs. 11.597 Millions

As on: 31.03.2013

Authorized 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
1101730	Equity Shares	Rs.10/- each	Rs. 11.017 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.017	10.714	8.600
(b) Reserves & Surplus	46.695	40.043	(7.162)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	8.968	0.000
Total Shareholders’ Funds (1) + (2)	57.712	59.725	1.438
(3) Non-Current Liabilities
(a) long-term borrowings	5.466	16.189	3.988
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.880	0.914	0.000
Total Non-current Liabilities (3)	7.346	17.103	3.988
(4) Current Liabilities
(a) Short term borrowings	33.800	12.265	9.293
(b) Trade payables	34.084	22.630	0.562
(c) Other current liabilities	21.915	9.983	0.618
(d) Short-term provisions	0.006	.0.003	0.000
Total Current Liabilities (4)	89.805	44.881	10.473
TOTAL	154.863	121.709	15.899
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.886	48.793	2.107
(ii) Intangible Assets	78.113	0.722	0.476
(iii) Capital work-in-progress	0.039	0.000	3.360
(iv) Intangible assets under development	0.000	49.474	1.037
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.733	1.150	7.135
(e) Other Non-current assets	0.004	0.003	0.002
Total Non-Current Assets	128.785	100.152	14.127
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.289	10.747	0.343
(c) Trade receivables	11.025	8.762	0.000
(d) Cash and cash equivalents	0.058	0.508	0.489
(e) Short-term loans and advances	6.706	1.540	0.940
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	26.078	21.557	1.772
TOTAL	154.863	121.709	15.899

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	42.600	15.438	0.000
		Other Income	0.404	0.024	0.002
		TOTAL	43.004	15.462	0.002
Less	EXPENSES
		TOTAL	61.147 (Including Depreciation and Financial Expenses)	16.897 (Including Depreciation and Financial Expenses)	14.445
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION				(14.443)
Less/ Add	DEPRECIATION/ AMORTISATION				0.065
Add	PRIOR PERIOD ITEMS				0.019
	PROFIT BEFORE TAX		(18.143)	(1.435)	(14.489)
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		(18.143)	(1.435)	(14.489)
	EARNINGS IN FOREIGN CURRENCY
		Sale of Services	0.000	7.094	NA
	TOTAL EARNINGS		0.000	7.094	NA
	IMPORTS
		Stenta Purchase	13.278	1.390	0.246
		Capital Goods	1.557	3.343	0.000
		Chemicals	0.036	0.000	0.033
		Consumables	0.167	0.003	0.000
	TOTAL IMPORTS		15.038	4.736	0.279
	Earnings Per Share (Rs.)		0.00	(1.67)	(126.22)

Particulars	31.03.2014
Sales Turnover (Approximately)	120.000

The above information has been parted by Mr. Faiz Nagaria.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(42.19)	(9.28)	(724450.00)
Net Profit Margin (PBT/Sales)	(%)	(42.59)	(9.30)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(11.72)	(6.32)	(162.63)
Return on Investment (ROI) (PBT/Networth)		(0.31)	(0.02)	(10.08)
Debt Equity Ratio (Total Debt/Networth)		0.68	0.29	2.77
Current Ratio (Current Asset/Current Liability)		0.29	0.51	0.85

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.600	10.714	11.017
Reserves & Surplus	(7.162)	40.043	46.695
Share Application money pending allotment	0.000	8.968	0.000
Net worth	1.438	59.725	57.712
long-term borrowings	3.988	16.189	5.466
Short term borrowings	9.293	12.265	33.800
Total borrowings	13.281	28.454	39.266
Debt/Equity ratio	9.236	0.476	0.680

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	15.438	42.600
			175.942

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	15.438	42.600
Profit	(14.489)	(1.435)	(18.143)
		(9.30%)	(42.59%)

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
From Related Parties	0.000	8.029
SHORT TERM BORROWINGS:
LOANS REPAYABLE NO DEMAND
From related parties	15.917	12.265
Total	15.917	20.294

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10477800	31/12/2013	9,200,000.00	STANDARD CHARTERED BANK	2nd FLOOR, C K TOWER, SURAT DUMAS ROAD, PARLE POINT, SURAT - 395007, GUJARAT, INDIA	B96452131
2	10305179	25/07/2012 *	28,400,000.00	AXIS BANK LTD	DIGVIJAY TOWERS , OPP. ST. XAVIER'S SCHOOL, GHOD DOD ROAD, SURAT - 395007, GUJARAT, INDIA	B44581510

FIXED ASSETS:

· Plant and Machinery

· Office Equipment

· Computers

· Furniture and Fixtures

· Building

· 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 judgment 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 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.60.84
UK Pound	1	Rs.98.72
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	JAY

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	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		26

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.