MIRA
INFORM REPORT
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Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
OPTO CIRCUITS INDIA LIMITED |
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Registered Office : |
Plot No. 83, Electronic City, Hosur Main Road, Bangalore –
560 100, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.06.1992 |
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Com. Reg. No.: |
13223 |
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CIN No.: [Company
Identification No.] |
L85110KA1992PLC013223 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRO00176B |
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Legal Form : |
Public Limited Liability company. The company shares are listed on stock exchanges. |
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Line of Business : |
Manufacturing of Optical Sensors, Medical Electronics,
Security Systems and Chip-on-Board Assemblies. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 9000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Directors are reported as experienced, respectable and resourceful industrialist. Their trade relations are fair. General financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Plants: |
Plot No. 83, Electronic City, Hosur Main Road, Bangalore – 560 100, Karnataka, India |
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Tel. No.: |
91-80-28521040/41/42 |
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Fax No.: |
91-80-28521094 |
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E-Mail : |
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Website : |
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Factory : |
v Advanced Micronic Devices Limited Plot No.16, Electronic City Ist A Cross Bangalore - 560 100 Tel. 91-80-28520703 / 8 Fax. 91-80-28523032 Email : amdlfactory@touchtelindia.com
v No. 39-A (Old No.28-A) Sir Madavan Nair Road, Mahalingapuram Chennai - 600 034, Tamilnadu Tel. 91-44 - 52132592 / 3 / 643 Fax. 91-44 – 52132594 Email. amdlchn@md4.vsnl.net.in Website : http://www.amdlcorp.com v No.302/309, Taramandal Complex 5-9-13 Saifabad Hyderabad – 500 004 Tel. 91-40 - 23299358 / 23296526 Fax. 91-40 – 23297801 Email : 1. amdlhyd@hd2.vsnl.net.in v No. 13, Swastik Chambers Ground Floor Sion Trombay Road, Chembur Mumbai – 400 071 Tel. 91-22-25276101 / 2 / 3 / 4 Fax. 91-22-25223963 Email : amdlby@amdlcorp.com v No 907, 9th Floor, No. 26, Kailash Building Kasthurba Gadhi Marg, New Delhi – 110 001 Tel. 91-11 - 23705488 / 89 / 51521722 Fax. 91 011 – 23705487 Email : amdldel@vsnl.com v Communication Centre 37/1b, Hazra Road Kolkata – 700 029 Tel : 91-33 – 24748132 Das : 9830009486 Fax : 91-33–24747389 Email : das_bpratim@rediffmail.com
v Krishna Tc 16/1434(3), 2nd Floor, Harishri Associates Building Gowreesha Pattom, Pattom PO. Trivandrum – 695 004 Tel. 91-471 - 2444475 / 2447840 Fax. 91-471 – 2445947 Cell. 91-9847156923 Email : amdl@eth.net |
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Branches : |
v 83, Electronic City, Hosur Main Road, Bangalore – 560 100, Karnataka Tel. 91-80-28521040/41/42 Fax. 91-80-28521094 E-mail. 1. oci@optoindia.com v A-306, Block I, KSSIDC Multi-Storied Complex, Hosur Road, Electronic City, Bangalore – 560 100, Karnataka Tel. 91-80-51103443/5 Fax. 91-80-51103447 E-mail. altron@touchtelindia.net v Micronic Hosue No. 101, 15th Cross, II Block Jayanagar, Bangalore – 560 011, Karnataka Tel. 91-80-26565610/26565066/26565011/26564288/26567017 Fax. 91-80-26566249 E-mail. amdl@vsnl.com Website http://www.amdlcorp.com v Floor I, Crimson Court II, #4, Main Road, Hal III Stage, Jeevan Bheema Nagar, Bangalore – 560 075, Karnataka Tel. 91-80-51155662/5204114/25204205/6 Fax. 91-80-51155661 E-mail. pratap@amdlbct.com Website. http://www.admdlbct.com v S-11, 2nd Floor, Gem Plaza No. 66, Infantry Road, Bangalore – 560 001, Karnataka Tel.91-80-25590947/8/9 Fax. 91-80-51238768 E-mail. sales@amdlcrop.com Website. http://www.amdlcorp.com v No. 65, Arun Complex, DVG Road, Basavanagudi, Bangalore – 560 004, Karnataka |
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Overseas Offices: |
v
USA 11611, Fairgrove Industrial Boulevard Maryland Heights, MU 63043 USA v
Singapore Opto Systems (S) Pte Ltd 30, Kallang Place # 06-06 Singapore – 339 159 Phone : + 65 2692881 Fax : + 65 292 6534 Email : sales@optosystems.com.sg |
DIRECTORS
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Name : |
Mr. Vinod Ramnani |
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Designation : |
Chairman & Managing Director |
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Address : |
Kasavanahalli, Carmelram Post, Sarjapur Road, Bangalore – 560 035, Karnataka, India |
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Name : |
Mr. Thomas Dietiker |
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Designation : |
Director |
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Address : |
3848, Del Amo Blvd., Suite # 304, Torrence, CA 90623 |
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Name : |
Mr. Jayesh C. Patel |
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Designation : |
Director |
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Address : |
7302, Spruce Circle, Lapama, 7303, California 90623 |
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Name : |
Mrs. Usha Ramnani |
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Designation : |
Executive Director |
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Address : |
Kasavanahalli, Carmelram Post, Sarjapur Road, Bangalore – 560 035, Karnataka, India |
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Name : |
Dr. Suleman Adam Merchant |
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Designation : |
Director |
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Name : |
Mr. V Bala Subramaniam |
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Designation : |
Director |
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Name : |
Dr. Anvay Mulay |
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Designation : |
Director |
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Name : |
Mr. Rajkumar Raisinghani |
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Designation : |
Director |
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Name : |
Dr. Wiiliam Walter O’ Neil |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Rose Chintamani |
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Designation : |
Company Secretary |
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Name : |
Mr. Vijayendra R |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2007) |
No. of Shares |
Percentage of
Holding |
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Banks |
262517 |
0.42% |
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Clearing Members |
68430 |
0.11% |
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Employees |
3450 |
---- |
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FIIs |
14363398 |
23.31% |
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Foreign Nationals |
3512 |
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Foreign Promoters |
4292316 |
6.96% |
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HUF |
222260 |
0.36% |
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Indian Promoters |
14788868 |
24.01% |
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Bodies Corporate |
6960823 |
11.30% |
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Mutual Funds |
2471372 |
4.02% |
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Non Residents Indians |
5166950 |
8.39% |
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Resident Individuals |
13009398 |
21.12% |
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Trusts |
3286 |
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Total
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61616580 |
100.00% |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Optical Sensors, Medical Electronics,
Security Systems and Chip-on-Board Assemblies. |
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Products : |
v
Pulse-oximetry
Sensors for OEM's (Elekon) v
Pulse-oximetry
Monitors and Accessories (Opto under Media- v
Aid-Palco
Brand) v
Electronic
Thermometry (Opto) v
X-Ray
Detection Modules (Elekon) v
Optoelectronic
Components (Elekon and Opto) v
Medical
Device Distribution (AMD) v Software and Hardware Design
Services (AMD)
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PRODUCTION STATUS :-
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Year Ending |
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31.03.2007 |
31.03.2006 |
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(Rs. in millions) |
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Production (Units) |
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4.127 |
4.083 |
GENERAL
INFORMATION
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Customers : |
· Agilent Technologies Inc., U.S.A. (formerly – Hewlett Packard) · Criticare Systems Inc., U.S.A. · Logitech International SA, Switzerland · Nellcor Puritan Bennett, Nonin Medical, Inc., U.S.A. · Epic Medical Equipments Inc., U.S.A. · Hindustan Lever Limited, India |
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Bankers : |
· State Bank of India, Bangalore, Karnataka · State Bank of Travancore, Bangalore, Karnataka · United Bank of India · ABN Amro Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1: |
Anand Shenoy & Company Chartered Accountants |
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Address : |
S – 2, II Floor, Gem Plaza, No. 66, Infantry Road, Bangalore – 560 001,
Karnataka, India |
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Name 2: |
HLB Treumerkur Chartered accountants |
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Address: |
Hofkamp 24, 42103 Wuppertal, Germany |
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Associates/Subsidiaries : |
v Advanced Micronics Devices Limited, Bangalore, Karnataka A listed Company engaged in manufacturing and marketing of critical cardiac-care and other health-care equipments. The company has its state-of-the-art manufacturing facility at Electronic City, Bangalore. It also has an R & D set-up with a full-fledged product design division. It has marketing offices at all the important metros in India. v Altron Industries (Private) Limited, Bangalore, Karnataka An ISO 9001 certified company engaged in Electronics Manufacturing Services (EMS), having its state-of-the-art manufacturing facility at Electronics City, Bangalore. The unit is capable of mass manufacturing electronic products and assemblies to world standard requirements. v Opto Systems (S) Private Limited, Singapore Opto Systems is uniquely qualified to provide related services and support to Customers on a round the clock basis. The Company is capable of providing speedy, efficient and cost effective solutions and services. v Advanced Micronic Devices Limited v Mediaid Inc., USA v Altron Industries Private Limited v
Eurocor Gmbh, German |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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65000000 |
Equity Shares |
Rs. 10/- each |
Rs.650.000 millions |
Issued Capital :
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No. of Shares |
Type |
Value |
Amount |
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61878480 |
Equity Shares |
Rs. 10/- each |
Rs.618.784
millions |
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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61616580 |
Equity Shares |
Rs. 10/- each |
Rs.616.165
millions |
(Out of the above - 1239831 Equity Shares of Rs. 101- each fully paid-up alloted otherwise than for Cash. 52063680(P.Y21255390) Equity Shares ofRs.101- Each fully paid up as Bonus Shares.)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
616.165 |
268.082 |
178.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1495.909 |
474.697 |
354.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2112.074 |
742.779 |
532.700 |
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LOAN FUNDS |
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1] Secured Loans |
490.342 |
579.727 |
146.500 |
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2] Unsecured Loans |
2.210 |
14.700 |
12.500 |
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TOTAL BORROWING |
492.552 |
594.427 |
159.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2604.626 |
1337.206 |
691.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
310.403 |
200.844 |
185.600 |
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Capital work-in-progress |
2.733 |
0.019 |
7.900 |
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INVESTMENT |
428.710 |
396.617 |
98.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
481.420
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224.512 |
204.200 |
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Sundry Debtors |
1289.265
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740.657 |
314.300 |
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Cash & Bank Balances |
305.542
|
22.435 |
23.000 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
385.879
|
44.756 |
58.900 |
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Total
Current Assets |
2462.106
|
1032.360 |
600.400 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
212.399
|
157.968 |
127.100 |
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Provisions |
388.740
|
148.509 |
73.200 |
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Total
Current Liabilities |
601.139
|
306.477 |
200.300 |
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Net Current Assets |
1860.967
|
725.883 |
400.100 |
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MISCELLANEOUS EXPENSES |
1.813 |
13.843 |
0.000 |
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TOTAL |
2604.626 |
1337.206 |
691.700 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
2016.433 |
1160.360 |
791.400 |
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Other Income |
26.654 |
11.834 |
3.200 |
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Total Income |
2043.087 |
1172.194 |
794.600 |
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Profit/(Loss) Before Tax |
731.423 |
351.937 |
194.100 |
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Provision for Taxation |
9.651 |
1.317 |
2.500 |
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Profit/(Loss) After Tax |
721.772 |
350.620 |
191.600 |
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Import Value |
1357.112 |
692.603 |
0.000 |
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Expenditures : |
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Manufacturing Expenses |
1127.470 |
708.400 |
11.900 |
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Administrative Expenses |
142.962 |
82.503 |
0.000 |
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Raw Material Consumed |
0.000 |
0.000 |
464.000 |
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Increase/(Decrease) in Finished Goods |
[30.479] |
[12.290] |
0.000 |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
22.900 |
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Power & Fuel |
0.000 |
0.000 |
6.200 |
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Financial charges |
49.821 |
29.633 |
18.500 |
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Depreciation & Amortization |
15.941 |
12.350 |
207.000 |
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Other Expenditure |
0.000 |
0.000 |
4.700 |
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Total Expenditure |
1305.715 |
820.596 |
735.200 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
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Type
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
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Sales Turnover |
616.000 |
812.800 |
904.300 |
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Other Income |
10.900 |
0.000 |
10.500 |
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Total Income |
626.900 |
812.800 |
914.800 |
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Total
Expenditure |
375.300 |
504.400 |
571.400 |
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Operating Profit |
251.600 |
308.400 |
343.400 |
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Interest |
15.200 |
19.400 |
22.900 |
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Gross Profit |
236.400 |
289.000 |
320.500 |
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Depreciation |
4.600 |
4.700 |
4.800 |
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Tax |
0.100 |
0.100 |
0.200 |
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Reported PAT |
231.700 |
284.200 |
315.500 |
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.38 |
0.59 |
0.40 |
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Long Term Debt-Equity Ratio |
0.11 |
0.27 |
0.11 |
|
Current Ratio |
2.07 |
1.78 |
1.82 |
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TURNOVER RATIOS |
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Fixed Assets |
6.24 |
4.67 |
3.43 |
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Inventory |
5.71 |
5.41 |
4.36 |
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Debtors |
1.99 |
2.20 |
2.69 |
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Interest Cover Ratio |
15.69 |
12.89 |
11.49 |
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Operating Profit Margin(%) |
39.54 |
33.95 |
28.49 |
|
Profit Before Interest And Tax Margin(%) |
38.75 |
32.88 |
26.86 |
|
Cash Profit Margin(%) |
36.59 |
31.28 |
25.84 |
|
Adjusted Net Profit Margin(%) |
35.80 |
30.21 |
24.21 |
|
Return On Capital Employed(%) |
39.80 |
37.86 |
32.15 |
|
Return On Net Worth(%) |
50.57 |
54.97 |
40.52 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:-
The company was converted into a Public Limited company w.e.f. 29th April, 2000 for manufacture of the products like Optical Sensors, Medical Electronics, Security Systems and Chip-on-Board Assemblies. The company has two manufacturing units located in Bangalore which have 100% EOU status and it is also listed with Federal Drug Authority, United States of America.
The company has been maintaining strict quality control by benchmarking the facilities and the products to the international standards.
RESULTS
OF OPERATIONS:
The Company continued to see strong and profitable growth in
the financial year 2006-07 across all markets driven by good performance. For
the year ended March 31, 2007, the company earned a total income of Rs. 2074
million, showing an increase of 74% over previous year's Rs.1184 million.
The net profit of the Company for the year increased to
Rs.721 million as compared to Rs.351 million in the previous year, reflecting
an increase of 106% over the previous year. Earnings Per Share stood at
Rs.11.71 as against the previous year figure of Rs.5.69 (re-stated).
Transfer
to Reserves:
The Company proposes to transfer Rs. 73 Millions to the
General Reserve out of the amount available for appropriation and an amount of
Rs. 729 Millions is proposed to be retained in the profit and loss
account.
As stipulated in the listing agreement with the stock
exchanges, the consolidated financial statements have been prepared by the
Company in accordance with the relevant accounting standards issued by the
Institute of Chartered Accountants of India. The audited consolidated financial
statements together with Auditors Report thereon forms part of the Annual
Report. The Consolidated profits after tax of the Group for the year ended 31st
March 2007 amounted to Rs. 732 Millions as compared to Rs. 386 Millions in the
previous financial year representing a basic earning per shares of Rs. 11.89 as
against Rs.6.27 in the previous year (re-stated).
Follow-on Public Issue:
The Company made a follow-on public issue of 4 Million
equity shares of Rs.10 each for cash at a price of Rs.270 per share (premium
Rs.260). The net issue to the public was 3200000 with a reservation of 400000
to the existing retail shareholders and 400,000 shares to the employees.
The issue opened on 31st March 2006 and closed on 5th April 2006. The Directors
are proud to inform that the issue received overwhelming response and was
oversubscribed by 4.84 times. The Directors would like to place on record their
appreciation for the confidence reposed by all categories of Investors in the
Company and look forward to their continued support in all its ventures.
MANAGEMENT DISCUSSION AND
ANALYSIS:
Industry
Structure and Developments:
The company is engaged in the Design, Development,
Manufacturing, Marketing and Distribution of Medical Electronic Devices and
Medical Monitoring products employing sensing and detection techniques.
The Company's presence is both in Invasive and Noninvasive
segment's. Invasive segment includes Stents and Catheters where as Non-invasive
segment includes SPO2 Sensors, Pulse Oximeters, multi parameter monitors,
digital thermometers, cholesterol monitors, fluid warmers, thermal printers and
so on.
The Technology used in the manufacture of these devices involves a combination
of Optics and Electronics called Opto electronics. Opto electronics is used for
collection, transmission, storage, display and hardcopy output of information.
Opto electronics has a significant advantage over normal electronics, including
higher information carrying capacity, higher data storage capacity etc. As a
result opto electronics is viewed as a major enabler of the information age
that will lead to advances in the processing of information.
There is a trend towards the large manufacturers outsourcing more and more of
their product lines and components. The industry segment in which the company
operates has been growing at a rate exceeding 15% p.a in recent years and is
expected to grow at 10% to 20% over the next 10 years.
Opportunities and Threats:
Opto electronics Industry is expected to generate market and
services above $1 trillion within the next decade. This provides the Company
with tremendous growth opportunities.
The Company operates in the patient monitoring segment in the medical
electronic space. Their range include both Non-invasive and Invasive products
for cardiac care. Their Invasive product range includes coronary stents which
is expected to generate a market of US$ 10 million in the next few years.
Outlook:
In the past fourteen years the company has established itself as a leading
supplier of non-invasive OEM Optical sensors in the field of patient monitoring
systems.
The company has US FDA approval for its SPO2 products. It has also added two
new products to its patient monitoring range.
The Company was accredited with ISO-13485-2003
certification, in addition to the existing ISO 9000-9001 certificates. Being an
international standard, it provides harmonized model for quality management
system that satisfy international medical device regulations.
The Company has grown both organically and inorganically over the years.
Their experience with the acquisitions so far has been quite
satisfactory, which has given them confidence to pursue this strategy. The
Company has acquired two more companies viz., Devon Innovations Private Limited
and Ormed Medical Technology Limited during the month of April this year.
Devon Innovations manufacture Catheters and allied products for various medical
segments and Ormed deals in Orthopaedic Prosthesis and Surgical Disposables.
Both companies are ISO 9001 Certified Manufacturing Companies.
Devon Products have the CE Mark also.
The company plans to expand its state of the art technology
in developing new models of patient monitoring systems like pulse oximeters,
multiparameter monitors and other patient monitoring systems used for critical
patient care. The company proposes to enhance its in-house R and D capability
in the US and India to ensure continued leadership in the field.
The company is expanding into new geographical territory with offices
established in Dubai and Germany. Their worldwide distribution network will
help to market their products globally. With the successful Business
Performance in the past years, the Company is optimistic of leveraging
opportunities to extend its geographic footprint with innovative products and
intensive marketing efforts.
Risks and Concerns:
Operating in multiple geographies reduces risk of business
concentration in specific markets but increases geo-political and
macro-economic risks. To mitigate this risk, the company carries out a thorough
due diligence exercise prior to starting operations in a new location and also
keeps a watch on situations on an ongoing basis.
Other key risks related to business include loss of key personnel, increase in
input costs and fluctuations in Indian Rupee against the other Foreign
Currencies.
Special
Economic Zone
They have decided to develop a specialised facility mainly
for the health care industry. Moving in this direction Opto Circuits has got
its formal approval from the Government of India to setup sector specific SEZ
for manufacture of electronic hardware near Mysore in the state of Karnataka
over an area of about 200 acres.
Material development in Human Resources/Industrial Relations front including
number of people employed.
As an organization that is rapidly growing in product scope and geographies,
Opto recognizes that the key driver to its growth plans is its talent pool.
Therefore, the Company takes concrete steps for developing skills and
competencies of its employees. Their HR strategy aims at developing mutually
beneficial relationships with all employees. Their objective is to help their
employees grow in their work profile and perceive an inherent long-term career
growth while being employed with them.
With this objective, the company has a clearly enunciated HR philosophy. To
help employees to perform their best, programs are conducted for augmenting
their skills, empowering and fostering team spirit, with which their talented
employees can unleash their creativity for the mutual benefit.
OTHER INFORMATION:
Contingent
Liability:
The company has
issued corporate guarantee in favour of State Bank of India and State Bank of
Travancore against line of credit sanctioned to its subsidiary for M/s Advanced
Micronic Devices Limited for Rs. 197.700 millions (PY Rs. 184.100 millions).
The company has
recognized and provided for the liability towards gratuity and unavailed
encashable earned leave on accrual basis. In earlier years these have been
recognized and accounted only on cash basis. Prior period expenses includes
Rs.3.151 millions towards gratuity liability and Rs. 1.604 millions towards
Earned Leave Encashment liability provided for the earlier years on accrual
basis.
Segment wise
reporting:-
a. The company has
mainly one business segment of Medical Electronic Products.
b. The company has
geographical region wise segments of the customers is as shown below, region
wise profitability can not be ascertained.
Sales Revenue by
Geographical segment:-
|
Continent |
31.03.2007 |
31.03.2006 |
|
|
(Rs. in millions) |
|
|
Asia |
822.178 |
454.006 |
|
Europe |
712.192 |
142.845 |
|
America |
473.381 |
554.730 |
|
Domestic and others |
8.683 |
8.780 |
i) Segments have
been identified in accordance with Accounting Standard-17 "Segment
reporting", considering the organization structure and the return/risk
profiles of the businesses. The management information system recognizes and
monitors these segments on a continuous basis.
ii) Segment
revenue includes sales directly identifiable with the segment and allocated to
it. Assets used in the Company's business or liabilities contracted have not
been identified to any of the reportable segments.
|
Project cost |
Projected in Prospectus |
Utilization as at 31.03.2007 |
|
Upgradation of Research and Development facility |
193.800 |
11.409 |
|
Cost of Upgrading Infrastructure and for modernizing and acquisition of additional plant and machinery |
163.500 |
119.721 |
|
Investment in Mediaid Inc for establishing marketing offices |
75.000 |
55.884 |
|
Acquisition of Eurocor Gmbh |
272.100 |
269.562 |
|
Additional Working capital Requirement |
225.000 |
225.000 |
|
General Corporate Purpose |
154.359 |
97.115 |
|
Issue Expenses |
70.600 |
72.037 |
|
Total |
1154.359 |
850.728 |
|
Unutilised Fund |
0.000 |
303.631 |
|
Total |
1154.359 |
1154.359 |
|
Means of Finance |
Projected in Prospectus |
Actual Realisation as at 31st March
2007 |
|
Equity share Capital |
40.000 |
40.000 |
|
Share Premium |
1040.000 |
1040.000 |
|
Internal Generation |
74.359 |
74.359 |
|
Total |
1154.359 |
1154.359 |
The company has two manufacturing units at the existing site in Bangalore, which have 100% EOU status and the company is listed with Federal Drug Authority, U.S.A.
The company has been accredited with ISO 9001 Certification since 1994 by RVA, The Netherlands, through STQC Directorate, Government of India.
The company's manufacturing facilities consist of state-of-the art facilities such as Disco Wafer Dicing, Die Attach, Component Forming, Wire Bonders, Transfer Moulding, Reflow Ovens, etc. backed by a comprehensive range of inspection and reliability testing equipment such as Bond Pull, Shear Testers, Stereo Microscopes, IR Viewers, Spectrometers, etc.
The company’s fixed assets of important value include:-
· Land,
· Bore Well,
· Office Building,
· Electrical Installations,
· Buildings
· Apartments
· Plant and Machinery,
· Furniture and Fittings,
· Office Equipments,
· Computers And Software
· Vehicles.
WEBSITE DETAILS:
Subject is a
BSE/NSE listed company headquartered in Bangalore, India. The company range of
products includes, Pulse Oximeters, Pulse Oximeter Sensors, Fluid warmers,
Cholesterol monitors and recently Stents.
Subject has the
status of Export House and has been awarded two star trading house status by
the Federal Government of India. It has ISO 9001-2000 and ISO 13485-2003
quality system certification. OCI group companies have been awarded CE approval
for its products. The subsidiaries of subject
possess FDA approval for different products being manufactured by them.
In order to ensure
the company's short and long term growth, it invests a large part of its
profits in the research and development of new products and technology. Subject
has a world class manufacturing and R and D facility at Electronics City,
Bangalore.
Subsidiaries
Mediaid Inc. USA
Mediaid Inc. is a
wholly owned subsidiary of subject. It was incorporated during the year 2002 in
US. Mediaid has an established distribution network across US, Latin America
and Europe . With subject acquiring the
Patient monitoring division of Palco Laboratories USA the marketing and distribution
of Mediaid is enhanced substantially.
With the
introduction of newer models in its product line-up and FDA approval for a
range of Pulse Oximetry sensors, Mediaid has garnered more market share. This
has also helped the company to go for newer markets and appoint more
distributors for the range. With the acquisition of Mediaid, subject has access to a range of Patient Monitoring
Systems and Veterinary products apart from leveraging Mediaid's distribution
worldwide.
AMDL
A listed Company engaged in manufacturing and marketing of critical
cardiac-care and other health-care equipments. The company has its
state-of-the-art manufacturing facility at Electronic City , Bangalore , India
. It also has an R and D set-up with a full-fledged product design division. It
has marketing offices at all the important metros in India . With about 60%
stake in AMDL, subject can Leverage the company's well settled and widespread
distribution/ service network.
Eurocor Gmbh
Eurocor
Gmbh, a 100% subsidiary of subject , is a European Life Sciences Technology
corporation specializing in the research, development and manufacture of
interventional cardiology products. Eurocor specializes in coronary stent
technology and special cardiovascular devices.
Eurocor’s Stents have CE
approval and have found very rapid acceptance worldwide. The company is in the
process of applying for FDA and other major approvals necessary for selling in
major global markets. Eurocor currently sells its products in over 26 countries
around the world. Eurocor’s manufacturing and R and D facilities are based out
of Bonn, and it has marketing offices in France and Poland too. These will
complement SUBJECT L’s manufacturing facilities in Bangalore, and also Mediaid
Inc USA, which is the company subsidiary.
Altron Industries (P) Liimted
An ISO 9001
certified company engaged in Electronic Manufacturing services ( EMS ), having
its state of the art manufacturing facility at Electronic City , Bangalore .
The unit is capable of mass manufacturing electronic products and assemblies to
world standard requirements.
Subject is a professionally managed public limited
company. The top management consists of professionals with rich experience in
respective specialization. The day to day functions are taken care by a strong
team of executive management.
Health Care
products:
Pulse Oximeter
A Pulse Oximeter is
a patient monitoring system that provides continuous confirmation of the
adequacy of oxygen circulation and...
Multiparameter Monitors
M9000 and M1000 – Multi
channel monitors with network capability...
Pulse Oximeter Sensors
These consist of Oxy-Sensors
(Emitter and Detector assemblies) coupled with...
Digital Thermometer
Unlike the conventional
mercury based thermometers, this product comes with a microprocessor chip and
thermistor ...
Cholesterol Monitors
A portable battery operated
instrument and is used in an invasive method to measure the total
cholesterol...
Fluid Warmers
The Thermal Angel
is an in-line, battery-powered disposable, lightweight and completely portable
blood ...
Stents
EuroCor is recognized as the new European Technology expert in Stent design and
innovation. Backed by superior clinical and patient results,...
Opto Electronics Products:
Infrared Emitters
Infrared emitters
are discrete components that emit infrared (invisible) light.
Infra
Red Detectors
Infrared
Detectors are discrete components that detect or receive infrared light.
Photo Sensor, Detector and Emitter
Assemblies
These products
involve multiple components and combinations of detector and emitters...
OEM Suppliers:
Subject is one of
the key suppliers to OEMs in the Medical Electronics Field worldwide. Besides,
it also supplies components and subassemblies for Opto Electronics
applications.
Overseas
Subject has a huge
customer base. Their customers have benefited by extending the functionality of
their product offerings and their reach by using products and technology by the
company into their products.
It has customers in
USA, Europe, Middle East, Far East, South Africa etc. To service these
customers it has offices through its subsidiaries in USA, Germany, Singapore
and Dubai.
Subject has plans
of furthering their network around the globe. Besides these offices, it also
uses the distribution network of its subsidiaries to enhance its marketing and
service support capabilities. It provides support in terms of designing,
manufacturing and related service functions.
Customer
Satisfaction is of prime importance to the company. Hence it is going to extend
its distribution channels as this will facilitate a close interaction between
Subject and its customers. It provides support in terms of designing,
manufacturing and related service functions.
Indigenous
Subject has been
awarded the status of a 100% EOU by the Government of India.
The important
customers are:
· Manipal Group of Hospitals
· Escorts Heart Hospital, Delhi
· Wockhardt Heart Hospital (Delhi, Mumbai)
· Apollo Group of Hospitals
· Lilavati hospital, Mumbai
· Breach Candy Hospital, Mumbai
managements:-
|
|
|
Mr. Vinod Ramnani |
|
|
Profile |
A Mechanical Engineer by profession, he is the driving
force behind Opto Circuits. Having worked with Organizations in India and
abroad, he had a wealth of experience to back him, when in 1990, he along
with Thoman Dietikar (the American co-promoter of Opto Circuits) and others
decided to establish Elekon Industries Private Limited, in Singapore.
Thereafter, Vinod initiated a move to shift the manufacturing facilities to
the Silicon Valley of India (Bangalore) and Opto Circuits was formed in 1992
with Vinod as Managing Director. His passion to see the company new heights
is reflected in the hands on management style in which he manages the
company. |
|
|
|
|
Mr. Thomas Dietiker |
|
|
Profile |
The Swiss born
Thomas Dietiker, who is an American Citizen, was a co-founder of Elekon
Industries, along with Vinod Ramnani in 1990, before becoming a co-promoter
of Opto Circuits in 1992. An Electronics Engineer, Thomas (Tom) brings to the
table, extensive experience in business Development, Products and wide range
of related electronic assemblies. Since the inception of Opto Circuits, Tom
has executed a business strategy of targeted marketing and sole source
product development. The market share of the company has steadily increased
to a point where, the company enjoys a prominent position in medical sensors,
X-ray detectors and various other key applications of Optoelectronic
Products. |
|
|
|
|
Mr. Jayesh C. Patel |
|
|
Profile |
An Electronic
Engineer by profession, he brings with him almost a decade and a half of
engineering and R and D expertise to the company’s product line. He has been
instrumental in the product design and conception of a multitude of
Opto-electronic products for the company. |
|
|
|
|
Mrs. Usha Ramnani |
|
|
Profile |
A Post graduate
in Commerce, Usha has two decades of experience in the filed of
administration. Having been with the Company’s since its inception, she
oversees its Administration and Personnel Functions. |
|
|
|
|
Mr. Suleman
Merchant |
Chairman of
Department of Radiology |
|
Profile |
A prominent
radiologist, Dr. Suleman Merchant is the Chairman of the Department of
Radiology at Sion Hospital in Mumbai. A well known member of the national and
international medical fraternity, Dr. Merchant brings to the table his vast
experience and medical expertise. |
|
|
|
|
Mr. Mahesh Patel |
Chartered
Accountants |
|
Profile |
A Chartered Accountant with a legal degree, Mahesh has more than a decade and a half of advisory expertise in the legal/business matters. The company’s benefits from his legal and financial acumen while closing business deals. |
|
|
|
|
Dr. Manje Gowda |
Vice President |
|
Profile |
A Post graduate in Engineering as well as in Management with a Doctorate in Management Sciences from the Indian Institute of Science, Dr Manje Gowda has rich experience of over 25 years in Industrial Sector and Project Management. He heads Operations of all functions at company. |
|
|
|
|
Mr. Ramprasad N |
Vice President (Quality Control) |
|
Profile |
A Post graduate in Electronics, Ramprasad clocked over two decades in the Ministry of Defence before joining Opto Circuits a decade ago. He is in charge of Quality Assurance and is primarily responsible for piloting the ISO 9002 accreditation of the company's plant. |
|
|
|
|
Mr. M. Srinivas |
Head, Finance |
|
Profile |
With an American Post-graduate
management degree in Finance, Srinivas, whose experience spans over two
decades, is well equipped to head the financial and accounting functions of
the company. |
|
|
|
|
Mr. Jayanth S. |
Head, Manufacturing |
|
Profile |
A mechanical Engineer, Jayanth
has over a decade and a half of professional experience in Project
Management, Organizational and Operations skills. He is in-charge of
production, products development, maintenance of equipments and utilities of
company manufacturing unit in
Bangalore. |
|
|
|
|
Mr. Ashwin Khemani |
Head (New Product Development) |
|
Profile |
Having topped off a Bachelor's
Degree in Electronics and Communication Engineering from Bangalore University
with a Masters Degree in Computer Engineering from Wayne State University,
Detroit in USA, Ashwin heads the Product Design and Development team. |
|
|
|
|
Mr. Satish Rao |
Head, Marketing |
|
Profile |
An Electronics Engineer with a
Management degree, Satish has a decade and a half of experience with various
multinationals. At company, he handles the marketing and Sales functions, New
Product Launches, Business Development, as also in building up sales channels
and distributor network. |
|
|
|
|
Mr. Ramakrishna U. H. |
Senior Manager, Monitoring Division |
|
Profile |
An Electronics and
Communications Engineer, Ramakrishna looks after the manufacturing segment of
the Company's monitor division. He was sent to USA by the company for a three
month training stint that equipped him to set up the manufacturing line and
design centre for company’s acquisitions. |
|
|
|
|
Mr. P. Narayan Murthy |
Head, HR and Personnel |
|
Profile |
He is a graduate in Literature
with a Masters in Social Work with specialization in Personnel Management and
Human Resources Development, Narayan Murthy also holds a Diploma in Business
Administration and Industrial Management. He is a certified trainer trained
by Motorola University in Six Sigma. With over 2 decades of industry
experience, he handles the HR functions of the Company. |
|
|
|
|
Mrs. Rema Krishnaswamy |
Manager, PR and Communications |
|
Profile |
With a post-graduate degree in
Psychology and over a dozen years of experience in the field of Advertising
and Public Relations, Rema handles PR and Communications for the Company. |
|
|
|
|
Mr. V. Bala Subramaniam
|
|
|
Profile: |
With over 25
years of work experience in International markets Bala Subramaniam has successfully
started and managed a software company. He is an MBA from Symbiosis Institute
of Business Management, Pune and is a member of CPA and FCMA. Opto Circuits
benefits from his Operational and Resource Management skills. |
|
|
|
|
Dr. Anvay Mulay |
|
|
Profile |
Dr. Mulay is a
Cardio Vascular Thoracic surgeon (McH), from Mumbai University. He is
contributing to this specialized field since 12 years. Currently he runs his
own private clinic and is affiliated to hospitals like: Dinanath Hospital,
Dindayal Hospital and Ruby Hospital. Besides, he has also worked in the US
and UK, before he settled in India. He brings to the table his vast medical
acumen. |
|
|
|
|
Mr. Rajkumar Raisinghani |
|
|
Profile |
With a diploma in
Electrical Engineering, Raj is an Industrialist. He has his own manufacturing
unit, where he manufactures Electrical goods since 25 years. He was working
in a large manufacturing unit in Mumbai, prior to venturing out into his
business. He has helped OCI with his entrepreneurial skills. |
|
|
|
|
Dr. William Walter O’ Neill |
|
|
Profile |
Dr. O Neill is
presently the executive Dean for Clinical Affairs at the University of
Miami’s Miller School of Medicine. An expert in the field of interventional
cardiology and in research that develops new techniques to diagnose and treat
obstructed heart arteries. Earned his medical degree from Wayne State
University School of Medicine, Detroit in 1977. Completed his cardiology
fellowship at the University of Michigan Hospital. Director of the cardiac
catheterization laboratory in the University of Michigan Hospital and an
associate professor of medicine at the Michigan Medical School. He had also
been the director of the Division of Cardiovascular diseases at William
Beaumont Hospital, a monumental teaching hospital in Royal Oak, Michigan, that
has one of the premier cardiology grams in the world. A Fellow of the
American College of Cardiology and author of over 600 publications. |
|
|
|
|
Bhaskar B - Group CFO |
|
|
Profile |
A chartered
accountant with over two decades of experience, Bhaskar oversees the
financial planning and execution for the Opto group. He brings to the table
his expertise in setting up and managing large project implementations in
India and overseas. |
|
|
|
|
M.V. Nagaraj - Head, HR and Personnel |
|
|
Profile |
With a Degree in
commerce from Bangalore University, and Diploma in Industrial Relations and
Personnel Management from Bhartiya Vidya Bhavan Bangalore. Nagaraj is having
more than two decades of work experience in Hospitality, Garment and
Engineering Industry |
|
|
|
|
Ramachandra Babu H – VP RandD |
|
|
Profile |
An EandC
Engineer, Babu has over a decade of rich experience in embedded product
engineering including design, development, value engineering and product
rollout. He has been instrumental in rolling out several embedded products to
the market on commercial scale. He heads the RandD wing of the company. |
|
|
|
|
B. Saravanan Head-Design and Engineering |
|
|
Profile |
Saravanan is an
honors graduate in Electronics Engineering with more than 15 years of
experience in many multinational companies. He brings to the table his varied
experience in Project Management, Technology Transfer, Product Development
and Business Development. He also holds patents for Eco friendly
thermometers. He currently heads the Design and Engineering department of the
company. |
|
|
|
|
Brig. Harish Marwah |
|
|
Profile |
Brig. Harish
Marwah has served the army for the past 35 years. He brings to the table his
expertise in Personnel Management, Administration and Equipment management.
Brig. Marwah heads the Personnel and Operations Department |
PRESS RELEASES:
Opto Circuits
subsidiary Bags CE accredition for Dilation Catheters and Guide Wires Targets 6 Million Euros in sales
Bangalore, May
30’ 06: EuroCor GmBH, a
wholly-owned subsidiary of Opto Circuits (India) Ltd. (OCI), a leading
manufacturer of healthcare equipments in India, has received CE approval for
marketing and sale of Amadeus Supercross, a coronary dilation catheter
and E-WIRE, a guide wire for interventional use. Both products are used
in Coronary Angioplasty (Percutaneous Transluminal Coronary Angioplasty- PTCA).
CE-approved Amadeus Supercross and E-WIRE are expected to add 3-5 Million and 1
Million Euros respectively, per year.
Highlighting the
strategic importance of this development, Vinod Ramnani, Chairman & Managing
Director, OCI, said: “The CE certification adds a global dimension to both
the products as we can now tap almost 50% of the large US $ 8 billion PTCA
market (i.e., stents, balloons, guidewires, guide catheters and accessories).
It is of considerable consequence in boosting revenues for EuroCor; in the
first year itself, we expect Amadeus and E-WIRE to together to garner around
4-6 million Euros and with a three-year perspective that translates into 189 to
325 million Rs. for Opto.”
Coronary artery dissections and spasms are common issues during an Angioplasty
and Amadeus Supercross provides just the controlled safety balloon compliance
for less dissections & low trauma PTCA. EuroCOR’s E-WIRE is used to guide
an interventional device (such as a balloon catheter) for restoring normal
blood flow to an obstructed vessel and its key feature is that it removes
abrupt transitions.
EuroCOR has
recently received CE approval for its blockbuster drug-eluting stent- TAXCOR,
subsequent to which the company bagged orders from Brazil and Egypt totaling
41.8 crore.
OCIL and EuroCor
GmbH have an aggressive marketing strategy to promote its entire range of
interventional coronary stent systems and balloon dilation catheters through
already appointed and established 26 distributors located worldwide. EuroCOR
has also signed a distribution agreement with the German/Swiss medical device
sales organization "Fumedica AG" which took overall marketing and
distribution rights of this product basket for the German and Swiss market.
About Opto
Circuits (India) Ltd.
Opto Circuits
(India) Ltd. (OCIL) (BSE Code: 532391; NSE Symbol: OPTOCIRCUI) is a leading
manufacturer of healthcare equipments in India. The product profile includes
digital thermometers, sensors, probes, pulse oximeters, patient monitoring
systems and innovative products in the pipeline. In 2001, OCIL acquired 60%
stake in Advanced Micronic Devices to market its equipments in India. OCIL
recently completed the acquisition of EuroCor GmbH in Germany. EuroCor manufactures
Cardiac Stents of various types, including Drug Eluting coronary Stents used in
Critical Cardiac Care. Visit us at www.optoindia.com
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 records 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.40.45 |
|
UK Pound |
1 |
Rs.82.25 |
|
Euro |
1 |
Rs.63.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|