MIRA
INFORM REPORT
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Report Date : |
24.03.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
BIOTECH VISION CARE PRIVATE LIMITED |
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Registered Office : |
305, Asiatic Trade Centre, Near Jain Derasar Mithakhali, Six Roads,
Navrangpura, Ahmedabad 380 009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.04.1999 |
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Com. Reg. No.: |
04-35762 |
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CIN No.: [Company
Identification No.] |
U33127GJ1999PTC035762 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMBOO525A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Intra Ocular Lenses, Blades, Injectors, Cartridge and
Power Generation. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 633300 |
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Status : |
Satisfactory |
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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 satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
305, Asiatic Trade Centre, Near Jain Derasar Mithakhali, Six Roads,
Navrangpura, Ahmedabad 380 009, Gujarat, India |
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Tel. No.: |
91-79-26426819/ 26426814 |
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Fax No.: |
91-79-26426809 |
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E-Mail : |
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Website : |
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Manufacturing Unit : |
Plot No. 555, 556, 557, Near Subham Tex-o-Pack, Khatraj-Vadsar Road, Khatraj, Kalol Taluka, District Gandhinagar, Gujarat, India |
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Domestic Sales : |
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Tel. No.: |
91-2764-281200/ 281506/ 2764-281335/ 281506/ 281336/ 281469 |
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Fax No.: |
91-2764-281335 |
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E-Mail : |
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International Sales : |
401, Sarthik II, Opp. Rajpath Club, S.G. Highway, Ahmedabad – 380 015, Gujarat, India |
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Tel. No.: |
91-79-26870896/ 97/ 98 |
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Fax No.: |
91-79-40033767 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pratap Mehul Asnani |
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Designation : |
Managing Director and Chairman |
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Address : |
4, Garden Enclave, Opp Law Garden, Ellis Bridge, Ahmedabad – 380 006,
Gujarat, India |
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Date of Birth/Age : |
27.03.1972 |
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Date of Appointment : |
12.04.1999 |
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Name : |
Mrs. Ruchira Mehul Asnani |
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Designation : |
Director |
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Address : |
4, Garden Enclave, Opp Law Garden, Ellis Bridge, Ahmedabad – 380 006,
Gujarat, India |
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Date of Birth/Age : |
01.11.1977 |
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Date of Appointment : |
12.04.1999 |
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Name : |
Mrs. Nirmala Pratap Asnani |
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Designation : |
Director |
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Address : |
4, Garden Enclave, Opp Law Garden, Ellis Bridge, Ahmedabad – 380 006,
Gujarat, India |
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Date of Birth/Age : |
17.08.1939 |
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Date of Appointment : |
30.06.2000 |
KEY EXECUTIVES
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Name : |
K K Patel and Associates |
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Designation : |
Company Secretary |
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Address : |
B-305, 2nd Floor, Padmawati Apartment, Sector 29,
Gandhinagar 382 029, Gujarat, India |
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Mobile No.: |
91-9825023204 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Pratap Mehul Asnani |
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778310 |
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Mrs. Nirmala Pratap Asnani |
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11670 |
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Mrs. Ruchira Mehul Asnani |
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30010 |
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Ms. Lalitaben Naginbhai Shah |
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10 |
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Total |
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820000 |
As on 30.09.2006
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Names of Shareholders |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Intra Ocular Lenses, Blades, Injectors, Cartridge and
Power Generation. |
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Products : |
* Intra Ocular
Lenses * Foldable
Intraocular Lenses * Single Piece
PMMA Intraocular Lenses * Multi Piece PMMA
Intraocular Lenses * Blades * Injectors * Cartridge * Power
Generation |
GENERAL
INFORMATION
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No. of Employees : |
Around 200 |
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Bankers : |
* Corporation
Bank, Industrial Finance Branch, Ellisbridge, Ahmedabad – 380 006, Gujarat,
India |
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Facilities : |
-- |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Ashok Chhajed and Associates Chartered Accountants |
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Address : |
22, City Centre, Near Swastic Char Rasta, C G Road, ahmedabad – 380
009, Gujarat, India |
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Group Companies : |
* Bio Tech
Opthamlic Private Limited * Revere Studio
Private Limited * Opthalmics
Medical Devices Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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850000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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820000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.200 millions |
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 |
8.200 |
8.200 |
8.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
150.116 |
112.077 |
76.641 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
158.316 |
120.277 |
84.841 |
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LOAN FUNDS |
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1] Secured Loans |
103.331 |
75.989 |
66.381 |
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2] Unsecured Loans |
2.085 |
0.199 |
6.568 |
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TOTAL BORROWING |
105.416 |
76.188 |
72.949 |
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DEFERRED TAX LIABILITIES |
35.437 |
24.874 |
21.813 |
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TOTAL |
299.169 |
221.339 |
179.603 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
225.844 |
125.626 |
123.595 |
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Capital work-in-progress |
0.706 |
13.248 |
11.964 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
44.540
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35.090 |
16.424 |
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Sundry Debtors |
30.107
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26.626 |
30.208 |
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Cash & Bank Balances |
11.569
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6.979 |
11.390 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
48.251
|
37.596 |
16.960 |
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Total
Current Assets |
134.467
|
106.291 |
74.982 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
61.848
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24.432 |
32.169 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
61.848
|
24.432 |
32.169 |
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Net Current Assets |
72.619
|
81.859 |
42.813 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.606 |
1.231 |
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TOTAL |
299.169 |
221.339 |
179.603 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
228.091 |
145.445 |
121.581 |
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Other Income |
0.000 |
2.573 |
1.622 |
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Total Income |
228.091 |
148.018 |
123.203 |
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Profit/(Loss) Before Tax |
77.401 |
47.751 |
57.988 |
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Provision for Taxation |
39.361 |
8.575 |
20.243 |
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Profit/(Loss) After Tax |
38.040 |
39.176 |
37.745 |
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Imports : |
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Raw Materials |
0.000 |
27.366 |
17.108 |
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Capital Goods |
0.000 |
2.603 |
0.841 |
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Total Imports |
0.000 |
29.969 |
17.949 |
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Expenditures : |
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Financial Charges |
0.000 |
3.038 |
2.748 |
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Depreciation & Amortization |
0.000 |
26.067 |
7.481 |
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Other Expenditure |
150.690 |
49.554 |
46.412 |
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Total Expenditure |
150.690 |
78.659 |
56.641 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
16.67
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26.46 |
30.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
33.93
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32.26 |
47.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.43
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19.47 |
27.54 |
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Return on Investment (ROI) (PBT/Networth) |
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0.49
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0.39 |
0.68 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.28
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2.04 |
2.49 |
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Current Ratio (Current Asset/Current Liability) |
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2.17
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4.35 |
2.33 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
BIOTECH VISION CARE PRIVATE LIMITED |
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Presented By |
Mr. Mehul Pratap Asnani, Director |
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1) Date and description of instrument creating the change |
Common deed of hypothecation of movable / assets/ debts dated 18.06.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500 million CC (hypothecation of stocks and Rs. 1.500 million book debts) Bank Guarantee Rs. 1.000 million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and future stocks i.e. raw material, work-in-process, finished goods, stores and spares etc, which now belong to and may have after, during the subsistence of the borrowers liability, belong to the borrower and which are / shall/ may be brought in to our stored or be in upon the borrower premises, godown ar Plot No. 555, 556, 557, Near Subham Tex, Kalol District and or any other premises or wherever else or in couse of transit or delivery to the borrower, book debts and second charge on the entire movable fixed assets and immovable fixed assets of the company, situated at Plot No. 555, 556, 557, Near Subham Tex, Kalol District. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest will be charge as 15.5% p.a. being 4.0% over and above the bank PLR which is 11.5% p.a. as at present. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank, Industrial Finance Branch, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental common deed of hypothecation of movable assets debts dated 18.01.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By this supplemental deed of hypothecation the over all limit is increased from Rs. 114.100 millions to cover the following limits:
The above facility is further secured by hypothecation of entire stock consisting of raw material, stock in process, semi-finished goods, stores and spares etc. stored at Plot No. 555, 556, 557, Near Subham Tex-O-Pack, Taluka Kalol, District Gandhinagar or any other premises belonging to or may owners/lessess/licenses by, the borrower to informed to the bank. All receivables of the borrwer. The entire present and future movable assets of the company Interest will be charged as @ 10.5% p.a. for cash credit facility and @ 11.0 % p.a. being over and above Corporation Bank bench mark advance rate (COBAR) plus term premium for term loan – I and II facilities and interest will be charged at the prescribed rates of the bank on bank guarantee (stock and book debts) |
As Per Web:
Profile
The Biotech group operates as Biotech Visioncare for the
production and supply of Intraocular Lenses, and as Biotech Opthalmics, it
offers a range of Ophthalmic solutions. With its global presence and goodwill,
the company develops and manufactures high quality, innovative ophthalmic
surgical and eye care products that address a wide range of eye disorders.
Based in Ahmedabad, India, we operate from a custom-built facility with
advanced CNC machines, under a controlled environment as per CE norms.
Research and development
activities for eyecare and the ophthalmic surgical business is aimed at
enhancing lens implantation through technologically
advanced delivery systems and new
designs for intraocular lenses.
Biotech is focused on the growth
and expansion of its core businesses. Few of its assets include –
:: A portfolio of industry-leading ophthalmic surgical devices and
eye care products
:: Product marketing through Distribution Network in over 60
countries
:: Well equipped manufacturing and research & development
facility.
Biotech is one of the largest
manufacturers of IOLs in the world, with a production capacity of over 1.5
million IOLs per annum. Biotech Vision Care has to its credit, the
successful execution of supplying over 4,50,000 lenses, as a requirement for
the Blindness Eradication Program, a Government of India undertaking.
In addition to the above, Biotech enjoys a major share in the domestic market,
and sports a remarkable overseas network as well. The company currently exports
its products to 60 countries including those in Europe, South America, the
Middle East, North Africa, South-East Asia and the SAARC Nations.
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.40.15 |
|
UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|