MIRA
INFORM REPORT
|
Report Date : |
30.03.2011 |
IDENTIFICATION DETAILS
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Name : |
OPTO CIRCUITS INDIA LIMITED |
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Registered Office : |
Plot No. 83, Electronic City, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.06.1992 |
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Com. Reg. No.: |
08-13223 |
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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 (64) |
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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 34452728 |
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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 a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co-operative [Name not disclosed]
LOCATIONS
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Registered Office / Plants: |
Plot No. 83, Electronic
City, |
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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 Tel. 91-80-28520703 / 8 Fax. 91-80-28523032 Email : amdlfactory@touchtelindia.com
v No. 39-A (Old No.28-A) 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 Tel. 91-40 - 23299358 / 23296526 Fax. 91-40 – 23297801 Email : 1. amdlhyd@hd2.vsnl.net.in v No. 13, Swastik Chambers Ground Floor 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, Kasthurba Gadhi Marg, Tel. 91-11 - 23705488 / 89 / 51521722 Fax. 91 011 – 23705487 Email : amdldel@vsnl.com v Communication Centre 37/1b, Kolkata – 700 029 Tel : 91-33 – 24748132 Das : 9830009486 Fax : 91-33–24747389 Email : das_bpratim@rediffmail.com
v
Tc 16/1434(3), 2nd Floor, Gowreesha Pattom, Pattom 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, 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, Tel. 91-80-51103443/5 Fax. 91-80-51103447 E-mail. altron@touchtelindia.net
v
Micronic Hosue No. 101, 15th Cross, II Block Jayanagar, 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, 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, |
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Overseas Offices: |
v 11611,
v Opto Systems (S) Pte Limited 30, Phone : + 65 2692881 Fax : + 65 292 6534 Email : sales@optosystems.com.sg |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Vinod Ramnani |
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Designation : |
Chairman and Managing Director |
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Address : |
Kasavanahalli, Carmelram Post, |
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Name : |
Mrs. Usha Ramnani |
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Designation : |
Executive Director |
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Address : |
Kasavanahalli, Carmelram Post, |
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Name : |
Mr. Jayesh C. Patel |
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Designation : |
Director |
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Address : |
7302, |
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Name : |
Mr. Thomas Dietiker |
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Designation : |
Director |
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Address : |
3848, |
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Name : |
Dr. Suleman Adam Merchant |
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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 |
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Name : |
Mr. V Bala Subramaniam |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Sinath A N |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Grup |
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(1) Indian |
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Individuals/ Hindu Undivided Family |
39797432 |
21.71 |
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(2) Foreign |
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Individuals (Non Resident Individuals/ Foreign Individuals) |
10473485 |
5.71 |
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(B) Public
Shareholding |
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(1) Institutions |
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Mutual Funds/ UTI |
2344167 |
1.28 |
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Financial Institutions/ Banks |
1635642 |
0.89 |
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Foreign Institutional Investors |
69003243 |
37.65 |
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(2) Non-
Institutions |
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Bodies Corporate |
11499875 |
6.27 |
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Individual Shareholders holding nominal share capital up to Rs. 0.100
Million |
16386414 |
8.94 |
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Individual Shareholders holding nominal share capital in excess of Rs.
0.100 Million |
18141178 |
9.90 |
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Any Others
(Specify) |
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Non Resident Indian |
13477506 |
7.35 |
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Trusts |
14129 |
0.01 |
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Clearing Members |
5130 |
-- |
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Foreign Nationals |
496343 |
0.27 |
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Total
|
183274544 |
100.00 |
BUSINESS DETAILS
|
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 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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GENERAL INFORMATION
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Customers : |
·
Agilent Technologies Inc., ·
Criticare Systems Inc., ·
Logitech International SA, ·
Nellcor Puritan Bennett, Nonin Medical, Inc., ·
Epic Medical Equipments Inc., ·
Hindustan Lever Limited, |
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Bankers : |
·
State Bank of ·
State Bank of Travancore, ·
United Bank of · Indusind Bank · DBS Bank Limited |
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Facilities : |
·
Secured by hypothecation of Fixed Assets and
Shares of Criticare Systyem Inc, ·
Secured by hypothecation of Stocks and Book Debts ·
Secured by hypothecation of Equipments and
vehicles.
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Banking
Relations : |
-- |
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Auditors : |
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Name 1: |
Anand Shenoy and 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 |
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Associates/Subsidiaries : |
v
Advanced Micronics Devices
Limited,
v
Altron Industries (Private) Limited,
v
Opto Systems (S) Private Limited,
v
Mediaid Inc.,
v Eurocor Gmbh, German v
Devon Innovations Private Limited v
Ormed Medical Technology Limited v
Criticare Systems Inc. v
Opto Infrastructure Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
183161444 |
Equity Shares (Out of the above: 1239831 Equity Shares of Rs. 10/- each fully paid-up allotted
otherwise than for cash. 150211540 (P.Y. 83, 454280) Equity Shares of Rs. 10/- each fully paid
up as Bonus shares. 1162620 Equity Shares of Rs. 10/- each fully paid-up on preferential basis 540000 Equity Shares of Rs. 10/- each fully paid up as share warrant
converted to Equity shares) |
Rs.10/- each |
Rs.1831.614
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
182899544 |
Equity Shares |
Rs. 10/- each |
Rs.1828.995
Millions |
(Out of the above:
1239831 Equity Shares of Rs. 10/- each fully
paid –up allotted otherwise than for cash.
150211540 (P.Y. 83, 454,280) Equity Shares of
Rs. 10/- each fully paid up as Bonus shares.
1164620 Equity Shares of Rs. 10/- each fully
paid-up on preferential basis
540000 Equity Shares of Rs. 10/- each fully paid
up as share warrant converted to Equity shares.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
1828.995 |
1614.691 |
941.718 |
|
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2] Share Application Money |
245.647 |
0.000 |
39.600 |
|
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3] Reserves & Surplus |
6538.540 |
2405.147 |
2213.432 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
8613.182 |
4019.838 |
3194.750 |
|
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LOAN FUNDS |
|
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1] Secured Loans |
1925.005 |
5124.879 |
813.586 |
|
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2] Unsecured Loans |
21.011 |
10.412 |
68.705 |
|
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TOTAL BORROWING |
1946.016 |
5135.291 |
882.291 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
10559.198 |
9155.129 |
4077.041 |
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
804.341 |
341.417 |
310.963 |
|
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Capital work-in-progress |
7.512 |
56.010 |
7.692 |
|
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INVESTMENT |
5179.987 |
5179.988 |
1025.524 |
|
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DEFERREX TAX ASSETS |
1.577 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1153.451
|
996.688
|
662.981 |
|
|
Sundry Debtors |
1986.656
|
2464.625
|
2004.699 |
|
|
Cash & Bank Balances |
1108.382
|
805.715
|
602.172 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1986.003
|
813.204
|
314.161 |
|
Total
Current Assets |
6234.492
|
5080.232
|
3584.013 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.662
|
321.291
|
76.643 |
|
|
Other Current Liabilities |
198.167
|
99.385
|
44.276 |
|
|
Provisions |
1438.503
|
1084.256
|
731.682 |
|
Total
Current Liabilities |
1687.332
|
1504.932
|
852.601 |
|
|
Net Current Assets |
4547.160
|
3575.300
|
2731.412 |
|
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MISCELLANEOUS EXPENSES |
18.621 |
2.414 |
1.450 |
|
|
|
|
|
|
|
|
TOTAL |
10559.198 |
9155.129 |
4077.041 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
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Income |
4714.967 |
4012.314 |
3286.935 |
|
|
|
Other Income |
(105.716) |
279.258 |
118.319 |
|
|
|
TOTAL (A) |
4609.251 |
4291.572 |
3405.254 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
2412.942 |
2396.771 |
1970.721 |
|
|
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Administrative Expenses |
163.468 |
160.831 |
154.350 |
|
|
|
Increase/(Decrease) in Finished Goods |
5.055 |
[131.120] |
[27.391] |
|
|
|
TOTAL (B) |
2581.465 |
2426.482 |
2097.680 |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2027.786 |
1865.090 |
1307.574 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
345.231 |
410.418 |
87.656 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1682.555 |
1454.672 |
1219.918 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.971 |
28.792 |
25.894 |
|
|
|
|
|
|
|
|
|
Add/ Less |
PRIOR PERIOD
ADJUSTMENT |
(16.353) |
(17.830) |
(1.745) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1635.230 |
1408.050 |
1192.279 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
164.872 |
8.715 |
4.338 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1470.358 |
1399.335 |
1187.941 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1732.980 |
1232.853 |
729.041 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
150.000 |
150.000 |
120.000 |
|
|
|
Proposed Dividend |
817.320 |
640.376 |
482.182 |
|
|
|
Tax on Distributed Profit |
138.903 |
108.832 |
81.947 |
|
|
BALANCE CARRIED
TO THE B/S |
2097.114 |
1732.980 |
1232.853 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2519.261 |
2772.439 |
1817.574 |
|
|
|
Stores & Spares |
473.967 |
11.117 |
6.561 |
|
|
|
Capital Goods |
7.633 |
110.679 |
16.025 |
|
|
TOTAL IMPORTS |
3000.861 |
2894.235 |
1840.160 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.04 |
7.65 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
1274.940 |
1432.060 |
1588.870 |
|
Total Expenditure |
731.020 |
761.910 |
993.150 |
|
PBIDT (Excl
OI) |
543.920 |
670.150 |
595.720 |
|
Other Income |
87.170 |
(90.600) |
58.230 |
|
Operating
Profit |
631.090 |
579.550 |
653.950 |
|
Interest |
40.350 |
50.090 |
72.900 |
|
Exceptional
Items |
0.000 |
(2.880) |
(0.330) |
|
PBDT |
590.750 |
526.580 |
580.720 |
|
Depreciation |
14.390 |
14.800 |
15.060 |
|
Profit
Before Tax |
576.360 |
511.780 |
565.660 |
|
Tax |
6.820 |
0.580 |
3.450 |
|
Reported PAT |
569.540 |
511.200 |
562.210 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
569.540 |
511.200 |
562.210 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
31.90
|
32.61
|
34.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
34.68
|
35.09
|
36.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.23
|
25.97
|
30.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.35
|
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
1.65
|
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.69
|
3.38
|
4.20 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors
for Purchases |
|
|
|
|
Subsidiary Others - Small and Micro Enterprises Others |
11.049 0.756 19.259 |
127.530 4.472 167.455 |
5.724 0.000 49.000 |
|
Sundry Creditors
for Expenses |
|
|
|
|
Others - Small and Micro Enterprises Others |
5.844 11.621 |
4.546 15.448 |
0.000 19.462 |
|
Sundry Creditors for Capital Goods |
2.133 |
1.840 |
2.457 |
OPERATIONS
The journey of growth for the company continued during the year.
The total revenue raised to Rs.4609.251 Millions for the year ended 31st March
2010 as against Rs. 42,91.572 Millions of the previous year. The profit of the
company for the year is Rs.1470.358 Millions as against Rs.1399.335 Millions
for the corresponding previous year. The
company, subsequent to 31st March 2010 incorporated a wholly owned subsidiary
in
MANAGEMENT
DISCUSSIONAND ANALYSIS
Industry Structure
and Development
The company operates in a working capital intensive industry driven by sustained innovation, rigorous government regulation and longer payment terms. Whether a multi-bed hospital or a small physical clinic, more than a thousand devices are used in today’s medical facilities that strive to meet multifarious patient needs in differing economic landscapes. Government policies make the installation and use of many of these mandatory, rendering them non discretionary in nature. Insurance penetration, private or national, also dictates usage patterns and product design. The speedy progress of medical science and laboratory research and the globalization of diseases and disease control are actively propelling the industry to new levels.
Some of the factors that are distinctively influencing the growth in the industry are:
i. The increase of demand for health and safety, aging population, rising income levels has substantial influence on the growth of the Industry.
ii. The insurance penetration in the industry has helped in the phenomenal growth in product development, process development and innovations.
iii. The consumers in fast developing countries like the BRICs, especially in the urban areas are increasingly becoming more aware about the latest medical technologies which will increase the demand.
iv. The growth in purchasing power and per capita income amongst the people in developing countries is forcing industry players to develop and design medical devices with the latest technology.
v. The interventional cardiology market is currently seeing rapid technological advances with the increasing popularity of products such as drug eluting stents, intravascular ultrasound and vascular closure devices.
Patient Monitors and
Accessories
The patient monitoring equipment industry has evolved over the years owing to deeper penetration of the technologies that have enhanced the development of best-of-the-class products. Patient monitoring, one of the biggest occupants of the medical technology pie, has been infused with several new technologies, ever since it was developed. The patient monitoring devices is expected to have significant growth in the fast developing countries due to increasing life expectancy, government-initiated healthcare reforms, rising income of middle class, and growing population in these countries. The market is expected to grow at the rate of 29.08% from 2010 to 2015. The global market for patient monitoring devices is estimated to grow to US$ 6 billion by 2011, with multi-parameter patient monitors accounting for over 40 per cent of the market. The USA is the largest market for medical equipment and supplies valued at US$ 94.9 billion in 2010, equal to 38.6% of the global market and is expected to have CAGR of 2.8% by 2015, will take the market value over US$ 100 billon. The patient monitoring equipment industry in Indian market is expected to have a growth rate of 15% during the next fiscal.
Some of the most compelling trends in this industry are:
i. The cardiovascular monitoring equipment is an integral component of the diagnostic testing suite for hospitals worldwide. The cardiovascular monitoring equipment industry has been spurred by the increasing technology content of the equipment, the potential to realize dramatic gains in market share, and the ability to manage the growing cost of research. As a result, market penetration levels of cardiovascular monitoring devices are deep and consistently improving.
ii. Advanced technologies integrated in patient monitoring equipment allow specialists to stay connected to patients admitted in the critical care units of the hospitals.
iii. The patient monitoring equipment market is witnessing a substantial growth due to increase in ageing population, rise in health care expenditure, and government initiative to improve health care delivery.
iv. The pressure on health care facilities around the world to cut costs and therefore, the need to lower the staff-per-patient ratio has dictated the development of central station monitoring software.
Stents and Catheters
The global market for coronary stents is expected to grow at a CAGR of 2.5% till 2016. Drug Eluting Stents segment has a substantial share in the Coronary Stent Market. The segment is expected to reach US$ 5.6 billion by 2016, with a CAGR of 3%.
Minimally invasive treatment, which save patients a lot of time and costs are increasingly preferred over full surgeries today. Stents, for the past decade have been undergoing rapid innovation and constant scrutiny. Angioplasty, as a method to treatment, first evolved from the use of a dilatation balloon and is, today, evaluating the clinical efficacies of a drug coated balloon catheter for multiple site applications.
The latest development in stent technologies like diamond carbon coating, platinum enriched stainless steel stents, completely bio-absorbable stents and antibody coated or gene therapy stents are becoming more popular recently.
The global market for interventional cardiology devices is projected
to exceed US$13 billion by the year 2015. The Cardiac Stents, with a share of
about 45%, represents the largest segment of the world interventional
cardiology devices market. The cardiovascular diseases affect more than 60
million individuals in the
Catheterization procedures have steadily increased as interventional and less-invasive procedures have become more popular. Catheters are vital to the completion of many procedures, and some procedures or interventions, particularly in cardiovascular surgery and neurosurgery, could not be done without the use of catheters. The global catheter market is expected to reach US$ 32.1 billion in 2014, for a 5-year compound annual growth rate (CAGR) of 12.3%. The market’s cardiovascular segment is the largest with sales, is projected to rise at a CAGR of 10.2% to US$11.6 billion in 2014. The second-largest segment is urology, which is expected to reach US$13.2 billion in 2014, with the highest CAGR among all segments at 17.1%.
Opportunities
The diversity of the product range and the ability of the
company to find technological and distribution synergies amongst these is the
company’s greatest strength and an opportunity at further product extension. A
strong base of proprietary technology has also helped in house product
development without much external aid or interference. The company’s low cost manufacturing
base in
The patient monitoring devices market in BRIC is expected to
witness significant growth due to increasing life expectancy,
government-initiated healthcare reforms, rising income of middle class, and the
growing urban population in these nations. They have also opened up emerging
markets like
The increasing prevalence of cardiovascular diseases and diabetes
especially in the elderly population is creating enormous growth opportunity
for the NIBP, multi-parameter patient monitoring and remote monitoring devices
categories. Currently there are more than 81 million patients suffering from
cardiovascular diseases (CVDs) in the
The company’s focus on path breaking and innovative technologies in the invasive space, like DIOR and Magical, attracts the best talent and resources and also helps mark a distinct identity for itself in an industry crowded by multi billion dollar companies. Eurocor’s product pipeline of some innovative cardiovascular and peripheral devices is also expected to drive deeper market penetration.
Threats
In the event, they are unable to develop and commercialize new products, it will adversely affect their ability to compete effectively. Any product liability claims or potential safety related regulatory actions could adversely affect their goodwill, business and results of operations. The development of disruptive technologies in invasive non-invasive or drug related, may affect the prospects of their current line of products and in the event they are unable to adapt to these new developments, it may adversely affect their growth. The industry is highly patent driven. The inability to invent new products will adversely affect the growth of the company.
Segment Wise
Performance
The company’s main business relates to development, manufacturing, distribution and marketing of medical equipments and devices which account for a substantial part of the Group’s consolidated sales. For the year 2009-10, in consolidated sales, their invasive business grew by 43% and non invasive segment grew by 30% compared to the previous year.
In addition, they also provide ancillary and complementary
services such as after sales service for their patient monitoring devices.
They also provide information technology consulting global positioning systems
and electronic design automation services in
Outlook
The overall outlook for the company remains highly promising. The company has been able to generate and mobilize funds even during stressed financial conditions and has also steadily built up human resources and trained them well to realize opportunities. The Directors are therefore confident that the company will continue to grow steadily.
The economic outlook has stabilized and has started to recover. The Indian economy is expected to grow at a rate of more than 8.5% during the financial year 2010-11 comparing to the previous year growth of 7.2%. Such growth momentum and the revisionist measures taken up by the Government of India and the RBI would enable the company to optimize its resources and achieve continuous growth.
Fixed Assets
· Land,
· Bore Well,
·
· Electrical Installations,
· Buildings
· Apartments
· Plant and Machinery,
· Furniture and Fittings,
· Office Equipments,
· Computers And Software
· Vehicles.
managements:-
|
|
|
Mr. Vinod Ramnani |
|
|
Profile |
A Mechanical Engineer by profession, he is the driving force
behind Opto Circuits. Having worked with Organizations in |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
Mr. Ashwin Khemani |
Head (New Product Development) |
|
Profile |
Having topped off a Bachelor's
Degree in Electronics and Communication Engineering from |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
M.V. Nagaraj - Head, HR and Personnel |
|
|
Profile |
With a Degree in
commerce from |
|
|
|
|
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) Limited (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 and
Managing Director, OCI, said: “The CE certification adds a global dimension
to both the products as they 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 and 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
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 (
Opto Circuits (
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.67 |
|
|
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
64 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.