MIRA INFORM REPORT

Report Date :

06.05.2013

IDENTIFICATION DETAILS

Name :	INTRA OCULAR CARE PRIVATE LIMITED
Registered Office :	31-D, Sunil Shopping Centre, Opposite Navrang Cinema, J. P. Road, Andheri (West), Mumbai – 400058, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.12.1989
Com. Reg. No.:	11-54536
Capital Investment / Paid-up Capital :	Rs. 99.683 Millions
CIN No.: [Company Identification No.]	U23201MH1989PTC054536
TIN No.:	24190302814
TAN No.: [Tax Deduction & Collection Account No.]	MUMI06419A
PAN No.: [Permanent Account No.]	AAACI4883L
Legal Form :	Private limited liability company
Line of Business :	Manufacturer and Exporter of Intraocular Lenses, Ophthalmic Pharmaceuticals and Contact Lenses and Solutions.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2450000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The latest financials are not available with the government department. As per previous year’s the performance capability is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	31-D, Sunil Shopping Centre, Opposite Navrang Cinema, J. P. Road, Andheri (West), Mumbai – 400058, Maharashtra
Tel. No.:	91-265-2280533
Fax No.:	91-265-2281544
E-Mail :	Iyerrangan65@gmail.com service@caregruopindia.com customercare@caregruopindia.com
Website :	www.caregroupindia.com
Corporate Office :	Block No. 310, Village Sim of Dabasa, Taluka : Padra. Dist: Vadodara – 391 440, Gujarat, India
Tel. No.:	91-2662-325757,325272
Fax No.:	91-2662-244241
E-Mail :	sales@caregruopindia.com
Export Oriented Units :	Polymer Technologies International (EOU) Block No. 310, Village Sim of Dabhasa, Taluka: Padra, District Vadodara – 391 440, Gujarat, India.
Tel. No.:	91-2662-325757/325272
Fax No.:	91-2662-24424
E-Mail :	pti@caregroupindia.com
Export Oriented Units :	Contacare Ophthalmics and Diagnostics (EOU) Block No. 310, Village Sim of Dabhasa, Taluka: Padra, District Vadodara - 391 440, Gujarat, India.
Tel. No.:	91-2662-325757/325272
Fax No.:	91-2662-244241
E-Mail :	cod@caregroupindia.com
Branches :	Located at : Ahmedabad Kolkata Lucknow Chennai Mumbai Pune Jaipur Bangalore Hyderabad New Delhi Cochin (Kerala) Patna Nagpur

DIRECTORS

As on 31.03.2011

Name :	Mr. Jagrat Natvar Dave
Designation :	Director
Address :	310 Sim of Dabhasa Nr. Gaushala, Dabhasa, Vadodara - 390015, Gujarat, India
Date of Birth/Age :	27.01.1952
Date of Appointment :	07.12.1989
PAN No. :	AAIPD2742C
DIN No.:	01419504
Name :	Mr. Iyer Venkatrangan Anantaraman
Designation :	Director
Address :	2 Kishan Bunglows Near Iyppa Temple, Gotri Road, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	12.12.1965
Date of Appointment :	27.10.2001
PAN No. :	ABQPV2545Q
DIN No.:	01361650
Name :	Mr. Vipan Sukhadev Duggal
Designation :	Director
Address :	540 – Pocket Established, Mayur Vihar – Phase, New Delhi – 11001, Delhi, India
Date of Birth/Age :	10.04.1964
Date of Appointment :	26.05.2005
PAN No. :	ACJPD5572D
DIN No.:	01606776
Name :	Mrs. Purnima Jagrat Dave
Designation :	Director
Address :	310 Sim of Dabhasa Nr. Gaushala, Dabhasa, Vadodara - 390015, Gujarat, India
Date of Birth/Age :	23.02.1973
Date of Appointment :	19.11.2009
PAN No. :	AHGPC9058F
DIN No.:	02232493

MAJOR SHAREHOLDERS

As on 31.03.2011

Names of Shareholders	No. of Shares
Mr. Jagarat Dave	9898670
Mr. Sudhir Nambiar	38000
Mr. A Venkatarangan Iyer	2500
Mr. Satish Nambiar	2500
Mr. Rajesh Sachi	1000
Mr. Vipan Duggal	20000
Mrs. Purnima Dave	5630
Total	9968300

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2011

Category	Percentage
Directors or relatives of Directors	99.58
Other top fifty shareholders	00.42
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Intraocular Lenses, Ophthalmic Pharmaceuticals and Contact Lenses and Solutions.

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Intra Ocular Lenses		NA	NA	281186

GENERAL INFORMATION

No. of Employees :

400 (Approximately)

Bankers :

• Bank of Baroda

IBB Baroda, Vadodara – 390 001, Gujrat, India

• Axis Bank Limited

Trishul opp Samartheshwar Temple, Law Garden Road, Ahmedabad – 380 006, Gujarat, India

Facilities :

SECURED LOAN:

Particulars	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Rupee term loan form bank	0.000	25.181
Working capital loan	(a) 80.854	66.219
Loans taken for vehicle	(b) 7.607	5.343
Total	88.461	96.743

NOTE :

a) Secured by way of first charge on entire current assets of the company, first charge in fixed assets, equitable mortgage on land at Dabhsa belonging to Rare Herbs Private Limited corporate guarantee of Rare Herbs Private Limited and also of Polymer Technologies International and personal guarantee of its partners and also personal guarantee of promoter directors Shri Jagrat N. Dave and Mr. A Venkatrangan Iyer.

b) Vehicle acquired under the hire purchase scheme are secured against vehicle purchased under agreement.

Banking Relations :	--
Auditors :
Name :	Parikh and Majmudar Chartered Accountants
Address :	204-5-6, Harsh Avenue, Navjeevan Press Road, Opposite Old Gujarat High Court, Ahmedabad – 380014, Gujarat, India
Associates:	Contacare Ophthalmic Private Limited CIN No. U24230MH1997PTC108029 Contacare Ophthalmic and Diagnostic (EOU) Polymer Technologies International (EOU) Polymer Technologies International (Dom) Care Group India Spectra Vision Rare Herbs Private Limited CIN No. U24246GJ1989PTC013127

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	RS. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9968300	Equity Shares	RS. 10/- each	Rs. 99.683 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		99.683	99.683	65.483
2] Share Application Money		0.001	0.001	0.001
3] Reserves & Surplus		511.723	459.183	401.185
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		611.407	558.867	466.669
LOAN FUNDS
1] Secured Loans		88.461	96.743	138.845
2] Unsecured Loans		4.662	0.015	34.950
TOTAL BORROWING		93.123	96.758	173.795
DEFERRED TAX LIABILITIES		37.199	26.071	26.150
TOTAL		741.729	681.696	666.614
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		305.609	300.860	325.533
Capital work-in-progress		0.000	84.269	0.000
INVESTMENT		4.581	4.581	4.581
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	69.237	58.638	41.919
	Sundry Debtors	428.736	343.546	380.437
	Cash & Bank Balances	8.929	9.756	9.879
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	95.357	76.734	51.334
Total Current Assets		602.259	488.674	483.569
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	111.570	139.499	145.792
	Other Current Liabilities	40.972	31.045	0.000
	Provisions	18.178	26.144	1.277
Total Current Liabilities		170.720	196.688	147.069
Net Current Assets		431.539	291.986	336.500
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		741.729	681.696	666.614

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	GROSS TURNOVER		599.973	422.801	480.405
		INCOME	NA	NA	NA
		OTHER INCOME	NA	NA	NA
		EXPENSES	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		131.877	118.553	158.147
Less/ Add	DEPRECIATION/ AMORTISATION		35.265	32.068	26.545
	PROFIT BEFORE TAX		96.612	86.485	131.602
Less	TAX		43.969	27.743	49.505
	PROFIT AFTER TAX		52.644	58.742	82.097
Less	PRIOR PERIOD ADJUSTMENT		0.104	0.744	(0.986)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		404.123	356.124	158.147
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	131.602	10.000
	BALANCE CARRIED TO THE B/S		446.663	404.123	356.124
	EARNINGS IN FOREIGN CURRENCY		1.914	1.141	NA
	IMPORTS
		Raw Materials	0.787	3.522	NA
		Capital Goods	0.000	12.678	NA
		Trading Goods	134.277	69.291	NA
	TOTAL IMPORTS		135.064	84.491	NA
	Earnings Per Share (Rs.)		5.27	6.41	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.77	13.89	17.09
Net Profit Margin (PBT/Sales)	(%)	16.10	20.54	27.39
Return on Total Assets (PBT/Total Assets}	(%)	10.64	11.00	16.27
Return on Investment (ROI) (PBT/Networth)		0.16	0.16	0.28
Debt Equity Ratio (Total Debt /Networth)		0.16	0.17	0.69
Current Ratio (Current Asset/Current Liability)		3.53	2.48	3.29

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	--------------------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	---------------------
26]	Buyer visit details	---------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

REVIEW OF OPERATIONS:

The director have pleasure in stating that the company has achieved Rs. 599.900 Millions for the year ended 31.03.2011. The net profit of the company after tax is Rs. 52.600 Millions. The company has achieved an overall increase in sales to the tune of 41.90% over last year turnover. It would be right to mention here and place on record that the current management has taken necessary steps and decided to cease production at their existing premises at Gorwa. It has further decided to discontinue its manufacturing and opted to get its product manufactured by subject an associated concern. The upcoming manufacturing unit at Dabhasa was accordingly sold to subject.

Considering the available market for the company and also considering the fact that the promoters have also introduced new products, the future outlook of the company is very much bright. Considering the working capital requirements of the company, it has been decided to plough back the profit of the company and therefore, the directors do not recommend any dividend fir the year.

FUTURE OUTLOOK:

The company has planned to cater to the current market requirement by introducing Hydrophilic Multifocal Lenses and also Hydrophobic Multifocal lenses.

The company is also venturing onto profitability of coming out with molded lenses.

The company has also entered into new dealership for new Medical Equipments.

FIXED ASSETS:

• Plant and machinery
• Factory building
• Electrification
• Furniture and fixtures
• Laboratory equipment
• Clean room systems
• Tool room equipment
• Motor cycle
• Computer
• Office equipment
• Factory equipment
• EPBX
• Car
• Guest house
• License to use equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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. 53.951
UK Pound	1	Rs. 83.807
Euro	1	Rs. 70.499

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.