MIRA INFORM REPORT
|
Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
OPTO CIRCUITS ( |
|
|
|
|
Registered
Office : |
Plot No. 83, Electronic City, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.06.1992 |
|
|
|
|
Com. Reg. No.: |
08-013223 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2423.194
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1992PLC013223 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRO00176B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Invasive and Non Invasive Medical Equipments. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 58000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating takes into consideration stretched liquidity position on
account of continued high working capital intensity, high capital expenditure
and dividend payout resulted in negative free cash flow. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in place
to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
B (Revised from AA-) [Suspended] |
|
Rating Explanation |
High risk of default. |
|
Date |
August 2012 |
Reason for Suspension: ICRA has suspended the
rating assigned to the Rs.5380.000 Millions fund based facilities of OCIL and the
absence of the requisite information from the company.
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.
INFORMATION DENIED
Management Non Co-operative. (91-80-28521042)
LOCATIONS
|
Registered Office / Plant: |
Plot No. 83, Electronic
City, |
|
Tel. No.: |
91-80-28521040/41/42 |
|
Fax No.: |
91-80-28521094 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Vinod Ramnani |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Kasavanahalli, Carmelram Post, |
|
|
|
|
Name : |
Mr. Jayesh C. Patel |
|
Designation : |
Director |
|
Address : |
7302, |
|
|
|
|
Name : |
Mr. Thomas Dietiker |
|
Designation : |
Director |
|
Address : |
3848, |
|
|
|
|
Name : |
Dr. Suleman Adam Merchant |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Anvay Mulay |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajkumar Raisinghani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Wiiliam Walter O’ Neil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V Bala Subramaniam |
|
Designation : |
Director |
|
|
|
|
Name : |
Bhaskar Bodapati |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sinath A N |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of
Shareholder |
Number
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
55294740 |
22.82 |
|
|
55294740 |
22.82 |
|
|
|
|
|
|
13076150 |
5.40 |
|
|
13076150 |
5.40 |
|
Total shareholding of Promoter and Promoter Group (A) |
68370890 |
28.22 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3860 |
0.00 |
|
|
4307384 |
1.78 |
|
|
67861949 |
28.01 |
|
|
72173193 |
29.78 |
|
|
|
|
|
|
14864530 |
6.13 |
|
|
|
|
|
|
41257902 |
17.03 |
|
|
24539093 |
10.13 |
|
|
21113799 |
8.71 |
|
|
19965198 |
8.24 |
|
|
5463 |
0.00 |
|
|
39 |
0.00 |
|
|
1143099 |
0.47 |
|
|
101775324 |
42.00 |
|
Total Public shareholding (B) |
173948517 |
71.78 |
|
Total (A)+(B) |
242319407 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
242319407 |
0.00 |
%20LIMITED%20-%20240627%2024-Oct-2013_files/image008.gif){kind=small}
%20LIMITED%20-%20240627%2024-Oct-2013_files/image009.gif){kind=small}
%20LIMITED%20-%20240627%2024-Oct-2013_files/image010.gif){kind=small}
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Invasive and Non Invasive Medical Equipments. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Anand Amarnath and Associates Chartered Accountants |
|
Address : |
S-2, II Floor, Gem Plaza, No. 66, Infantry Road, Bangalore 560001, Karnataka, India |
|
|
|
|
Subsidiary
Companies : |
|
|
|
|
|
Stepdown Subsidiary
company : |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000,000 |
Equity Shares |
Rs.10/- each |
Rs.3000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
242,319,407 |
Equity Shares |
Rs.10/- each |
Rs.2423.194 Millions |
|
|
|
|
|
Reconciliation of the
no. of shares outstanding at the beginning and at the end of the year:
|
Particulars |
As at March 31, 2013 |
|
|
No. of shares |
|
No of shares outstanding at the beginning of the year |
242,319,407 |
|
Add: Bonus Shares issued during the reporting period |
Nil |
|
No. of shares outstanding at the end of the year |
242,319,407 |
Number of Shares Held
By Each Shareholder Holding More Than 5% Shares In The Company Are As Follows
|
Particulars |
As on 31.03.2013 |
|
|
|
No. of shares held |
% of Holding |
|
Equity Shares: |
|
|
|
(1) Vinod Parasram Ramnani |
34,043,581 |
14.05% |
|
(2) HSBC Global Investment Funds A/c HSBC Global Investment Funds |
16,592,408 |
6.85% |
|
(3) Genesis Indian Investment Company - General Sub Fund |
13,806,399 |
5.70% |
|
(4) Thomas Dietiker |
13,076,150 |
5.40% |
|
|
As on 31.03.2013 |
|
|
No. of shares |
|
Equity Shares allotted as fully paid bonus shares during the last five years |
122,677,123 |
NOTES:
The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31st March 2013, the amount of share dividend recognised distributed to equity shareholders was Rs. NIL (31st March 2012: Rs. 3.00).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2423.194 |
2423.194 |
1863.995 |
|
(b) Reserves & Surplus |
12118.326 |
9707.888 |
8764.322 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
14541.520 |
12131.082 |
10628.317 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.063 |
80.040 |
1481.265 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.063 |
80.040 |
1481.265 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
8007.803 |
6412.447 |
5686.529 |
|
(b) Trade
payables |
544.073 |
121.260 |
66.836 |
|
(c) Other
current liabilities |
1647.342 |
458.704 |
1591.016 |
|
(d) Short-term
provisions |
10.359 |
852.318 |
985.903 |
|
Total Current
Liabilities (4) |
10209.577 |
7844.729 |
8330.284 |
|
|
|
|
|
|
TOTAL |
24751.160 |
20055.851 |
20439.866 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1209.002 |
738.933 |
785.879 |
|
(ii)
Intangible Assets |
0.000 |
0.049 |
7.053 |
|
(iii)
Capital work-in-progress |
12.883 |
12.839 |
11.951 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3816.646 |
3816.646 |
11143.891 |
|
(c) Deferred tax assets (net) |
3.489 |
3.019 |
4.002 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
73.658 |
1546.814 |
444.839 |
|
Total Non-Current
Assets |
5115.678 |
6118.300 |
12397.615 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3605.272 |
2654.473 |
2452.144 |
|
(c) Trade
receivables |
5842.622 |
2573.340 |
2287.769 |
|
(d) Cash
and cash equivalents |
21.603 |
455.974 |
1174.640 |
|
(e)
Short-term loans and advances |
10163.883 |
8253.764 |
2127.698 |
|
(f) Other
current assets |
2.102 |
0.000 |
0.000 |
|
Total
Current Assets |
19635.482 |
13937.551 |
8042.251 |
|
|
|
|
|
|
TOTAL |
24751.160 |
20055.851 |
20439.866 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6992.535 |
6697.417 |
6032.027 |
|
|
|
Other Income |
(22.727) |
13.383 |
360.690 |
|
|
|
TOTAL (A) |
6969.808 |
6710.800 |
6392.717 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3958.992 |
3770.189 |
3864.240 |
|
|
|
Changes in inventories of FG, WIP and Stock-in-Trade |
(39.888) |
(134.564) |
(488.349) |
|
|
|
Employee benefit expense |
95.336 |
82.549 |
66.422 |
|
|
|
Other expenses |
220.491 |
185.856 |
171.531 |
|
|
|
TOTAL (B) |
4234.931 |
3904.030 |
3613.844 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2734.877 |
2806.770 |
2778.873 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
220.026 |
366.547 |
249.281 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2514.851 |
2440.223 |
2529.592 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
66.115 |
60.519 |
59.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2448.736 |
2379.704 |
2470.530 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
38.298 |
32.050 |
26.778 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2410.438 |
2347.654 |
2443.752 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4573.764 |
3310.999 |
2097.114 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
250.000 |
240.000 |
250.000 |
|
|
|
Dividend |
0.000 |
726.958 |
840.298 |
|
|
|
Tax on Dividend |
0.000 |
117.931 |
139.569 |
|
|
BALANCE CARRIED
TO THE B/S |
6734.202 |
4573.764 |
3310.999 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales |
3770.062 |
6947.066 |
5725.794 |
|
|
TOTAL EARNINGS |
3770.062 |
6947.066 |
5725.794 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4734.457 |
3482.666 |
4614.398 |
|
|
|
Components and Spare Parts |
1.675 |
2.862 |
4.314 |
|
|
|
Capital Goods |
532.341 |
0.432 |
36.674 |
|
|
TOTAL IMPORTS |
5268.473 |
3485.960 |
4655.386 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.95 |
9.68 |
10.08 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Net Sales |
|
|
1041.500 |
|
Total Expenditure |
|
|
620.200 |
|
PBIDT (Excl OI) |
|
|
421.300 |
|
Other Income |
|
|
0.000 |
|
Operating Profit |
|
|
421.300 |
|
Interest |
|
|
138.900 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
282.400 |
|
Depreciation |
|
|
19.700 |
|
Profit Before Tax |
|
|
262.700 |
|
Tax |
|
|
40.700 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
222.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
222.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
34.58
|
34.98 |
38.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
35.02
|
35.53 |
40.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.71
|
14.67 |
26.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.20 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.55
|
0.54 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
1.78 |
0.97 |
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 |
No |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand from Banks |
0.000 |
526.137 |
|
Loans repayable on demand from Other Parties |
453.247 |
152.016 |
|
Total |
453.247 |
678.153 |
|
NOTES: The short term interest free unsecured loans of Rs. 261.665 Millions is from the Directors of the Company, Rs. 123.582 Millions from the Subsidiaries director. The company has also borrowed Rs. 68.000 Millions from the private finance with the interest rate of 15% to 24% which are repayable on short term basis. |
||
OPERATIONS
Standalone Total Revenues are at Rs. 6969.808 Millions for the year ended 31st March, 2013 as against Rs. 6710.800 Millions for the corresponding period of FY2012, a growth of 3.86%. Standalone Profit after Tax for the year ended 31st March, 2013 is at Rs. 2410.437 Millions, as against Rs. 2347.654 Millions for the corresponding period of FY2012.
No material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year 2012-13 and the date of this report.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW
The medical device industry consists of firms that produce a wide range of products used for diagnosis and treatment of ailments. The medical device industry comprises surgical, cardiovascular, home healthcare, patient monitoring & general medical devices. The industry is highly fragmented, and North America dominates with over 40% of the global market.
The demand for medical devices in the developed countries like US, Europe, Japan, Canada, and the US remains steady, while low cost economies like Africa, China, Brazil, parts of Asia, parts of Middle East and the Indian Subcontinent are growing very fast. The populous low cost economies that are fast growing are promising target markets for medical devices.
India shows potential for the medical device sector due to its strong private healthcare system, growing middle class with increasing income levels, change in the disease profiles (lifestyle diseases), greater penetration of health insurance, government focus on healthcare infrastructure development and rising awareness of personal healthcare. The medical device market continues to be a highly dynamic industry undergoing constant change. Last year has been a challenging year for the medical device industry because of the macroeconomic factors in European Union, US and parts of Far East and Middle East.
As per industry analysts, global Medical Device market is expected to reach $440Bn by 2018. The main factors contributing to this growth are the ageing population and lifestyle related diseases which are driving medical device demand worldwide, making the industry fairly recession proof.
On the flip side, the MedTech industry is currently beleaguered by several issues including the 2.3% medical device excise tax in U.S on account of Affordable care Act, pricing concerns, declines in hospital admission and procedural volume from economic uncertainties, medicare reimbursement issues and regulatory overhang. Consequently, for the long term stability of the medical device manufacturing companies, cutting costs and internal resource management have become more critical to market viability than just growing top line. Given the macroeconomic and regulatory factors addressed herein, only companies who are able to adapt in order to provide clinically superior products in a cost effective manner to the market will succeed. Innovation is the lifeline for the medical device companies.
Fortunately, Opto Circuits is strategically positioned to continue going from strength to strength, by focusing on both developed and emerging economies with its diverse product portfolio and organic growth initiatives for the foreseeable future supported by its R&D team designing products for the developing economies.
COMPANY OVERVIEW
Opto Circuits India Limited (OCIL) is a multinational medical device Company headquartered out of Bengaluru, India. The Company is into designing, developing, manufacturing, marketing and distributing a range of medical products that are used by healthcare establishments in more than 150 countries. It is a vertically integrated group that specializes in primary, acute and critical care products for the global markets.
Opto's Group companies such as Cardiac Science, Criticare, Eurocor, and Unetixs Vascular are leaders in emergency cardiac care equipment, vital signs monitors, sensing technologies and vascular treatments.
OCIL run facilities and offices in North America, Europe and Asia. The Company's USFDA listed and CE marked products are marketed in - European Union, North and South America, Middle East, Asia and Asia-Pacific through a set of approx 1,300 distributors which indicates a Strong Global Distribution network of the Company. The Company also sells through direct and indirect sales channels across many emerging and developing economies.
The Company has almost 100 certified products, over 20 internationally recognized brands, which together have an addressable market opportunity of over US$ 20 Bn. Company's competitive strength lies in its strong business model, low cost structure, strong IPs, wide product portfolio, highly respected internationally recognized brands, diversified geographical presence and de-risked manufacturing in three countries.
The Company acquired 11 companies in last decade which not only added to the revenue streams and contributed to growth but has increased the addressable market significantly and gave extremely lucrative opportunities to leverage the global distribution network.
Going forward, the Company is aggressively working on cost cutting measures by integrating operations and relocating manufacturing to low cost centers like India and Malaysia. They have also tightened the credit policies to their distributors to shorten the working capital cycle.
These and other efforts over the next few quarters will help in creating the intrinsic value for the Company in the coming years.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10396534 |
12/12/2012 |
1,000,000,000.00 |
THE BANK OF NOVA SCOTIA |
25/2, M G ROAD,, S N TOWERS, BANGALORE, Karnataka - 560001, INDIA |
B65747040 |
|
2 |
10363233 |
06/06/2012 |
800,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B42726950 |
|
3 |
10326300 |
09/12/2011 |
1,100,000,000.00 |
IDBI Bank Limited |
102, SHAKTHI COMFORT TOWER, K H ROAD, BANGALORE, |
B29015153 |
|
4 |
10326382 |
12/11/2011 |
700,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
B29068731 |
|
5 |
10301089 |
18/07/2011 |
1,175,000,000.00 |
ICICI Bank Limited |
Shobha Pearl, 1-Commissiariat Road,, Bangalore, Karnataka - 560025, INDIA |
B18383273 |
|
6 |
10251315 |
11/10/2010 |
1,440,000,000.00 |
STANDARD CHARTERED BANK |
RAHEJA TOWERS, SIXTH FLOOR, NO. 26 - 27, M. G. ROAD, BANGALORE, Karnataka - 560001, INDIA |
A96706908 |
|
7 |
10188897 |
24/11/2009 |
550,000,000.00 |
BARCLAYS BANK PLC |
FIRST FLOOR, PARAMANNA LAYOUT B H ROAD, NELAMA |
A73828873 |
|
8 |
10167746 |
15/07/2009 |
341,880,000.00 |
DBS BANK LIMITED |
NO. 6, SHENTON WAY, DBS BUILDING TOWER ONE, 31ST |
A65477952 |
|
9 |
10168012 |
12/03/2012 * |
2,000,000,000.00 |
Indusind Bank Limited |
28, Centenary Building, Ground Floor, M G Road, Bangalore, Karnataka - 560001, INDIA |
B35104686 |
|
10 |
10151318 |
08/03/2013 * |
1,280,000,000.00 |
DBS BANK LIMITED |
SALARPURIA WINDSOR, NO. 3, (OLDNO. 10), ULSOOR ROAD, WARD NO. 78, BANGALORE, Karnataka - 560042, INDIA |
B73054389 |
|
11 |
10126272 |
03/10/2012 * |
1,920,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NO.61, RESIDENCY PLAZA, RESIDENCY ROAD, BANGALORE, Karnataka - 560025, INDIA |
B60007242 |
|
12 |
10088270 |
28/11/2007 |
250,000,000.00 |
ABN AMRO BANK NV |
99 & 100, Prestige Towers, Residency Road, BANGALORE, Karnataka - 560025, INDIA |
A29264835 |
|
13 |
10004047 |
20/04/2007 * |
250,000,000.00 |
ABN AMRO BANK NV |
PRESTIGE TOWERS, 99 & 100, RESIDENCY ROAD, BANGALORE, Karnataka - 560025, INDIA |
A15945330 |
|
14 |
10004199 |
09/05/2006 |
34,000,000.00 |
ABN AMRO BANK NV |
PRESTIGE TOWERS, 99 & 100, RESIDENCY ROAD, BANGALORE, Karnataka - 560025, INDIA |
A01234988 |
|
15 |
90196856 |
10/02/1999 * |
30,000,000.00 |
ICICI BANKING CORPORATION LTD |
RAHEJA TOWERS; III FLOOR, MG ROAD, BANGALORE, Karnataka, INDIA |
- |
|
16 |
90198806 |
25/03/1995 |
2,500,000.00 |
CANARA BANK |
LAVELLE ROAD, MG ROAD, BANGALORE, Karnataka, INDIA |
- |
|
17 |
90196689 |
25/03/1995 * |
200,000.00 |
CANARA BANK |
LAVELLE ROAD, MG ROAD, BANGALORE, Karnataka, INDIA |
- |
|
18 |
90196612 |
11/02/1994 * |
9,000,000.00 |
KARNATAKA STATE FINANCIAL CORPORATION |
NO. 25; MG ROAD, SHANKARANARAYANA BUILDING, BANGALORE, Karnataka - 560001, INDIA |
- |
|
19 |
90196609 |
31/10/1994 * |
9,000,000.00 |
KARNATAKA STATE FINANCIAL CORPORATION |
NO. 25; MG ROAD, SHANKARANARAYANA BUILDING, BANGALORE, Karnataka - 560001, INDIA |
- |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30™ JUNE 2013
(Rs.
in Millions)
|
|
PARTICULARS |
30.06.2013 |
|
|
|
(Unaudited) |
|
1 |
Income From
Operations |
|
|
|
(a) Net Sales / Income from Operations |
1054.757 |
|
|
(Net of Excise Duty) |
|
|
|
(b) Other Operating Income |
(13.222) |
|
|
Total income from
Operations (net) |
1041.535 |
|
2 |
Expenses |
|
|
|
(a) Cost of Materials consumed |
494.229 |
|
|
(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
65.794 |
|
|
(c) Employee benefits expense |
25.447 |
|
|
(d) Depreciation and amortisation expense |
19.702 |
|
|
(e) Other expenses (Any item exceeding 10% of the total expenses relating to continuing operations shown separately) |
34.740 |
|
|
Total expenses |
639.912 |
|
3 |
Profit from operations before other income, finance costs and exceptional items |
401.623 |
|
4 |
Other income |
|
|
5 |
Profit from ordinary activities before finance costs and exceptional items |
401.623 |
|
6 |
Finance costs |
138.936 |
|
7 |
Profit from ordinary activities after finance costs but before exceptional Items |
262.687 |
|
8 |
Exceptional items |
. |
|
9 |
Profit from
ordinary activities before tax (7 ± 8) |
262.687 |
|
10 |
Tax expense |
40.657 |
|
11 |
Net Profit from
ordinary activities after tax |
222.030 |
|
12 |
Extraordinary items (net of tax expense Rs in Millions) |
- |
|
13 |
Net Profit / (Loss) for the period |
222.030 |
|
14 |
Share of Profit / Loss from Associates |
|
|
15 |
Minority Interest |
|
|
16 |
Net Profit / (Loss)
after taxes, minority interest and share of profit / (loss) of associates |
222.030 |
|
17 |
Paid-up equity share capital (Face Value of the Share shall be indicated) |
2423.194 |
|
18 |
Reserve excluding Revaluation Reserves as per balance sheet of Previous accounting year |
- |
|
19.i |
Earnings per share (before
extraordinary Items) (of Rs 10 /- each) (not annualised): |
|
|
|
(a) Basic |
0.92 |
|
|
(b) Diluted |
|
|
9.ii |
Earnings per share
(after extraordinary items) (of Rs 10 /- each) (not annualised): |
|
|
|
(a) Basic |
0.92 |
|
|
(b) Diluted |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public shareholding |
|
|
|
Number of shares |
174048517 |
|
|
Percentage of shareholding |
71.83% |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
a) Pledged /
Encumbered |
|
|
|
Number of shares |
NIL |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
NIL |
|
|
Percentage of shares (as a % of the total share capital of the company) |
NIL |
|
|
b) Non - encumbered |
|
|
|
Number of shares |
68270890 |
|
|
Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group) |
100 |
|
|
Percentage of shares (as a % of the total share capital of the company) |
28.17% |
|
B |
NVESTOR COMPLAINTS |
|
|
|
Pendinq at the beginninq of the quarter |
1 |
|
|
Received durina the Quarter |
28 |
|
|
Disposed off durinq the quarter |
29 |
|
|
Remaininq unresolved at the end of the quarter |
0 |
NOTES:
1) The above audited results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective Meetings held on 13 August 2013.
2) The auditors have conducted limited review of the above financials results for the quarter ended 30th June 2013.
3) Figures of the previous quarter have been regrouped/reclassified wherever necessary, to make it comparable.
4) There has been no changes during the period with regard to Auditors remarks on the accounts of 31st March 2013
5) The company has only one Business segment i.e. Healthcare.
FIXED ASSETS:
- Land
- Bore Well
- Office Building
- Building
- Apartment
- GH Furniture and Fittings
- Plant and Machinery
- Furniture and fittings
- Computers
- Office Equipments
- Electrical Installations
- Vehicles
- Computers
- Furniture and fittings
AS PER WEBSITE DETAILS:
PRESS RELEASES:
OPTO CIRCUITS RECOVERS; CO TO SOLVE WORKING CAPITAL ISSUES
Jun 03, 2013
Global Medtech conglomerate Opto Circuits received one of its worst poundings on Friday after it reported 95 percent fall in net profit for the quarter ended March 2013. Shares of Opto Circuits plunged more than 30 percent to touch its 52-week low last week.
Speaking about its fourth quarter numbers, Vinod Ramnani of Opto Circuits said it was below expectations and the company is taking steps to address working capital issues. "We are trying to unlock valuations of all subsidiaries," he told CNBC-TV18. The stock has partially recovered on Monday. At 10. 25 AM, it was trading at Rs 33.40, up 6.03 percent.
Meanwhile, Ramnani said the company’s order book continues to be healthy and India contributes a significant 25 percent to its overall business. Below is the verbatim transcript of his interview on CNBC-TV18
Q: Fairly disastrous quarter for you guys, what happened on the sales side, what led to that big slippage and what you witnessed both on invasive and non-invasive segments in terms of sales performance?
A: We have been performing for last 12 years and quarter on quarter we have done good although this was a bad quarter. There are lots of reasons behind it; we put the credit policy in place, we have working capital issues which we are addressing right now, and also European market saw a little bit of slowdown. So one can see that this one quarter was bad and we are taking all the steps to see how we can fix all burning issues like debtors, debt. In next three-four quarters we are working on the credit policy, we are looking into all our world assets and trying to unlock the valuation for all our subsidiaries. We have a fantastic business model but this quarter was bad. I am sure that is going to get better as we go along.
Q: First on the working capital issues what is it that you guys target to do through the course of FY14 both in terms of cutting down the cycle and alleviating the pressure?
A: Since majority of our business is coming from outside India that is US and Germany, so firstly, we have done lot of cost cutting in last three-four months and you can see the results going forward. We are now trying to convert short-term into long-term and trying to deploy the working capital wherever it is required. The subsidiaries should have their own working capital, so that they can do the business in a normal way. We are taking all the measures to see that all the subsidiaries particularly, outside India, are very well funded as far as the working capital is concerned. That is the first step we have taken so that the business goes as usual because we have lot of back orders and order booking is very healthy. Unfortunately, we could not execute it in last quarter but we have taken all the steps to see how we can fix this issue going forward. Every company has a growing pain and we are going through it but it is just a matter of time. It will take us three-four quarters to get over the whole thing and come back on track.
Q: You guys have discontinued giving guidance as well, how many more quarters do you think where you will have to see this kind of pain before you start showing any consistent sales growth and even start breaking into the black?
A: Last quarter we did not really give any guidance because we were in the process of restructuring our debt at various locations and we did not know how long it would take us to do that. However, we are working on it. So, this was a bad quarter but I am sure that going forward it should get better in terms bottom-line and business overall.
Q: Why so many management changes - you are churning the management around so fast one wonders whether the team in place has either the time or gets a handle of the business in order to turn it around?
A: The management teams are at various locations, India has only 20-25 percent of overall business. Now as and when the time demands when we see that we have to do cost cutting, and since we have acquired quite a few companies outside India, so we have to take those calls from time to time and bring in more efficiency into the system. And the business at times overgrows the management, so we have to take those corrective measures as we go along. We have already started doing that; we have the audit committee in place, we are looking into various aspects of taxation issues, various aspects of worldwide asset base that we have. So we are just getting our things together one by one. This was a bad quarter particularly in terms of sales but as we go forward, things are going to fall in place; the business model is very good so I am not really worried from that angle. If the business would have been not good then I would have told you it is not going to be possible but business is really bullish, we have lot of orders. Yes we have a situation; the management is working on it to see how we can fix the issues.
Q: Have you identified any property of assets that you want to unlock value with and have you set aside a target in terms of what you want to raise from this unlocking process even through the course of this financial year?
A: Let me give you an example, on Friday we signed a deal
with Biosensors our Eurocor which is a subsidiary of Opto Circuits in Germany,
they signed a deal with Biosensors. There are other companies we are talking
to. So we have lot of value there and we are working on it how fast we can just
unlock those values and bring cash in the company. So, we will resolve this working
capital issue but it is not really going to happen overnight. It will take some
time and you can see that things are back on track. On October 24, 2013, at
12:07 hrs Opto Circuits India was quoting at Rs 23.90, up Rs 0.00, or 0.00
percent. The 52-week high of the share was Rs 128.50 and the 52-week low was Rs
17.80. The company's trailing 12-month (TTM) EPS was at Rs 8.27 per share as
per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was
2.89. The latest book value of the company is Rs 60.01 per share. At current
value, the price-to-book value of the company was 0.40
OPTO CIRCUITS ENDS 38% LOWER ON WEAK MARCH QUARTER EARNINGS
May 31, 2013
Moneycontrol Bureau
Opto Circuits India plunged 38 percent on Friday after reporting a disappointing March quarter earnings. Shares of Opto Circuits India closed at Rs 31.50, down Rs 19.20, or 37.87 percent after touching 52-week low of 29.90 on the BSE.
Its consolidated revenue has fallen 33 percent to Rs 4560.000 Millions compared to Rs 6810.000 Millions year-on-year. During the period, consolidated net profit dropped 94 percent year-on-year to Rs 123.000 Millions. Earnings before interest, taxes, depreciation, and amoritsation (EBITDA) crashed 64 percent to Rs 600.000 Millions vs 1640.000 Millions Y-o-Y.
Its operating margin has dropped 13 percent compared to 24 percent Y-o-Y.
There has been exceptional outflow of Rs 110.000 Millions in this quarter vs nil. The company has been reeling under huge debt on books and interest costs jumped 105 percent to Rs 360.000 Millions compared to Rs 176.000 Millions (Y-o-Y).
However, tax write back of Rs 190.000 Millions saved the day vs a tax write back of Rs 770.000 Millions last fiscal.
On October 24, 2013, at 12:12 hrs Opto Circuits India was quoting at Rs 23.95, up Rs 0.05, or 0.21 percent. The 52-week high of the share was Rs 128.50 and the 52-week low was Rs 17.80.
The company's trailing 12-month (TTM) EPS was at Rs 8.27 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 2.9. The latest book value of the company is Rs 60.01 per share. At current value, the price-to-book value of the company was 0.40.
EUROCOR’S PARTNER - MICELL TECHNOLOGIES RECEIVES CE MARK APPROVAL FOR
MISTENT SES
Date: 14.06.2013
Eurocor GmbH, a group company of Opto Circuits (India) Limited (Bloomberg: OPTC IN; Reuters: OPTO. NS; NSE: OPTOCIRCUI; BSE: 532391), is pleased to announce that their partner Micell Technologies, Inc. received CE (Conformité Européenne) Mark approval for its MiStent® Sirolimus Eluting Absorbable Polymer Coronary Stent System (MiStent SES®) introducing a thin-strut stent that features elimination of the coating from the stent in 45-60 days and the complete absorption of the polymer coating within 90 days. The MiStent SES® is unique in providing local drug delivery both during and after the period of polymer absorption, thereby eliminating long-term polymer exposure, a potential cause of delayed healing and late adverse events.
Micell’s Chief Executive Officer, Arthur J. Benvenuto, commented, “The MiStent SES® brings a new paradigm of safety without compromise to efficacy or deliverability. With polymer absorption faster than any other DES currently available, we believe the MiStent SES provides a long-term safety profile of a highly deliverable bare metal stent.”
The MiStent SES® approval is supported by in-depth clinical
analysis from the DESSOLVE I and
DESSOLVE II clinical trials. The DESSOLVE II trial met its primary end point:
superiority of MiStent SES in minimizing in-stent late lumen loss (LLL) at nine
months as compared to Medtronic’s Endeavor® Sprint DES (p<0.001). The trial
was a randomized, multi-center study of 184 patients with documented stable or
unstable angina pectoris. At nine months’ follow-up, in-stent LLL was 0.27 mm
with a target lesion revascularization rate of 0.9%. The major adverse cardiac
events (MACE) rates were 4.3% for MiStent SES and 6.7% for Endeavor. In a
sub-group of patients, optical coherence tomography (OCT) and endothelial
function testing confirmed good vessel healing with excellent strut coverage
and normal endothelial function.
The DESSOLVE I first-in-human study provides additional evidence for the potential clinical advantages of MiStent SES’s unique features, with serial angiographic, intravascular ultrasound (IVUS) and OCT assessment of patients at early (6/8 month) and late (18 month) time points. Data analysis of the groups using matched pairs shows no progression of LLL (0.10 / 0.09 mm and 0.09 mm respectively).
Patrick W.
The company is preparing for a post-marketing clinical program of 2,000 patients comparing the MiStent SES® to the Xience® Everolimus Eluting Coronary Stent System in a randomized design to show non-inferiority of target lesion failure at 12 months and superior performance by the MiStent SES® at 24 months with significantly less progression of LLL.
With this CE Mark approval, Micell is preparing to make the MiStent SES® commercially available in Europe and other markets where CE Mark approval can expedite the registration process. The MiStent Sirolimus Eluting Absorbable Polymer Coronary Stent System is not currently available for sale in any market.
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 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 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.61.53 |
|
|
1 |
Rs.99.75 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.