MIRA INFORM REPORT

Report Date :

22.07.2014

IDENTIFICATION DETAILS

Name :	OPTO CIRCUITS (INDIA) LIMITED
Registered Office :	Plot No. 83, Electronic City, Hosur Main Road, Bangalore – 560 100, Karnataka
Country :	India
Financials (as on) :	31.03.2014
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. Management has witnessed a drastic dip in its sales volume as well as net profitability during FY14. The rating also takes into consideration stretched liquidity position on account of continued high working capital intensity and huge capital expenditure during the year under consideration. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow. The company can be considered for business dealings with 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 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative. (91-80-28521042)

LOCATIONS

Registered Office / Plant:	Plot No. 83, Electronic City, Hosur Main Road, Bangalore – 560 100, Karnataka, India
Tel. No.:	91-80-28521040/41/42
Fax No.:	91-80-28521094
E-Mail :	oci@optoindia.com info@optoindia.com vijayendra@optoindia.com an.srinath@optoindia.com
Website :	http://www.optoindia.com

DIRECTORS

As on: 31.03.2013

Name :	Mr. Vinod Ramnani
Designation :	Chairman and Managing Director
Address :	Kasavanahalli, Carmelram Post, Sarjapur Road, Bangalore – 560 035, Karnataka, India
Name :	Mr. Jayesh C. Patel
Designation :	Director
Address :	7302, Spruce Circle, Lapama, 7303, California 90623
Name :	Mr. Thomas Dietiker
Designation :	Director
Address :	3848, Del Amo Blvd., Suite # 304, Torrence, CA 90623
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: 31.03.2014

Category of Shareholder	Number of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	55294740	22.82
Sub Total	55294740	22.82
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	13076150	5.40
Sub Total	13076150	5.40
Total shareholding of Promoter and Promoter Group (A)	68370890	28.22
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3385	0.00
Financial Institutions / Banks	4195457	1.73
Foreign Institutional Investors	70489671	29.09
Sub Total	74688513	30.82
(2) Non-Institutions
Bodies Corporate	12202473	5.04
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	40539309	16.73
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	25756350	10.63
Any Others (Specify)	20761872	8.57
Non Resident Indians	20144518	8.31
Trusts	4948	0.00
Foreign Nationals	39	0.00
Clearing Members	612367	0.25
Sub Total	99260004	40.96
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	242319407	0.00

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 :

· State Bank of India

· United Bank of India

· IndusInd Bank Limited

· DBS Bank Limited

· Standard Chartered Bank

· HDFC Bank Limited

· YES Bank Limited

· ICICI Bank Limited

· The Bank of Nova Scotia

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Term Loans from Banks		0.063
SHORT TERM BORROWINGS	NA
Loans repayable on demand		7554.556
Total	NA	7554.619

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 : (As on 31.03.2013)	· Advanced Micronic Devices Limited Mediaid Inc, USA · Devon Innovations Private Limited · Ormed Medical Technology Limited · Opto Infrastructure Limited · Maxcor Lifescience Inc, USA · Opto Circuits (Malaysia) Sdn, Bhd. · Opto Cardiac Care Limited · Opto Eurocor Healthcare Limited
Stepdown Subsidiary company : (As on 31.03.2013)	· Cardiac Science Corporation Criticare System Inc, · Unetixs Vascular Inc · Eurocor Gmbh Eurocor Asia Sdn Bhd · Eurocor (S) Pte. Limited · N S Remedies Private Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.2423.194 Millions

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	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2423.194	2423.194	2423.194
(b) Reserves & Surplus	12539.905	12118.326	9707.888
(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)	14963.099	14541.520	12131.082
(3) Non-Current Liabilities
(a) long-term borrowings	77.500	0.063	80.040
(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)	77.500	0.063	80.040
(4) Current Liabilities
(a) Short term borrowings	8636.573	8007.803	6412.447
(b) Trade payables	372.258	544.073	121.260
(c) Other current liabilities	1083.176	1647.342	458.704
(d) Short-term provisions	106.230	10.359	852.318
Total Current Liabilities (4)	10198.237	10209.577	7844.729
TOTAL	25238.836	24751.160	20055.851
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1144.864	1209.002	738.933
(ii) Intangible Assets		0.000	0.049
(iii) Capital work-in-progress		12.883	12.839
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3816.646	3816.646	3816.646
(c) Deferred tax assets (net)	5.308	3.489	3.019
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	73.658	1546.814
Total Non-Current Assets	4966.818	5115.678	6118.300
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4388.676	3605.272	2654.473
(c) Trade receivables	6150.063	5842.622	2573.340
(d) Cash and cash equivalents	23.082	21.603	455.974
(e) Short-term loans and advances	9709.013	10163.883	8253.764
(f) Other current assets	1.184	2.102	0.000
Total Current Assets	20272.018	19635.482	13937.551
TOTAL	25238.836	24751.160	20055.851

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2627.848	6992.535	6697.417
		Other Income	(16.759)	(22.727)	13.383
		TOTAL (A)	2611.089	6969.808	6710.800
Less	EXPENSES
		Cost of materials consumed	1229.245	3958.992	3770.189
		Changes in inventories of FG, WIP and Stock-in-Trade	(34.987)	(39.888)	(134.564)
		Employee benefit expense	99.502	95.336	82.549
		Other expenses	184.981	220.491	185.856
		TOTAL (B)	1478.741	4234.931	3904.030
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1132.348	2734.877	2806.770
Less	FINANCIAL EXPENSES (D)		535.819	220.026	366.547
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		596.529	2514.851	2440.223
Less/ Add	DEPRECIATION/ AMORTISATION (F)		79.227	66.115	60.519
	PROFIT BEFORE TAX (E-F) (G)		517.302	2448.736	2379.704
Less	TAX (H)		95.723	38.298	32.050
	PROFIT AFTER TAX (G-H) (I)		421.579	2410.438	2347.654
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6734.202	4573.764	3310.999
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	250.000	240.000
		Dividend	NA	0.000	726.958
		Tax on Dividend	NA	0.000	117.931
	BALANCE CARRIED TO THE B/S		NA	6734.202	4573.764
	EARNINGS IN FOREIGN CURRENCY
		Sales	NA	3770.062	6947.066
	TOTAL EARNINGS		NA	3770.062	6947.066
	IMPORTS
		Raw Materials	NA	4734.457	3482.666
		Components and Spare Parts	NA	1.675	2.862
		Capital Goods	NA	532.341	0.432
	TOTAL IMPORTS		NA	5268.473	3485.960
	Earnings Per Share (Rs.)		1.74	9.95	9.68

Note:

1. The above audited results were approved by the Board of Directors at its meeting held on May 30, 2014.

2. Figures of the previous quarter have been regrouped/reclassified wherever necessary, to make it comparable.

3. There has been no changes during the period with regard to Auditors remarks on the accounts of March 31, 2013

4. The company has only one Business segment i.e. Healthcare.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	16.15	34.58	34.98
Net Profit Margin (PBT/Sales)	(%)	19.69	35.02	35.53
Return on Total Assets (PBT/Total Assets}	(%)	2.42	11.71	14.67
Return on Investment (ROI) (PBT/Networth)		0.03	0.17	0.20
Debt Equity Ratio (Total Debt /Networth)		0.58	0.55	0.54
Current Ratio (Current Asset/Current Liability)		1.99	1.92	1.78

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2423.194	2423.194	2423.194
Reserves & Surplus	9707.888	12118.326	12539.905
Net worth	12131.082	14541.520	14963.099
long-term borrowings	80.040	0.063	77.500
Short term borrowings	6412.447	8007.803	8636.573
Total borrowings	6492.487	8007.866	8714.073
Debt/Equity ratio	0.535	0.551	0.582

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	6697.417	6992.535	2627.848
		4.406	-62.419

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	6697.417	6992.535	2627.848
Profit	2347.654	2410.438	421.579
	35.05%	34.47%	16.04%

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 31.03.2014	As on 31.03.2013
SHORT TERM BORROWINGS
Loans repayable on demand from Banks	NA	0.000
Loans repayable on demand from Other Parties	NA	453.247
Total	NA	453.247
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.

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, Karnataka - 560027, INDIA	B29015153
4	10326382	12/11/2011	700,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	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 NGALA BANGALORE, Karnataka - 562123, INDIA	A73828873
8	10167746	15/07/2009	341,880,000.00	DBS BANK LIMITED	NO. 6, SHENTON WAY, DBS BUILDING TOWER ONE, 31ST FLOOR, SINGAPORE, - 068809, SINGAPORE	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

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, 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 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 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.60.19
UK Pound	1	Rs.102.87
Euro	1	Rs.81.48

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUB
Report Prepared by :	NTH

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	--

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