Opto Circuits (India) Ltd

Opto Circuits (India) Limited, a three star export-trading house was established in June 8, 1992 as a private limited company. Opto maintaining the strict quality control by benchmarking the facilities and the products to the international standards. Accordingly the company has been accredited with ISO 9001 certification since 1995 by RVA, Netherlands, through STQC Directorate, Govt. of India. It operates in the medical electronics space and manufactures optical sensors, security systems and optoelectronic equipment. The company also undertakes design of optoelectronic devices. It also manufactures a range of healthcare equipment like pulse oximeter, multi parameter monitors, pulse oximeter sensors, digital thermometers, cholesterol monitors and fluid warmers. Opto is a recognized export house and has CE and FDA approvals for many of its products. The Company's clients include Philips Medizine Systems, General Electric Medical Systems, Life Stream Technologies etc., and hospitals like Apollo, Escorts, Breach Candy, Lilavati and Wockhardt. Opto's status was refreshed as a public limited company in April of the year 2000. In the year 2001, the company had acquired controlling stake in Advanced Micronic Devices Limited, a company engaged in the business of Health care. During the year 2002, Opto Circuits had entered into an agreement with Hindustan Lever to buy the business line of Digital Thermometers. During the period of 2002-03, it had acquired the Patient Monitoring Division of Palco Laboratories Inc a leading US based company and also in the year 2003, the company had set up its 100% subsidiary under the name of Mediaid Inc in US. During the year 2004, Opto had acquired the 100% stake in Altron. The year 2005 was a quantum leap in the company's saga, Opto Had diversified from non-invasive segment to invasive segment of the healthcare domain. In the same year 2005, the company had acquired a Eurocor Gmbh, German. The Company's Eurocor had signed distribution agreement with Fumedica, AG in the year 2006 and also in same year, Mediaid received FDA approval for SpO2 sensor range. . The Company had inked purchase agreements in April of the year 2007 to acquire medical equipment companies in India, namely, Devon Innovations and Ormed Medical Technology. In September of the year 2007, Opto Circuits had entered into technology transfer agreement with Elpro Srl - Italy, to develop, manufacture and market different variants of electro cardio graph machines (ECG machines). From the November 2007, the company's status upgraded from two star export trading house to three star export trading house in accordance with the provisions of EXIM policy, from ministry of commerce and industry, government of India. As at April 2008, Opto Circuits had completed acquisition of Criticare Systems, a leading US-based healthcare company. Subsequently Criticare Systems became a wholly owned subsidiary of the company with effective from 10th April 2008. The Company had received approval from the US Food and Drug Administration (US FDA) in May of the year 2008 to market two of its products in the country. The model 900 and model 960 vital sign monitors are the first Opto bedside monitors to receive the approval from the US FDA. During July 2007, the Company made a preferential issue of 11,64,520 shares at the rate of Rs.360/- per share to Lehman Brothers Asia Limited and Alliance Bernstein Limited, Foreign Institutional Investors (FIIs). 11,00,000 Share Warrants were also issued to the promoters, directors of subsidiary companies & employees which were fully convertible into Equity Shares of the Company at the rate of Rs.360/- per share with in a period of 18 months from the date of allotment. As on 31st March 2008 Company had six subsidiary companies, namely, Advanced Micronic Devices Limited, a listed company, Mediaid Inc, USA, Altron Industries Private Limited, Eurocor GmbH, Germany, Devon Innovations Private Limited and Ormed Medical Technology Limited. Devon Innovations Private Ltd., and Ormed Medical Technologies Ltd., were acquired during the year 2007-08. by Investing Rs.312.50 Lacs and Rs.85.01 Lacs respectively and resulting to acquisitions, these Companies became wholly owned subsidiaries of Company. Criticare Systems Inc., a US based Company was acquired in April, 2008 which resultant became a wholly owned subsidiary of Company. The Company, subsequent to 31st March 2010 incorporated a wholly owned subsidiary in Malaysia viz. Opto Circuits (Malaysia) SDN BHD and acquired N. S. Remedies Pvt. Ltd., in India and Unetixs Vascular Inc. in USA. The Company allotted 15,00,000 Convertible Share Warrants to an NRI on 9th April, 2010 against the amount received during the Financial Year 2009-10. Further, on 15th September 2009, it allotted 2,14,30,484 Equity Shares under Qualified Institutional Placements at Rs.186.65 per Share. In 2010-2011, the Company acquired 100% of the capital stock of US-based Unetixs Vascular, Inc., a specialist in detection of peripheral arterial disease (PAD). It acquired Kolkata (India) based N.S. Remedies Pvt. Ltd. During the year 2010-11, the Company acquired three companies (one domestic and two overseas) which comprised of N.S. Remedies Pvt. Ltd., an advanced stent manufacturing company based in West Bengal, India; Unetixs Vascular Inc., a specialist in vascular diagnostics based in Rhode Island, USA and Cardiac Science Corporation, owner of reputed cardiology product brands like Quinton, Burdick and Powerheart based in Washington, USA. Altron Industries Pvt. Ltd., an Opto Circuits subsidiary, was renamed Opto Eurocor Healthcare Ltd. during the year 2010 - 2011. During the year 2010-11, the Company, through its subsidiaries, Criticare Systems, Inc. , Mediaid, Inc. and Eurocor GmbH made investments into Criticare - Malaysia, Mediaid - Dubai and Eurocor - Malaysia respectively, which were rendered as wholly owned subsidiaries and thereby the step-down subsidiaries of Opto Circuits (India) Limited. Advanced Micronic Devices Ltd. (AMDL) transferred its investment in Micronic Healthcare Pvt. Ltd., to Opto Infrastructure Ltd. (OIL), for a value of Rs. 1 lac. Opto Eurocor Healthcare Ltd. (OEHL) transferred the assets net of liabilities related to the Company's hotel line of business for a value of Rs 60 to Micronic Healthcare Pvt. Ltd. (MHPL), a wholly owned subsidiary of Opto Infrastructure Ltd. (OIL) and consequently, MHPL became the owner of such assets. During 2011, investments of three US-based subsidiaries: Cardiac Science Corporation, Criticare Systems Inc. and Unetixs Vascular, Inc., were transferred to Opto Cardiac Care Ltd. Investments of subsidiaries, Eurocor GmbH and N.S. Remedies Pvt. Ltd. were transferred to Opto Eurocor Healthcare Ltd. Both Opto Cardiac Care Ltd. and Opto Eurocor Healthcare Ltd. were wholly owned subsidiaries of Opto Circuits (India) Ltd. On 31st March 2012, the Board of Directors of the Company allotted 55,919,863 Bonus Equity Shares of Rs 10/- each in the ratio of 3:10 to the Members, which consequently were listed on the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE).