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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 82.23 | ACUITE BBB+ | Reaffirmed & Withdrawn | - |
| Bank Loan Ratings | 6.24 | - | ACUITE A2 | Reaffirmed & Withdrawn |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 88.47 | - | - |
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Rating Rationale |
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Acuité has reaffirmed and withdrawn the long-term rating to ‘ACUITE BBB+’ (read as ACUITE Triple B plus) and short-term rating to ‘ACUITE A2’ (read as ACUITE A two) on the Rs. 88.47 crore bank facilities of Biotech Vision Care Private Limited(BVCPL).
The withdrawal is in accordance with Acuite's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company, and NOC (No Objection Certificate) received from the banker. Rationale for Rating The rating reaffirmation factors in the steady operating performance of the group along with establish track record of operations and experienced management. The rating also derives comfort from adequate liquidity position and heathy financial risk profile of the group. The rating is however constrained by working capital intensive nature of operations of the group. |
| About the Company |
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Biotech Vision Care Private Limited (BVPL) established in 1999 under the name Vista Implants Private Limited with Mrs. Lalitaben Shah, Mrs. Ruchira Asnani and Mr. Mehul Asnani as the directors. However later in May, 2000 the name of the company was changed to the current name. Mr. Mehul Asnani looks after the day-to-day activities of the company. The group has its sales and marketing headquarter in Luzern, Switzerland. It has established research & development centres with state-of-the-art manufacturing facilities in Roscommon, Ireland and Ahmedabad, India. The company is engaged in manufacturing of intraocular lenses (IOL) which can be implanted in the eyes of cataract patient with the help of equipment. Along with the lens the company is also into manufacturing of accessories required during the cataract operation like strips, spears and surgical blades. The group has three manufacturing plant located in Khatraj (Oplthalmics), Ireland (Opthalmics) and SEZ (Dermal and Opthalmics solutions).
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| About the Group |
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Biotech Vision Care Private Limited (BVPL) is the flagship entity of the Biotech group with 12 subsidiaries under it. Key focus areas of the group include Ophthalmology, Dermatology, Orthopaedics and Urology. Group has one of the widest product portfolios in ophthalmology with more than 25 consumable products including implants, solutions and accessories. Additionally, the group has strategic tie-ups with leading manufacturers of diagnostic and surgical equipment for targeted markets to provide complete solution to its customers. In Orthopaedics, group offer various types of single-shot and multi-shot viscos supplement solutions for Osteoarthritis of Knee. The dermal product range includes cross linked & non-cross linked dermal fillers for skin rejuvenation & facial volume/contour restoration. product in urology segment provides immediate relief to Cystitis patients.
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| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Extent of Consolidation |
| •Full Consolidation |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Acuité has consolidated the business and financial risk profiles Biotech Vision Care Private Limited, and all its subsidiaries together known as ‘Biotech Healthcare Group’. The subsidiaries include Biotech Healthcare Holding GMBH, Biotech Healthcare GMBH, Biotech Europe Midtech Inc.Ltd, Biotech Healthcare SAN VE. TIC. A.S, Biotech Vision Care Opthalmologia, Biotech Columbia S A S, Healthcare Biote SARL, Biotech Healthcare Germany GMBH, Biotech UK Healthcare Limited, Biotech Healthcare Iberia SL, Biotech Healthcare Australia Pvt Ltd and Biotech Meditech SA. The consolidation is majorly on account of common management with operational and financial linkages across the companies.
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| Key Rating Drivers |
| Strengths |
| Establish track record of operations, experienced management
BVPL, a Gujarat-based company has established presence of over two decades since 1999. The group is engaged in developing and manufacturing of high quality, innovative ophthalmic surgical and eye care products. The key promoter, Mr. Mehul Asnani (Chairman & Managing Director), has experience of over two decades in the eye care industry. Extensive network of the promoters has helped the group to establish its market for their products in India and in overseas market with presence in around 120 countries. An experienced second line of management also supports the group. Acuité believes that BVCPL will continue to benefit from its established track record of operations, experienced management and long-standing relationships with its customers and suppliers. Steady business risk profile Biotech Healthcare Group’s operations have improved reflected by growth in consolidated revenue from operations by 12.37 percent in FY2024 to Rs. 349.18 crore as against to Rs.310.75 crore for FY2023. The increase in revenue is on account of the increase in sales volumes led by higher demand. The group has registered revenue of ~Rs. 390 crore in FY2025. The operating profit margin of the group remains healthy at 20.88 percent in FY2024 as against 23.03 percent in FY2023. The decline was majorly on account of an increase in employee costs and admin expenses. Furthermore, the net profit margin of the group stood at 16.23 percent in FY2024 as against 15.43 percent in FY2023. Healthy Financial risk profile The group’s financial risk profile is healthy marked by net worth, low gearing and strong debt protection metrics. The net worth of the group stood at Rs.377.23 crore as on 31 March 2024 as against Rs.303.33 crore as on 31 March 2023 majorly on account of accretion of reserves. The group follows a conservative leverage policy. The gearing (debt-equity) stood similar and low at 0.14 times as on 31 March 2024 and 31 March 2023. The total debt outstanding of the group is Rs.51.33 crore as on 31 March 2024 which consists of long-term bank borrowings of Rs. 8.56 crore and short-term working capital limit of Rs.41.34 crore and of current maturities of long-term debt Rs. 1.42 Cr. The interest coverage ratio stood comfortable at 17.85 times for FY2024 as against 28.57 times for FY2023. The DSCR stood at 11.15 times for FY2024 as compared to 10.44 times for FY2023. Going forward the financial risk profile is expected to improve because of its improving operating performance and reduction in the debt liability of the company. |
| Weaknesses |
| Working capital intensive nature of operations
The group’s operations are working capital intensive in nature as reflected by its gross current asset (GCA) days of around 317 days as on March 31, 2024, as against 322 days as on March 31, 2023, which is on the account of complex business structure where the group has to maintain large amount of inventory for various range of its product portfolio. The group has to maintain 40 ranges of dioptres with different combinations and imports a significant portion of its raw materials which eventually increase the inventory levels. Furthermore, the debtor days stood at 89 days as on March 31, 2024 as against 107 days as on March 31, 2023. The creditor days stood at 170 days as on March 31, 2024 as against 89 days as on March 31, 2023. The utilization of working capital limits stood at ~82 percent in last one year ended March 2025. |
| Rating Sensitivities |
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Not Applicable
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| Liquidity Position |
| Adequate |
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The group’s liquidity profile remained adequate marked by adequate net cash accruals against its maturing debt obligations. The group generated cash accruals of Rs.66.73 Cr. in FY2024 as against its maturing debt obligation of Rs.1.41 Crore in the same period. The utilization of working capital limits stood at ~82 percent in last one year ended March 2025.The group maintains unencumbered cash and bank balances of Rs. 21.17 crore as on March 31, 2024. The current ratio of the group stood healthy at 2.35 times as on March 31, 2024.
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| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 24 (Actual) | FY 23 (Actual) |
| Operating Income | Rs. Cr. | 349.18 | 310.75 |
| PAT | Rs. Cr. | 56.67 | 47.94 |
| PAT Margin | (%) | 16.23 | 15.43 |
| Total Debt/Tangible Net Worth | Times | 0.14 | 0.14 |
| PBDIT/Interest | Times | 17.85 | 28.57 |
| Status of non-cooperation with previous CRA (if applicable) |
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Not Applicable
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| Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite) |
| Not applicable |
| Any Other Information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on complexity levels of the rated instrument |
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| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||||||||||||||||||||||
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