This year has continued to be a challenging one for your Company.
Your Company reported Consolidated Revenues of Rs. 347 Crores for the Financial Year2016. The reason for this drop in revenues was as reported in the Annual Report lastyear the loan liability of Cardiac Science Corporation by secured lenders DBS Bank Ltdwas sold to Aurora Capital through its subsidiary CFS.
CFS has filed for Chapter XI of the US Bankruptcy code in US Bankruptcy Courts and theassets of Cardiac Science Corporation were taken over by CFS in December 2015. Hence therevenues of Cardiac Science Corporation for the year were not booked in our revenues.
Your Company however seeking appropriate legal remedial measures against this hostiletakeover in the US Courts and shall keep you posted on further developments.
The shares of Criticare Corporation has also been pledged to DBS Bank Ltd foradditional facilities granted by them. CFS had filed for winding up of Criticare. We havebought back the assets of Criticare through an open auction.
As a result of the above actions while there is a drop in the groups revenuesthe liabilities to the extent of USD $ 82 Million Rs. 544 Crores has also beenextinguished.
Opto Eurocor Healthcare Limited. Subsidiary Company has launched a new Sirolimusbased drug eluting stent SIROPRIME in the Asian markets and The Company isalso processing for other approvals for the European market which should be obtained inthe current financial year. The Company also launched a shunt Balloon Catheters (highpressure Drug Eluting Balloon) for the treatment of shunt Stenosis which is very usefulfor Dialysis patients. The Company will be launching this product in India soon.
The customer response to these recently launched products has been very encouraging andwe look forward to rapid growth in the coming quarters.
Your Company R&D team continues to develop test and refine technologies to offermore efficient / effective patient care for the Global markets.
The focus over the past couple of years has been to integrate the various acquisitionsand to take measured steps to ease the asset liability mismatch which has beenachieved partially this year and Your Company is confident of completing this processsoon.
We are working of setting things right to make your Company a stronger and moreefficient Company. Focus will be on maximizing profits to the benefit of all stakeholdersin your company.
I take this opportunity to thank all our stakeholders for their patience and continuedtrust in the Company. We continue to have strong IP backed products and customers and anextremely loyal customers base of course supported by an excellent management teamaround the World.
Chairman and Managing Director.