This year has continued to be a challenging one for your Company.
Your Company reported Consolidated Revenues of Rs. 347 Crores for the Financial Year 2016. The reason for this drop in revenues was, as reported in the Annual Report last year, the loan liability of Cardiac Science Corporation, by secured lenders DBS Bank Ltd was sold to Aurora Capital through its subsidiary CFS.
CFS has filed for Chapter XI of the US Bankruptcy code in US Bankruptcy Courts and the assets of Cardiac Science Corporation were taken over by CFS in December 2015. Hence, the revenues of Cardiac Science Corporation for the year were not booked in our revenues.
Your Company, however seeking appropriate legal remedial measures against this hostile takeover 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 for additional facilities granted by them. CFS had filed for winding up of Criticare. We have bought back the assets of Criticare through an open auction.
As a result of the above actions, while there is a drop in the group''s revenues, the liabilities to the extent of USD $ 82 Million Rs. 544 Crores has also been extinguished.
Opto Eurocor Healthcare Limited., Subsidiary Company, has launched a new Sirolimus based drug eluting stent ''SIROPRIME'' in the Asian markets and The Company is also processing for other approvals for the European market which should be obtained in the current financial year. The Company also launched a shunt Balloon Catheters (high pressure Drug Eluting Balloon) for the treatment of shunt Stenosis, which is very useful for Dialysis patients. The Company will be launching this product in India soon.
The customer response to these recently launched products has been very encouraging and we look forward to rapid growth in the coming quarters.
Your Company R&D team continues to develop test and refine technologies to offer more efficient / effective patient care for the Global markets.
The focus over the past couple of years has been to integrate the various acquisitions and to take measured steps to ease the asset - liability mismatch, which has been achieved partially this year and Your Company is confident of completing this process soon.
We are working of setting things right to make your Company a stronger and more efficient Company. Focus will be on maximizing profits to the benefit of all stakeholders in your company.
I take this opportunity to thank all our stakeholders for their patience and continued trust in the Company. We continue to have strong IP backed products and customers and an extremely loyal customer''s base, of course supported by an excellent management team around the World.
Chairman and Managing Director.