Board of Directors - Opto Circuits

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14 INORGANIC GROWTH A Growth Driver Majority stake in Advanced Micronics Devices Limited Advanced Micronics Devices Limited (AMDL) was Opto's acquisition in 2001. AMDL is a listed company engaged in manufacturing and marketing of critical cardiac-care and other health-care equipments. The company has its state-of-the-art manufacturing facility at Electronic City, Bangalore, India. It has a full-fledged R&D set-up with a product design division. It has marketing offices at all the important metros in India. With about 60% stake in AMDL, Opto can leverage the company's well settled & widespread distribution/ service network. Currently, AMDL distributes Mediad Inc's products in India to various hospitals. It also distributes products for big players like Medtronics, J&J and Boston Scientific in the domestic market. Over the next few years, AMDL will emerge as a major force in the domestic market for all OCI products including Eurocor. Digital Thermometer division from HLL Opto acquired the digital thermometer division of HLL at Chennai in 2002 for Rs50mn. Unlike the conventional mercury based thermometers, this product comes with a microprocessor chip and a thermister for enabling quick and accurate measurement of body temperature. The conventional mercury based thermometers (MT) are banned in the US mainly because the exposure to mercury may cause a variety of health effects in people. The total market size in the US alone is over 25mn per annum. In India, the market for DT is yet to develop due to the huge cost difference. At the time of acquisition of this division from HLL, the division was reporting losses. However just after the acquisition, SARS broke out across the South East Asian region and the company was able to supply digital thermometers to the respective governments of the disease struck countries. This led to tremendous volume growth in the product which enabled a speedy turnaround. Patient monitoring division of Palco Labs, USA Opto acquired the patient monitoring division of Palco labs, USA in 2003 and renamed the same as Mediaid Inc., a separate entity. Mediaid is the 100% subsidiary of our Company and we use Mediaid's strong distribution network spread across the US, Latin America and Europe to market its brands. Earlier, the patent for SpO sensor was 2 with US-based Tyco-Nellcor for around 13 years. After the patent expired in November 2003, a huge market has opened up for sensors. Opto with a low cost manufacturing base and standard quality products is well positioned to take advantage of the outsourcing opportunities. With Opto's subsidiary, Mediaid Inc., securing CE approval in 2003 and US FDA approval for Spo2 sensors in 2004, Opto is geared up to compete in the market. Further, there seems to be a huge market for Opto's products in the US and Europe which we propose to capitalize by establishing branches through our subsidiary Mediaid Inc. Opto would like to add more OEMs to our existing clients to improve our market share. MediAid Inc, USA enjoys strong distribution network spread across the US, Latin America and Europe. Some of the recent successes for the company were tie ups & distributor-ship arrangements with some companies for the Canadian and Japanese markets. During the year under review, Mediaid received a new distribution and pricing agreement (DAPA) from a Defence Personnel Support Centre based in Philadelphia. With this agreement, the company would able to distribute the FDA approved SpO2 Sensors and Patient Monitoring Devices at specific prices through the Medical Prime Vendor Programme (MPVP). Opto's strategy would be to focus on the marketing efforts of OEMs and complex products and systems. Altron Industries (P) Ltd Opto acquired a 100% stake in Altron Industries (P) Ltd in 2004. Altron is an ISO 9001 certified company engaged in Electronic Manufacturing services (EMS), having its state of the art manufacturing facility at Electronic City, Bangalore. The unit is capable of mass manufacturing electronic products and assemblies to world standard requirements.
EUROCOR GmbH The Jewel in the Crown Opto acquired Eurocor GMbH in Germany, a company specializing in the manufacturing of cardiac stents of various types for a consideration of 11mn Euros (Rs.600 million). Besides receiving new distribution and pricing agreements from defence USA, this has been a major development at Opto. Company Background Eurocor GmbH (Eurocor) is a new European Life Sciences Technology corporation specializing in the research, development and manufacture of interventional cardiology products. They are into the business of coronary stent technologies and special cardiovascular devices. The founder is Dr. Michael Orlowski, who is the director & CEO. Headquartered at Bonn, Germany, with subsidiaries in France & Poland, Eurocor has a worldwide distribution network in 36 countries. Eurocor specializes in cardiological & peripheral stenting technology with products like Genius, Magic, Taxcor, and Minimax. Besides, it also has coronary dilatation catheters in its portfolio as well as Peripheral stenting catheters. Eurocor has launched drug eluting stents (DES) which gives safer long term patient results. Eurocor intends to implement a project for drug coating not only to fight restenosis, but also to provide a natural healing solution for it, after coronary stenting through the release of two different drugs to the coronary artery wall. Management board Name Designation Dr. Michael Orlowski Chief Executive Officer Barbara Fricke International Order Processing Katja Busch International Marketing Raymond Tam Business Director, Asia Pacific R. Jaganathan Finance and Administration Dr. Samandi Microbiology & Biomedical Engineering Elvira Pasch Logistics Karin Wollsiefen Management Assistant Clinical Advisory board Name Designation Prof. Dr. Thomas Ischinger Hospital Bogenhausen, Munic/Germany Prof. Dr. Nicolaus Reifart Hospital Bad-Soden, Germany Dr. Antonio Colombo Columbus Hospital, Milan/Italy Dr. Martin Rothman London Chest Hospital Dr. Jan Kovac Univ. Leicester Hospital Great Britain Prof. Gerhard Bauriedel University Hospital of Bonn/ Germany 15
Page 2 and 3: BOARD OF DIRECTORS AUDITORS COMPANY
Page 4 and 5: 4 INDEX Showcase - Key Milstones 3
Page 6 and 7: 6 BRAINS TRUST Meet the Management
Page 8 and 9: 8 BUSINESS MODEL Driving Growth thr
Page 10 and 11: 10 BUSINESS MODEL Driving Growth th
Page 12 and 13: 12 ADVANCED MICRONIC DEVICES LTD. E
Page 16 and 17: 16 PRODUCT PROFILE Heart surgery ha
Page 18 and 19: Tete'a-Tete' with Dr. Michael Orlow
Page 20 and 21: 20 BUSINESS STRATEGIST “R&D is a
Page 22 and 23: 22 OUR OFFICES International Sales
Page 24 and 25: 24 Transcending the Number Barrier
Page 26 and 27: 26 5YEAR FINANCIAL SUMMARY & KEY RA
Page 28 and 29: 28 WHAT THE NUMBERS SAY Key Ratios
Page 30 and 31: 30 WEALTH CREATION Total shareholde
Page 32 and 33: COMPANY PERFORMANCE Your company ha
Page 34 and 35: were reasonable and prudent so as t
Page 36 and 37: CORPORATE GOVERNANCE Mr. Mahesh Pat
Page 38 and 39: CORPORATE GOVERNANCE The committee
Page 40 and 41: CORPORATE GOVERNANCE ( E) The Compa
Page 42 and 43: 42 CORPORATE GOVERNANCE BSE NSE Dat
Page 44 and 45: CORPORATE GOVERNANCE 44 CERTIFICATE
Page 46 and 47: ANNEXURE TO THE AUDITOR'S REPORT (R
Page 48 and 49: 48 Opto Financial Statement
Page 50 and 51: 50 OPTO CIRCUITS (INDIA) LIMITED, B
Page 52 and 53: OPTO CIRCUITS (INDIA) LIMITED, BANG
Page 56 and 57: 56 SCHEDULE E: Fixed Assets Schedul
Page 58 and 59: NOTES FORMING PART OF ACCOUNTS (CON
Page 60 and 61: NOTES FORMING PART OF ACCOUNTS (CON
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ADVANCED MICRONIC DEVICES LIMITED B
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ADVANCED MICRONIC DEVICES LIMITED S
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MEDIAID INC., USA BALANCE SHEET AS
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MEDIAID INC., USA SCHEDULE TO BALAN
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ALTRON INDUSTRIES PRIVATE LIMITED B
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ALTRON INDUSTRIES PRIVATE LIMITED S
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ALTRON INDUSTRIES PRIVATE LIMITED S
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ALTRON INDUSTRIES (PRIVATE) LIMITED
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REPORT OF THE AUDITORS TO THE BOARD
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90 OPTO CIRCUITS (INDIA) LIMITED, B
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OPTO CIRCUITS (INDIA) LIMITED, BANG
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NOTES TO THE CONSOLIDATED BALANCE S
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