`

Priority Disease Areas

Environmental

Sunlight
exposure (UV
Light)
Cataract Trauma
Smoke &
Pollution

Refractive
errors & ---
Low vision

Water &
Childhood sanitation
blindness Arid & dry
land

Glaucoma ---

Diabetic ---
Retinopathy

Physical and
Corneal
Chemical
Blindness Injuries

Dry, dirty and

dusty
Water and
Trachoma – sanitation
focal FE of SAFE
Fly breeding
conditions
 Principle causes & barriers
Social Economic Institutional

Awareness Access to
Fear & Lack facility
of Escort Availability of
Cost of
Waiting for service
treatment
maturity Quality of
Wage loss –
Low socioeconomic care
direct &
status Affordable
indirect
Not service
Other
empowered provision
economic
to take Accountability
support
decisions for service
systems
Bad provided
experiences Acceptability
of others of care

Awareness Facilities to
among Wage loss treat
professionals Cost of Quality of
and correction & correction
community devices Few Human
Spectacle use Replacement Resources
– taboos and costs Production of
perceptions devices

Facilities for
Consanguinity Cost of treatment
Beliefs and treatment Genetic
taboos Blind-person counseling
Traditional years Rehabilitation
medicine use Nutrition facility

Facilities to
Awareness of Cost of diagnose and
condition treatment treat
Consanguinity Lifelong Human
Compliance medical resources
to treatment treatment Counseling -
genetic

Facilities to
Awareness of Cost of diagnose and
condition treatment treat – lasers
Lifestyle, diet, Lifelong etc
sedentary expenditure Human
work, low SE on disease resources Counseling
status services

Facilities to
diagnose and
Awareness treat
Delay in Cost of Production of
seeking help treatment storage
Traditional medium for
medicine use cornea
Basic research

Facilities to
Cost of treat
Low SE status treatment Human
Poor Hygiene (medicine resources
Waste especially) SA of SAFE
disposal Lack of Availability of
development medicine
 Political Medical

Provision &
deployment of
services
Financing of Drugs (ex.
care steroid use)
Focus on Diabetes
quantity than Disease
quality Diet
Research Dehydration
findings not
translated into
policy

Change of
Import-export definition
policy Heredity
Legislation Genetics

Legislation Immunization
Other Common
programs treatments
(RCH, ICDS etc) Other diseases

Other diseases
---
Drugs

Control of
diabetes
Technology Drugs
transfer Obesity and
Liberalization other disease
Not a priority Lack of comprehensive
care

Eye Banking
Legislation –
transplant act Laboratory
Hospital Other diseases
Cornea like leprosy
Retrieval
programs

Networking Lid correction

with surgery
pharmaceutical facilities
industry – for Availability of
Azithromycin antibiotic
Low priority
 Balance Sheet (Standalone Figures in ₹ Cr)
Particulars / Annual Year Ended Mar '8 Mar '9 Mar '10 Mar '11 Mar '12 Mar '13
SOURCES OF FUNDS
Share Capital 4.5 4.5 4.5 4.5 4.5 4.5
Reserves and surplus 5.2 5.5 5.6 7 8.6 11.1
Total Shareholders equity 9.7 10 10.1 11.5 13.1 15.6
Long term debt 20.4 27.9 28.2 19.3 14.7 12.4
Deferred Tax Liabilities 0.3 0.3 0.3 0.3 0.3 0.3
Total Non-current Liabilities 20.7 28.2 28.5 19.8 15.4 13.2
CURRENT LIABILITIES
Short Term Borrowings 1.5 3.2 3.5 5.6 7.6 8.8
Trade payables 4.2 7.5 11.1 11.2 10.8 11.2
Other current Liabilities 3 3.6 1 8.1 10.6 14.5
Total Current Liabilities 8.7 14.2 15.7 24.9 29 34.6
Total Liabilities 39.1 52.5 54.3 56.2 57.4 63.4
APPLICATION OF FUNDS
Tangible Assets 19.3 25.1 26.8 23.2 21.3 21.6
Intangible Assets 0.9 1.9 2.1 1.6 1.4 1.1
Capital Work-In-Progress 0 0 0 0 0 0
Other Assets 0 0 0 0 0 0
Net Fixed Assets 20.2 27 28.9 24.8 22.7 22.8
Total Non-Current Assets 20.3 27 28.9 39.8 38.5 40.6
CURRENT ASSETS
Current Investments 0 0 0 0 0 0
Trade receivables 2.3 4 5.3 7 6.9 5.2
Inventories 2.4 3.8 3.8 4.1 6 6.7
Cash And Cash Equivalents 1.2 2.7 2 3 4 5.8
Other Current Assets 13 14.8 14.2 2.3 2.2 5.1
Total Current Assets 18.8 25.4 25.4 16.4 19 22.8
Total Assets 39.1 52.5 54.3 56.2 57.4 63.4
es in ₹ Cr)
Mar '14 Mar '15 Mar '16 Mar '17

4.7 4.7 4.7 4.7

14.3 19.1 18.7 25.3
19 23.8 23.4 30
12 14.8 17.8 13.1
0.3 0 0 0
12.8 14.8 19.2 15.7

9 8.3 6.3 3.2

10.6 9.4 18.3 13.8
15.2 13.1 11.5 10.4
34.8 30.8 36.1 27.4
66.6 69.3 78.7 73.1

24.8 25.9 33.9 32.8

0.7 0.6 0.1 0.4
0 0.3 0.8 1.2
0 0 0 0
25.5 26.8 34.8 34.4
45.5 46.7 55 54.7

0 0 0 0
4.2 5.8 9.1 7.3
7.8 10.4 9.9 6.1
3.4 1.8 2.4 2.8
5.7 4.6 2.4 2.2
21.1 22.6 23.8 18.4
66.6 69.3 78.7 73.1
 Profit and Loss (Standalone Figures in ₹ Cr)
Particulars / Annual Year Ended Mar '8 Mar '9 Mar '10 Mar '11 Mar '12
Net revenues (Operating) 40.2 72.8 88 102.8 103.5
Other income 0.5 0.4 0.7 1.5 2.2
Total revenues 40.7 73.1 88.7 104.2 105.7
LESS
Raw materials consumed 0.8 1.4 1.5 0 0
Employee Expenses 12.3 18.9 19.9 20.4 20.5
Depreciation 3.3 5.5 6.1 6.4 5.7
Other Expenses 11.5 15.9 18 24.7 25.9
PBIT 1.3 4.2 5.3 7.9 7.5
Finance cost 1.4 3.6 4 4.3 4.6
PBT -0.1 0.6 1.3 3.6 2.9
PAT 0.2 0.3 0.5 2 1.6
Earnings per share 0.3 0.7 1.2 4.5 3.5
Dividends per share 1.5 0 0.8 1.2 0
Book Value Per share 21.5 22.2 22.5 25.6 29.2
Number of shares outstanding (In Lacs) 45 45 45 45 45
Figures in ₹ Cr)
Mar '13 Mar '14 Mar '15 Mar '16 Mar '17
108.5 112.7 118.2 136.6 148.5
1.2 3.3 1.9 0.3 0.3
109.7 115.9 120.1 136.8 148.9

0 29.5 31.5 17.8 17.5

22.1 23.4 21.7 29.3 31.6
5.4 6 6.2 8.5 8.7
25.8 28.5 32.3 31.9 77.2
8 7.2 8.6 8.7 13.1
3.5 3.5 3.2 3.7 3.3
4.4 3.7 5.4 4.9 9.8
3.1 2.4 5.7 0 6.6
7 5.3 12.1 0.1 14
1.2 1.2 1.2 0.8 1.5
34.8 40.4 50.5 49.8 63.8
45 47 47 47 47
 Cash Flow (Standalone Figures in ₹ Cr)
Particulars / Annual Year Ending Mar '8 Mar '9 Mar '10 Mar '11 Mar '12 Mar '13
Profits Before Tax 0.6 0.6 1 3.6 2.9 4.4
Cash from Operating Activity -7.1 8.2 12.1 10.6 11.3 11
Cash from Investing Activity 15 5.6 -3.3 -6 -6.7 -2.9
Cash from Financing Activity -2.9 1.5 -0.7 1 0.9 1.8
Net Cash Flow 4.1 1.2 2.7 2 3 4
Cash at end of the year 1.2 2.7 2 3 4 5.7
es in ₹ Cr)
Mar '14 Mar '15 Mar '16 Mar '17
3.7 5.4 -0.5 9.8
11.9 13.2 0 0
-3.1 -4.6 0 0
-2.6 -1.6 0.4 0.4
5.7 3.1 1.5 1.9
3.1 1.5 1.9 2.3
 Ratios (Standalone Figures)
Particulars / Annual Year Ended Mar '8 Mar '9 Mar '10 Mar '11 Mar '12 Mar '13
LIQUIDITY RATIOS
Current ratio(%) 2.2 1.8 1.6 0.7 0.7 0.7
Quick ratio(%) 1.9 1.5 1.4 0.5 0.4 0.5
CAPITAL STRUCTURE RATIOS
Materials as % of sales 2 1.9 1.7 0 0 0
Personnel expenses as % of sales 30.3 25.8 22.4 19.6 19.4 20.1
Operating profit margins(%) 11.3 13.2 12.9 13.7 12.5 12.1
EBIT margins(%) 3.2 5.7 6 7.6 7.1 7.3
EBT margins(%) -0.3 0.8 1.5 3.5 2.8 4
PAT margins(%) 0.4 0.4 0.6 2 1.5 2.9
ROE(%) 1.6 3.2 5.2 17.8 12.2 20.1
ROCE(%) 0.5 0.8 1.4 6.5 5.6 10.9
TURNOVER RATIOS
Fixed asset turnover(x) 2 2.7 3.1 4.2 4.7 4.8
Debtors days(#) 20.3 20.2 21.8 24.5 23.7 17.4
Inventory days(#) 21.1 19.2 15.6 14.3 20.7 22.1
INCOME RATIOS
Dividend payout ratio(%) 437.2 0 68.7 26.3 0 17.2
Dividend yield(%) 0 0 1.5 1.3 0 1.7
VALUATION RATIOS
52W High price 0 54.9 86.5 116 157 103.4
52W Low price 0 24 49 68 50.1 50
Price / Earnings 0 42 46.4 20.2 14.7 10.3
Price / Book 2.2 1.4 2.4 3.6 1.8 2.1
Price / Sales 0.5 0.2 0.3 0.4 0.2 0.3
res)
Mar '14 Mar '15 Mar '16 Mar '17

0.6 0.7 0.7 0.7

0.4 0.4 0.4 0.4

25.4 26.3 13 11.8

20.2 18.1 21.4 21.3
11.4 12.3 12.6 14.7
6.2 7.1 6.3 8.8
3.2 4.5 3.6 6.6
2.1 4.7 0 4.4
12.8 24 0.2 21.9
7.6 14.8 0.1 14.4

4.5 4.5 3.9 4.3

13.3 17.6 24.2 17.9
24.6 31.6 26.3 15

24.5 9.9 1,024.50 0

1.6 1 0.4 0.5

193 217.7 335.9 757.8

61 106.4 145.8 276
14.1 10.3 2,497.30 21.5
1.8 2.5 3.9 4.7
0.3 0.5 0.7 0.9