Ladies and Gentlemen,

I extend you a warm welcome to 32nd Annual General Meeting of Members of the Company. The Annual Report, Notice and the Accounts for the year ended 30th September, 2010 are with you for quite some time and you must have gone through the same. With your permission, I take them as read.

I am pleased to inform you that the total operating income of the Company during the year ended 30th September, 2010, was Rs 11870 lacs and the  Company has earned Net Profit of Rs.181 lacs. Your Company expects to achieve reasonable growth in the current year.

Company has chalked out its business strategy and focusing on the key areas and core competencies and started the process of building up a strong platform thereby creating better shareholder value. It aims to consolidate its presence in the domestic market through focused development in various therapeutic segments. It has started exploring new International Markets through its Subsidiary i.e. Lyka BDR International Ltd.

Company’s Lyophilized products have been receiving encouraging response. To cope up with demand, the Company has planned expansion of its capacity at Ankleshwar factory. In view of increase in demand of Sterile Bulk Drugs, the Company has also planned to increase its manufacturing capacity for sterile Bulk Drugs. Company’s P to P arrangements with Major Pharma Companies are Progressing Steadily. The sale of Critical Care Products marketed by Company’s Hospital Division is also on the rise.

Company has undertaken modernization of its factory at Tarapur to meet WHO GMP requirements; this will help to export products through its Subsidiary Lyka BDR International Ltd.

Company’s R& D Department is focusing more on Development of New formulations and New Drug Delivery System. Your Company has received many new drug approvals from Drug Authorities and quite few approvals are under pipeline.

Company intends to out license its patents as well as leverage its know how for Lyophilized Products.

Company is exploring new market alliance with major Pharma Companies and expects better revenue generation from this segment of activity during the current year.

I take this opportunity to express my sincere thanks to all the stakeholders of the Company for their utmost faith and trust reposed in the Company.  I also thank various Ministries of the Government of India, Government of Maharashtra and Gujarat, Banks and last but not the least, the loyal and sincere employees of the Company, for their co-operation and assistance rendered from time to time.