Dear Shareholders,
 
 In the two decades of Bilcare''s existence, your company has achieved
 numerous milestones and 2010 – 11 has been a watershed year.
 
 For the past decade, Team Bilcare has strived to achieve global
 leadership in the pharmaceutical packaging domain.  Driven by our
 vision, beliefs and commitment to excellence, this goal has now been
 achieved and we stand acknowledged as one of the leading global players
 in the pharma packaging industry. Even as I pen my thoughts on the
 successful achievement of volume leadership in our domain, the long
 persistent challenges of Pharma brands – growth, convenience and
 communication to patients, and perhaps most importantly, the serious
 issue of spurious drugs are yet to be resolved. This is where your
 company is committed to bring path-breaking innovations through
 technology solutions.
 
 Bilcare''s recent European venture has resulted in new global footprints
 and an opportunity to partner with over 2000 established customers
 backed by state-of-the-art research and plant facilities in America,
 Europe and Asia. As your company steps forward into an exciting and
 challenging business environment, it is leveraging its considerable
 cumulative learning and customer-centric solutions to build strong
 engagements with the heavyweights of pharma in Europe and allied
 countries.
 
 This strategy is consistent with current market trends in the packaging
 and pharmaceutical packaging sectors.  Western Europe, US and Japan
 dominate sales and consumption figures although Central America, Asia
 and Central & Eastern Europe are forecast to show the highest growth
 rates over the next four years.
 
 In the pharmaceutical packaging vertical, industry experts estimate
 that the U.S and Europe will account for more than 50% of
 pharmaceutical packaging demand. U.S. will remain the largest consumer
 of pharmaceutical packaging as its advanced drug- producing sector
 introduces sophisticated therapies with specialized packaging needs. At
 the same time, India, China and Brazil are poised to provide rapid
 opportunities for growth based on expanding pharmaceutical
 manufacturing capabilities and the up-gradation and diversification of
 drug-producing sectors.
 
 With Bilcare''s strategic presence across the globe, your company is set
 for long-term growth by integrating cross-border strengths and best
 practices. At our facilities, we look to supplement over four decades
 of European manufacturing excellence in combination with our research
 capabilities in India and Singapore. This is also resulting in a
 seamless blending of the cost optimization of the East with the
 efficient decision-making process and product development chain of the
 West; creating a win- win situation for our customers and numerous
 ''generation next'' ideas and solutions for demanding markets across the
 globe.
 
 Across our businesses, Research and Innovation continues to be the
 backbone of our path forward. We have expanded our basket of products
 and services to provide comprehensive solutions to the packaging needs
 of our global clientele. Bilcare''s innovation-led solutions approach
 allows us to work as an extended arm of our customers, and is yielding
 excellent results in other verticals of our packaging business as well.
 
 We believe that absorption and adaptation of new ideas and technologies
 enables us to develop new products, processes & solutions and leads to
 successful technology innovations. Our aluminium material innovations,
 child protection solutions and many patented anti-counterfeiting
 products are the new growth areas for Bilcare.
 
 Our consolidated revenue stands at Rs.. 2,287 Crores, showing a 118%
 growth. EBIDTA grew at 45% and stood at Rs. 377 Crores while PAT was
 Rs. 149 Crores. The Directors recommend a dividend of 30%, amounting to
 Rs. 3.00 per share.
 
 Today, I am excited about the impeccable quality of our people,
 augmented by our recent acquisition.  Team Bilcare continues to drive
 the core of our initiatives, enterprise and growth. Our multicultural
 employee pool continues to set new standards of excellence as we are
 constantly inspired by our human talent and innovation.  We seek to
 create an enterprise of entrepreneurs driving the business globally and
 have put processes and systems in place to develop empowered leaders.
 Your company is riding a new wave of possibilities for sustainable
 growth.
 
 We seek to build on our achievements and develop our human potential to
 the greater benefit of our stakeholders in a profitable, responsible
 and inclusive manner. Our belief towards society, has given impetus to
 our continued CSR initiatives, providing educational resources to
 deserving children, ensuring the inculcation of leadership qualities
 and investing in their holistic development.
 
 Although FY 2011 has been a watershed year , I see the next 3 years
 promising to usher in beneficial times for Bilcare. I am confident
 that, with our depth of resources, products and talent, we can meet
 varied business & industry challenges and deliver the values we seek to
 achieve.
 
 While consolidating our assets and ensuring optimum utilization of our
 offerings, we will be the most preferred client partner and establish a
 strong global leadership in our domain.
 
 I thank you for your continued support and guidance and look forward to
 welcome many more to join this exciting journey.
 
 Regards,
 
 Mohan H. Bhandari
 
 Chairman & Managing Director