Dear Shareholders,
 
 Welcome to Bliss GVS Pharma Limited.
 
 Your company was formed through the merger of two business groups, the
 GVS Labs family that had a growing exports business and Bliss Chemicals
 and Pharmaceuticals India Limited which had a high potential domestic
 franchise. What connected the dots was a perfect symbiotic relationship
 in what our products, markets and the opportunities it represented.
 
 And that continues to remain our essence.
 
 On one hand, at a cursory look we might appear as just another
 pharmaceutical company with domestic and exports presence. And on the
 other, we are a uniquely positioned organisation.
 
 Your company is different. What makes us different is the Uniqueness.
 In products. In opportunities. And in the way we continue to scale up
 because of that.
 
 In 2011-12, your company continues on its growth trajectory. Revenues
 grew by 28% to Rs.282.87 cr and profit before tax grew by 50% to Rs.79.71
 cr.
 
 We are segment leaders in the branded generics anti-malaria) market in
 Africa. Rather than focusing on traditionally popular institutional
 business, we chose to build our own brand in the generics space and
 have our own marketing in Africa. This ensured growth, longevity and
 consistency, besides higher margins, better cash flows and more than
 anything, creation of brand equity and value for your company
 
 We are also leaders in suppositories and pessaries.  It''s a different
 dosage form with a niche market.  The technological edge in this can be
 estimated from the fact that there are limited number of other
 manufacturers of this dosage form across the globe. This means that we
 can grow the market and keep growing with it too. This also means that
 margins are relatively higher and gives us enough cash flows to fuel
 our further growth. Besides, there are already some large
 pharmaceutical companies who want us to do contract manufacturing for
 them, thereby, opening another business segment and revenue generation
 stream for your company.
 
 But we are not resting.
 
 In fact, we are getting prepared to grow even faster and better. Having
 reached a certain scale, we want to take the company into the next zone
 of growth.
 
 This will entail new products, new markets and new approach.
 
 New products
 
 Our R&D is working on new products with suppositories and pessaries. We
 will expand our share in anti-fungal market, which is as big as
 anti-malarial market, if not more. With our anti-malarial range. We
 will enter the Institutional tender market.
 
 New markets
 
 We are still in the process of covering entire Africa.  We will take
 suppositories and pessaries to European markets where there is a
 growing need and acceptance.  India will also see a fresh focus and
 thrust.
 
 New approach
 
 We are also working on a collaborative approach to grow. One of our
 newest ventures namely Bliss Indasi Life Science Pvt Ltd. for powder
 filling adds new products, markets and opportunities to the existing
 one. We are also investing in R&D lab to support new product
 development.
 
 As I look ahead I feel confident. The efforts put in by our entire team
 of 200  people have begun to pay dividends.  We see a long period of
 strong and consistent growth for your company. I take this opportunity
 to thank every stakeholder - customers, government, employees, vendors,
 bankers, Board members and investors - for having trusted us along the
 way. I assure you, every member of Team Bliss GVS will continue to give
 their 100% and deliver superior performance.
 
 Look forward to meeting you at the AGM.
 
 Sincerely,
 
 S. N. Kamath
 
 Managing Director