The Directors take pleasure in presenting the twenty fourth Annual
 Report of the Company along with the audited accounts for the year
 ended 31st March, 2012.
 
 FINANCIAL RESULTS
 
                                                      (Rs. in Lakhs)
 
 Particulars                             Year ended       Year ended
                                         31-03-2012       31-03-2011
 
 Total Income                             52,262.03        46,241.50
 
 Profit before tax                         4,002.10         4,526.83
 
 Provision for taxation                    1,302.50         1,454.34
 
 Net Profit (PAT)                          2,699.60         3,072.49
 
 Balance brought forward
 from previous year                        4,939.84         3,827.73
 
 Amount available for
 appropriation                             7,639.44         6,900.22
 
 Appropriations
 
 Transferred to
 General Reserve                             250.00           250.00
 
 Dividend (Proposed)                       1,466.77         1,466.77
 
 Corporate Dividend Tax                      237.95           243.61
 
 Balance carried to
 Balance Sheet                             5,684.72         4,939.84
 
 TRANSFER TO RESERVES
 
 The Company proposes to transfer Rs. 250.00 lakhs to the General
 Reserve out of the amount available for appropriation and an amount of
 Rs. 744.88 lakhs is proposed to be retained in the Profit and Loss
 Account.
 
 DIVIDEND
 
 The Directors are pleased to recommend payment of dividend on equity
 shares @ Rs. 1.60 per share (16 percent) for the financial year ended
 31st March, 2012 (previous year Rs. 1.60 per share).
 
 OPERATIONS
 
 During the year under review, the total income of the Company increased
 to Rs. 52,262.03 lakhs from Rs. 46,241.50 lakhs in the previous year. The
 profit after tax stood at Rs. 2,699.60 lakhs against Rs. 3,072.49
 lakhs in the previous year.
 
 The Indraprastha Apollo Hospital recorded all round growth. It was a
 year of outstanding growth for the Organ Transplant Centre. Kidney
 transplants increased by 93 per cent (from 176 to 340), Liver
 transplant increased by 31 per cent (from 167 to 219) over the previous
 year. The Renal transplant team achieved a special milestone when it
 performed Delhi''s first successful Kidney transplant between patients
 of different blood groups. This cutting edge procedure involving
 targeted immunotherapy gives new hope for renal transplantation in
 cases of donor and recipient blood group mismatch.
 
 New registration of in-patients increased by 8.5 per cent, out patient
 volume increased by 7 per cent, average daily bed occupancy increased
 from 477 to 516, the number of surgeries increased by 10 per cent, Cath
 procedures increased by 11 per cent, Dialysis increased by 8 per cent,
 Radiation Oncology increased by 17 per cent, MRI procedures rose by 13
 per cent, CT Scan procedures increased by 11 per cent, and the Total
 Hip & Knee Replacements increased by 21 per cent over the previous
 year.
 
 The Hospital continued to attract a large number of international
 patients globally, with almost 22,000 international patients (around
 5000 in patients and 17,000 out patients) having been treated at
 Indraprastha Apollo Hospitals.
 
 Apollo Hospitals, Noida, too, registered a steady growth in patient
 numbers, with 6 per cent growth in new registrations and 10 per cent
 growth in total OPD volumes. Number of dialysis increased by 20 per
 cent (from 5516 to 6224). However, despite a rise in volumes, Apollo
 Hospitals, Noida incurred a loss of Rs. 64.27 lakhs mainly due to
 increase in staff costs and costs of other inputs.
 
 The Government of India, vide its Gazette Notification No. 501 dated
 23/03/2011, has extended the scope of Employee State Insurance Act 1948
 to include certain class of establishments including corporate
 hospitals w.e.f. April 1, 2011. The Company has implemented ESIC
 scheme. All employees who are drawing salary up to Rs. 15000/- per
 month are being covered under the ESIC scheme.
 
 In pursuance of the interim order passed by the Hon''ble Supreme Court
 of India on 30.11.2009, the Company continues to provide free treatment
 exclusive of medicines and medical consumables to the patients referred
 by the Government of Delhi for free treatment in the Hospital. During
 this year, 8,330 patients, including outpatient new registrations and
 repeat visits, were provided free treatment in the Hospital. On an
 average, 60 to 70 inpatients, including 20 to 25 ICU patients, are
 being treated free of cost (excluding medicines and consumable) at
 Indraprastha Apollo Hospitals.
 
 TRAGIC AIR ACCIDENT
 
 On May 25, 2011, three staff members of the hospital died in a tragic
 air accident while providing medical escort to a critically ill patient
 who was air lifted from Patna. The team consisting of Dr. Rajesh Jain,
 Dr. Syed Arshad Abbas and Staff Nurse Mr. Cyril P. Joy were among the
 ten people killed when the aircraft crashed at Faridabad. The Board of
 Directors express their heartfelt condolences for the loss of ten lives
 including three staff members of the Hospital in the tragic accident
 and pay rich tributes to the brave staff members who lost their lives
 in the call of duty.
 
 FACILITY EXPANSION & UPGRADATION
 
 The expansion project undertaken by the Hospital has now been
 completed. With the completion of the expansion project, 127 beds
 comprising 74 Single Rooms, 33 General ward and 20 ICU beds will be
 added to the capacity of the Hospital.
 
 In addition, a ''State-of-the-art'' Cosmetic Centre has been set up to
 provide aesthetic medicine on an out-patient basis. The facility has
 consult rooms, laser treatment rooms dedicated daycare operating room,
 and a hair-transplant room in a soothing, non-clinical ambience. Out
 of the additional beds, 50 beds have already been commissioned. The
 remaining beds and the Cosmetic Centre shall be made operational
 shortly.
 
 As part of the ongoing upgradation and renovation programme, a number
 of departments and units were refurbished to increase patient comfort
 and enhance operational efficiency:
 
 1. In order to meet the pressing demand of Dialysis and increased
 number of renal transplants, seven additional beds were commissioned in
 the Dialysis unit taking the capacity to 28.
 
 2. The following departments were refurbished:
 
 a. Gynecology & Pediatric OPD
 
 b. Sample collection
 
 c. Chemotherapeutics Admixture Room
 
 d. Telemedicine Room
 
 e. Nucleic Acid Testing (NAT) Laboratory
 
 f. Fetal Medicine
 
 g. Staff Cafeteria
 
 3. A new Out Patient Wing (OPD 2C)-with 14 Consultation rooms has
 been commissioned in place of 28 general ward beds, to accommodate the
 new Consultants, some of whom have already joined the Hospital and some
 who will be joining shortly.
 
 4. In order to improve the Out Patient experience, the International
 section has been completely de-linked from the Platinum Lounge. After
 renovations, the Platinum Lounge is now available for patients who want
 quick, personalised out-patient consultation in an exclusive ambience.
 
 5. The Company has tied-up with M/s East Delhi Focus Imaging, LLP to
 install a PET mMR, PET-CT mCT 128, equipped with RTP and Respiratory
 4D Gating and a Standing MRI. The facility shall offer improved
 performance parameters with faster whole body studies, potential for
 reduced dose requirements and improved lesion detectability.
 Indraprastha Apollo Hospitals will be the first hospital in the country
 to have a PET MRI system.
 
 6. With an aim to further enhance the experience of patients and
 attendants as they wait, well known food brand Haldirams has been
 invited to operate a food outlet in the Atrium of the Hospital and it
 has been widely appreciated by the patients and attendants.
 
 AWARDS AND ACCOLADES
 
 The hospital continued to garner awards and accolades, ranging from
 recognition for its clinical excellence to CSR and environment best
 practices. The Week-Hansa survey on Best Hospitals in India, published
 in November, 2011, has rated the Hospital as:
 
 - Best Private Hospital in Delhi
 
 - Sixth best hospital across India
 
 - Third best hospital for Cardiology in India
 
 - Best private hospital for Diabetic Management in Delhi
 
 - Third best multi specialty hospital in India in the private sector
 
 - Second best hospital for Emergency care in Delhi in the private
 sector.
 
 Dr Prathap C Reddy, Founder and Chairman, Apollo Hospitals Group was
 honoured with the prestigious Lifetime Achievement Award'' at the FICCI
 Healthcare Excellence Awards 2011.
 
 For its environmental practices, Indraprastha Apollo Hospital was
 awarded a Special Commendation for the Golden Peacock Environment
 Management Award by a jury chaired by Justice P. N. Bhagwati, Former
 Chief Justice of India.
 
 At the CII Healthcare Excellence Awards, Apollo Delhi received
 Commendation for Strong Commitment to Excel on Journey towards Business
 Excellence.
 
 The hospital received the ''CNBC TV18 and ICICI Lombard India Healthcare
 Awards 2011'' for Best Hospital in Obstetrics and Gynecology.
 
 The hospital continued to be the preferred medical partner at sporting
 events. It was selected as the referral hospital for the Formula One
 race held in Greater Noida in October, 2011.
 
 Over the years, the medical fraternity at Indraprastha Apollo Hospitals
 has received many awards and accolades in recognition of its pioneering
 achievements in Indian healthcare. Excellence is reflected in the
 calibre and brilliance of our medical fraternity.
 
 FOCUS ON QUALITY
 
 The first hospital in the country to receive accreditation from the
 prestigious Joint Commission International, USA (in year 2005) for
 delivery of quality healthcare services and meeting patient safety
 needs, Indraprastha Apollo Hospitals has once again successfully met
 these ever exacting standards. It was surveyed again for re-
 reaccreditation in July, 2011, and again successfully sailed through
 the intensive and rigorous checks. The Hospital has now been re-
 accredited by JCI for a further period of three years.
 
 Apollo Hospital, Noida was awarded Accreditation from NABH (National
 Accreditation Board for Hospitals and Healthcare providers) in June,
 2011, valid for a period of three years.
 
 Rigorous training has helped hardwire 5 S (Sort, Set in Order, Shine,
 Standardize and Sustain), which makes a workplace more orderly and
 efficient, into the system. There is an obvious visible impact with the
 workplaces looking neat, environment hygienic and organized, besides
 improving retreivability of items. Periodic 5 S audits were conducted.
 
 With the constant focus on training, the average medication error rate
 has come down to 1.9 per 100 discharges which is better than the ISMP
 (Institute of Safe Medication Practices, US) benchmark of 2 per 100
 discharges. The patient fall rate is 0.08 per 1000 Adjusted Patient
 Days which is much better than the acceptable rate of 2 per 1000
 Adjusted Patient Days (JCAHO, US).
 
 The Hospital has implemented the WHO sponsored Safe Surgery Saves
 Lives programme, which involves following of a Surgical Safety
 Checklist designed on the lines of the checklists followed by aircraft
 pilots, to reduce errors in surgical procedures. Bestselling author of
 the book ''The Checklist Manifesto'', Dr. Atul Gawande, who had initiated
 the Safe Surgery programme, and is the WHO director on the project,
 visited the hospital and addressed the doctors and staff on this major
 initiative, expressing his satisfaction in the manner it was being
 implemented.
 
 The Voice of Customer in-patient scores have exceeded the target of 4.6
 set for the year, against a maximum of 5.
 
 FIRE SAFETY IN THE HOSPITAL
 
 Indraprastha Apollo Hospitals has taken proactive steps for fire safety
 in the Hospital, including constitution of a Fire Safety sub-committee
 and Daily Fire Safety Rounds. In order to ensure maximum preparedness
 fire drills are being conducted at odd hours such as middle of the
 night, Sundays or on Public holidays. The Frequency of checking
 important Fire equipment such as Fire Doors, Smoke Detectors, and Smoke
 Extractor machines has been increased to ensure optimum preparedness. A
 variety of additional equipment and signage have been acquired and
 installed. Fire Training sessions by Delhi Fire Service Officers have
 been conducted to impart training to the Hospital staff. To ensure that
 the staff is abreast with the latest trends and methods in Fire safety,
 the staff members are regularly being sent for specialised training to
 International Institute of Security and Safety Management and other
 fire safety institutes.
 
 COMMUNITY OUTREACH PROGRAMS AND CORPORATE SOCIAL RESPONSIBILITY (CSR)
 
 As always, the hospital continues to play a very proactive role in the
 community outreach programs. Some of the events organized during the
 year included:
 
 - International Women''s Day: A screening Camp was conducted at Delhi
 Secretariat for women employees, which was inaugurated by Hon''ble Chief
 Minister Smt. Sheila Dikshit. A special issue of Apollo Life, a
 publication highlighting all aspects of Cancer care including the
 preventive steps and treatment options available, was also released.
 
 - World Blood Donor Day: A blood donation and awareness drive was
 conducted at a function presided over by Dr. A.K. Walia, Hon''ble
 Ministry of Health & Family Welfare, Govt. of NCT of Delhi, and
 attended by a large number of blood bank officers from Delhi and NCR,
 officials from the Ministry of Health, NGOs and donors.
 
 - World Stroke Day: Stroke Clubs were launched across the city,
 providing a forum for stroke patients to interact and support each
 other in their recovery.
 
 - Oral Cancer & Breast Cancer Awareness Campaigns: Oral Cancer & Breast
 Cancer Awareness campaigns were conducted for the benefit of the
 neighboring community, attendants of patients and all employees.
 
 - Basic Life Support (BLS) training: The Emergency Department conducted
 21 Basic Life Support (BLS) training sessions covering 1970 people from
 all walks of life on responding to medical emergency situations.
 
 - Life Support training programmes: Several Life Support training
 programmes were also organised for Police personnel. BBC World News
 covered the programme as part of a documentary on road accidents and
 lauded the efforts to train police as first responders to road
 accidents.
 
 - Hope is Real: Hope is Real chronicles real stories of people who had
 the courage to fight cancer. Our online services received a momentum,
 following the launch of a facebook page and a web portal
 (www.hopeisreal.in), which function as a one-point communication and
 information platform for people seeking information about cancer,
 treatment modalities, life support services and latest global standards
 of treatment options.
 
 - Organ Transplant Annual Conference:
 
 Indraprastha Apollo Hospitals, along with the Indian Society for Organ
 Transplant, jointly hosted its annual conference. Faculty included a
 number of specialists in Organ Transplantation from the US, the UK, and
 India.
 
 - Gift a Life Initiative: In view of the need for organ donation in the
 country, the Apollo Transplant Institutes started a ''Gift a Life
 initiative which was launched, by ace cricketer Gautam Gambhir. The
 mission of Gift a Life'' is to ensure that no person in India dies for
 want of an organ. The aim is to disseminate information and create
 awareness on the issue of organ donation and simultaneously connect
 doctors, citizens, hospitals, healthcare organisations, civil society
 organisations, Governments, NGOs and public sector institutions on a
 common platform to create awareness on this pressing issue of our
 times.
 
 - First Living Donor Liver Transplant in Pakistan: On special
 invitation from the Sheikh Zayed Hospital in Lahore, a medical team
 from Indraprastha Apollo Hospitals led by Dr. Subhash Gupta, Senior
 Consultant-Liver Transplant performed the first Living Donor Liver
 Transplant in Pakistan. This unique collaboration between the medical
 fraternities of the two neighboring countries was widely covered by
 media of both the countries.
 
 - Pledge to Donate Organs: To express support and solidarity with the
 Hospital''s Organ Donation campaign, more than 2200 staff members led by
 the senior management pledged to donate their organs on 5th February to
 mark the Founder''s Day of the Apollo Hospitals Group. A voluntary blood
 donation camp was also organized at the hospital on the same day.
 
 - Celebrating Life: A Cancer Survivors'' day was organized at the
 hospital. A magic show and hasyakavisammelan were organized, and
 mementos distributed to the participants. About 150 adult and pediatric
 cancer patients attended the event.
 
 - Marathon/Run for Healthy Heart: As part of our efforts to engage with
 our neighbourhood Apollo Dil ki Daud was held at Indraprastha Apollo
 Hospitals. More than 1850 people participated in the mini marathon
 organised by the hospital in association with Billion Hearts Beating
 Foundation. More than half of these represented our Neighbourhood
 Residential Associations such as SaritaVihar, Jasola Vihar, New Friends
 Colony, SukhdevVihar and Kalkaji. There was a tremendous response from
 Apollo Staff members including Senior Consultants.
 
 - World Neighbourhood Day: A cultural evening captioned Communion was
 organised with the Resident Welfare Associations and housing societies
 as well as neighbours at large. A positive response with active
 participation of more than 200 residents including RWA office bearers
 from our valuable neighbourhood residents of Sarita Vihar, Jasola Vihar,
 New Friends Colony, Sukhdev Vihar and Kalkaji made this evening
 memorable. The fun-filled musical evening where well known singer
 Shibani Kashyap and Kathak dancers Rahul Pawar and Shailaja kept the
 audience enthralled, was the first time any Hospital was celebrating
 such an event in the country.
 
 - Chacha Nehru Sehat Yojana: The Hospital has been participating in the
 Chacha Nehru Sehat Yojana, a scheme started by Government of NCT of
 Delhi under which medical checkups for about 2500 children of
 Government schools have been done every month.
 
 - Health Awareness Talks and Cancer Screening Camps: Almost 140 camps
 across the National Capital Region have been conducted over the year
 providing free ECG, Echo, BP, Blood Sugar and various consultations,
 where 20,618 people are benefited. Indraprastha Apollo Hospitals has,
 since its inception, stressed the importance of early diagnosis of
 cancer among the general public. Over the year, several health
 awareness talks and cancer screening camps were conducted.
 
 - Jasola Village Clinic: As an extension of our commitment to the
 community, the Hospital continued to provide free out patient
 consultations with provision of free medicines and medical consumables
 to the residents of Jasola Village, near Sarita Vihar, New Delhi. The
 Apollo Jasola Village clinic is held thrice a week. In addition to
 this, monthly camps are organized at Jasola Village with over 2500
 residents being examined and treated.
 
 - Mobile Health Scheme Service: Indraprastha Apollo Hospitals, in
 collaboration with the Government of Delhi, has treated nearly 10,000
 patients under the Mobile Health Scheme service to serve the following
 areas of Delhi:
 
 - JJ Cluster area
 
 - Madanpur Khadar
 
 - BIW Camp, Matura Road
 
 - Subhash Camp, Near NTPC
 
 - New Sanjay Camp-near Okhla
 
 - Badarpur, Jasola Village
 
 - Programme for Underprivileged Children: A programme for 475
 underprivileged children was organised in Bal Bharti Public School,
 Sector 21, Noida jointly with Army Officer''s Wives Welfare Association.
 Apart from distribution of gifts, a magic and puppet show was organised
 and refreshments were served.
 
 INFECTION CONTROL AND ENVIRONMENT
 
 The Hospital Infection Control Program has succeeded in further
 reducing all infection indices, thus aiming to set a new benchmark in
 Indian healthcare. Employee safety and infection prevention were
 addressed by educational drives and measures were taken to augment
 personal protective equipment to prevent exposure inoculation injuries
 and provision of pre and post exposure prophylaxis. Employees were
 vaccinated for various preventable infections including Meningococcal
 infections and for other infections such as Hepatitis B and Chicken Pox
 as part of an ongoing practice. Care was also taken to maintain
 environment and hygiene within acceptable standards to contain
 infective exposures.
 
 Infection rates at the Hospital are amongst the best in the world for
 urinary catheter related Urinary Tract Infection. (UTI), Central Line
 Related Blood Stream Infections (CRBSI) and Ventilator Associated
 Pneumonia (VAP). The success of the infection control programmes can be
 gauged by the decreasing trends in CRBSI with values as low as 0.97 per
 1000 Central Lines Days and for VAP 2.06 per 1000 Ventilator Days and
 for CRUTI at 1.01 per 1000 Urinary Catheter Days.
 
 The Hospital conducted a big campaign highlighting the role of Hand
 Hygiene in minimising infections. Antibiotic (Antimicrobial)
 consumption has also been reduced as a result of consistent monitoring.
 
 TECHNOLOGY ABSORPTION
 
 During the year, the Hospital continued its efforts to maintain
 standards at par with the best hospitals globally by investing in
 cutting-edge technology to offer the latest in medical care. Some of
 these are:
 
 1. MRI guided HIFU (High Intensity Focused Ultrasound): Uterine
 fibroids are noncancerous growths of the uterus that often appear
 during child bearing years. Existing treatment options for women
 include medication or surgical removal. In contrast to the existing
 treatment options of surgery to remove fibroids, MR-HIFU offers women a
 quicker, non-invasive and precise treatment option. The procedure can
 be performed on an outpatient basis, with the patient leaving the
 hospital the same day and getting almost fully recovered within a few
 days. It combines resonance (MR) imaging, with high-intensity focused
 ultrasound (HIFU).
 
 2. Intuitive Surgical-da Vinci Robotic Surgical System: With a view to
 provide the best available surgical experience to patients, the
 Hospital has introduced a state-of-the-art da Vinci Robotic Surgical
 system. This system combines computer and robotic technologies to
 create a new category of surgical treatment, robotic assisted
 laparoscopic, thoracscopic and endoscopic surgery. By providing
 surgeons with enhanced capabilities, the system makes it possible to
 treat a broader range of conditions using a minimally invasive approach
 for major surgery with only a few tiny incisions. In addition, the
 surgeons can operate with better visualization, precision, dexterity
 and control than possible using traditional surgical approaches.
 
 3. Versa Pulse Power Suite: A 100 watt Holmium Laser was introduced
 for use in treating patients with enlarged prostate gland. The
 treatment offered is more effective, less invasive and reduces hospital
 stay as compared to conventional treatment.
 
 4. Gene Xpert and Hain Molecular Diagnosis System: Keeping abreast
 with latest diagnostic techniques to deal with the scourge of
 tuberculosis, for rapid and simultaneous detection of tuberculosis and
 antimicrobial resistance to commonly used drug Rifampicin, the hospital
 heeded to the call of WHO policy statement on tuberculosis and procured
 the Molecular test facility for Gene-Xpert MTB/RIF and Hain Molecular
 System, considerably reducing the time to detect tuberculosis and drug
 resistance to within 2 days, besides being more sensitive and specific
 than current molecular methods .
 
 ENERGY CONSERVATION
 
 As part of our Energy Conservation Plan, all conventional light
 fittings are in the process of being replaced with LED-type energy
 saving light fixtures which has resulted in reduction of 30 KW load on
 our existing electricity consumption. In all, nearly 800 light fixtures
 were replaced with LEDs in areas across the hospital.
 
 Additionally, we have also replaced all Mercury vapour and Sodium
 vapour external lights, numbering over 100 across the hospital, with
 energy efficient LED lights. This measure will reduce the electrical
 consumption of our external yard area substantially.
 
 We have also installed 26 Variable Frequency Drives (VFDs) in our AHU
 motors and secondary Chiller Pumps. This measure will ensure that the
 hospital is able to save around 300 KW of electricity load.
 
 Further, to create awareness amongst staff on energy conservation,
 ''Caution'' stickers have been stuck on all electrical equipment
 encouraging staff to switch off fixtures when not in use.
 
 Going forward, we are in the midst of incorporating an improved
 ''Building Automation System'' for our Electrical and HVAC management.
 This will ensure a centralised control mechanism for the management of
 electricity and HVAC services and will vastly help in reducing manpower
 costs, energy consumption and overall operating expenditures.
 
 FOREIGN EXCHANGE EARNINGS & OUTGO
 
 (a) Activities relating to exports; initiatives taken to increase
 exports; development of new export markets for products and services;
 and export plans
 
 The Company is engaged in the healthcare business and is not carrying
 on any export activities. The Hospital has been empanelled with eminent
 international insurance companies and appointed healthcare facilitators
 in various countries to cater to international patients.
 
 (b) Total Foreign Exchange Earnings and Outgo
 
 During the year under review, foreign exchange earnings and outgo were
 as under:- 
 
 Earnings : Rs. 7,358.10 lakhs 
 
 Outgo : Rs. 1,965.05 lakhs
 
 PARTICULARS OF EMPLOYEES
 
 The Particulars of employees as per Section 217 (2A) of the Companies
 Act, 1956 read with the Companies (Particulars of Employees) Rules,
 1975 are annexed and form part of this report.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As required under Section 217(2AA) of the Companies Act, 1956, your
 Directors state:
 
 (i) That in the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 (ii) That appropriate accounting policies have been selected and
 applied consistently and have made judgments and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company as on 31st March, 2012 and of the profit of
 the Company for the year ended 31st March, 2012.
 
 (iii) That proper and sufficient care has been taken for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities;
 
 (iv) That the annual accounts have been prepared on a going concern
 basis.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreement, a Management Discussion
 and Analysis Report and a Report on Corporate Governance is attached
 with this Report.
 
 A Certificate from the Statutory Auditors of the Company regarding the
 Compliance by the Company of the conditions stipulated under Clause 49
 of the Listing Agreement is also attached with this report.
 
 A declaration by the Managing Director pursuant to clause 49(I)(D)(ii)
 of the Listing Agreement stating that all the Board Members and Senior
 Management Personnel of the Company have affirmed compliance with the
 Code of Conduct, during the financial year ended 31st March, 2012, is
 also attached with this report.
 
 AUDITORS/AUDITORS'' REPORT
 
 M/s. S. C. Vasudeva & Co., Chartered Accountants, Auditors of the
 Company shall hold office until the conclusion of the ensuing Annual
 General Meeting and are eligible for re-appointment.
 
 The Company has received a letter from M/s. S. C. Vasudeva & Co.,
 Chartered Accountants, to the effect that their appointment, if made,
 would be within the prescribed limits under Section 224(1-B) of the
 Companies Act, 1956. The Board of Directors recommends the appointment
 of M/s. S. C. Vasudeva & Co., Chartered Accountants as Auditors of the
 Company.
 
 DIRECTORS
 
 Mr. Anil Kamineni has resigned as Director of the Company. Ms. Shobana
 Kamineni and Mr. Deepak Vaidya have been appointed by the Board as
 Additional Directors of the Company. Pursuant to Section 260 of the
 Companies Act, 1956, Ms. Shobana Kamineni and Mr. Deepak Vaidya hold
 the office of Directors only up to the date of the Annual General
 Meeting of the Company. Notices have been received from members
 pursuant to Section 257 of the Companies Act, 1956, proposing the
 appointment of Ms. Shobana Kamineni and Mr. Deepak Vaidya as Directors
 of the Company, liable to retire by rotation.
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Articles of Association of the Company, Ms. Suneeta Reddy, Mr. S.
 Regunathan, Prof. Ranjit Roy Chaudhury and Mr. Satnam Arora, Directors
 of the Company shall retire by rotation at the ensuing Annual General
 Meeting and being eligible, offer themselves for re-election.
 
 Resolutions seeking approval of the shareholders for the appointment
 /re-appointment of Directors have been incorporated in the notice of
 the Annual General Meeting.
 
 The information on the particulars of the Directors seeking appointment
 /re-appointment, as required under clause 49 of the Listing Agreement,
 has been furnished in the notice to the shareholders for the Annual
 General Meeting.
 
 FIXED DEPOSITS
 
 During the year under review, the Company has not accepted any deposit
 under Section 58A of the Companies Act, 1956 read with Companies
 (Acceptance of Deposits) Rules, 1975.
 
 INSURANCE
 
 All properties and insurable assets of the Company, including Building,
 Plant & Machinery and Stocks have been adequately insured, wherever
 necessary.
 
 The Company also has a professional indemnity insurance policy to cover
 the risk on account of claims filed against the company in consumer
 courts.
 
 RESEARCH & DEVELOPMENT
 
 The Company is running a multi super- specialtyHospital and is not
 engaged in any major research & development activity. However, the
 Hospital continues to be a major centre for international clinical
 trials.
 
 INDUSTRIAL RELATIONS
 
 The Industrial Relations scenario continued to be cordial during the
 year under review.
 
 ACKNOWLEDGEMENT
 
 The Directors wish to thank and deeply acknowledge the cooperation,
 assistance and support extended by the financial institutions, banks,
 the Government of Delhi and the Union Government.
 
 The Directors also wish to place on record their appreciation for the
 overall support and cooperation received from the employees at all
 levels and the consultant doctors.
 
                                       For and on behalf of the Board
 
                                                        P.K. Tripathi 
                                                             Chairman
 
 Place : New Delhi 
 Date  : 1st August, 2012