To The Members of NOIDA MEDICARE CENTRE LTD.
 
 The Directors have pleasure in presenting Twenty Second Annual Report
 together with the Statement of Accounts for the year ended 31 st March
 2011.
 
 FINANCIAL RESULTS                                      Rs. in Lacks
 
                             Current Year
                             (2010-2011)                Previous Year
                                                       (2009-2010 )
 
 Income                      5513.13                    3704.82
 
 Other Income                  41.08                      15.06
 
 Profit before interest &
 depreciation & taxation     1364.33                     968.86
 
 Interest                     197.77                     187.50
 
 Depreciation                 819.53                     430.28
 
 Profit Before Tax            347.03                     351.08
 
 Provision for tax/fringe
  benefits                     77.40                      82.90
 
 Profit after tax             249.20                     255.71
 
 OPERATIONS
 
 The financial year 2010-11 was a year of robust growth in income of the
 company. The company had an eventful year, where it made big strides in
 positioning NMC as one of the best healthcare provider, comparable to
 International Standards. The income rose by an impressive 48.81% over
 the previous year. Your hospital has achieved strong footfall both in
 OPD and IPD. The hospital achieved an operational average patient
 occupancy of over 90% in the year under review.
 
 Your company has also achieved substantial growth in diagnostics
 operations at its Imaging & Diagnostic Centre''s situated at VIMHANS, New
 Delhi and LLRM Medical College, Meerut. The centre''s are enjoying the
 reputation of being one of the leading diagnostic centre''s of Delhi and
 Meerut respectively in terms of availability of latest modalities,
 accurate diagnosis and quality reporting systems.
 
 All departments of the hospital have been operating satisfactorily and
 are poised for future expansion and modernization following requisite
 financial inputs. Your hospital, despite the stiff competition and
 challenges from the large multinational corporate hospitals, which have
 recently been established in the region, has been able to maintain its
 edge, due to its long built goodwill and established clientele base. In
 addition, your hospital, to maintain its image and reputation of
 providing quality and excellent healthcare services with a humane
 touch, has been constantly upgrading its existing medical facilities at
 the centre.
 
 EXPANSION
 
 During the year under report, your company has entered into Memorandum
 of Understanding (MOU) with Sunder Leal Jain Hospital, Ashok Vihar,
 Delhi for opening of an ultramodern Imaging & Diagnostic Centre in
 their hospital complex. The company is commencing the operations with
 the installation of 16 Slice CT Scan procured from GE, USA.
 
 This shall give the company, its presence in west and north Delhi as
 well in addition to its strong hold position in south and east regions
 of NCR and Uttar Pradesh.
 
 UP-GRADATION/ MODERNIZATION To meet the steadily growing patient''s
 expectations and comfort level, your hospital has undertaken extensive
 upgradation and modernization programmed.
 
 During the year under report, your company has acquired PET CT, 3T MRI
 for its imaging & diagnostic division at Vimhans, New Delhi and 16
 Slice CT Scan at LLRM Medical Collage, Meerut (U.P.) and 64 Slice CT
 Scan for its hospital at Noida, from GE USA.
 
 Your company has also acquired Tilting MRI, a latest investigational
 modality and boon for weight bearing joints diagnosis reporting from
 world wide sole supplier Esaote, Italy.
 
 All these equipments are latest series equipments, which provides the
 Company strong competitive edge over other hospitals and diagnostic
 Centers.
 
 IT Infrastructure
 
 During the year under report, your company has appointed Pellucid
 Networks Pvt Ltd., Chennai and Attune Medical Systems, Chennai, for
 implementing Hospital Information Systems (HIS) and Radiological
 Information Systems (RIS) alongwith PACS on the latest innovated cloud
 based technology platform in its hospital at Noida and all of its three
 diagnostic centres situated at Delhi and Meerut. The company has
 procured latest series of servers, workstations from Dell and hi-end
 Postscript Printers from Xerox India.
 
 This shall facilitate the company to have centralized control and
 command over its all the diagnostic centres and the reporting on any
 modality can be done from anywhere on real time basis and also
 strengthening its internal administrative controls and timely reports
 for the benefit of the referral doctors and patients.
 
 Patient Rooms The Third Floor comprising of patient rooms, nursing
 station, flooring and ceiling has been renovated to meet the growing
 demand of international patients. These rooms are provided with all
 modern amenities with separate kitchenette and visitors sitting
 facilities.
 
 Air-conditioning Plant
 
 The existing air-conditioning plant for the entire hospital has been
 replaced by a new central air-conditioning chilled water plant of 170
 T.R.  Hospital Facade
 
 The facade of the hospital building has been changed with glass glazing
 and allo bond paneling.
 
 SHARE CAPITAL
 
 During the year under report, your company has received warrants
 subscription amount of Rs. 1,57,50,000/- from the promoters being the
 25% of the price of the equity share to be issued in surrender /
 exchange of 25,00,000 warrants convertible into equivalent number of
 equity shares of Rs 10/- each at an average price of Rs 25.20/- per
 share by way of private placement/preferential basis in accordance with
 SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009,
 in terms of the resolution passed by the share holders in their last
 Annual General Meeting held on 30 th September 2010.
 
 FINANCE
 
 During the year under report, your company is pleased to state that
 Dhanlakshmi Bank Ltd. has sanctioned Rupee Term Loan, Foreign Letter of
 Credit Limits and Foreign Exchange Limits aggregating to Rs. 20 crores
 and Kotak Mahindra Bank Ltd has sanctioned Rs. 3.25 crores for
 acquiring state-of-the-art imaging & diagnostic equipments for its
 hospital at Noida and diagnostic division (s) at Vimhans, New Delhi and
 LLRM Medical Collage, Meerut, (U.P.).
 
 INVESTMENTS
 
 Your company in order to leverage the operations and robust growth
 opportunities is planning to make strategic interest / acquisition in
 pharmaceutical sector.
 
 PUBLIC DEPOSITS
 
 The company has not invited any deposit from the public.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT Pursuant to Section 217(2AA) of
 the Companies Act, 1956, your Directors confirm that: 1.
 
 In the preparation of the annual accounts for the accounting year ended
 31 st March 2011, the applicable accounting standards issued by
 Institute of Chartered Accountants of India and the requirements of
 Companies Act, 1956 have been followed; 2. Appropriate accounting
 policies have been selected and applied consistently and judgements and
 estimates that are reasonable and prudent have been made so as to give
 a true and fair view of the state of affairs of the company at the end
 of financial year and of the profit of the Company for that year. 3.
 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; 4. The annual
 accounts have been prepared on a going concern basis.
 
 CORPORATE GOVERNANCE
 
 The path the company has perused to achieve the good Corporate
 Governance flows from a set of transparent systems, procedures and
 corporate principles which stimulates and promotes corporate fairness,
 transparency and accountability. It is the endeavor of the company to
 implement these values to attain Excellency in all the fields directly
 or indirectly related to the company. The company has implemented the
 conditions of Corporate Governance as stipulated in clause 49 of the
 Listing Agreement with Stock Exchanges during the year ended 31 st
 March 2011. A report on Corporate Governance alongwith a certificate of
 compliance from the Auditors'' of the company is annexed and forms
 part of this report.
 
 DIRECTORS
 
 During the year in the report, Mr. Dhirendra Singh IAS (Retd.) and Mr.
 Ravi Mathur IAS (Retd) have been appointed as an Additional Directors
 of the company to hold office upto the conclusion of forthcoming Annual
 General Meeting.
 
 Being eligible, Mr. Dhirendra Singh and Mr. Ravi Mathur have offered
 themselves for appointment as Director (s) of the company. The company
 has received a notice u/s 257 of the Companies Act, 1956 proposing to
 appoint them as Director(s) of the company.
 
 In accordance with Articles of Association of the company,
 Mr.C.P.Chhabra and Mr. Vikram Prakash Director(s) retire by rotation at
 the ensuing Annual General Meeting and being eligible, offer themselves
 for re-appointment.
 
 LISTING
 
 The Equity Shares of your company are listed with Delhi Stock Exchange
 Association Ltd., Bombay Stock Exchange Ltd., The U.P. Stock Exchange
 Association Ltd.. Your company has paid Listing Fees for the year
 2011-2012 to all the three Stock Exchange(s).
 
 AUDITORS
 
 N.K. Duggal & Co., Chartered Accountants, the Statutory Auditors of
 your Company retire at the conclusion of the forthcoming Annual General
 Meeting and being eligible offer themselves for re-appointment. The
 statutory auditors have furnished a certificate required under section
 224(1-B) of the Companies Act, 1956 to the effect that their
 re-appointment, if made, would be in conformity with the limits
 specified in that section.
 
 AUDITORS'' REPORT
 
 The Notes forming part of the Accounts, being self-explanatory, the
 comments made by the Auditors in their report are not being dealt
 separately.
 
 PARTICULARS OF EMPLOYEES
 
 The Particulars of employees as per Section 217(2A) of the Companies
 (particulars of employees) Rules, 1975 are annexed and form part of
 this report.
 
 CORPORATE SOCIAL RESPONSIBILITY
 
 Your hospital always has a deep sense of responsibility towards the
 community and takes its social commitment vary seriously. During the
 year under report, your hospital has organized many free health
 check-up camps of varied medical disciplines at the hospital premises
 and also at the premises of public/private service corporations.
 Besides your hospital has been providing subsidized / free medical
 services to the under privileged section of the society.
 
 ISO CERTIFICATION
 
 During the year under review, your company continued to be ISO
 9001:2008 certified company by URS Certification Ltd., UK.
 
 NABL ACCREDITATION
 
 During the year under review, your company''s Pathology Laboratory at
 Vimhans, New Delhi has been accredited by National Accreditation Board
 for Testing and Calibration Laboratories (NABL) representing
 maintaining highest standards of pathological investigational
 reporting. The pathology laboratory at NMC Hospital, Noida, has also
 been assessed and is awaiting for NABL Accreditation.
 
 NABH ACCREDITATION
 
 Your Hospital at Noida has applied for National Accreditation Board for
 Hospitals & Healthcare Providers ( NABH ) Accreditation and has
 submitted the relevant tool kit. The hospital is geared up for NABH
 assessment. A regular training is being imparted to the employees of
 the hospital at all levels.
 
 NABH - MIS ACCREDITITION
 
 During the year under review, your company has applied for National
 Accreditation Board of Hospital & Health Providers (NABH) Medical
 Imaging Services (MIS) for its Imaging & Diagnostic Centre at Vimhans,
 New Delhi.
 
 APPRECIATION
 
 Your Directors wish to thank and deeply acknowledge the co-operation,
 assistance and support extended by Kotak Mahindra Bank Ltd. and
 Dhanlaxmi Bank Ltd.. Your Directors also wish to place on record their
 appreciation for the sincere and dedicated services rendered by the
 Consultant Doctors and Employees at all levels, and also thank the
 Private/Public Sector Corporation(s), Government Authorities, business
 associates for their continued support and co-operation.
 
 The Directors also take this opportunity to thank the fraternity of
 shareholders for their continued confidence.
 
                                  For and on behalf of the Board 
 
                                       Sd/-
 
 Date: September 2, 2011          DR. NAVEEN CHAUDHRI
 
 Place: New Delhi                 CHAIRMAN & MANAGING DIRECTOR