It gives me great pleasure to place before you the first Annual Report
 of your Company in the new millennium.
 
 The year gone by has been tough for the pharmaceutical industry which
 has shown slower sales growth compared to the previous year.  Your
 Company's performance on the sales front has however been satisfactory,
 while the increase in its profitability has been heartening.  This was
 possible mainly due to your Company's continued emphasis on
 strengthening operating procedures, effective cost containment and
 efficient working capital management.
 
 Over six months into the new millennium, as we take stock, we believe
 that the future holds out a great deal of promise and opportunities.
 The future also brings to the table several challenges which need to be
 tackled.  To achieve our operating plan and indeed our vision we commit
 to drive ourselves by our core principles of speed of action and
 quality in everything we do.
 
 On the business environment front, the industry and we are looking
 forward to the new, further liberalized drug policy which would balance
 the multiple objectives of superior quality, sufficient availability
 and affordable prices commensurate with reasonable returns to the
 manufacturer.  The new patent regime, which is expected to be in place
 by 2005, is also being awaited with great anticipation.
 
 Your Company's collaborators, Warner-Lambert Co., U.S.A. have recently
 merged into the Pfizer Inc. U.S.A. group to form a combination which is
 expected to rank as one of the world's largest pharmaceutical companies
 in the year 2000, with a product portfolio of 5 of the world's 20 top
 selling medicines and the industry's largest pharmaceutical R&D
 organisation.  The combination will enhance and extend its global
 leadership in a number of important therapeutic categories, which
 includes cardio-vascular diseases, infections diseases, central nervous
 system disorders and women's health.
 
 People have always been the backbone of your Company.  Our
 colleagues as employees are referred to in your Company, have
 constantly strived to build a sense of pride and belonging within the
 organisation.  I trust the pages that follow will provide you with a
 window to appreciate the on-going efforts of colleagues at all levels.