The Directors have pleasure in presenting this 60th Annual Report
 together with the Audited Accounts for the 16 months period ended March
 31, 2011. The Report reviews the Companys operations covering
 Pharmaceutical and Animal Health Products. Members may please note that
 your Company has changed the Accounting Year of the Company from
 December 1 – November 30 to April 1 – March 31 with effect from
 December 1, 2009. The prior years figures in the financial statements
 have been regrouped / re-arranged where necessary and are strictly not
 comparable with those of the current period which are for 16 months
 ended March 31, 2011.
 
 DIVIDEND
 
 During the period under review, your Directors had declared an interim
 dividend of Rs.12.50 per share (125%)
 
 which was paid to the shareholders on January 31, 2011.  Your Directors
 are pleased to recommend a final dividend of Rs. 4.00 per share (40%)
 for the period under review.  Thus the total dividend payout for the 16
 months period ended March 31, 2011 would be Rs. 16.50 per share (165%),
 aggregating to Rs. 4924 Lakhs and the tax on distributed profits
 payable by the Company would amount to Rs. 799 Lakhs.
 
 FINANCIAL RESULTS
 
 Your Companys sales (net of excise duty and sales tax) amounted to
 Rs.116956 Lakhs for the 16 months period ended March 31, 2011. On a 12
 months comparison, i.e., March 31, 2010 and March 31, 2011, the sales
 recorded a growth of 11.5%. Your Company achieved a Net Profit of Rs.
 22634 Lakhs for the 16 months period ended March 31, 2011 showing an
 increase of 24% on an annualised basis.
 
                                                          Rs. in Lakhs
 
 Particulars                  16 Months Period Ended   12 Months Ended
                                      March 31, 2011 November 30, 2009
 
 Sales (Net of Excise Duty 
 & Sales Tax)                                 116956            77227
 
 Operating and other Income                    17579            10074
 
 Profit Before Tax and Exceptional Items       34764            22093
 
 Exceptional Items (Expenses)/Income           (303)           (1092)
 
 Profit Before Tax                             34461            21001
 
 Less: Taxation
 
 - Current Tax                                 12631             7705
 
 - Fringe Benefit Tax                              -               91
 
 - Deferred Tax Credit                         (804)            (483)
 
 Profit After Tax                              22634            13688
 
 Balance of Profit from Prior Years            75329            67545
 
 Adjustment on account of amalgamation 
 of erstwhile
 Duchem Laboratories Limited                       -            (171)
 
 Surplus available for Appropriation           97963            81062
 
 Appropriations:
 
 Transfer to General Reserve                    2263             1369
 
 Interim Dividend                               3730                -
 
 Final Dividend Proposed                        1194             3730
 
 Tax on Dividend (interim & final 
 proposed dividend)                              799              634
 
 Balance carried to Balance Sheet              89977            75329
 
 
 DIRECTORS:
 
 In accordance with the Articles of Association of the Company, Mr. R.A.
 Shah retires by rotation as a Director at the ensuing Annual General
 Meeting and being eligible, offers himself for re-appointment.
 
 Mr. Richard Gane, who was appointed as a Non-Executive Director at the
 57th Annual General Meeting of the Company, resigned from the Board
 with effect from January 11, 2011. Your Directors wish to place on
 record their appreciation for the valuable contribution made by Mr.
 Richard Gane.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, your
 Directors confirm the following:
 
 i. In the preparation of the Annual Accounts, the applicable accounting
 standards have been followed.
 
 ii. Your Directors have selected such accounting policies and applied
 them consistently and 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 at the end of the 16 months period ended March 31, 2011
 and of the profit of the Company for that period.
 
 iii. Your Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 iv. Your Directors have prepared the attached Statement of Accounts for
 the 16 months period ended March 31, 2011, on a ‘going concern basis.
 
 CORPORATE GOVERNANCE:
 
 The Company has taken requisite steps to comply with the
 recommendations concerning the Corporate Governance. A certificate from
 the Auditors of the Company regarding compliance of conditions of
 Corporate
 
 Governance as stipulated under Clause 49 of the Listing Agreement forms
 part of this Report.
 
 A separate report on Corporate Governance forms part of this Annual
 Report.
 
 OTHER INFORMATION:
 
 As required by the Companies (Disclosure of Particulars in the Report
 of Board of Directors) Rules, 1988, information pertaining to
 Conservation of Energy, Technology Absorption and Exports is given as
 Annexure ‘I to this Report.
 
 The information required under Section 217(2A) of the Companies Act,
 1956 (the Act) read with the Rules framed thereunder forms part of
 this Report and marked as Annexure ‘II. However, as per provision of
 Section 219 (1)(b)(iv) of the Act, the Report and Accounts are being
 sent to all shareholders excluding the statement of particulars of
 employees under Section 217(2A) of the Act.  Any shareholder interested
 in obtaining a copy of the statement may write to the Company Secretary
 at the Companys Registered Office.
 
 AUDITORS:
 
 M/s. B S R & Co., the Companys Auditors will retire at the conclusion
 of the ensuing Annual General Meeting.  They have given their consent
 to continue to act as Auditors of the Company for the current year, if
 re- appointed.
 
 COST AUDITORS:
 
 Pursuant to the provisions of Section 233B of the Companies Act, 1956,
 necessary application is being submitted to the Department of Corporate
 Affairs for the appointment of M/s. RA & Co. as Cost Auditors to audit
 the cost accounts maintained by the Company in respect of Formulations
 for the year ending March 31, 2012.
 
 ACKNOWLEDGEMENTS:
 
 Your Directors would like to place on record their sincere appreciation
 for the support and assistance extended by the Companys suppliers and
 business associates. Your Directors are thankful to the esteemed
 shareholders for their continued support and the confidence reposed in
 the Company and its Management.
 
 Your Directors wish to place on record their appreciation for the
 support and guidance provided by its Parent Company, Pfizer Inc., USA.
 
                                              For and on behalf of the 
                                  Board of Directors of Pfizer Limited
 
                                                             R.A. SHAH 
                                                              Chairman
 
 Mumbai, May 3, 2011