Pfizer

The Directors have pleasure in presenting this Forty-ninth Annual
 Report together with the audited statement of accounts of the Company
 for the year ended November 30,2007.
 
 FINANCIAL RESULTS
 
                                                      Rupees in Lakhs
                                            Year ended     Year ended
                                            November 30,  November 30,
                                                2007          2006
 
 Profit/(Loss) for the year                    122            23
 Less: Current Tax                              14             3
 Profit / (Loss) After Taxation                108            20
 Balance of Loss from previous years          (365)         (385)
 Balance of Profit / (Loss) carried to        (257)         (365)
 Balance Sheet
 
 OPERATIONS
 
 The Net Sales of the Company for the year under review is Rs. 403 lakhs
 as compared to Rs. 444 lakhs for the previous year.  The operations for
 the period reflect a Net Profit of Rs. 108 lakhs as against Net Profit
 of Rs. 20 lakhs for the previous year.
 
 DIVIDEND
 
 Your Directors do not recommend any dividend for the year ended
 November 30,2007.
 
 DIRECTORS
 
 Mr. Ajay Shukla resigned as a Director of the Company with effect from
 the close of business hours on September 1, 2007. Your Directors wish
 to place on record their appreciation for the valuable contributions
 made by Mr. Shukla during his tenure as a Director.
 
 During the year under review, Mr. Uday Mohan was appointed as
 Additional Director by the Board of Directors with effect from
 September 1, 2007 pursuant to the provisions of Section 260 of~ the
 Companies Act, 1956. Mr. Uday Mohan shall be appointed as Director
 pursuant to Section 257 of the Companies Act, 1956 in the forthcoming
 Annual General Meeting of the Company.
 
 Mr. M. G. Rao resigned as a Director of the Company with effect from
 the close of business hours on November 8, 2007. Your Directors wish to
 place on record their appreciation for the valuable contributions made
 by Mr. Rao during his tenure as a Director.
 
 The Board of Directors at their meeting held on November 8, 2007
 appointed Ms. Kavita Bhavnani as Additional Director of the Company
 with effect from November 8, 2007 pursuant to the provisions of Section
 260 of the Companies Act, 1956. Ms. Bhavnani shall be appointed as
 Director pursuant to Section 257 of the Companies Act, 1956 in the
 forthcoming Annual General Meeting of the Company.
 
 In accordance with the Articles of Association of the Company, Dr. Bomi
 M. Gagrat, Director will retire by rotation at the forthcoming Annual
 General Meeting and being eligible, offers himself for re-appointment.
 
 CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Since the operations of the- Company is restricted to trading, the
 requirement of Section 217 (1) (e) of the Companies Act, 1956 read with
 the Companies (Disclosure of Particulars in the report of the Board of
 Directors) Rules, 1998 in respect of Conservation of Energy &
 Technology Absorption are not applicable.
 
 The Foreign Exchange earnings and expenditure during the year was
 Rs.Nil as against Rs.Nil for the previous year.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to section 217 (2AA) of the Companies Act, your Directors
 confirm the following:
 
 1.  In the preparation of the Annual Accounts, the applicable 
 accounting standards had been followed.
 
 2.  Your Directors have selected such accounting policies and applied
 them consistently and made 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 financial year and of the profit of the Company for
 the period.
 
 3.  Your Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the Assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 4.  Your Directors have prepared the attached Statement of Accounts for
 the year ended November 30, 2007 on a going concern basis.
 
 AUDITORS
 
 M/s. BSR & 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.
 
                            On behalf of the Board of Directors
                                   B M GAGRAT (Dr)
 Mumbai, February 23,2008.            Chairman