Dear Shareholders

With the growth in domestic and export markets India's pharma industry is set to riseby 9-11 per cent over the previous fiscal and it is likely to touch $41.9 billion in FY20.While on the domestic front the industry is expected to grow at around 12 per cent andreach $20.4-$20.8 billion during FY20 exports are likely to touch $21.1 billion in thisfiscal with a growth rate of 8 to 10 per cent according to a study by CareRatings."Moreover the need for affordable healthcare in pharmemerging and developednations are likely to support exports of branded generics to these countries. Also risingper capita incomes in pharmemerging nations will contribute to the rise in brandedgenerics exports from India.

We at Ind-Swift are aware of the opportunities available in the pharma market bothdomestic and export. We are making all efforts to explore the options available. In exportmarkets all out efforts are being made to increase our presence globally. Our efforts onthe Exports front are showing good results and revenue from Exports gradually increasedduring the year by 27.21%.

The turnover of the Company increased marginally against last financial year turnoveras company achieved turnover of Rs. 296.21 crores as compared to Rs. 280.73 crores in201718. During the Financial Year due to settlement with the banks and other income weachieved a net profit of Rs. 3.12 crores in 2018-19 as against net loss of Rs. 54.11crores in 2017-18. The funds are deployed judiciously. The focus at present is to make theCompany debt free by retiring /takeover of the existing debt.

In the coming years the Company will improve its product mix to focus on the nicheproducts. This will increase the marketing presence and will have positive impact on theworking of your Company making way for the overall growth of the Company with presenceacross India and other International markets. With determination strong will power andthe support of our dedicated work force I am sure we will be able to fight back all thesechallenges and emerge as a winner.

I acknowledge with thanks the support of my Directors employees and variousstakeholders without whom we would not have been able to pass these difficult times.

Chairman