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BOARD OF DIRECTORS   |   NCE PROJECTS   |   NDDS   |   DIRECTORS' REPORT   |   FINANCIAL SECTION   |   CONTACT   |   CONTENT       Our annual report last year was the first time that we wrote to you, shareholders of the company, about the projects we were pursuing, our facilities and span of expertise. As we had written, innovative projects have a significantly higher risk profile, longer timeframes and a different reward scale as compared to the generic development projects. In line with this feature, our NCE and NDDS projects moved ahead at a satisfactory pace. We are confident of the fact that given the right resource base and focus, these innovative projects hold tremendous potential should they reach market at the conclusion of development period. In the year that has just passed, our antiallergic lead which was in Phase II clinical studies for certain indications in the US, proceeded to completion. Sun Pharma's generic filing for Effexor XR using the innovative wrap matrix technology developed by SPARC, received a “will not sue” covenant from Wyeth, significantly reducing the hurdles to market and legal risks. It now awaits approval with the USFDA.           Disclaimer:     Statements in this “Management Discussion and Analysis” describing the Company's objectives, projections, estimates, expectations, plans or predictions or industry conditions or events may be ‘forward looking statements” within the meaning of applicable securities laws and regulations. Actual results, performance or achievements could differ materially from those expressed or implied. Important factors that could make a difference to the company's operations include global and Indian demand supply conditions, finished goods prices, feedstock availability and prices, and competitors' pricing in the Company's principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the Company conducts businesses and other factors such as litigation and labour unrest or other difficulties. The Company assumes no responsibility to publicly update, amend, modify, or revise any forward looking statements, on the basis of any subsequent development, new information or future events or otherwise except as required by applicable law.     Unless the context otherwise requires, all references in this document to “we”, “us” or “our” refers to Sun Pharma Advanced Research Company Limited.