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Equipped with a strong cheapest price phentermine online pharmacy and experienced US commercial team, this Subsidiary would be a key growth driver for your Company, starting this year. Diakron Pharmaceuticals Inc., USA During the year, your Company increased its cheapest price phentermine online pharmacy stake in Diakron Pharmaceuticals Inc. Orchid's stake in Diakron has been a part of the original transaction which includes direct investment and Master Services Agreement (MSA). Your Company has completed most of its MSA obligations to develop and supply clinical quantities of API and extended release formulation. At present, phase 1 clinical studies in patients have commenced in Europe with the new extended release formulation and the study is likely to be completed during the year 2011.

Subsequently, based on the phase 1 study results, additional formulation studies will be needed and phase 2 clinical studies in human subjects will be planned later. Orchid Europe Limited, United Kingdom Your Company's subsidiary in Europe namely Orchid Europe Limited (OEL) provides liaising support to the parent Company and its customers in Regulatory, Pharmacovigilance, Testing & Release, Retention of samples, Service Providers and Business Development in Europe. The Company has chalked out a business plan for capturing a significant market share for the products. With a rich cheapest price phentermine online pharmacy product pipeline and the expanding product portfolio, the Company's business development is already in discussions with major generic houses in EU for expanding the co-operation and are simultaneously discussing with regional majors to increase market share. Orchid Pharmaceuticals (South Africa) Pty Ltd., South Africa Your Company's wholly owned subsidiary, Orchid Pharmaceuticals (cheapest price phentermine online pharmacy South Africa) Pty Ltd., was incorporated mainly to register and market your Company's products in South Africa. The Company is in the process of submitting dossiers for obtaining marketing approval from the regulatory authority, MCC for various oral products and the applications are at various stages of the registration process. Orchid Pharma Japan K K The subsidiary Company in Japan has continued to make noteworthy progress during the year. At the end of the fiscal year 2010-11, there are 9 DMFs filed with Pharmaceutical and Medical Devices Agency (PMDA) of Japan and additional DMFs will be filed in the current financial year to meet the market needs. A major achievement was to commence the supplies to one of the top 5 Japanese innovator Companies for their global business partners. Business discussions are on with various Japanese Companies for supply of new products and the Company is expected to make good progresses on both business and Regulatory fronts during the current year. Central Government Approval Your Company has been making applications for an approval under Section 212(8) of the Companies Act, 1956 from the Ministry of Corporate Affairs, seeking exemption from attaching the Annual Report of subsidiary Companies with the Annual Report of Orchid. The Ministry of Corporate Affairs, Government of India vide its circular dated February 8, 2011 has provided general exemption to companies from attaching the balance sheets of their subsidiary Companies as required under Section 212(8) of the Companies Act 1956. The exemption is available provided the Companies publish the audited consolidated financial statements in the Annual Report.

The consolidated financial statements duly audited are presented along with the accounts of your Company. The statement as required under Section 212 is given as part of the consolidated accounts in this report. The vicodin es online pharmacy order annual accounts of subsidiary Companies are kept at the Company's registered office and also at the respective registered office of the subsidiaries for inspection and shall be made available to the members seeking such information.

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