This translates to "How are you my friend?".
Here's a breakdown:
* तुम (Tum): You (informal)
* कैसे (Kaise): How
* हो (Ho): Are
* मेरे (Mere): My
* दोस्त (Dost): Friend
You can also say "आप कैसे हैं मेरे दोस्त?" (Aap kaise hain mere dost?) which is more formal and uses the respectful "aap" instead of "tum".