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Plethico Pharmaceuticals
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« Dec 11
Chairman's Speech (Plethico Pharmaceuticals) Year : Dec '12
Dear Shareholders
 
 The year 2012 witnessed a laggard growth in the economy which however
 ended with improvement on a modest note in synchronization with the
 global scenario. In a globalized economy, there is no escape for any
 country from the consequences, be it positive or negative. Barring no
 exception, over the decades, India has also firmly integrated with the
 world economy. The very fact remains that policy uncertainty and
 slowdown in the global demand has hampered the overall growth of all
 economies with major injury bearers being growing economies like India.
 It has been generally difficult for the companies that have their major
 revenues coming from exports markets as reasons like slowdown in
 demand, currency fluctuations and recovery of receivables have a key
 role to play.
 
 Sensing the above situation, as some of it was a spillover of the
 previous year as well, we as a company had the target of maintaining
 and improving operational efficiencies in tandem with trying our best
 on the working capital management. We also worked on the product
 profile enhancement along-with retaining the market share in different
 geographies.
 
 One of the key issues to be addressed during the year was the
 refinancing of the FCCBs that matured in October 2012. This needed
 prime attention as the currency fluctuations played a spoilt sport.
 Also with the economy jitters being felt globally, refinancing at
 exorbitantly high interest rates way beyond the comfort zone of even
 the biggies in the industry, was a huge challenge. We had been taking
 adequate measures to stop the vicious circle of excess debt leading to
 disaster by executing strategic program of structured funding having
 combination of low-cost long-term debt and equity. We did manage to tie
 up for long term funding proposals to restructure the bonds. Lot of
 efforts are underway for negotiating with the bondholders, betting on
 the fact that the macro environment was difficult to handle.
 
 Although the emerging and developing markets are not expected to
 rebound to the high growth rates of 2010-11, as indicated by the IMF
 survey, it is still projected to clock decent growth in 2013. This is
 however keeping in mind that weakness in the advanced economies will
 reflect on the performance of the developing economies impacted by the
 external demand. The increasing level of intense competition,
 complexity and mounting uncertainty leads to a challenging environment
 and needs to be handled strategically as the level of uncertainty is
 expected to remain high and keep increasing in the coming years.
 
 We have been working on strategies that enable us to anticipate
 competitor''s actions beforehand, consider innovative pricing options,
 engage and connect with stakeholders and collect and analyze real-time
 data helping to quickly grasp changes in the market places and to
 formulate business plans more aptly. This is based on the realization
 that the environment is getting complex and traditional guidelines are
 no longer applicable.
 
 In this challenging environment, we at Plethico have still managed to
 maintain our performance with regards to product innovation and
 capturing newer clients and markets while serving the existing ones. We
 have geared-up our core executive team for the possibility that there
 could be another downturn or slowdown in the coming years and as such
 to improve competitive strengths permanently.
 
 Foreseen the fact, that innovation is the only key to sustain and
 rebound, we had been laying emphasis on our R&D activities and
 in-process innovations. Keeping in mind that pricing would be the core
 pillar of any product profile development; we have optimized our
 processes and applied innovation pricing strategies. The company also
 developed a very competent management team and an effective information
 system suitable to the organization''s needs. Comprehensive reporting
 system has also been developed that tracks KPIs in real-time, enabling
 to quickly understand the changes happening in the markets globally and
 thus modifying strategies to achieve the expected growth levels.
 
 Our focus during the year 2012 was bifurcated on one hand into
 financial aspects that would help us cap our liabilities in order to
 strengthen our balance sheets and have stable cash flows while on the
 other hand business development that focused on differentiation,
 accelerating product development to the optimum level, creating
 tangible values for customers, identifying core activities, applying
 game-changing strategies, creating new business models and pursuing
 opportunistic investments.
 
 As a company we are well positioned to capture the demand growth of the
 emerging markets; however turnaround in the overall macro environment
 is the key. Although there is a gradual improvement being witnessed,
 sustainability and growth would still be a challenge.
 
 I maintain my motive and promise to all the shareholders to give better
 returns through robust performance appreciating intrinsic value of the
 investment of the shareholders. I also express my sincere gratitude to
 all my stakeholders who have reposed trust in us and extended their
 full co-operation. I am also grateful to the Board of Directors for
 their steady support and guidance.
 
                                                         Your''s truly
 
                                                     Shashikant Patel 
 
                                         Chairman & Managing Director
Source : Dion Global Solutions Limited
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