Dear Shareholders
 
 The year 2011 has been very volatile and difficult, yet we have been
 driving growth and creating values for our end-customers and the
 stakeholders as well. In spite of Plethora of external constraints,
 conflicting economic signals and confusing financial interpretations,
 we performed extremely well and emerged as a pure-play category
 innovators and global challengers totally positioned to take off
 globally in the high- growth marketplaces.
 
 I always trust that there is much to learn from what successful
 companies have been doing to win in spite of the economic uncertainty.
 Despite wide-ranging profile, during 2011, we focused on small number
 of significant opportunities, meaningful innovations targeted at
 creating value for end- customer and consistent endeavor to encourage a
 culture of speed and experimentation.
 
 In order to ease pressure on debt, we during 2011 successfully worked
 on different long-term refinancing operations which came forth as a
 masterstroke. We took adequate measures to stop vicious circle of too
 much debt leading to disaster by executing program of structured
 funding having combination of low-cost long-term debt and equity.
 Launching of public fixed deposit scheme was our first effort to swap
 high cost debt and surprisingly, the response was superb beyond
 expectation. That speaks about the trust, people have in our
 organization. In the next step we floated fully convertible warrants,
 the proceeds of which were utilized for retiring debt burden. We are
 also working on many long-term funding proposals to restructure FCCB
 maturing during October 2012.
 
 I can well foresee that level of uncertainty will remain high in the
 coming years and it would be extremely difficult to achieve sustained
 value-creating growth. Increasing complexity, mounting uncertainty,
 intense competition, declining R&D productivity, increasingly crowded
 markets, reimbursement hurdles shall be major challenges that need to
 be addressed more strategically.
 
 In fact, there is no single prescription that can deliver foolproof
 success. The environment is more complex and traditional guidelines are
 no longer applying. Under the circumstances, it is utmost important to
 develop strategy enabling 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.
 
 And at Plethico, we did it successfully as replicated in our
 performance of 2011. We have been doing more than simply following the
 positive signals and translating the opportunities of the post-crisis
 era into competitive advantage. We have geared-up team of our core
 executives for the possibility that there could be another downturn in
 the coming years and as such to improve competitive strengths
 permanently.
 
 We had realized that without innovating, it wont be possible to
 prosper over the next few years. As such in-process innovations were
 geared up to optimize process and to reduce non-personnel costs.
 Fundamental issues were also broached.  Innovative pricing strategies
 were applied during product development to make pricing a core pillar
 of the product''s profile. Comprehensive reporting system has been
 developed that tracks KPIs in real-time enabling to quickly understand
 the changes happening in the marketplaces globally and thus modifying
 strategies to achieve expected growth levels. The company also
 developed a very competent management team and an effective information
 system suitable to the organization''s needs.
 
 I personally believe that the future after-all belongs to those who
 take their destiny into their own hands. As such during 2011, we
 constantly focused on strong Balance Sheet, stable cash flow and lower
 break-even points. Major thrust was also 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, pursuing
 opportunistic investments and eliminating positions that are relatively
 less competitive.
 
 Today, Plethico is well positioned to capture rapid end- demand growth
 of the emerging marketplaces. The company also foretells underlying
 opportunities and confident about sparkling performance in the coming
 year 2012.
 
 I also promise all the shareholders to give better returns through
 robust performance appreciating intrinsic value of the shares. I also
 express my sincere gratitude to all my stockholders 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