Dear Shareholders
 
 The year 2010 is slated to be year of consolidation, honing our skill
 set and putting behind all challenges. Plethico, during the year 2010
 observed strong growth momentum, marked by a financial turnaround and
 robust operational performance, aimed at securing future growth
 drivers.  Despite overall global meltdown, tremendous foreign currency
 turbulence, fierce competition and lot of other operational odds
 including search and seizure operations conducted against the company
 by the income tax department during September 2010, the company has
 come- up with the flying colours and registered comparatively
 significant growth not only in domestic markets but also in the
 international markets. Being significant global player, we could
 understand nuances better and able to implement them in the new
 paradigm.
 
 During 2010 , our concentration and focus was more towards emerging
 markets that have un-tapped potentials as compared to the developed
 markets. In next couple of years, the focus will continue to be in CIS,
 GCC and Africa as well as in South East Asia, Latin America and Europe.
 I am proud to say that most of the clients to whom we cater to are
 satisfied with our specialized product profile. Being industry expert,
 we predicted long back that investment in novel molecules would be
 better rather than plain low-cost generics and follow on biologics. We
 also realized that opportunity is growing at a faster pace than before,
 and we have to participate in new markets through new enabling
 technologies and aggressive business strategies. We identified
 roadblocks that may hinder progress of the company. We aligned all our
 activities and business operations and geared- up efforts in the
 direction that secures maximum growth both in terms of top and bottom
 line. In our efforts, we got maximum mileage through strategic
 alliances that enabled access to technologies, markets, products and
 competencies.  We leveraged breadth of our portfolio and market
 leadership to bring blockbuster products at global marketplaces.
 Today, Plethico has a very competent management team and an effective
 information system in place needed to ensure smooth business operations
 all-around. And in the end, it is the customer who got benefitted both
 in terms of quality products and better healthcare solutions at an
 affordable cost.
 
 At Plethico, we encourage a culture of teamwork, transparency and trust
 for superior operational governances. Our biggest strength lies in our
 highly committed people who take great pride in their work. We
 continuously invest in the development of our people to benchmark
 ourselves externally and internally to stay competitive and become
 best-in-class. Beside expanding employees base Plethico is looking
 forward to significant investment in terms of R&D and infrastructure
 development at global marketplaces having immense potential.  In the
 era of fierce competition, when performance are continuously reviewed
 and analyzed for gaps in strategy implementation, it is important to
 check whether the business strategies are really robust. At Plethico,
 we validate business strategy in the initial stages enabling
 organization to take corrective measure in time and deliver better
 results.  Changing environment and challenging customer needs make it
 imperative to identify those markets where company''s capabilities can
 yield a competitive advantage. The company is better determined to
 disseminate varieties of its leading brands that have improved
 significantly after obtaining UK MHRA approval, in the emerging markets
 worldwide.  I personally feel that demand and availability of drugs in
 non-urban areas will go up considerably in near future.  Increasing
 educated patient population will pose huge demand for improved
 healthcare services, and a more focused approach to personalized
 healthcare. Keeping focus intact, Plethico is foreseeing underlying
 opportunities and confident about sterling performance in 2011.  As a
 value-oriented organization, we promise our shareholders to give better
 returns through robust performance enhancing intrinsic value of shares.
 I also express my sincere gratitude to all our stockholders who have
 reposed trust in us and extended their constraint support. I am also
 grateful to the Board of Directors for their steady support and
 guidance.
 
                                                      Your''s truly
 
                                                  Shashikant Patel
 
                                      Chairman & Managing Director