Plethico Pharmaceuticals

It is my privilege to share with you our companys performance of 2008
 at a juncture were economy is scaling down worldwide and almost all the
 countries are struggling to overcome this ever biggest economic crisis.
 This year was one of the most turbulent and unstable for the
 pharmaceutical industry but we did well, thanks to our foresight and
 team efforts.  Being so closely connected with the industry, we
 realized that economy is going to be tremble and vibrate on the one
 side and horribly increased prices of inputs would hit our bottom line
 on the other side, so we planned carefully and implemented seamless
 increase in production and pricing of some popular products, whilst
 cutting cost in the overall enterprise. We continued to enrich and
 scale-up companys operations and capabilities that enabled the company
 to outperform and deliver sustainable results during 2008.
 
 While mergers and acquisitions, alliances and collaborations offer
 avenues for rapid growth, the seamless integration of the businesses,
 which had different cultures and different ways of the business is a
 daunting task posing abound challenges.  But at Plethico, we did it
 successfully. The business integration of US based US$ 100 mn. Natrol
 Inc. acquired during January 2008 is successfully done and started
 generating synergy benefits. Soon after acquiring Natrol, the company
 acquired a 20% stake in Tricon Holdings FZE, a Dubai-based Retail
 Pharmacy Chain.
 
 These acquisitions propelled the company into the big league whereby we
 straddle all flavours, all segments and all price points with brands in
 leadership position particularly in nutraceutical and herbal segments.
 
 At Plethico, we have a strong sales and distribution outfits with a
 wide range of high quality popular brands. Our relationship with trade
 has always been transparent and honest. This has helped us greatly in
 expanding our business not only in CIS, Africa, Latin America, South
 East Asia, GCC, but also in the regulated market of US, Europe, Hong
 Kong and China. We have strengthened our sales and distribution efforts
 through fully integrated marketing and distribution chains riding on a
 ERP enabled network providing real-time data, enabling smooth workflow
 in production, distribution and marketing.
 
 Today, the company is focusing in all the key pharma markets of the
 world, through innovation and research and development while
 maintaining high standard of quality and ethics. In order to withstand
 at the global marketplace, we have developed a very strong,
 well-equipped, empowered, independent and professionally managed team
 within the organization, which is addressing all key regulatory issues
 and building faith in made in India brands by establishing a robust
 regulatory system on lines with the world class specifications.
 
 We, at Plethico always strive to create a balance between earning
 healthy profits and realizing responsibilities towards society. We
 continue to support, guide and educate communities through our
 Charitable Trust and to make them self- sufficient and to provide them
 much-needed hygienic and healthcare conditions.
 
 Employees are our greatest strength and we always accorded very high
 priority to provide a very healthy and safe working environment to
 them. We regularly organized detailed trainee program to various
 functionaries to disseminate knowledge and techniques with an object to
 improve productivity at all level. The challenges to bring about
 attitudinal change in the mindset of the employees continue and we are
 happy to say that there have been perceptible improvements.
 
 We take this opportunity to thank you for continued support and
 commitment in 2008. We look forward to your active support in the
 exciting years ahead.
 
 Yours truly
 
 Shashikant Patel
 Chairman & Managing Director