Dear Fellow Shareholders,
 
 The Financial Year 2010-11 was significant for Poly Medicure Limited
 both in terms of operational and financial results. The Company
 recorded its highest net sales of Rs. 170 Crore during the period under
 review. During the same period, the net profit after tax, expanded
 handsomely to Rs. 21.69 Crore from Rs. 16.43 Crore in the Financial
 Year 2009-10, registering a growth of 32%. Robust business strategies
 and sound management practices, adapted to the changing environment,
 and the contribution of our employees, have conjointly resulted in this
 performance. In the context of the global economic meltdown, the
 progress is all the more noteworthy.
 
 Another special feature has been the focus on strategy for production
 efficiency, cost reduction and quality. We have continuously introduced
 new products and upgraded many of our existing products. In house
 research has resulted in the development of some innovative products
 which are envy even of the much bigger companies operating all over the
 world.  Going forward, we intend to build even larger portfolio of
 products in a way that gives customers multiple reasons to continue
 their engagement with the Company.
 
 The Board of the Company and I personally are delighted with the
 performance and new initiatives. I wish to congratulate your Managing
 Director, Shri Himanshu Baid, the Executive Director, Shri Rishi Baid
 and their team for such outstanding performance.
 
 We feel confident, the coming years will be even more exciting.
 Undoubtedly, the growth in production, improvement in quality, research
 and development activities etc are bound to be even more impressive.
 There will be challenges but the indomitable spirit of the company its
 management and employees is more than a match to them.
 
 On the other hand, to be realistic, some problems also need to be
 noted. Interests rates are moving up quite rapidly as the Reserve Bank
 of India attempts to combat serious inflationary pressure. Commodity
 price too, are firming up throughout the world. The competition too is
 growing. The Financial Year 2012 thus may be a difficult year, and
 healthcare companies may be get caught in a pincer of slacking demand
 and higher input costs. However, the management of Poly Medicure will
 get over these with operational excellence and determination.
 
 Once again I would commend Managing Director, Executive Director and
 other members of the management team and employees at all levels for
 this impressive performance and wish that the current Financial Year
 2011-12 turns out to much better for the greater satisfaction of the
 share-holders or indeed all the stake holders.
 
 D. R. Mehta 
 Chairman
 
 New Delhi 
 30th July, 2011