Dear Valued Shareholders,
  
 
The year 2010 is of special significance as your company entered its 50th
 year of incorporation. Please allow me to thank you for your wholehearted
 support in this fascinating journey.
  
 
The Golden Jubilee year is a time to celebrate our past successes, of which
 we have had many, in the last five decades of our existence. It is also the
 time to utilise our learnings
 and vast experience to firmly put behind us past challenges, and in doing so,
 enable the company to move forth with renewed vigour.
 With the shift in demographic and health factors around the world and with
 rapid consolidation of the pharmaceutical industry, this new decade will see
 innovative thinking in the way healthcare solutions are brought within easy
 reach of millions around the world.
  
 
Ranbaxy has a rich heritage and a glorious past. Your company has over the
 years achieved a significant presence in India and globally by leveraging its
 integrated model across many developed, developing and emerging nations.
 Indeed, it is a matter of great pride that the company is widely acknowledged
 as the proud flag bearer of the Indian pharmaceutical industry.
  
 
Ranbaxy has a rich heritage and a glorious past. Your company has over the
 years achieved a significant presence in India and globally by leveraging its
 integrated model across many developed, developing and emerging nations.
  
 
I would like to assure you that it will be our endeavour
 to build upon this glorious past and that Ranbaxy will continue to provide
 world-class, affordable medicines. In improving access to medicines, it will be
 recognised as a trusted healthcare partner, not only
 in India, but also around the world.
  
 
Ranbaxy together with Daiichi Sankyo is at the leading edge of a bold new
 initiative that is progressively changing the company from family owned to
 professional, in harmonisation with Daiichi Sankyo.
  
 
The year 2011 will be both a reflection and an inflection touchstone, a
 turning point that propels the company to its next level of orbit. While
 celebrating this historic and enriching journey, we also move forward with
 determination in our desire to explore new boundaries and new horizons for the
 company.
  
 
Many important and fundamental developments during the year have helped
 Ranbaxy to strengthen its operating fabric while securing its financial
 position.
  
 
The top priority for Ranbaxy remains to resolve the import ban and the
 Application Integrity Policy (AIP) in the US within the earliest possible time
 frame. We continue to cooperate with the authorities and have implemented
 significant changes and improvements in our systems and processes that will
 stand us in good stead in the future.
  
 
The Hybrid Business Model that Ranbaxy is pursuing along with Daiichi Sankyo
 makes the company even stronger. I believe the opportunities to leverage
 strengths individually and collectively are
 multifaceted. They range from globalisation to
 extracting greater efficiencies throughout the pharmaceutical value chain; are
 focused beyond marketing and encompass R&D, production, supply chain,
 information technology among others. The hybrid model seeks to go far beyond
 mere synergy and has the potential to transform the business with exponentially
 beneficial outcomes for both companies.
  
 
Ranbaxy and Daiichi Sankyo are now moving towards a culture of harmonisation that will become the bedrock of all future
 engagement. We have made a good start and Ranbaxy has already introduced
  
 
I am confident that with our around 14000 strong multicultural and multiethnic
 work force, we are ready to embrace the future.
  
 
Daiichi Sankyos flagship innovator products in markets like India and
 Romania. Your company will be introducing more such products shortly in Mexico,
 South Africa and Singapore, where it has a strong presence.
  
 
Japan is another important market that is opening its doors to generic
 pharmaceuticals. To enable the efficient and increased penetration ofEstablished Pharmaceuticals in Japan, Daiichi Sankyo Espha will be the lead vehicle ably supported by the global
 expertise of Ranbaxy in generics.
  
 
Taking a strategic position for the future and leveraging natural
 affinities, Ranbaxys New Drug Discovery Research (NDDR) was transferred to
 Daiichi Sankyo India Pharma Pvt. Ltd. This move
 sharpens Ranbaxys focus on the R&D of generic pharmaceuticals, while
 keeping the innovative and competitive excellence.
  
 
In the year gone by, we also made notable progress on our Anti-malaria
 molecule which is in advanced stages of development.
  
 
The dynamics of business are evolving rapidly and the opportunities and
 challenges of today may be entirely different from the ones in the near future,
 with change being the only constant. I feel the most important basis for this
 dynamic change is the individual. In order to deal with this change and stay
 ahead, we need people who uphold the values of honesty and integrity. Ranbaxy
 has a pool of such talented individuals. I am confident that with our around
 14000 strong multicultural and multiethnic work force, we are ready to embrace
 the future.
  
 
We continued to make sincere efforts to promote good health, social
 development and better environment, through various company programs that
 contribute to sustainable, all round growth. The company is also committed to
 bringing high quality affordable medicines, including medicines for HIV Aids,
 to the underserved. It was a proud moment when the Access to Medicine (ATM)
 Foundation, a Netherlands-based nonprofit organisation,
 ranked your company as the industry leader under the generics category for improving
 access to needed medicines.
  
 
Ranbaxy has a highly experienced Board and a strong operational team. In
 line with the principles laid down in Ranbaxys "Code of Corporate
 Governance", the Board has guided the operating management to take
 informed decisions and establish policies that are in the best interests of the
 company and its shareholders. We strongly believe reputations are built on the
 foundation of ethics, transparency and trust and that is the underlying
 principle followed by the Ranbaxy Board. I would like to thank the Board of
 Ranbaxy for their continued advice.
  
 
With strong teamwork, Ranbaxy will overcome all challenges. My special
 appreciation and thanks to all our employees at Ranbaxy for their very best
 efforts.
  
 
We see the coming years as years of opportunity. I would like to assure you
 that we are poised favourably to take the next big
 leap that will bring with it greater success.
  
 
I would like to thank all our valued shareholders for their enduring
 support. What we have achieved would certainly not have been possible without
 your unfailing trust.
  
 
Best Wishes,
  
 
Dr. Tsutomu Une
  
 
Chairman