Dear shareholders,

The year 2007-2008 was a very rough year for your Company. We witnessed tremendous pressure in the form of employee and customer retention, in the backdrop of hefty increase in cost of operations and a liquidity crunch which resulted in redefining and re-engineering our business strategies, offerings and positioning.

Your Company is now well prepared to take the challenges of the marketplace and build a sustainable business in the knowledge industry by leveraging our global presence, our global track record and the opportunities in India and other countries that we operate.

Your Company has made significant progress in the skill development initiative in the form of “Ontrack ERP School” that we initiated last year. The ERP School has now defined its future plans to transform itself into the world’s first ERP University. Most of the students who have enrolled into our programs are now working as ERP consultants and we are seeing increased demand for ramping up this program in multiple locations. Our partnership with leading psychometric assessment companies and our approach and learning designs for imparting skill development has been appreciated by our customers, vendors, HR consultants and other stake holders involved in Human Resource development. Our recent partnership with Clydebank College, UK to utilize and enhance their Virtual Learning Environment will offer significant opportunities for us to take these programs to millions of job seekers and also offers us additional opportunity to significantly contribute in non-IT skill development programs for job seekers in several countries where we operate.

Despite all odds, our line managers and business leaders specially in the overseas markets have exhibited tremendous grit , tenacity and patience which has resulted in a decent order book position for the company as we enter the current financial year. Your company has also taken a new initiative in getting in to the Satellite Communication and Defence Application business. We will keep you informed on the progress in this front during this year.

The consolidated revenue of your Company was 357.68 million INR. Your Company has decided to skip dividend for this year.

I take this opportunity to thank our members, directors, customers, vendors, employees, partners, bankers, advisers, government agencies and all our well wishers for their continued support. I seek your continued support and guidance in making Ontrack a well known respected Indian multinational company.

With warm regards,


B Hari
CEO & Managing Director
Date: June 30, 2008
Kolkata, India