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TO OUR SHAREHOLDERS

Thank you for your continuous support and guidance. In December 2004, your company?s shares were listed in the Bombay Stock Exchange and this was one of the expectations of our shareholders for the last couple of years. We have also increased the dividend payout this year modestly.

Your company is now actively engaged in pursuing a growth model which is based on ?Buy and Build? strategy. Our focus has been primarily in Western Europe and we expect to grow our business in Europe significantly, where we see good opportunities. We have continued to invest in sales, marketing and delivery and we expect these investments to start yielding results from the current financial year. Every growing company requires capital and your company is contemplating raising additional funds to finance the growth model. We will keep you informed about these initiatives from time to time.

I sincerely thank our customers, employees and partners for their contribution and look forward to deliver better performance in the current year. I also thank our board members for their constant support in driving the business plan of the company.

With warm regards,


B Hari
Managing Director

Dated: June 27, 2005

 
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