Dear Shareholders,
 
 The Financial year 2011 - 2012 was a roller-coaster year for the
 markets. It started on a high degree of optimism but ended sombre.
 Retail participation became subdued. Global economic environment also
 deteriorated rapidly during the course of the year with rising risk
 aversion due to the fear of EU sovereign debt crisis and falling
 consumer confidence due to overall economic fears. The domestic
 economic environment was also plagued by several issues of high
 inflation, rising interest rates, slowing economic growth and corporate
 earnings, widening of fiscal deficit, government policy inaction,
 rising NPA(s) in the financial system, ambiguity in capital flows,
 higher trade deficit and consequently higher dollar. All these global
 and domestic challenges resulted in a tough business environment to
 operate in.
 
 We, at ABML, took this period as an opportunity to create synergy and
 formed a lean structure at the top to ensure effective span of control
 and reduce cost. We remained focused on client acquisition and
 increased the dealer base for capturing equity and commodity market
 growth. Our market share grew to 1.41% from 0.84% in retail equities
 and 0.49% from 0.27% in commodities. Specific focus on the derivatives
 market opportunity last year helped in expanding our product presence
 in this space.
 
 We have tied-up with Allahabad Bank to offer broking services to their
 clients, providing us the opportunity to service the large customer
 base of the bank. We also entered into a strategic tie up with IDEA
 Mobile Commerce for exploring and providing mobile trading and other
 Investment services to their clients.
 
 On product, risk and technology front, we developed a wide range of
 trader focused research and derivatives offerings and commenced robust
 central monitoring of trades and surveillance initiatives
 
 We remain committed to establish a leadership position in the retail
 financial services space. Launch of Mobile Invest Pro was one of the
 steps in this direction.
 
 ABML''s consolidated income from operations was Rs.8,828.17 lakhs
 compared to Rs.11,428.28 lakhs in the previous year. But as it is
 rightly said - ''When the going gets tough, the tough gets going'', in
 the same period ABML had its market share at an all time high in Retail
 Broking across segments.
 
 As we go into the next financial year, we are confident that our
 service orientation, values, our expanded footprint and focus on new
 avenues and product offering will drive us to emerge as a leader in the
 financial services space.
 
 Yours Sincerely,
 
 Sudhakar Ramasubramanian