Dear Shareholders,
 
 The macro economic trends for FY 2010-11 remained positive against the
 backdrop of 8.6 per cent growth in FY 2010-11 (according to the Advance
 Estimate of Central Statistics Office). Overall growth in the Index of
 Industrials, during April-February 2010-11 was 7.8 per cent. The
 outlook on the industries we cater to has continued to remain positive
 notwithstanding the existing concerns over inflation and rising
 interest rates.
 
 Against this backdrop, the Company has undertaken several initiatives
 to streamline its business and prepare for the opportunity within the
 industry verticals it caters to, especially the healthcare segment.
 
 The total sales of your Company rose by 9.5% to Rs. 724.33 mn in FY
 2010-11.
 
 Strategic Re-alignment
 
 In the Healthcare Division we undertook a strategic re-alignment of our
 product portfolio, whereby we focussed only on the products of our
 group companies. The key product portfolio encompasses medical
 equipment for the cardiology segment and others such as vital signs
 patient monitors, respiratory and anesthetic care monitors, automated
 external defibrillators and vascular diagnostic equipment.
 
 In this division, we reported revenues of Rs. 393.46 million for FY
 2010-11. With a hospital industry growth rate of 25-30% we are
 confident of good growth in this segment in line with strategic
 realignment of our product portfolio with primary focus on products of
 group companies, streamlining of sales and marketing processes and
 rationalization of costs. Going forward, we are confident that all
 these measures will enhance the growth prospects of our Company.
 
 At present this segment contributes 54% of the total revenue and with
 the strategic re-alignment of the portfolio AMDL is equipped to cater
 to the intensive care and cardiac units of hospitals. This will also be
 the focus area for the Company in addition to the Tier II and Tier III
 Cities.
 
 AMDL''s presence in Indian Healthcare is augmented with products in
 diagnostic cardiology and critical care, which are expected to drive
 growth in the future.
 
 On the Growth Track
 
 Our Strategic Electronics Division (SED) and Information Technology
 Division grew by 31.6 % year on year with revenues at Rs.  324.77
 million. This was primarily on account of good traction from the
 defense and aerospace industries.
 
 In addition to these, our Company also caters to Energy and
 Infrastructure, Telecom, Government organisations and Private players
 and is making reasonable headway into each of these. Our competitive
 edge is enhanced by our uninterrupted and close interaction with our
 customers. We, thus, have a detailed understanding of their
 requirements and hence, are able to provide the best technology at an
 affordable cost.
 
 This segment has been divided into several groups, each targeting niche
 industry requirements. Last year, the Indian Space Research
 Organization and Defense Research and Development Organizations have
 initiated major programs and the GPS
 
 Group from SED was a part of many of these programs. It successfully
 completed the projects and deliveries. It has also signed an agreement
 with one of the high-tech global companies to provide technical support
 to the telecom customers.
 
 The GPS group added many private organizations of the Indian Power
 sector to its list of customers while the Electronics Design Automation
 group further strengthened its strong presence in the education and
 defense sector.
 
 Another activity of the division is in the growing market of Energy
 Management Solution for street light management and Intelligent
 Building Management. This market is a nascent one and the Company
 already has a head start with a few projects in hand. This division
 always works at the leading edge of technology and there will be a
 certain gestation period before technology promotion efforts start
 bringing in revenue and margins. Coming years will see the results of
 the new technology promotion in the areas of Energy Management,
 Infrastructure and related industries.
 
 The Information Technology Services comprise managed services and
 installation. The Company intends to expand its scope of services and
 leverage its strong relationships with hardware manufacturers and other
 clients.
 
 The Bank Card Division is expected to grow on the back of the reform
 policies of the Government to implement e-governance initiatives across
 various divisions. RBI''s initiatives, in enabling Mobile payment
 transactions, guidelines for Microfinance and adapting Mobiles for the
 retail industry segment would result in greater demand for our product:
 Plans such as cash subsidy instead of goods subsidy, extending Banking
 facilities to all the villages with less than a population of 2000
 people and use of Biometric Technology to provide verification of
 Aadhaar to deliver the key results of the Government; the requirement
 of a receipt for the services offered would be met by our compact
 printers.
 
 A Vote of Thanks
 
 I must acknowledge here that the Company''s success and seamless
 re-alignment would not have been possible without the support of the
 various stakeholders of the Company. I take this opportunity to thank
 the customers, shareholders, vendor partners and employees for their
 support and also thank the Board for its guidance.
 
 We are now well positioned to further grow and we shall leave no stone
 unturned to translate this potential into performance in the year
 ahead.
 
 Chairman & Managing Director 
 
 Vinod Ramnani