Dear Shareholders,
 
 The western economies that had been literally destroyed by the economic
 tsunami had started showing feeble but positive signs of recovery in
 the last year. Though services sector did show some growth, the
 expected upswing is still not visible.
 
 Your Company, as an aftermath to this tsunami, strategised itself to
 invest into several products and solutions which could assure sustained
 revenue not only from domestic markets but across different
 geographies. These product and solutions investments began two years
 ago when your Company was rated ''CARE A'' [Single A] by Credit Analysis
 & Research Limited (CARE) for raising a 50 crores'' debt for meeting
 additional funds requirements.
 
 The advanced Battery Management Solution (BMS) which is currently being
 field-tested and has received approval from Indian Navy, would go a
 long way in strengthening your Company''s relations in the defence
 sector where it is now a Registered Vendor in the ''below 100 crore''
 category. The BMS is also used in advanced countries to manage
 eco-friendly transportation switching from conventional power to
 battery-driven electrical power when in urban areas. This solution has
 very significant intellectual property which will be suitable for the
 eco-friendly age substituting alternate energies for traditional forms.
 
 The other product is Remote Infrastructure Management (RIM), which is a
 series of building blocks useful for several industrial verticals to
 remote-manage the infrastructure which has been a long in-house
 expertise with Aftek perfected by working with very large US and
 European companies. Considering the energy efficiency that needs to be
 brought by all High Net-Worth global companies, this cutting-edge
 technology in the RIM arena is the correct one for various verticals
 namely, Infrastructure, Telecom or Supply Chain Management.
 
 The other product in Intelligent Road Transport is now maturing and is
 available as a total solution for road transport, particularly, urban
 transport. This too was a product evolved from Aftek''s historical
 Electronic Ticketing and Bus Management Solutions. This product now has
 all the features required by the Intelligent Transport Systems as laid
 down by international organisations.
 
 Therefore, it would be correct to say that all the three solutions
 which are currently being implemented by Aftek contain rich
 intellectual property and solutions that can cut across national
 boundaries into different geographical spaces globally.
 
 At this juncture, I would recommend caution to all stakeholders and say
 that though the storm is slowly subsiding we still need to navigate
 ourselves into safer and calmer waters. This is a work-in-progress and
 I can only say that the efforts, though herculean and laden with heavy
 investment, are now showing positive signs. Although very early, growth
 in these areas is certainly a way forward.
 
 I may also want to mention here that IPs are extremely valuable and can
 help reap great dividends as is the case of our IP that has given us
 51% ownership in Digihome Solutions Pvt Ltd in which several well-known
 international companies have shown interest.
 
 Yours truly,
 
 RANJIT DHURU
 
 Chairman & CEO