CHAIRMAN REVIEW
 
 OVERVIEW:
 
 At the outset I would like to thank the entire IT People team and our
 esteemed clients and associates for the creative momentum, support,
 enterprise and commitment during the year. IT People has successfully
 executed various prestigious initiatives during the year, which would
 not have been possible without the untiring efforts of each and every
 member of team IT People.
 
 With a clear focus on exchange business and technology, IT People has
 efficiently harnessed its decades of exposure in the IT space, the
 domain expertise developed and acquired by it through its various
 approach plans for inorganic growth. The company has successfully
 developed a state-of-the-art exchange solution suite addressing
 commodity and capital markets in the country.
 
 IT People continues to invest in the research and development of
 cutting edge IT products for its various exchange initiatives. The
 in-house technology bandwidth and the domain expertise are critical
 success factors for the various exchange initiatives undertaken by the
 company.
 
 IT People has successfully promoted Universal Commodity Exchange Ltd
 (UCX) which would be a national level multi-commodity exchange covering
 Agri, Bullion & Metals, Energy and others. Other shareholders in UCX
 include IDBI Bank Limited and Indian Farmers Fertiliser Cooperative
 (IFFCO), etc. Apart from UCX, the company has also extended its reach
 to the spot markets through its spot exchange initiative: Indian
 Bullion Spot Exchange (IBSX) would be the first of its kind initiative
 addressing the bullion spot markets in the country. Apart from the
 above, the company has also ventured into the infrastructure services
 vertical which is expected to substantially benefit the company in its
 various exchange and allied initiatives.
 
 Thank you for reposing your faith in the Company. I once again thank
 the very committed members of the IT People Team and the Company''s
 business associates for their continued support. My team and I look
 forward to the challenges of delivering sustainable and profitable
 growth in the years ahead with confidence.
 
 I look forward to your continued support.
 
 With warm regards,
 
 Ketan Sheth
 
 Chairman