Firstsource Solutions

The year under review was one of the most turbulent ones for economies
 around the world. Many businesses were adversely affected by the
 turbulence. In comparison, your Company has reasonably weathered the
 storm to achieve this years performance. The important features of
 this years performance include the continued growth in terms of
 revenues, people, capacity and clients, the major initiatives to make
 the company more efficient and responsive to the market and the
 continued investment in new and promising business segments.
 
 The economic environment continues to be challenging although there are
 clear signs that countries like India and China would weather it better
 than other countries. There are also early signs of bottoming out of
 the downturn in the developed economies. I believe the economic
 environment would present opportunities and Firstsource is well placed
 to take advantage of them.
 
 All this has been made possible under the dynamic leadership of Ananda
 Mukerji, the MD and CEO and his dedicated team of managers in India and
 abroad. Credit also goes to all our employees who are the core of the
 Companys strength, competitiveness and reputation.
 
 I wish to record appreciation for the continued support received from
 shareholders.
 
 The Board wishes to acknowledge the achievements during an extremely
 difficult year and looks forward to improved performance in the current
 year.
 
                                                          A S Ganguly