Dear shareholder''s 
 
 The last fiscal year has been a difficult one for everyone. The global
 economic environment deteriorated with concerns over fiscal
 sustainability in Europe, and increased risk aversion around the world.
 Global economic conditions became fragile, and there was great
 uncertainty as to how markets will evolve over the medium term.
 
 India''s economic growth slowed to below 7 percent and the stock markets
 mirrored the weakening economic conditions. The rupee depreciated by 20
 percent between August and December and inflation continues to plague
 the economy.
 
 Against this backdrop, your company has delivered a 9.7 percent
 year-on-year growth. Number of initiatives have been taken during the
 year to drive growth: your company has entered new markets and forged
 an innovative joint venture in Sri Lanka.
 
 The reorganization of the business structure carried out in the second
 half of the year has seen businesses mapped to a geography delivery
 model.  This has delivered savings and optimization of resources. We
 had a management change with Rajesh Subramaniam replacing Matthew
 Valance as MD & CEO, effective May 2012. I would like to thank Matthew
 for his guidance and leadership. I am confident that the company will
 continue to move on the path of progress under Rajesh''s astute
 leadership.
 
 I am happy to report that your company continues to deepen and widen
 its partnership with clients, which has been demonstrated in the
 extension of client contracts.  Your company has also won some big
 logos in the year and continues to gain prominence in the outsourcing
 space. Deep domain knowledge and specialized skills continue to make
 your company an attractive partner to global clients.
 
 Employees remain the company''s asset and I want to thank each and every
 one of them for their dedication and support. It is gratifying to see
 such commitment in times of strife and I am more than convinced about
 the talent this company possesses. I am grateful for the outstanding
 individuals who serve with me on the Board of the company and the
 Management team. To our shareholders, I do wish to put on record my
 appreciation for your support.
 
 Together we look forward to a progressive FY 13.  
 
 Regards,
 
 Dr. Shailesh J. Mehta