To the Members,
 
 The Directors present their report on the business and operations of
 the company for the year ending 31st March, 2011.
 
 PERFORMANCE OF THE COMPANY
 
 The performance of the Company during the financial year ended on 31st
 March 2011 is summarized below
 
 1.  Consolidated Financials including Subsidiaries
 
                                   (Rs. in Lakhs)   (Rs. in Lakhs)
                                      Year ended       Year ended
                                      31.03.2011       31.03.2010
 
 Income from Operations                   791.33          1057.18
 
 Other Income                               4.48             8.76
 
 Operating Profit (PBIDT)                  (5.48)           94.92
 
 Profit before Tax                        (32.33)           63.05
 
 Profit after Tax                         (45.72)           49.25
 
 
 2.  Indian Company numbers        (Rs. in Lakhs)   (Rs. in Lakhs)
                                      Year ended       Year ended
                                      31.03.2011       31.03.2010
 
 Income from Operations                   409.80           429.80
 
 Other Income                               4.48             8.03
 
 Operating Profit (PBIDT)                  46.60            88.65
 
 Profit before Tax                         19.89            57.58
 
 Profit after Tax                           6.50            45.06
 
 
 REVIEW OF THE PERFORMANCE FOR THE ACCOUNTING YEAR ENDED 31 ST MARCH
 2011
 
 REVIEW OF OPERATIONS
 
 The consulting business has grown from RM 1.2 mil in 2010 to RM 2.1 mil
 in 2011. Relationships with existing customers have grown which has
 helped to mine the accounts and get additional business from newer
 divisions of the clients.
 
 PRODUCT BUSINESS
 
 In the past one year Globsyn Infotech Ltd., has continued to serve
 their existing customers in both the product and services space. We
 have extended SWIFT operations for our customers for their new foreign
 exchange designated branches. We have 2 customers on streamlining their
 foreign exchange payments by enabling Straight Through Processing with
 Bank''s in internal Core Banking and Treasury systems.
 
 As SWIFT is a critical application for Bank''s, we have enabled
 Real-Time Disaster Recovery for SWIFT operations for 2 of our esteemed
 customers. Our in-house developed product SWIFThru has been accepted
 well by Banks in India and both the customer''s using our and
 competitor''s SWIFT interface have expressed keen interest on our
 offering. At one of our esteemed customer, apart from facilitating
 real-time Email/SMS notifications of SWIFT transactions, we have even
 facilitated real-time E- Mail notifications of Account Statements and
 Bank Advices.
 
 With our continuous focus on the ''Payment Solutions'' area, we along
 with our Business and Support Partner, BankServ., USA are working on
 creating a generic OFAC/AML (Office of Foreign Asset Control / Anti
 Money Laundering) solution to scan through Suspect messages using the
 international Bridger''s Watch List. We are closely working with a big
 private sector Bank on our AML solution. This solution will be a direct
 plug & play with any SWIFT system used by the Bank today. Additionally
 we are working with an international company for a Business Alliance to
 promote generic reconciliation solution to Bank''s in India.
 
 Globsyn Infotech Ltd, Kolkata team enhanced product for Banking sector
 a Payment solution messages, one for Foreign transaction and another
 for RTGS. The product is running in 3 Banks as POC expected to close
 the deal very soon.
 
 In the past one year Globsyn Infotech Ltd, Kolkata, has continued to
 serve their existing customers in both the product ITMS and Services
 space. Our domestic and overseas customers are happy with the product
 features and services provided by support team.
 
 This year, Globsyn Infotech Ltd, Kolkata designed and developed two new
 products (a) Social Media (b) Education Domain with high level scalable
 platform. Social Media connect to others, share articles, images and
 videos with friends, create own Forums,
 
 Chat-Rooms and engage friends. This year, more than 2000 Students from
 71 Engineering Colleges participated as Summer School Training Program.
 The other product is eGlobsyn on Education domain. It is a technology
 driven platform that enables educational institutions and business
 organizations to move teaching, training and learning initiatives and
 programs on the Internet for E-learning to take place.
 
 With the product business growth been restrictive, consultancy &
 service business focus has been increased many fold. We have planned to
 look at services business to our existing customers, Banks and also
 enhance consulting business overseas.
 
 USA SUMMARY
 
                                                                 (USD)
 
                          Year ended 31.03.2011  April 09 to March 10
 
 Income from Operations                 177610                 969901
 
 Profit before Tax                     (108302)                   525
 
 Profit after Tax                      (108302)                   525
 
 MALAYSIA SUMMARY
 
                                                                  (RM)
 
                          Year ended 31.03.2011  April 09 to March 10
 
 Income from Operations                 2052195               1219970
 
 Profit before Tax                        31446                 36708
 
 Profit after Tax                         25157                 27363
 
 
 USA - GLOBSYN TECHNOLOGIES INC
 
                                                                 (USD)
 
                          Year ended 31.03.2011  April 09 to March 10
  
 Income from Operations                    1100                  1500
 
 Profit before Tax                       (16251)                  425
 
 Profit after Tax                        (16251)                  425
 
 OUTLOOK OF THE COMPANY
 
 
 A stable recruitment team has been created at Kolkata HQ which supports
 consulting requirements for Malaysia. SAP consulting continues to be
 the focus area and a growing network of SAP professionals across
 various geographies shall help to fulfill client''s requirements quickly
 and efficiently. Processes and HR policies set in place in the last few
 quarters have added positively to the reputation of the company among
 the consultant fraternity. This trend will continue for consultants to
 consider your company among the top choices to advance their career.
 
 On the whole, management is optimistic about the year ahead.
 
 FIXED DEPOSITS
 
 Your Company has not accepted any deposits from the public during the
 year under review and there are no deposits matured and outstanding as
 on 31st March, 2011.
 
 SUBSIDIARY COMPANIES
 
 In accordance with the provision of Section 212 of the Companies Act
 1956, the Annual Report of the following wholly owned subsidiaries is
 annexed to this Annual Report:
 
 1.  Synergy Information Technology Inc., USA
 
 2.  Synergy Log-In Systems Sdn. Bhd., Malaysia
 
 3.  Globsyn Technologies Inc., USA
 
 DIRECTORS
 
 Mr. Sujit Poddar, Mr. Romit Dasgupta and Mr. Rahul Dasgupta, Directors,
 retire by rotation at the ensuing Annual General Meeting and being
 eligible, offer themselves for re-appointment.
 
 Mr. R.C. Bhattacharya had been appointed as an Additional Director on
 the Board of Directors of the Company with effect from 26th day of May
 2011. Pursuant to Section 260 of the Companies Act, 1956 and Articles
 85 of the Articles of Association of the Company, Mr. R.C. Bhattacharya
 holds office up to the date of the 27th Annual General Meeting, and is
 eligible for re- appointment. The Company has received a notice from a
 Member along with requisite deposit, under Section 257 of the Companies
 Act, 1956, signifying his intention to propose the appointment of Mr.
 R.C. Bhattacharya as a Director of the Company.
 
 None of the Company''s Directors are disqualified from being appointed
 as Directors as specified in Section 274 of the Companies Act, 1956 as
 amended by the Companies (Amendment) Act, 2000.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 - As required under Section 217(2AA) of the Companies Act 1956, your
 Directors confirm that:
 
 - In the preparation of annual accounts, the applicable accounting
 standards have been followed;
 
 - Appropriate accounting policies have been selected and applied
 consistently and the judgments and estimates made are reasonable and
 prudent so as to give a true and fiar view of the state of affairs of
 the Company as at 31.3.2011 and of its profit for the period ended on
 that date;
 
 - Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Act for safeguarding the assets of the Company and preventing and
 detecting fraud and other irregularities;
 
 - The annual accounts have been prepared on a going concern basis.
 
 
 CORPORATE GOVERNANCE
 
 Your company has complied with the Corporate Governance regulations as
 laid down in Clause 49 of the listing Agreement with the Stock
 Exchange, Mumbai. A detailed compliance report on Corporate Governance
 is enclosed in this report.
 
 COMPLIANCE CERTIFICATE
 
 A Certificate from the Secretarial Auditor of the Company regarding
 compliance of the conditions of the Corporate Governance is attached.
 
 BANKS
 
 Bankers to the Company is United Bank of India.
 
 AUDITORS
 
 The Auditors M/s. R. Devarajan & Co. Chartered Accountant retires at
 the forthcoming Annual General Meeting and have confirmed their
 eligibility and willingness to accept the office, if reappointed.
 
 PERSONNEL
 
 None of the employees are covered under Sections 217(2A) of the
 Companies Act, 1956 read together with the Companies (Particulars of
 Employees) Rules 1975.
 
 CONSERVATION OF ENERGY AND TECHNOLOGY ABRSORPTION, RESEARCH AND
 DEVELOPMENT, FOREGIN EXCHANGE EARNINGS AND OUTGO
 
 The particulars as prescribed under sub-section (1) € of section 217 of
 the Companies Act 1956 read with the Companies (Disclosure of
 particulars in the Report of Board of Directors)Rule, 1988 are set act
 in the Annexure included in this report.
 
 ACKNOWLEDGEMENT
 
 Your Directors thank the customers, investors and bankers for their
 continuing support to your company''s growth. Your Directors place on
 record their appreciation of the contribution made by the employees at
 all levels, who, through their competence, hard work, solidarity,
 co-operation and support, have enabled the company to achieve
 significant growth during the year.
 
 
                          For and on behalf of the Board of Directors
 
                                                      BIKRAM DASGUPTA
                                                             Chairman
 
 Place : Kolkata
 Dated : 29th day of July 2011