To the Members,
 
 The Directors present their report on the business and operations of
 the company for the year ending 31st March, 2012
 
 PERFORMANCE OF THE COMPANY
 
 The performance of the Company during the financial year ended on 31st
 March 2012 is summarized below.
 
 1.  Consolidated Financials including Subsidiaries
 
                                                     (Rs. In Lakhs) 
                                     Year Ended 
                                     31.03.2012     Year Ended 
                                                    31.03.2011
 
 Income from Operations                 596.87          791.33
 
 Other Income                            26.61            4.48
 
 Operating Profit (PBIDT)                55.27           (5.48)
 
 Profit Before Tax                      (64.22)         (32.33)
 
 Profit after Tax                      (114.33)         (45.72)
 
 2.     Indian Company Figures                        (Rs. In Lakhs)
 
 Year Ended 31.03.2012               Year Ended 
                                     31.03.2011       Year ended
                                                      31.03.2011
 
 Income from Operations                 257.27          409.80
 
 Other Income                            22.62            4.48
 
 Operating Profit (PBIDT)                27.33           46.59
 
 Profit Before Tax                       18.74           19.89
 
 Profit after Tax                       (54.73)           6.50
 
 
 
 
 
 REVIEW OF THE PERFORMANCE FOR THE ACCOUNTING YEAR ENDED 31 ST MARCH
 2012 PRODUCT BUSINESS
 
 Globsyn Infotech Limited has continued to provide products and services
 in the BFSI space and kept a strong hold with their existing customers
 in INDIA and Sri Lanka. As an on-going process we have extended SWIFT
 operations for our customers for their new foreign exchange designated
 branches. As a step ahead we have assisted Banks in providing 2-way
 seamless straight through processing with Bank''s internal Core Banking
 and Treasury systems. Banks live using our product and services have
 appreciated the quality of our support and services and have passed on
 repeat business on regular interval.
 
 Our generic e-mail notifications solutions SWIFThru has been deployed
 at 3 Banks today and has been well accepted both the customer''s using
 our and competitor''s SWIFT interface. We are on the verge of releasing
 the latest release of SWIFThru.  Apart from the capability to handle
 SWIFT transactions, SWIFThru has been customized to facilitate
 real-time E-mail notifications of Account Statements and Bank Advices
 generated by the Core Banking Systems of the Bank. Our roadmap is to
 create a generic Notification which could notify anything and
 everything.
 
 Our long standing Business relationship with our Business and Support
 Partner, Fundtech BankServ., USA has given impetus to stronger working
 relation and has helped us in offering new products and solutions in
 the secured payments space. We are working with Fundtech BankServ on
 releasing a generic OFAC/AML (Office of Foreign Asset Control / Anti
 Money laundering) solution namely COFI (Compliance Filter) to scan
 through Suspect messages using the international Suspect List.
 
 We have successfully implemented and made ready the SWIFT Real-Time
 Disaster Recovery setup ''or United Bank of India and Vijaya Bank. With
 this most of our customers have a SWIFT Disaster Recovery Site ready
 for use during emergency situations.
 
 We are closely working with 2 INDIAN Public Sector Banks on pushing our
 TurboSWIFT solution and have proposed them on replacing their existing
 SWIFT solution with our offering.
 
 SWIFT mandated the network connectivity upgrade and SWIFTNetLink 7.0
 version upgrade for all the Banks and we at Globsyn assisted all our
 Customers on meeting this stringent deadline.
 
 USA SUMMARY                                           (USD)
 
                                        Year Ended 
                                        31.3.2012     Year Ended 
                                                      31.3.2011 
 
 Income from Operations                     91035        177610
 
 Profit before Tax                        (151602)      (108302)
 
 Profit after Tax                         (151602)      (108302)
 
 MALAYSIA SUMMARY                                       (RM)
 
                                        Year Ended 
                                        31.3.2012     Year Ended 
                                                      31.3.2011
 
 Income from Operations                   1883759      2052195
 
 Profit before Tax                        (211168)       31446
 
 Profit after Tax                         (211168)       25157
 
 USA-GLOBSYN TECHNOLOGIES INC                          (USD)
 
                                        Year Ended 
                                        31.3.2012     Year Ended 
                                                      31.3.2011
 
 Income from Operations                      1500         1100
 
 Profit before Tax                            166       (16251)
 
 Profit after Tax                             166       (16251)
 
 
 
 
 
 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, 2012.
 
 CHANGE OF NAME
 
 The Company has changed its name from Globsyn Infotech Limited to
 Secure Earth Technologies Limited and Registrar of Companies, Mumbai
 issued fresh certificate of Incorporation on 21st June 2012.
 
 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. V. Sanjay Kumar will retire by rotation at the ensuing Annual
 General Meeting.
 
 Mr. Kulbir Singh, Mr. Murtaza AN, Mr. Sudipta Bhowal, Mr. Hari Chandra
 & Mr. R. Kannan have been appointed as Additional Directors on the
 Board of Directors of the Company during the year under review.
 Pursuant to Section 260 of the Companies Act, 1956 and Articles 85 of
 the Articles of Association of the Company, these Directors holds
 office up to the date of the ensuing Annual General Meeting and are
 eligible for re-appointment. The Company has received notices from
 members along with requisite deposit, under Section 257 of the
 Companies Act, 1956, signifying their intention to propose the
 appointment of the above additional directors as directors 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 31.3.2012 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 auditors of the Company regarding compliance of
 conditions of Corporate Governance as stipulated under clause 40 of the
 Listing Agreement is attached to this Report along with the Report on
 Corporate Governance.
 
 A similar certificate from the Secretarial Auditor of the Company
 regarding compliance of the conditions of the Corporate Governance is
 also 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 AMD OUTGO
 
 The particulars as prescribed under sub-section(l) 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 out
 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. Yours 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.
 
 Annexure to Director''s Report
 
 Particulars Pursuant to Companies(Disclosure of Particulars in the
 Report of Board of Director''s) Rules, 1988.
 
 1.  CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION Not Applicable
 
 2.  RESEARCH AND DEVELOPMENT Not Applicable
 
 3.  FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Foreign Exchange Earnings : Rs. 27.98 Lakhs
 
 Foreign Exchange Outgo Rs. 31.80 Lakhs
 
 
 
                          For and on behalf of the Board of Directors 
 
 Place : Mumbai                                        SUDIPTA BHOWAL
 
 Dated: 12th October, 2012            Director and Compliance Officer