Dear Shareholders,
 
 Your management has justified your confidence in them, as they were
 able to handle the challenges faced by your company for the years 2009
 & 2010, successfully.
 
 This has enabled your company to address the growth potential again and
 post reasonable results for the year 2011.1 feel this growth momentum
 will be continued in the coming years.
 
 The demand from our customers continue to be robust and our operations
 show consistent improvement. We should post robust profitable growth in
 the coming years.
 
 The significant impetus to the financial stability of your company was
 provided by the Strategic Investment made by Agile Electric Drives
 Technologies and Holdings Private Limited (Agile Electric).
 
 Agile Electric was able to make this investment in your company due to
 the substantial investment by HBL Power Systems Limited, a Leader in
 Power sources & Electronics.
 
 We find great synergy between the values and vision of HBL and your
 Company. This augurs well for future growth, as we are in the process
 of merging Agile Electric with your Company.  This process is likely to
 take between 12 to 18 months time as necessary for completing various
 formalities involved.
 
 Please join me in complimenting our Management team for the dedication
 and commitment.
 
 As always, I am extremely grateful to you, shareholders for your
 understanding and patience and I feel reasonably confident that this
 patience will be rewarded in the years to come.
 
 With kind regards,
 
 K.K. Nohria
 Chairman