I am glad to welcome all of you at the 12th Annual General Meeting of
 your company. Your continuous support, trust and encouragement have led
 us to another year of robust growth and outstanding performance
 encompassing all the business segments of your company.
 
 IKF is uniquely positioned, to take advantage of the market trend. Our
 deep process expertise across industries, coupled with our global
 delivery platform, superior execution, thoughtful leadership and
 ability to create customize solutions will make us the clear partner
 for new clients in the market. Our reputation for excellence and
 integrity – earned through the consistent delivery of quality solutions
 and by adhering the highest standard of business conduct through
 principles
 
 of Corporate Governance – continues to be our most valuable assets. As
 we position ourselves for the future and our standard of excellence,
 integrity and accountability will serve us well.
 
 ABOUT COMPANY
 
 IKF Technologies Ltd. is a company, with authorized share capital of ‘
 100 Crores, engaged in the business of software development, call
 center, BPO, production of Bio-Diesel and plantation of Jatropha. IKF
 Technologies Ltd. was incorporated on 22nd February 2000 as a Public
 Limited Company under the Companies Act, 1956. The Company, at present,
 is listed on the Bombay Stock Exchange (BSE), the Calcutta Stock
 Exchange and the Luxembourg Stock Exchange.
 
 The Groups principal activity is to provide information technology and
 business process outsourcing service delivered to clients operating
 globally.  The Group operates in the field of Bio- Diesel, telecom and
 information technology software development and business process
 outsource and application maintenance services linking e-business with
 core information systems for companies worldwide.
 
 DIVERSIFICATION
 
 The Company has been diversified into various segment like BPO,
 Telecom, IT, e-Governance.
 
 IT & BPO:
 
 As the main operation of your company, which generates the highest
 portion of total revenue, has proved to be a success of the Company. As
 the days are passing by, more and more businesses are coming up with
 huge capacity of generating future revenue which can be utilized for
 further expansion of your Company.  New contracts with the leading
 organizations in India and outside India like Airtel, Vodafone, Aircel
 etc.  has helped in the advancement of the business of your Company. I
 am proud to state that this division has acquired the prominent place
 in the BPO business in India.
 
 Telecom:
 
 Telecom section of your company has contributed to a large extent to
 the world telecom business. We have now products like high speed
 Broadband Internet Access and VOIP (Voice Over Internet Protocol),
 Wi-Fi solutions for housing complex, Point to Point Fiber connectivity.
 
 Bio-Fuel:
 
 Rudolph Diesel had said, The use of vegetable oils for engine fuel may
 seem insignificant today. But such oils may become in course of time as
 important as petroleum and coal tar products of the present time. Mr.
 Diesels foresight has been proved to be the factual truth of today.
 
 We are working on the growth of operation of bio fuel division which is
 looked after through our SPV viz. IKF Green Fuel Limited. The operation
 
 includes plantation of Jatropha in the states like Meghalaya,
 Jharkhand, Rajasthan, Madhya Pradesh, Gujarat and Karnataka and also
 producing the diesel in Udaipur, Rajasthan. We are planning for
 increasing the capacity of production to 100 tons per day.
 
 E-Governance:
 
 We have furthered our endeavor in developing the operations of e-
 governance in the state of
 
 Rajasthan under the brand of IKF (initially under R2R Seva). Our focus
 is on spreading the services of e- governance in all the 33 districts
 of Rajasthan by establishing kiosks in the districts of Rajasthan.
 
 OUR SECTOR FOCUS
 
 As you all aware that our company has been diversified into various
 segment like BPO, Telecom, IT, e- Governance. For each segment we have
 thought some different strategy.  For BPO segment we are focusing on
 telecom and insurance industry. In 2011 we will focus on MT (medical
 transcription), Hospitality industry, etc. As you know that next 10
 years will be for Hospitality Industries.  Again maximum companies are
 migrating from online platforms to knowledge driven decision support
 systems. As part of this migration, theyre redefining core
 competencies and notions of value-addition, resulting in greater
 business opportunity for us in new, more complex and more profitable
 offerings, especially in KPO.  2011 OUTLOOK
 
 I believe 2011 will be a strong year for IKF Technologies. We expect a
 record revenue year, with improved profitability for the year overall.
 
 So in an economy where flat is the new growth, we are able to express
 confidence and optimism because weve made some good strategies choices
 along the way, e.g. weve built competencies in high-end, hard to
 execute outsourcing. Unlike typical business process outsourcing- a
 crowded, undifferentiated sector that often involves back office tasks
 – weve developed an ability to take on complex analytical processes
 and reinvent them as a series of sub- processes that can be performed
 in a global assembly line.
 
 We have built a business that is further differentiated in its global
 reach, its embrace of technology and its consultative depth. Our
 Solution teams apply sophisticated technologies to our production
 operations, which enhance both our margins and our clients immediate
 and future savings. Our consultants help our client companies develop
 and align business and technology strategies and redesign business
 processes to drive internal efficiency and effectiveness.
 
 FORESIGHT
 
 In 2011, we will continue to invest in the business. As you know that
 in the present age, everything is happening through telemedia i.e.
 through telecommunication and internet. As we have hold Category A
 License from DOT. Now we are in the process expanding our own network
 set up by way of laying Fiber all over India. As the telecom business
 is profitable business but due to more dependency on other ISP holders,
 we are unable to attract more clients, as we havent any own network
 like Reliance, Airtel, Tulip, etc and last but not the least that we
 want to create our own path by creating our own International Gateway.
 But it will take some time.  To further our progress, we want to lay
 the fiber all over India, so that we can create our own presence and
 can easily catch more Clients and also we are focusing for Wi-Fi Zone
 in all over India.
 
 Similarly In BPO Industry, we are also exploring some more avenues
 where we can grow faster, for that we
 
 are searching some foreign company with whom we can make some tie up.
 Well enhance our ability to deliver a progressively wider array of
 end-to- end content work streams that include high-end editorial
 capabilities, product engineering and operation re engineering. In
 addition, we will seek to exploit other opportunities that we see in
 this economy, including accretive acquisitions at more reasonable
 valuations and talent acquisition.
 
 Even in the instability of the economy, were going to stay attuned to
 possible disruptions and prepared to adjust for them swiftly. We will
 manage the business with an emphasis on free cash flow even as we
 strive for growth and increased profits
 
 I would conclude by thanking you for being a part of IKF Technology
 story, my management team and I appreciate your support and
 encouragement. We look forward to pursuing continuing improved
 performance- for our clients and shareholders- 2011.
 
 With best wishes to all of you.  
 
 Sd/- 
 
 R. P. Singh Chairman
 
 Kolkata
 
 27th April, 2011