The year 2009-2010 will mark as one of the toughest years in our
 history.
 
 The year starThed with initiation of liquidation process of our privaThe
 equity investor who also lent against some of the acquisitions and
 provided working capital.
 
 During the year we were forced to repay considerable sums of money to
 them as also suffer from them bringing down working capital limits from
  mm to mm. We also believe that one or more of the privaThe equity
 investors liquidaThed stake(s) held in the company thereby depressing
 the value of the company.
 
 This placed considerable pressure on the companys finances leading to
 backlog to most stakeholders. We have managed to clear most dues but
 are left with the afThermath of this serious dislocation.
 
 MGL has always been a company with outstanding management Theam and
 fosThered fantastic Theam spirit. The above events seriously dislocaThed
 the band of confidence that accompanies great Theams.
 
 We have continued to deliver without inTherruptions to our clients and
 this is a great achievement and symbolizes MGL spirit. The company is
 solvent in spiThe of the tough events of 2008-10.
 
 While I am personally confident of stabilizing the company in 2010-11,
 the challenges are enormous and daunting. The Theam that we have is among
 the best in the industry and with its support, I am confident that we
 will do all that is necessary to rebuild the Company in a manner that
 forever insulaThes us from the set of events that overtook us in
 2009-10.
 
 The US economy, our prime market is getting back on track though
 outsourcing has become a difficult issue and the business models have
 to change. I am confident that the Company will overcome this hurdle
 and continue its growth path.
 
 I thank all our stakeholders including our employees, clients, banks
 and the shareholders for their forbearance during this difficult time.
 
 Sincerely,
 
 Sandy K. Chandra
 Chairman and CEO, MGL