I am happy to present before you the financial highlights of our
 company for the year 2009 and .  my views on our industry.
 
 The year started under shadow of financial meltdown and consequent
 economic slowdown of the previous year that not only impacted the whole
 world but also India in many ways. However, backed by fiscal stimulus
 initiatives from the Government, Indian economy saw a silver lining and
 is back on the growth trajectory. The encouraging sign in gloom period
 was the resilience shown by the Indian economy. At present, out look
 for India is more optimistic and confident and it does appear that the
 worst is behind us.
 
 On our part, Micro Inks has managed to come out with very good
 performance in a fairly challenging environment and made highest ever
 consolidated profit during the year apart from managing decent growth
 in domestic market. Overall it was a good year for the Company.
 
 Consolidated revenues for the year were Rs. 16,180 million as against
 Rs. 16,195 million in the previous year, in spite of 9% decline in
 sales of HST USA and nearly 6% decline in sales of rest of the world
 (other than USA) markets. However, consolidated PAT was Rs. 968 million
 up 187% as against Rs. 337 million in the previous year.
 
 I am also happy to say that several measures initiated last year to
 re-engineer the business model of our US subsidiary, have started
 yielding results. HST USA ended the year with a loss of USD 3.3 million
 against USD 8.7 million in the previous year. Though sales were down to
 USD 74.8 million against USD 89.4 million in the previous year, the
 bottom line improvement is a healthy indicator.
 
 In yet another significant development, MHM Holding GmbH, Germany, one
 of the Promoters and major shareholder, under the SEBI (Delisting of
 Equity Shares) Regulations, 2009, offered to acquire 25% of public
 shares and desired to voluntarily de-list the Company from all stock
 exchanges. The said offer was successful and thereby the shares of the
 Company will cease to be traded from April 6, 2010.
 
 In conclusion, I would heartily thank the Board, the Management and
 especially our vibrant team of employees for their consistent support
 and commitment to Micro Inks. India is an important market in the
 global strategy of the hubergroup and Micro Inks remains committed as
 ever to leverage its strengths and continue its efforts to achieve
 profitable growth.
 
 
 Sincerely, 
 Anjum Bilakhia