Dear Members,
 
 The Directors take pleasure in presenting the 11th Annual Report on the
 business and operations of the Company together with the Audited
 Financial Statements and Accounts for the year ended March 31, 2011.
 
 RESULTS OF OPERATIONS FOR THE YEAR 2010-11
 
                                                  (In Rs. Millions)
 
 PARTICULARS                                   2010-11      2009-10
 
 Net Revenue                                  4,550.27     3,639.14
 
 Earning before other income,
 depreciation and amortisation,
 finance charges and tax                      1,188.02       981.34
 
 Other Income                                   467.68       180.37
 
 Depreciation and amortization                  565.41       452.44
 
 Finance Charges                                  7.72         2.20
 
 Earnings before tax                          1,082.57       707.07
 
 Earnings after tax                             916.38       528.96
 
 Equity Share Capital                           589.55       585.17
 
 Reserves and Surplus                         7,577.74     6,645.94
 
 Net worth                                    8,167.73     7,231.51
 
 Investments                                  3,040.43     2,897.45
 
 Gross Block                                  5,640.92     4,781.32
 
 Net Block                                    3,687.56     3,384.56
 
 Net Current Assets                           2,199.85     2,748.55
 
 Cash and Cash Equivalents                      757.40     1,693.52
 
 No. of Equity shares                       58,954,543   58,516,792
 
 Earnings per share (Diluted) (In Rs.)            15.2          8.9
 
 BUSINESS PERFORMANCE / FINANCIAL OVERVIEW
 
 Standalone Financial:
 
 During 2010-11, the Company recorded net revenue of Rs.4,550.27
 million, an increase of 25% over the previous year of Rs. 3,639.14
 million. The earnings after tax of the Company was Rs.916.38 million in
 2010-11 as compared to Rs.528.96 million in 2009-10. The diluted
 earnings per share (EPS) is Rs. 15.2 per share as compared to Rs. 8.9
 per share for 2009-10.
 
 Consolidated Financial:
 
 During 2010-11, the Company recorded consolidated net revenue of
 Rs.5,372.07 million, an increase of 18% over the previous year of Rs.
 4,544.03 million. The consolidated earnings after tax of the Company
 for the year 2010-11 was Rs.892.00 million as compared to Rs. 427.98
 million in 2009-10. The consolidated diluted earnings per share (EPS)
 for the year 2010-11 is Rs. 14.8 as compared to Rs. 7.2 per share in
 2009-10.
 
 Appropriations
 
 A.  Dividend
 
 The Company has expanded its business to more than 30 countries over
 the last couple of years which has resulted in considerable investment
 in tangible and intangible assets. This has been funded through
 internal accruals. The Company may also require additional funds in the
 coming years to finance this expansion.  Hence, the directors do not
 recommend any dividend for the year ended March 31, 2011.
 
 The register of members and the share transfer books will remain closed
 from Thursday, July 28, 2011 to Thursday, August 4, 2011 both days
 inclusive. The Annual General Meeting of the Company has been scheduled
 for August 04, 2011.
 
 B.  Transfer to Reserves
 
 The Company proposes to retain Rs. 3,353.22 million in the Profit and
 Loss Account.
 
 Liquidity
 
 As on March 31, 2011 the Company had liquid assets including
 investments in fixed deposits and Mutual funds of Rs. 932.58 million.
 
 CHANGES TO THE SHARE CAPITAL
 
 During the year under review, the Company allotted 437,751 equity
 shares on the exercise of stock options under its various Employee
 Stock Option Plans, which increased the number of issued, subscribed
 and paid-up equity shares from 58,516,792 to 58,954,543. The issued and
 paid up equity share capital of the Company as on the date of this
 report stands at Rs. 589,545,430 (equity shares of face value Rs. 10/-
 each).
 
 The Board of Directors at their meeting held on March 7, 2011, subject
 to the approval of the shareholders, approved for increase of
 authorised share capital from Rs. 75 Crore to Rs. 150 Crore and for
 issue of bonus shares in the ratio of 1:1. The shareholders had also
 approved for the same vide their resolution dated April 21, 2011
 through postal ballot process. For giving effect of the Bonus shares,
 May 4, 2011 is fixed as Record date.
 
 Initial Public Offering
 
 The details pertaining to the utilization of IPO proceeds till March
 31, 2011 is specified in the notes to accounts section of the Annual
 Report.
 
 SIGNIFICANT EVENTS THIS YEAR
 
 A.  International Market Expansion
 
 a) Telefonica: OnMobile has continued with the aggressive deployment
 schedule of the multi-country Telefonica project in LATAM. Services
 launched in Mexico made it the third country and the first large-scale
 deployment in the multi-country Telefonica project. The current take
 rate for the RBT and Voice services are running in line with
 expectations. As of now we are live in 6 countries, covering 80% of the
 total subscriber base of LATAM. We already have 3 million  active users
 in 9 months from our first country deployment. The RBT ARPU for us in
 LATAM is 2x-3x from that of India.
 
 b) OnMobile launched RBT services in Vodafone Egypt which has a 26M
 total subscriber base, as part of our multi-operator global project for
 Vodafone, the migration from the in-house developed system was
 accomplished in an accelerated timeframe and early revenue traction
 that was very encouraging.
 
 c) Social RBT was launched amongst four leading telecom operators in
 India and abroad, allowing them to increase their subscribers'' base by
 reaching out to more users leveraging the viral effect of social
 networking site.
 
 d) OnMobile has won an embedded deal with one of the major handset OEMs
 for its video stacks in China. This has also led to the establishment
 of a new OnMobile office in China.
 
 e) A major operator in Africa selected OnMobile as the Music service
 provider across all their music service offerings. OnMobile is
 replacing the basic service from the current service provider and
 extending it to multi format and multi channel.
 
 B.  Acquisition: Assets of Dilithium Technologies
 
 OnMobile acquired the leading 3G video technology and mobile solutions,
 developed over eight years, by Silicon Valley based Dilithium Networks
 Inc. Dilithium pioneered mobile video, authored the global standard for
 3G video telephony, and is the largest customer validated 3G video
 solution for mobile operators globally including deployments in China
 Mobile, Vodafone XYZ, Deutsche Telekom, Yahoo, BSNL, Chunghwa Telecom,
 D2see, Echovox, France, Etisalat, France Telecom (Orange), Qualcom,
 HTC,VTM Belgium. This acquisition will enable OnMobile to deploy
 Dilithium''s leadership technology in the rapidly expanding mobile video
 solutions space, leveraging OnMobile''s 2G and 2.5G VAS platforms
 embedded into the world''s leading telecom operators, thereby
 accelerating their launch of 3G VAS services.
 
 The acquisition also provides OnMobile with Dilithium''s extensive
 patent portfolio over 175 patents in some of the world''s most advanced
 video technologies.  Dilithium''s technology enables the delivery of
 novel 3G Value Added Services by offering superior video quality and
 scale to the creation, adaptation and distribution of all types of
 multimedia assets across a wide range of handsets and networks.
 
 We have licensed our ‘Video Calling software stack'' to several major
 handset, chipset and platform vendors in China. The licensees will
 embed the OnMobile video calling software in a range of handsets and
 chipsets, including Android.
 
 We have renewed our relationship with two of the biggest Telcos in
 China who were erstwhile Dilithium customers.  This gives us an entry
 in a major way into the large Chinese market.
 
 SUBSIDIARIES
 
 As on March 31, 2011, the Company has the following Subsidiaries:
 
 1.  OnMobile Singapore Pte. Ltd
 
 2.  OnMobile Australia Pty Ltd
 
 3.  PT. OnMobile Indonesia
 
 4.  Vox mobili S A
 
 5.  Vox mobili Inc
 
 6.  Phonetize Solutions Private Limited
 
 7.  OnMobile Europe B V
 
 8.  Telisma S A
 
 9.  OnMobile USA LLC
 
 10.  Servicios De Telefonia OnMobile SA De C V
 
 11.  OnMobile Global S A
 
 12.  OnMobile De Venezuela C A
 
 13.  OnMobile Brasil Sistemas De Valor Agregado Para Comunicacoes
 Moveis Ltda
 
 14.  OnMobile Global for Telecommunications Services
 
 15.  OnMobile Uruguay S A
 
 16.  OnMobile Senegal SARL
 
 As per Section 212 of the Companies Act, 1956, we are required to
 attach the directors'' report, balance sheet, and profit and loss
 account of our subsidiaries. The Company had applied to the Government
 of India seeking exemption from such an attachment as the Company
 
 presents the audited consolidated financial statements in the Annual
 Report. The Government of India has granted exemption from complying
 with Section 212 vide their letter No. 47/97/2011 – CL – III, dated
 February 09, 2011.  Accordingly, the annual report does not contain the
 financial statements of these subsidiaries. The company will make
 available the audited annual accounts and related information of the
 Subsidiary companies, where applicable, upon request by any investor of
 the Company. These documents will also be made available for inspection
 during business hours at our registered office. The Company has given
 the necessary details requested by the Government of India along with
 the statement regarding subsidiary companies under Section 212 of the
 Companies Act, 1956 as a part of this Annual Report for the Financial
 Year 2010-2011.
 
 However, Ministry of Corporate Affairs, vide General Circular No.
 2/2011, dated February 08, 2011 had given a direction stating that
 provisions of Section 212 shall not apply in relation to the
 subsidiaries of the Companies subjected to certain specified
 conditions.
 
 NEW LOCATIONS
 
 The Company continued its expansion internationally during this year as
 well. The Company had signed various important global contracts during
 the year under review. As part of the Company''s global expansion, the
 Company now also has new branch offices in Spain, Italy, Cyprus,
 Tanzania, Chile, Panama, Ecuador, Nicaragua, El Salvador, Peru. The
 Company also has new subsidiaries in Argentina, Venezuela, Brasil,
 Egypt, Uruguay and, Senegal.
 
 Material Changes for the period between End of the Financial Year and
 the Date of the Report
 
 There have been no Material Changes for the period between end of the
 financial year 2010-11 and the date of this report.
 
 NEW PRODUCTS & SERVICES DEPLOYED IN THE YEAR 2010 – 2011
 
 Various new initiatives, introduction of new products and enhancements
 marked various milestones for OnMobile this year. As we expand rapidly
 into new geographies, there has been a significant amount of investment
 in scaling up and becoming more nimble. Some of the new products,
 services and enhancements introduced by the Company during the
 financial year 2010-11 are as follows:
 
 1.  Ring Back Tones
 
 We won the contract to upgrade and replace the current RBT systems at a
 public Telecom operator in both Mumbai and Delhi. Reverse RBT offerings
 were expanded and we continued to add new subscribers to the existing
 GSM operator in India at an accelerated pace and a leading Indian
 operator experienced 100% growth. We also launched it for the first
 time internationally for a major operator in the Asia Pacific region
 and ramped up the penetration of RBT to 20 % in a large operator in
 Bangladesh.
 
 2.  Mobile Box Office
 
 An exciting new product, Mobile Box Office, was developed to bring
 Bollywood movie clips to the mobile phone. OnMobile launched this with
 one of the large Indian Operators and content partners, and went on to
 sign an additional four operators in India, expanding the footprint and
 making MBO a leading offering in the audio cinema market in India.
 
 3.  Address Book
 
 We extended the feature set of our Social Networking products by adding
 new connectors to LinkedIn for the OnMobile Social Network Gateway.
 For our Network Address Book product we added an enterprise capability
 to allow companies to share and sync addresses across the enterprise.
 
 4.  M-Radio:
 
 M-Radio was launched with two operators in the Asia -Pacific region and
 we doubled the penetration of Music Radio services in one large
 operator in the SAARC region.
 
 5.  Speech recognition:
 
 OnMobile launched live speech recognition based Music Search services
 with two large operators in APAC. We also deployed our speech
 recognition and IVR solutions for a large retail chain in partnership
 with a large Telco in Europe. A record number of music search requests
 - more than 25 million - were reported by M-Search technology.
 
 6.  Sports:
 
 In conjunction with the FIFA World cup, we developed the OnMobile
 Futbol product across SMS and WAP and deployed it in the LATAM market
 across 12 Countries.
 
 7.  Personal Data Management:
 
 With Android technology continuing to ramp up worldwide, we have
 expanded our sync and personal data management capabilities on that
 platform. This resulted in two wins for the OnMobile Personal Data
 Management (PDM) product amongst Western operators. We expanded our
 offerings in the PDM space for both Android and IOS devices.
 
 - On the Applei OS handset ‘MyPhonebook'' application was selected as
 the best application of the year by one of our leading Operator
 Customers in the European and North American region.
 
 - On Android, the enhanced version of our ‘My Synchronization Space''
 service was launched in one of our European Operators. Some of the key
 features include enriched web interface, embedding of the application
 on Android devices.
 
 8.  Churn Management:
 
 OnMobile''s dynamic churn management solution helped add 2% to the
 topline revenue for a leading telecom operator in Asia, resulting in an
 astounding 88% increase in subscriber recharging and saved 250 thousand
 subscribers from churning in one month at a large operator in APAC.
 
 9.  RCS Phonebook 2.0:
 
 The OnMobile RCS Phonebook 2.0 was selected for the App Garage at
 Mobile World Congress 2011 in Barcelona. The RCS Phonebook, a
 comprehensive and interactive user address book that synchronizes all
 contact information, including friends on social networks, into one
 central location for easy management and live access enables mobile
 providers to stay ahead of communication''s shift to the Web, by
 offering its customers the ability to stay connected and communicate
 via live presence updates, live chat, and video streaming.
 
 QUALITY AND OPERATIONAL EFFICIENCY
 
 The Company is committed to the eight guiding Quality Management
 principles of Customer Focus, Leadership, People Involvement, Process
 Approach, System Approach to Management, Continual Improvement,
 Fact-Based Decision- Making and Mutually Beneficial Supplier
 Relationships.
 
 The Company''s Information Security Management System conforms to the
 ISO 27001:2005 standard since June 2009.  The certificate is valid for
 Airtel, Aircel, Vodafone, Vodacom South Africa and Du Client Delivery
 Unit and support functions. The Company''s various products/services are
 subjected to periodic and rigorous assessments by reputed external
 assessors. Additionally, this year, the Idea, Telefonica Latin America
 Client Delivery Units and System Integration activities have been
 recommended for certification.
 
 About ISO/IEC 27001:
 
 The ISO/IEC 27001 is an information security management system (ISMS)
 standard published by the International Organization for
 Standardization and the International Electro Technical Commission.
 ISO/IEC 27001 provides an ISMS model for adequate and proportionate
 security controls to protect information assets and give confidence to
 interested parties. This sets the standard for handling the
 Confidentiality, Integrity and availability of an Information Asset.
 
 A suite of workflow tools have been deployed to ensure quality and
 timely delivery of increasingly large number of deliverables and to
 provide enhanced operational metrics.
 
 These are supported by a vibrant intranet which aims to increase
 collaboration across teams and geographies.
 
 The Company continues its focus on automation of business processes
 through a comprehensive and integrated employee database, which
 supports enhanced resource planning and tracking across the
 organization. Nearly all the HR processes have been automated for
 improved efficiency.  Specific tools have been deployed for core
 processes such as performance management.
 
 Based on the previous experience and learning through various
 deployments in different countries, the Company has developed a
 comprehensive Parallel Deployment Process to streamline all its future
 product deployments. This will help the predictability of the Company''s
 deployments and significantly reduce the timelines.
 
 AWARDS AND RECOGNITION/BRANDING
 
 - OnMobile has been recognized amongst the top 100 companies at the
 Annual Inc. India 500 Awards which recognize India''s best performing
 medium sized enterprises.
 
 - Arvind Rao, our CEO and Co-Founder was selected as one of thirteen
 inspiring Indian entrepreneurs by Dare Magazine, India''s first
 entrepreneurship publication. The Chairman of Dare Inspiring
 Entrepreneurs Awards Mr. N.R. Narayanamurthy and the jury unanimously
 chose Arvind as one of the thirteen Inspiring Entrepreneurs. This award
 recognizes the stupendous developments made by OnMobile in the field of
 telecommunications.
 
 INFRASTRUCTURE
 
 As of March 31, 2011, the Company has obtained on lease, office spaces
 at Bangalore, Bangalore SEZ, Mumbai and Noida SEZ. Further, the Company
 owns an office space in Mumbai. Apart from this the Company has set up
 offices at Gurgaon, Sydney, Singapore, Kuala Lumpur, Jakarta, Paris,
 Dhaka, Seattle, Bucharest, Centurion, Kathmandu, Dubai, London,
 Amsterdam, Miami, Bogota, Mexico City, California, Caracas, Sao Paulo,
 Buenos Aires, Panama City, Guayaquil, Managua, San Salvador, Lima,
 Monte Video, Madrid, Milan, Cairo, Nicosia, Dakar, Beijing, and Dar es
 Salam.
 
 HUMAN RESOURCES MANAGEMENT
 
 The Company has completed over 10 years in the VAS industry.
 Innovation, forward thinking and the customer- centric approach of our
 team members have been the key differentiators in achieving business
 excellence.
 
 We believe in attracting the best-in-class talent from the industry
 across the globe. Our workforce comprises of diverse talent from across
 the globe. In the last one year, we have grown, both in terms of
 business and human capital in LATAM, Africa and Europe.
 
 As on March 31, 2011 the employee strength is 1,205 Full Time Employees
 and 128 Contract Employees bringing our total head count to 1333.
 
 Strengthening the Foundation
 
 With the objective of streamlining Performance Management, we launched
 SuccessFactors during the first quarter of 2010-11 for all our
 employees globally. This comprehensive tool has enabled us to further
 improve our Performance Management process.
 
 Based on the training-needs analysis done in 2009-10, a robust training
 calendar was run for 40 topics- technical and functional, over 60
 sessions for employees across organization. We also ran the First Time
 Managers Program for more than 30 frontline Managers. As a more focused
 developmental initiative, the Mentorship Program at OnMobile has been
 launched for 50 high performing mentees with Senior Managers as
 mentors.
 
 Another major initiative is the e-learning platform and Learning
 Management System. The custom development of the e-learning modules for
 Induction and Affirmative Work Practices has begun, for launch in June
 2011.
 
 As the basis for design and implementation of development initiatives
 for our senior leaders in 2011-12, we conducted an extensive 360
 Feedback program in the last two quarters of 2010-11 covering the
 entire Senior Management team.
 
 Corporate Social Responsibilities
 
 OnMobile is a responsible corporate citizen, and strives to give back
 to the community it operates in. The corporate social initiatives,
 which the Company implemented, are:
 
 1.  Tie-up with GiveIndia for the Payroll program (monthly contribution
 by employees). GiveIndia is a nonprofit organization that channelizes
 resources to Non- Governmental Organizations across India.
 
 2.  Car pooling and a drive to encourage employees in to using the
 reverse side of printed documents, on an on- going basis.
 
 3.  Started Initiatives to leverage our existing platforms for various
 causes. We have started with micro-donation and health education, to
 begin with.
 
 4.  Partnered with the Spastic Society of India, Shristi academy and
 CRY for various initiatives.
 
 RESEARCH AND DEVELOPMENT/EDUCATION AND KNOW-HOW INITIATIVES
 
 While India has been the main market, the Company is fast expanding
 into many other developing and developed markets.
 
 The Research and development (R&D) efforts are focused on:
 
 - Reaching out to as many users as possible across multiple channels,
 given the different capabilities of handsets and networks;
 
 - Making the services affordable, particularly given the low-ARPU and
 challenging recharge patterns, in the developing markets;
 
 - Serving a totally-new set of subscribers, who have joined the mobile
 network;
 
 - Making the services easy to use, with Localization, Easier Content
 Discovery and Personalization.
 
 CORPORATE GOVERNANCE
 
 The Company is committed to maintain the highest standards of corporate
 governance. The Company meets the standards and guidelines set by the
 Securities and Exchange Board of India on Corporate Governance and have
 implemented all the stipulations prescribed. A detailed report on
 corporate governance pursuant to the requirements of Clause 49 of the
 Listing Agreement forms part of the Annual Report. The certificate(s)
 from the auditors of the Company, M/s Deloitte Haskins & Sells,
 Chartered Accountants, and independent Practicing Company Secretary Mr.
 Parameshwar G Hegde confirming compliance of conditions of corporate
 governance as stipulated under the aforesaid Clause 49 are annexed to
 the Corporate Governance Report.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 In accordance with the Listing Agreements, the Management Discussion
 and Analysis Report is presented in the separate section forming part
 of the Annual Report.
 
 DIRECTORS
 
 Mr. Naresh Malhotra and Mr. Sridar Iyengar, Directors retire by
 rotation and being eligible, offer themselves for reappointment at the
 forthcoming Annual General Meeting of the Company.
 
 Brief resumes of the directors offering for re-appointment are included
 in the notice for the Annual General Meeting.
 
 AUDITORS
 
 The statutory auditors of the Company, M/s. Deloitte Haskins & Sells,
 Chartered Accountants, who retire as statutory auditors of the Company
 at the conclusion of the forthcoming Annual General Meeting, offer
 themselves for re-appointment and have also confirmed that their
 appointment, if made, will be within the limits under Section 224(1B)
 of the Companies Act, 1956. The auditor''s report is self explanatory.
 
 RESPONSIBILITY STATEMENT OF THE BOARD OF DIRECTORS
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the directors
 to the best of their knowledge and belief confirm that:
 
 i. in the preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures;
 
 ii. they have selected and applied consistently and made judgments and
 estimates that are reasonable and prudent so as to give a true and fair
 view of the state of affairs of the Company as at the end of the
 financial year and of the profit of the Company for that period;
 
 iii. they have taken proper and sufficient care for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956 and for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities;
 
 iv. they have prepared the annual accounts on a going concern basis.
 
 PARTICULARS OF EMPLOYEES
 
 In terms of provisions of Section 217 (2A) of the Companies Act, 1956,
 read with the Companies (Particulars of Employees) Rules, 1975, the
 names and other particulars of employees are set out in the Annexure to
 the Directors'' Report. However, having regard to the provisions of
 Section 219 (1)(b)(iv) of the Companies Act, 1956, the Annual Report
 excluding the aforesaid information is being sent to all the members of
 the Company and others entitled thereto. Any member interested in
 obtaining such particulars may write to the Company Secretary at the
 Registered Office of the Company.
 
 CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
 
 The Company, being a service provider organization, most of the
 information as required under Section 217(1)(e) of the Companies Act,
 1956, read with the Companies (Disclosure of particulars in the report
 of the Board of Directors) Rules, 1988, as amended is not applicable.
 However, the Company endeavors to effectively utilize and conserve
 energy by using improved technology in its infrastructure such as
 lightings and paper usage.
 
 FIXED DEPOSITS
 
 In terms of the provision of Section 58A of the Companies Act, 1956
 read with the Companies (Acceptance of Deposits Rules) 1975, the
 Company has not accepted any fixed deposits during the year under
 review.
 
 EMPLOYEE STOCK OPTION PLAN (ESOP)
 
 The Company had approved following Employee Stock Option Schemes i.e.
 Employee Stock Option Plan-I, 2003, Employee Stock Option Plan-II,
 2003, Employee Stock Option Plan-III, 2006, Employee Stock Option
 Plan-I,
 
 2007, Employee Stock Option Plan-II, 2007 and Employee Stock Option
 Plan-I, 2008, Employee Stock Option Plan-II,
 
 2008, ESOP-III, 2008, ESOP-IV, 2008, ESOP-I 2010, and ESOP-II, 2010 for
 granting stock options to its employees.  All the schemes endeavor to
 provide incentives and retain employees who contribute to the growth of
 the Company. A summary disclosure in compliance with the Securities and
 Exchange Board of India (Employee Stock Option Scheme and Employee
 Stock Purchase Scheme Guidelines, 1999), as amended, is presented as
 below and the complete details have been disclosed under Notes to
 Accounts Schedule 19 which forms part of the Annual Report. During the
 year under review there has been no variation in the terms of ESOP
 schemes.
 
 No employee is receiving 5% or more of the total number of options
 granted during the year.
 
 The Company accounted the above options using the intrinsic value
 method and thus, the difference between the fair value of the
 underlying shares at the time of grant and the options exercise value
 was charged to the profit and loss account.  Accordingly, the
 compensation charge thereon in the current year is Rs.0.04 Million
 (Previous year-Rs.0.11 Million). If the Company had accounted the
 option under fair value method, amortizing the stock compensation
 expense thereon over the vesting period, the reported profit for the
 year ended March 31, 2011 would have been lower by Rs.95.65 Million
 (Previous year- Rs.21.05 Million) and Basic and diluted EPS would have
 been revised to Rs.14.0/- (Previous year- Rs 8.7/- ) and Rs
 13.6/-(Previous year- Rs 8.5/-) respectively as compared to Rs 15.6/-
 (Previous year- Rs 9.2/- ) and Rs 15.2/- (Previous year- Rs 9.0/- )
 without such impact
 
 ACKNOWLEDGMENTS
 
 The Board of Directors takes this opportunity to express their
 appreciation to the customers, shareholders, investors, vendors, and
 bankers who have supported the Company during the year. The directors
 place on record their appreciation to the OnMobilians at all levels for
 their contribution to the Company. The Directors would like to make a
 special mention of the support extended by the various departments of
 the Government of India, particularly the Software Technology Parks,
 the Service tax and Income tax Departments, the Customs and Excise
 departments, the Ministry of Commerce, the Department of
 Telecommunications, the Reserve Bank of India, Ministry of Company
 Affairs, Securities and Exchange Board of India and look forward to
 their support in all future endeavors.
 
 For and on behalf of the Board of directors
 
 Arvind Rao                              Chandramouli Janakiraman
 
 Chairman and Managing Director          Executive Director
 
 Place: Bangalore
 
 Date: April 30, 2011