Dear Members,
 
 The Directors present their report on the business and operations of
 your Company along with the Annual Report and audited financial
 statements for the financial year 2010 – 2011.
 
 Financial highlights
 
 As per Indian GAAP Unconsolidated financial statements:
 
                                        (All amounts in Rs. millions)
 
 Particulars                              Year ended      Year ended
 
                                      March 31, 2011  March 31, 2010
 
 Revenue                                   23,605.06       22,434.70
 
 Income from operations before 
 depreciation & amortisation                9,302.76        8,530.50
 
 Depreciation & amortisation                 (336.49)        (374.10)
 
 Provision for diminution in value 
 of investment                                (25.42)              –
 
 Interest/other income (expenses), net      1,383.95          681.02
 
 Foreign exchange gain/(loss), net             19.07       (1,363.74)
 
 Income before taxes                       10,343.87        7,473.68
 
 Provision for tax                           (664.07)        (865.19)
 
 Net income                                 9,679.80        6,608.49
 
 Balance brought forward                   21,683.92       15,075.43
 
 Profit available for appropriation        31,363.72       21,683.92
 
 Appropriations                                    –               –
 
 Balance carried forward                   31,363.72       21,683.92
 
 As per Indian GAAP Consolidated financial statements:
 
                                        (All amounts in Rs. millions)
 
 Particulars                              Year ended      Year ended
 
                                      March 31, 2011  March 31, 2010
 
 Revenue                                   29,969.32       28,739.74
 
 Income from operations before 
 depreciation & amortisation               11,219.92       10,281.02
 
 Depreciation & amortisation                 (408.17)        (488.65)
 
 Impairment loss                                   –               –
 
 Interest/other income (expenses)           1,668.26         (856.17)
 
 Exceptional item                                  –               –
 
 Income before taxes                       12,480.01        8,936.20
 
 Provision for tax                         (1,370.12)      (1,197.69)
 
 Net income for the year before 
 minority interest, share of profit
 (loss) of associate                       11,109.89        7,738.51
 
 Minority interest                                 –           (1.87)
 
 Share of profit (loss) of associate               –               –
 
 Net income                                11,109.89        7,736.64
 
 Performance
 
 On an unconsolidated basis, your Company''s revenue grew to Rs. 23,605
 million during the financial year 2010 – 2011 from Rs. 22,435 million
 last year. This represents a growth of 5.22%. The Company''s net income
 for the financial year 2010 – 2011 has increased to Rs. 9,680 million, an
 increase of 46.49% over the previous financial year.
 
 Revenue, on the basis of consolidated financials, stood at Rs. 29,969
 million this year, an increase of 4.28% from Rs. 28,740 million as
 compared to the previous financial year. The net income increased to Rs.
 11,110 million this year, an increase of 43.60%.
 
 A detailed analysis of the financials is given in the Management''s
 discussion and analysis report that forms a part of this Directors''
 report.
 
 Dividend
 
 Your Company has plans to capitalise on the opportunities emerging from
 current market conditions and needs to invest in business growth.
 Keeping this in view, the Board has decided not to declare dividend for
 the financial year 2010 – 2011. The funds will be used to further
 invest in new product development, infrastructure expansion and other
 growth opportunities to enhance the solution offerings, market reach
 and delivery capabilities and sustain the leadership position of your
 Company.
 
 Transfer to reserves
 
 The Company does not propose to transfer any amount to the General
 Reserve out of the amount available for appropriation. An amount ofRs.
 31,363.72 million is proposed to be retained in the Profit & Loss
 Account.
 
 Share capital
 
 During the year, the Company allotted 39,945 equity shares of face
 value ofRs. 5/Rs. each to its eligible employees, who exercised their
 options under the Employee Stock Option Scheme 2002. As a result, as on
 March 31, 2011, the paidRs.up equity share capital of the Company
 increased to Rs. 419,474,010/Rs. divided into 83,894,802 equity shares of
 face value ofRs. 5/Rs. each.
 
 Oracle''s holding in the Company
 
 As on March 31, 2011, Oracle Global (Mauritius) Limited held 67,481,698
 equity shares (80.44% of the equity capital) of the Company.
 
 Directors
 
 Mr. Derek H Williams and Mr. William T Comfort, Jr., Directors of the
 Company, retire by rotation at the ensuing Annual General Meeting and
 being eligible, offer themselves for reRs.appointment.
 
 Ms. Dorian Daley is liable to retire by rotation at the ensuing Annual
 General Meeting and has not offered herself for reRs.appointment.
 
 Pursuant to Section 260 of the Companies Act, 1956, Mr. Chaitanya Kamat
 and Mr. S Venkatachalam, were appointed as Additional Directors of the
 Company on October 25, 2010. Mr. Robert K Weiler, Executive Vice
 President of Oracle Corporation was appointed as Additional Director of
 the Company on July 4, 2011. They hold office up to the date of the
 ensuing Annual General Meeting.  The Company has received Notices in
 writing from Members, pursuant to Section 257 of the Companies Act,
 1956, proposing the candidature of Mr. Chaitanya Kamat, Mr. S
 Venkatachalam and Mr. Robert K Weiler for the office of a Director.
 
 Pursuant to the provisions of Sections 198, 269, 309, 310 and other
 applicable provisions, if any, of the Companies Act, 1956, the Board
 subject to the approval of the members appointed Mr. Chaitanya Kamat as
 the Managing Director and Chief Executive Officer of the Company for a
 period of three years beginning from October 25, 2010 to October 24,
 2013. Mr. Chaitanya Kamat shall be liable to retire by rotation.
 
 As stipulated under Clause 49 of the Listing Agreement entered into
 with the stock exchanges, brief resumes of the Directors proposed to be
 appointed/reRs.appointed, the nature of their expertise in specific
 functional areas and the names of companies in which they hold
 directorships and membership/chairmanship of Board Committees, are
 provided in the Report on Corporate Governance forming a part of the
 Annual Report.
 
 The Board recommends to the members the resolutions for reRs.appointment
 of Mr. Derek H Williams and Mr. William T Comfort, Jr.  as Directors of
 the Company. The Board also recommends the appointment of Mr. Chaitanya
 Kamat, Mr. S Venkatachalam and Mr. Robert K Weiler as Directors. It
 further recommends the appointment and remuneration payable to Mr.
 Chaitanya Kamat, Managing Director and Chief Executive Officer of the
 Company.
 
 During the year, the following ceased to be directors of the Company:
 
 - Mr. Rajesh Hukku and Mr. R Ravisankar w.e.f. April 29, 2010
 
 - Mr. Charles Phillips w.e.f. July 22, 2010
 
 - Ms. Tarjani Vakil w.e.f. August 25, 2010
 
 - Mr. N R Kothandaraman (N R K Raman) w.e.f. October 25, 2010
 
 - Mr. Joseph John w.e.f. March 31, 2011.
 
 The Board placed on record its appreciation of the services rendered by
 Mr. Rajesh Hukku, Mr. R Ravisankar, Mr. Charles Phillips, Ms. Tarjani
 Vakil, Mr. N R K Raman and Mr. Joseph John, during their tenure as
 Directors of the Company.
 
 Infrastructure
 
 The Board has adopted a consolidation plan to save cost and use the
 premises more efficiently. As such, the leases on the following office
 premises were surrendered and staff relocated:
 
 - Mumbai: the office premises at Andheri and staff relocated to the
 Vile Parle office premises
 
 - Pune: the office premises at Kothrud and staff relocated to the
 Ambrosia owned premises
 
 - Bangalore: the office premises at RMZ NXT and staff relocated to the
 Millenium Tower office premises
 
 - Chennai: the office premises at Nungambakkam and staff relocated to
 the GVS office premises.
 
 Corporate developments
 
 During the year, the following developments took place on the
 subsidiary front:
 
 - Castek Inc., Castek Software Factory Ltd. and Castek RBG Inc.,
 dissolved with effect from September 1, 2010
 
 - The name of iRs.flex Processing Services Inc., was changed to Oracle
 (OFSS) BPO Services Inc., with effect from February 22, 2011
 
 - iRs.flex solutions Inc. (Canada) dissolved with effect from March 31,
 2011.
 
 Global alliances
 
 Your Company attaches great importance to building and expanding its
 partner network with organisations which can promote, sell, implement
 and support its offerings around the world. The partner network
 currently comprises more than 35 resellers and 45 implementation
 partners.
 
 Leading System Integration (SI) Partners play an active role in
 delivering solutions to customers of your Company. The SI Partners
 deliver projects in the Confederation of Independent States, Latin
 America, Middle East, Japan and India.
 
 The highlight of our engagement with partners this year has been the
 acceleration of our efforts to enable our partners to sell, implement
 and support our product suite – including Oracle FLEXCUBE and Oracle
 Financial Services Analytical Applications. We have also begun the
 migration of your Company''s partner network to the Oracle Partner
 Network (OPN) in earnest. This migration will speed the enablement of
 partners, leverage existing Oracle relationships to promote growth, and
 benefit both sides of the partner relationship.
 
 Subsidiaries
 
 Your Company has subsidiaries in India, USA, Singapore, the
 Netherlands, Canada, Mauritius, Greece, China and Chile to handle
 operations, strengthen marketing and sales efforts, ensure deeper sales
 penetration and provide postRs.sales support in these regions.
 
 Pursuant to Section 212 of the Companies Act, 1956 (the Act), the
 Company is required to attach to its Annual Report, the Balance Sheet,
 Profit and Loss Account, Directors'' Report and the Report of the
 Auditors (collectively referred to as ‘the accounts and reports''), of
 its subsidiaries for the year ended March 31, 2011.
 
 The Ministry of Corporate Affairs has issued a General Circular No.:
 2/2011 dated February 8, 2011 granting a general exemption to the
 companies by stating that the provisions of Section 212 of the Act
 shall not apply in relation to subsidiaries of companies subject to the
 company fulfilling certain conditions stated in the said circular. We
 are in compliance with the conditions stipulated by the Ministry of
 Corporate Affairs. As such, the accounts and related reports of the
 subsidiary companies are not attached to the Annual Report of the
 Company for the year ended March 31, 2011.
 
 The Company will make available the accounts and related information of
 the subsidiary companies upon request by any member/investor of the
 Company or its subsidiaries. Further, the accounts and related
 information of the subsidiary companies will be kept open for
 inspection by any member, at the registered office of the Company and
 at the Registered Office of the subsidiaries during office hours of the
 Company/subsidiaries and the same will also be available on the website
 of the Company www.oracle.com/financialservices.
 
 Fixed deposits
 
 During the financial year 2010 – 2011, the Company has not accepted any
 fixed deposits within the meaning of Section 58A of the Companies Act,
 1956 and as such, no amount of principal or interest was outstanding as
 of the date of the Balance Sheet.
 
 Corporate governance
 
 The Company has taken appropriate steps and measures to comply with all
 the corporate governance and related requirements as envisaged under
 Clause 49 of the listing agreement entered with stock exchanges and
 Section 292A of the Companies Act, 1956.
 
 Your Company has constituted five committees consisting of Board
 members and other senior officials of the Company, namely, an Audit
 Committee, Compensation Committee, ESOP Allotment Committee, Transfer
 Committee and Shareholders'' Grievances Committee. A separate report on
 Corporate Governance, along with a certificate of Statutory Auditors of
 the Company, is annexed herewith. The Company is also supporting the Go
 Green initiative announced by the Ministry of Corporate Affairs
 allowing paperless compliance.
 
 A certificate from the Managing Director and Chief Financial Officer of
 the Company confirming internal controls and checks pertaining to
 financial statements, as also declaring that all Board members and
 senior management personnel have affirmed compliance with the Code of
 Conduct for the financial year ended March 31, 2011, was placed before
 the Board of Directors and the Board has noted the same. The said
 certificate is annexed to the Directors'' report.
 
 A list of the committees of the Board, names of their members, scope
 and other related information are detailed in the Corporate Governance
 Report.
 
 Allotment of ESOP shares
 
 The members of the Company at its Annual General Meeting held in 2001
 had approved the issue of Stock Options to eligible
 employees/directors. Accordingly, the Board approved the ESOP 2002 and
 ESOP 2010 Schemes and granted options to eligible employees/directors
 from time to time. The details are given below:
 
 Financial year                   Total number of Options granted
 
 Under ESOP 2002 Scheme
 
 2001 – 2002                               4,548,920
 
 2002 – 2003                                  80,000
 
 2003 – 2004                                  36,000
 
 2004 – 2005                                  60,000
 
 2005 – 2006                                  10,000
 
 2006 – 2007                                 373,000
 
 2007 – 2008                                     Nil
 
 2008 – 2009                                     Nil
 
 2009 – 2010                                     Nil
 
 2010 – 2011                                  60,000 
 
 Under ESOP 2010 Scheme
 
 2010 – 2011                                 618,000
 
 Total                                     5,785,920 
 
 Pricing formula                 At the market price as on the 
                                    date of grant
 
 Options vested at the end of 
 the financial year 2010 – 2011              141,537
 
 Options exercised during 2010 – 2011         39,945
 
 Total number of shares arising as a 
 result of exercise of options 
 during 2010 – 2011                           39,945
 
                                         Options lapsed
 
 2002 – 2003                                 129,520
 
 2003 – 2004                                 112,500
 
 2004 – 2005                                  82,200
 
 2005 – 2006                                  87,600
 
 2006 – 2007                                  46,600
 
 2007 – 2008                                  35,900
 
 2008 – 2009                                  60,455
 
 2009 – 2010                                  21,000
 
 2010 – 2011                                  72,735
 
 Total                                       648,510
 
 Variation of terms of options                  None
 Money realised by exercise of options 
 during the financial year 2010 – 2011   Rs. 50,126,813
 
 Total number of options in force             807,702
 
 EmployeeRs.wise details of options granted during the financial year
 ended March 31, 2011 to:
 
 Particulars                            Number of Options
 
 i.  Directors
 
 Mr. Chaitanya Kamat – ESOP 2002                60,000
 
 Mr. Joseph John – ESOP 2010                    10,600
 
 ii.  Any other employee, who receives grant 
 in any one year of option amounting to 5% 
 or more of option granted during that year        Nil
 
 iii.  Identified employees who were granted 
 option, during any one year, equal to or 
 exceeding 1% of the issued capital
 (excluding outstanding warrants and 
 conversions) of the Company at the
 time of grant                                     Nil
 
 iv.  Diluted Earnings Per Share (EPS) 
 pursuant to the issue of shares on exercise 
 of option calculated in accordance
 with accounting standard 20 ‘Earnings Per 
 Share'' issued by the Institute of Chartered 
 Accountants of India                           Rs. 115.23
 
 Had compensation cost for the Company''s ESOP been determined based on
 fair value at the grant dates, Company''s net profit and earnings per
 share would have been reduced to proforma amounts indicated below:
 
                    (All amounts in Rs. thousands, except per share data)
 
 Particulars                                       March 31, 2011
 
 Profit as reported                                   9,679,797
 
 Less: Employee stock compensation under fair 
 value method                                          (132,716)
 
 Proforma profit                                      9,547,081
 
 Earnings Per Share
 
 Basic
 
 As reported                                             115.40
 
 Proforma                                                113.82
 
 Diluted
 
 As reported                                             115.23
 
 Proforma                                                113.68
 
 All stock options under the Employee Stock Options Plans were granted
 at a prevalent market price on the date of grant. Accordingly, we have
 calculated the compensation cost arising on account of stock options
 granted using the intrinsic value method. Hence, the disclosure in
 terms of Clause 12.1(n) of the Securities and Exchange Board of India
 (Employee Stock Option Scheme and Employee Stock Purchase Scheme)
 Guidelines, 1999, is not applicable.
 
 A summary of the activity in the Company''s ESOP (Scheme 2002) is as
 follows:
 
                                          Year ended March 31, 2011
 
 Particulars                         Shares arising   Weighted average
                                       from options       exercise 
                                                         price (Rs.)
 
 Outstanding at beginning of year          242,382          1,152
 
 Granted                                    60,000          2,333
 
 Exercised                                 (39,945)         1,255
 
 Forfeited                                 (16,600)         1,291
 
 Outstanding at end of the year            245,837          1,414
 
 Vested options                            141,537
 
 Unvested options                          104,300
 
 A summary of the activity in the Company''s ESOP (Scheme 2010) is as
 follows:
 
                                           Year ended March 31, 2011
 
 Particulars                           Shares arising Weighted average
                                         from options    exercise 
                                                        price (Rs.)
 
 Outstanding at beginning of year                 –               –
 
 Granted                                    618,000           2,050
 
 Exercised                                        –               –
 
 Forfeited                                  (56,135)          2,050
 
 Outstanding at end of the year             561,865           2,050
 
 Unvested options                           561,865
 
 The fair value of stock options granted during the financial year 2010
 – 2011 under ESOP 2002 Scheme and ESOP 2010 Scheme was Rs. 949.32 and Rs.
 834.01 respectively, calculated as per the Black Scholes valuation
 model as stated in 6b in the notes to accounts.
 
 Human resources
 
 Employees are our key assets and we continuously invest in them to
 retain our competitive edge. We have created a healthy and productive
 environment, together with a strong performance management system, to
 encourage excellence. Our HR practices are among the best in the
 industry. Our training initiative offers the best and latest in
 technology, domain expertise and leadership.
 
 This was a year spent in the consolidation of our resources. Your
 Company continued to focus on productivity. Our total manpower at the
 end of March 2011 was 9,652 as compared to 10,451 as on March 2010.
 
 Corporate Social Responsibility
 
 An initiative to support children, originally rolled out as iRs.flex for
 children, is in its ninth successful year. Our Corporate Social
 Responsibilities are managed by a committee of senior company officials
 and volunteers from divisions and locations in India. Our policy is to
 support activities which do not have any religious or political
 affiliation. Your Company encourages employees to actively participate
 in and drive such programs. We also support initiatives by our
 employees and their family members in rural India. The initiative is
 funded each year to support activities proposed to the committee by
 employees.
 
 Continuing support was given to a wide range of activities during
 fiscal year 2010 – 2011, including construction of additional
 facilities at schools and hospitals, scholarships for children with
 special needs and making transportation arrangements for special need
 schools. For the past 5 years your Company has supported an annual
 athletic event for children.
 
 Directors'' responsibility statement
 
 As required under Section 217(2AA) of the Companies Act, 1956, the
 Directors hereby confirm that:
 
 i. In preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures;
 
 ii. The Directors have selected such accounting policies and applied
 them 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 at the end of the financial year and of the profit of
 the Company for that period;
 
 iii. The Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities; and
 
 iv. The Directors have prepared the annual accounts on a ‘going
 concern'' basis.
 
 Auditors
 
 M/s. S. R. Batliboi & Associates, Chartered Accountants, the present
 Statutory Auditors of the Company, hold office till the ensuing Annual
 General Meeting and have confirmed their eligibility and willingness to
 accept the office, if reRs.appointed.
 
 Auditors'' Report
 
 With regard to the Auditors'' comment in the CARO report concerning
 delays in payment of a few tax payments, e.g., Service Tax, Income Tax,
 Value Added Tax, Payroll Tax, the Company would like to state the
 following:
 
 i. The Company has sought help of tax experts in the interpretation of
 laws and regulations relating to corporate taxes and VAT in foreign
 countries. The Company has accrued the liabilities in the books taking
 a conservative approach, however the payments shall be made to the
 authorities in due course based on the final advice your Company
 receives from tax experts.
 
 ii. The Company has accrued interest on service tax liability for
 import of taxable services as well as the domestic taxable services.
 The amount shall be paid in due course.
 
 iii. The Company continually assesses payroll tax implications in
 various jurisdictions outside India on salaries and travel related
 reimbursements paid to its employees posted therein and accordingly
 makes accruals in the books. The Company is in the process of filing
 the returns for payroll tax in such jurisdiction for which the
 provision is already made in the books. As per the local laws of most
 host countries, the tax is payable by the employee, however in a few
 countries tax payment is a responsibility of the employer, which
 amounts to Rs. 4.87 crore. The Company and the employees ensure tax
 compliance in such countries as advised by the tax consultants.
 
 iv. The amount of Income Tax payable is due to retrospective amendment
 to Section 115JB of the Income Tax Act, 1961, and it will be paid
 during assessment proceedings.
 
 Conservation of energy, technology absorption and Foreign exchange
 earnings and outgo
 
 The particulars as prescribed under subRs.section (1)(e) of Section 217
 of the Companies Act, 1956 read with Companies (Disclosure of
 Particulars in the Report of Board of Directors) Rules, 1988, the
 relevant data pertaining to conservation of energy, technology
 absorption and foreign exchange earnings and outgo are furnished
 hereunder:
 
 i. Conservation of energy and technology absorption:
 
 The company seeks, through various technology initiatives, to enhance
 computing standards to make its information technology infrastructure
 virtual, secure, cost effective and environment friendly. It seeks to
 provide its users with enhanced computing systems and also fulfil its
 obligation to the society and the environment.
 
 Asset Disposal: Asset Management and disposal of old assets has been
 one of the key initiatives of the year. The disposal of old assets was
 done, keeping in mind eRs.waste and its impact on the environment. The
 disposal was done in accordance with the government guidelines,
 ensuring that the assets are disposed in a secure manner, without
 impacting the environment.
 
 Virtualisation: The benefits of virtualisation started accruing during
 the first year of implementation. The key strategy for the previous
 year was to optimise the benefits from the implementation. Virtualised
 environments were extended from IT operations to client projects,
 leading to reduction in overall cost and power consumption. This has
 also enhanced client operations from an availability and security
 perspective as well.
 
 Office consolidation: On strategic analysis, it was observed that there
 was a lot of duplication of effort and technology in managing IT
 operations. Our focus shifted from technology advancement to ensuring
 that this duplication did not lead to nonRs.standardisation of services
 to users. Therefore we decided on office consolidation and Pune is the
 first location to have achieved it in record time and without any
 setbacks. This consolidation has enabled greater utilisation of human
 effort as well as provided a platform for effective technology
 management. This has reduced operating cost by one third due to
 reduction in power consumption. This will be replicated across all
 locations as part of the strategy for FY12.
 
 The Datacentres at the new offices are designed to optimise on power
 consumption and also incorporate environmentally friendly systems such
 as high end gas suppression systems and early smoke detection systems.
 
 Overall the efforts at Oracle are to optimise performance, minimise
 costs and balance them keeping in mind our accountability to the
 environment as well.
 
 ii. Foreign exchange earnings and outgo:
 
                                         (All amounts in Rs. millions)
 
 Foreign Exchange Earnings*                              22,666.87
 
 Foreign Exchange Outgo                                   6,462.92
 
 (Including capital goods & other expenditure)
 
 * Excluding reimbursement of travelling expenses and interest income.
 
 Prospects
 
 The challenges various economies faced over the past 12 months are very
 different from those they faced during the economic turbulence in 2008.
 OECD forecasts (May 25, 2011) suggest that global GDP will grow by 4.2%
 this year. But the rate of growth in various countries varies and some
 countries face a challenge with rising unemployment.
 
 In the financial services sector managing risk, liquidity, capital and
 performance remain at the top of the agenda for both banks and
 insurance companies. Governments and regulators are expected to discuss
 and introduce a whole new set of regulations during 2011.  That could
 lead to changes in the way business operations are handled in most
 financial institutions. Financial institutions are under pressure to
 achieve cost savings and information technology provides them the scope
 for continuous productivity increases while helping them differentiate
 their products and services.
 
 Over the past year, your Company has enriched its banking back office
 offering, Oracle FLEXCUBE, to address many of these business
 opportunities; this has led to our customers using it to deliver a
 direct bank or consolidate their operations across countries in a
 region.  We have also engaged with existing Oracle banking customers to
 sign up as a partner for their operations addressing expansion to a new
 geography or new businesses like wealth management.
 
 Since 2008, the boards at financial institutions have come to pay
 greater attention to the process they use to review the performance of
 their institutions. As a result, there has been wider adoption of Risk
 Adjusted Performance Measurement. Over the last 24 months your Company
 has invested in building and delivering critical components that are
 part of the Oracle Financial Services Analytical Applications suite.
 Oracle is now one of the leading players in this space with the ability
 to deliver applications to financial institutions for compliance,
 enterprise risk, liquidity, capital management, performance management
 and customer analytics.
 
 In a drive to boost efficiency in an increasingly complex global
 financial marketplace, leading global banks have embarked on the
 integration of their finance, risk and treasury operations. Oracle has
 relationships with many of these banks who use enterprise financial
 applications, financial planning applications and or business
 intelligence applications from Oracle''s portfolio. We have now engaged
 with these banks to encourage them to use Oracle Financial Services
 Analytical Applications to support business decisions and drive
 efficiency through a consistent set of data and metrics.
 
 To protect customers, regulators in Africa, Asia and South America have
 made changes in their regulations with regard to Fraud and Financial
 Crime. The increasing sophistication of fraudulent activity continues
 to force financial institutions to be continuously on their guard. Your
 Company has evolved Mantas, which was acquired in 2006, to automate the
 surveillance of the trading activity of energy and commodities market
 participants and for compliance for trading desks and brokers in the
 leading economies.
 
 Oracle''s integrated applications and technology suite combines
 applications, middleware, database, servers and storage. It is now
 enabling your Company to leverage customer engagements for
 transformation deals at banks and also differentiate its solution
 offering in the market place.
 
 Consulting Services continue to play a key and vital role for your
 Company and performs a very strategic role in its customer engagements.
 Leading banks have signed deals that include services from your Company
 along with the application licenses. Support services for our
 applications continue to grow and banks see this service as vital for
 operations at their banks.
 
 Employee particulars
 
 Information as per Section 217(2A) of the Companies Act, 1956 (the
 Act), read with the Companies (Particulars of Employees) Rules, 1975,
 forms part of this Report. As per the provisions of Section
 219(1)(b)(iv) of the Act, the Directors'' Report and the Accounts are
 being sent to the members excluding the statement giving particulars of
 employees under Section 217(2A) of the Act.
 
 Any member interested in obtaining a copy of the statement, may write
 to the Company Secretary at the Registered Office of the Company.
 
 Acknowledgements
 
 Your Directors take this opportunity to thank the Company''s customers,
 members, vendors and bankers for their continued support during the
 year. Your Directors also wish to thank the Government of India and its
 various agencies, Department of Electronics, the Software Technology
 Parks – Bangalore, Mumbai, Chennai and Pune, SEEPZ Special Economic
 Zone, the Customs and Excise Department, Ministry of Commerce, Ministry
 of Finance, Ministry of External Affairs, Ministry of Corporate
 Affairs, Department of Telecommunication, the Reserve Bank of India,
 the State Governments of Maharashtra, Karnataka, Haryana and Tamil Nadu
 and other local Government Bodies, for their support and look forward
 to their continued support in the future.
 
 Your Directors also place on record their appreciation for the
 excellent contribution made by employees of the Company through their
 commitment, competence, coRs.operation and diligence with a view to
 achieving consistent growth for the Company.
 
 For and on behalf of the Board
 
 William T Comfort, Jr.
 
 Chairman
 
 July 15, 2011