When we wrote to you last year, circumstances were entirely different
 and the global economy was experiencing a severe turbulence. While your
 company was not immune to the impact and not isolated from the rest of
 the world, we traversed the rough seas with a degree of calmness and
 sincerely believed in the power of focus. A clear focus on our core
 values, our expertise and value proposition to the global marketplace,
 and a belief in our employees and associates allowed us to distinguish
 and differentiate ourselves very clearly amidst our competition.
 Battening down the hatches and weathering the storm, we stocked upon
 essential ingredients of liquidity and cash on hand, and rationalized
 our cost structures, with strong commitment towards our core
 competencies and our customers. The move has paid off.
 
 When The Going Gets Tough, The Tough Gets Going
 
 Our first priority was to bring back the revenue to the levels that we
 enjoyed earlier. We are extremely happy to share that we have
 comfortably surpassed the previous highs of revenue accomplishment and
 FY ’10 revenues are the best ever in the company’s history. Meeting the
 market challenges with a can-do spirit and must-do sense of
 responsibility, TAKEsters around the globe stepped up and delivered.
 However, product pricing pressures and subdued license revenues along
 with an increased SG&A spend negatively impacted the profitability
 during the year. Overall, while the margins were under pressure, our
 ultimate goal of top line growth was accomplished and we share the
 following financial results for FY10 with you all:
 
 - Consolidated revenue of INR 3,664 million (USD 76.7 million), up 8%
 compared to last fiscal year
 
 - Earnings before Interest, Tax, Depreciation, and Amortization reduced
 15% to INR 667 million (USD 14.0million)
 
 - Net profits declined 39% to INR 324 million (USD 6.8 million)
 
 - Cash and equivalents of INR 977 million (USD 21.7 million)
 
 EPS (annualized) of INR2.70
 
 You will be pleased to note that the Board of Directors recommended a
 final dividend of INR 0.20 per share for the fiscal year 2010.
 
 While the measures adopted during the tough times paid us all rich
 dividends, as economic conditions improve ever so slowly, you can be
 rest assured that your company is well poised to take advantage for an
 even stronger performance. Exhibiting tremendous resilience and riding
 on superior endurance and stamina, the momentum we currently witness is
 exciting, to say the very least.
 
 A Decade Of Successful Operations And Forging Ahead
 
 We have titled this year’s annual report“Forging ahead”.  Indeed we are
 forging ahead. Looking back, we have done all the right things that the
 circumstances demanded and are we glad. Riding on the strengths of our
 core competencies of domain expertise in supply chain management and
 life sciences, our IP based solutions, and a basket of
 well-differentiated products and services, we enter the new fiscal year
 with great optimism and with robust confidence of generating solid
 value for you, our shareholders.
 
 With a focused strategy of leveraging our relationships with the large
 pool of satisfied customers of TAKE, and to capture the large
 opportunity of a globally integrating world, we have been strategizing
 with amazing intensity.  You will be pleased to note that your
 organization has been steadily investing in expanding the management
 bandwidth, securing the much needed large visionary think-tanks and
 professionals with the requisite skill and experience in shouldering
 large operations. We have added a significant number of client
 relationship managers, practice leads, and practice heads who
 cumulatively bring awealth of experience to the firm. As the economies
 recover and growth returns at the turn of the decade, we have started
 to see the positive transformation at TAKE that will benefit us all.
 
 Born into a decade of massive global transformation, a decade that
 began with the dot-com bust and that hurriedly moved through major
 shifts that have reshaped our industry and the world economy, we have
 been compelled to be agile, to sense early and to respond fast.
 
 Continued Focus On IP And Domain Expertise
 
 Through all of this, the one thing that has stayed consistent and that
 has been the DNA of your Company is the firm belief that domain
 expertise is core to our value proposition to the global businesses. As
 the planet was becoming smarter and everything was getting
 interconnected at breakneck speeds, we consciously made a bold decision
 to be different from day one and we have stuck to our core beliefs.
 
 A decision that we believe has paid off and that has allowed us to
 amass substantial industry expertise, with the assistance of both
 organic and inorganic growth.
 
 We have been and will continue to enable business efficiencies for our
 vast global customer base by deploying our IP based solutions and
 leveraging our basket of well-differentiated products and services and
 will continue to invest in unique solutions to solve business problems.
 Our message especially resonates well with the mid-market customers and
 prospects, where there is a clear alignment and a greater sense of
 comfort that we are able to lend. Our investments in the current fiscal
 year are clearly focused on high-potential opportunities for your
 Company and we are always on the lookout for geographical expansion and
 if relevant, domain expansion through acquisitions.
 
 We are proud of the 800+ TAKEsters around the globe who have been with
 us through this transformational journey and who have brought us to
 this point. We would like to thank our Chairman, the entire Board of
 Directors for their valuable guidance through the course of the year,
 and our advisory board, for their valuable inputs and for enabling us
 to stay on course. Last, but not the least, we express our gratitude to
 you, our shareholders, for your infallible and unwavering support.  We
 hope that you are pleased with the progress your Company has made
 through the course of the year, and are equally excited about the
 prospects that are in store for us as we forge ahead and look into the
 future.
 
 Thank you.
 
 S. Sridharan                                        Ram Yeleswarapu
 
 Managing Director                                   President & CEO