Dear Shareholders,
 
 It gives me great pleasure to report the highlights of the Company''s
 performance and achievements for the year 2011-12 just gone by.
 
 Our consolidated revenues, at INR 1,214 million, were up 46% over the
 previous year and Net profit at INR 113 million, grew 508% over the
 previous year. The performance was all the more creditable as it came
 against the backdrop of two years of flat growth primarily due to the
 general economic conditions. In view of this performance the Board of
 Directors decided to announce a final dividend of INR 3 / share, taking
 the total dividend to INR 5 / share.
 
 To put things into perspective, it is pertinent to note that the
 company has demonstrated a 24.72 % CAGR of revenues over the past 10
 years (2002-2012) and also maintained an unbroken dividend record. This
 has been achieved in the face of stiff competition from the scale
 players, buyer behavior biased towards favoring mega vendors and
 periodic market unresponsiveness arising out of dot com bust in the
 year 2000, the 9/11 attacks and the financial crisis of 2008/09.
 
 From all accounts the IT services market seems to be evolving in the
 direction of demanding increasing quality levels and also of
 rewarding value delivered. This is taking many forms including
 independent testing services becoming part of the mainstream value
 chain and by the fact that many specialist players are being invited to
 hitherto forbidden bidding tables. Our company will definitely benefit
 from this, as it plays into our conventional strengths. Anticipating
 this, we had triggered a number of initiatives in the past one year and
 have expanded our specialist offering space (building testing expertise
 and Centre of Excellences in BFSI mobile app testing, and for the much
 larger and complex payments processing area). The Company has also
 successfully completed pilot projects in the area of mobile testing
 using the concept of working with cloud platforms and using
 remote test centres.
 
 It is not surprising therefore, that the Company has been selected by
 the Reserve Bank of India, through a rigorous selection process to be
 its preferred testing partner for the countrywide rollout of one of its
 major transformational initiatives. We are also participating in
 bidding for comprehensive testing of a strategic payment platform being
 undertaken by an apex body. The Specialist BFSI testing space is
 growing at 30% annually and we are well positioned to be a significant
 player with a good market share. We are cementing sales partnerships
 with domain specialist firms to address mid tier clients and
 working on our new branding strategy to capitalize on these trends.
 
 We also view our investment in building functional expertise and
 associated technology skills as a key strategic differentiator in how
 we deliver our services. With our constant focus on efficiency and
 productivity, we have eliminated redundant steps from our business
 processes, and thus maximized the efficiency of our services which
 helps our clients derive cost savings.
 
 The past year witnessed the uncovering of a number of mega scams and
 citizens discontent at the endemic corruption and poor quality of
 governance in many spheres affecting daily life. The regulatory policy
 and environment has also been very ambiguous and confusing for the
 business sector. While responding to these challenges, your company has
 been maintaining the highest standards of corporate governance by
 implementing clear and transparent corporate policies and following all
 the norms and guidelines laid down by RBI, SEBI, Stock Exchanges, CBDT
 and other regulatory bodies both in letter and in spirit. We are proud
 to be counted among the companies which have this kind of track record.
 
 The Company has also initiated the process of implementing an ERP
 system and is in the final stage of cutting over to live status
 for the finance and associated functions. We have also increased our
 investment in our training and talent management processes, adding to
 and improving our capabilities for imparting critical industry, product
 and process training.
 
 Before I conclude, I would like to mention that our focus remains on
 sustaining the momentum we have achieved this year and building on the
 traction that the business has seen from different quarters. We are
 confident that the investment in people, process and technology would
 propel your Company to greater heights in the forthcoming years.
 
 On behalf of the Board of Directors'', I take this opportunity to
 express our gratitude to all our stakeholders, who have reposed trust
 in us and look forward to your continued support to help keep the
 company on the growth path in the coming years.
 
 Yours Sincerely,
 
 A VAsvini Kumar 
 
 June 15, 2012