At Tricom India, the year 2009-10 was largely a year of consolidation
 and integration of businesses, operations and manpower. At Tricom, our
 commitment to enhance customer satisfaction by consistently providing
 services that reflect quality, reliability, speed, versatility,
 confidentiality and adaptability remains strong and continues to drive
 all our efforts.
 
 The consolidated turnover of the Company increased by 6% to Rs 9021
 lakhs during the 12 months ended March 31, 2010 as compared to Rs 8526
 lakhs in the previous fiscal. Net Profit After Tax was Rs 1470 lakhs
 for the year under review, a marginal increase of 4% over the previous
 fiscal.
 
 Operational highlights
 
 Operating in niche business segments has always been your
 
 Company’s focus and strength.  Healthcare outsourcing represents one
 such growing business segment.
 
 Healthcare spending in the U.S. is fast expanding and represents a
 compelling opportunity for the outsourcing industry. Spiralling
 healthcare costs coupled with the increasing regulatory requirements
 are expected to result in increased administrative costs and this in
 turn will result in pressures to contain costs. It is estimated that
 the widespread adoption of electronic health record systems in North
 America and Europe will result in significant e-health record spending
 in these regions.
 
 At Tricom, our healthcare outsourcing solutions provide business
 processing support and services in the areas of Medical Billing and
 Claim Processing to healthcare providers and insurance carriers. Our
 solutions encompass a comprehensive suite of platform- enabled
 back-office services that span the healthcare revenue cycle workflow
 commencing from patient admission and charge capture to claims
 processing and receivables management.
 
 The solutions developed by Tricom are focused on increasing the
 operating margins and cash flow generation of healthcare clients by
 deploying most efficient business processes, tried and tested
 proprietary re-engineering metho- dologies and technology enabled
 automation.
 
 Having acquired Tricom Infotech Solutions Ltd. (formerly Godrej Global
 Solutions Ltd.), a well known name in the Healthcare Outsourcing
 Industry and formerly a subsidiary of Godrej Industries Ltd., we have
 utilized our strong domain knowledge, cutting edge expertise in
 Information Technology Enabled Services (ITeS), best prac- tices in
 software development and application delivery to develop precise
 solutions to execute the new, large healthcare order acquired during
 the year.
 
 With a total order size of USD 10 million spanning over five years,
 this healthcare order is the single largest one in the history of
 Tricom.
 
 Earlier, looking at the large potential in the healthcare business
 segment, the Company had appointed senior level marketing personnel.
 The additional marketing thrust has helped give a new growth momentum
 to the healthcare business. We expect revenue of USD 3 million to
 materialize this year (2010-11) from the healthcare business alone.  We
 have set up an exclusive, modern facility in Mumbai for the execution
 of this order.
 
 OTHER BUSINESS DEVELOPMENTS
 
 During the year 2009-10, we secured a new order worth USD 2 million in
 the Title Plant business.  The business by virtue of the utility it
 offers, continues to grow. Title Insurance protects lenders or,
 borrowers against losses arising from problems or defects with the
 ownership or, legal title of a property
 
 In the e-Publishing business segment, the number of newspapers we are
 servicing has
 
 increased by 25%. Our e-publishing services continue to offer cost
 effectiveness, quick turnaround, and state-of-the-art electronic data
 conversion, ranging from simple to high complexity jobs.
 
 These orders are an endorsement of the consistent quality and timely
 delivery of services, rendered by Tricom.
 
 HUMAN RESOURCES
 
 It is our endeavour to achieve customers’ delight and consistently
 surpass their expectations.
 
 We have built this edifice called Tricom on principles of integrity,
 transparency, fairness while always pursuing excellence. These values
 continue to guide us and form the bedrock of our businesses. As we
 combine domain expertise, process skills and technology to deliver
 world-class process outsourcing solutions, we aspire to ensure that the
 same job is done syste- matically, swiftly and in a more cost-effective
 manner. And it is people as much as technology that plays an important
 role in achieving the desired organizational goals. As we integrated
 businesses, it provided us the right opportunity to re-emphasis this
 focus and on
 
 communicating our core mission and values through well-integrated HR
 processes.
 
 FUTURE OUTLOOK
 
 With strong business fundamentals in place, we are confident that the
 year 2010-11 will be a year of continued growth and progress.
 
 The domestic BPO market is expected to grow at 25% in 2010 to touch USD
 1.2 billion (around Rs 5400 crore) by 2011, according to a study by
 Gartner. The Indian economy is already on the high growth trajectory
 with robust domestic consumption and rising investment.
 
 I take this opportunity to express my sincere appreciation to our
 employees for their commitment and hard work during the year. I also
 place on record our gratitude to all stakeholders and our esteemed
 bankers who have supported our growth plans.
 
 Thank you for your time and continued support.
 
 Chetan Kothari
 Managing Director