The past year has been a significant one in the journey of your company
 as we have managed to do what we set out to achieve.  While our roots
 lie in television production we diversified, with the belief that the
 sum of the parts is always bigger than the whole into motion pictures,
 broadcasting, interactive and more recently games content. We were
 faced by many questions, as traditionally media companies have always
 focussed on one line of business. But for your company the vision was
 consistent from the start and that was that media & entertainment will
 grow in India but it would be across spectrums and therefore it was
 imperative for us to be in each of the spaces that represented the
 scope for growth.
 
 We have always looked at our business cycles with an appropriate mix.
 While there have been the mature businesses that have been the key
 drivers there are simultaneous investments in horizon businesses where
 we envisaged potential growth. In the past financial year the
 businesses have turned around and begun to pay back on the investments
 we made. I think the key challenges we have faced have been constantly
 pushing the envelope and experimenting while balancing out the risk
 however at the same time continue to bring scale into each of the
 verticals. At the end of the day it was about getting seven out of the
 ten things right and now with the motion pictures having kept up its
 performance, television has turned around and in a short span of time
 begun to give returns and with the first IP release in the games
 business and innovative products in the digital space already creating
 an indelible mark in their domain I think your company has stood the
 test of time in what has always been perceived as a high risk industry
 for more than two decades now.
 
 Over the years as the businesses your company invested in have grown we
 have proved that being diversified is our key strength and the
 conglomerate approach, thats not prevalent in Asia, has finally
 established itself. We have made this happen by a constant and razor
 sharp focus on content and IP creation while we distribute it across
 platforms. We have spent a lot of time and research to understand our
 audience and there taste to fulfil, pre-empt and sometimes even create
 their consumption habits.
 
 Your companys strategic approach has been to
 
 1.  Integrated Platform of Media Businesses to Drive Growth and
 Innovation
 
 2.  Maintain Intellectual Property Rights Over Content
 
 3.  Create Properties with a 360o Approach
 
 With respect to each of the businesses:
 
 - Television
 
 a. Produce a Wide Array of Television Content
 
 b. Focus on Quality in Airtime Sales
 
 c. Mass Specialty Channels Focused on Higher Yielding Audience
 
 - Movies
 
 a. Enhance Production Capabilities
 
 b. Building Strong Team of Creative Professionals
 
 c. Expand Distribution Capabilities
 
 d. Development of Franchises
 
 - Games and Interactive
 
 a. Powering forward with games content product development
 
 b. Supported by a true multiplatform strategy
 
 c. Growth through Content Creation and Technology Partnerships
 
 Your companys vision has clearly been to be a very vital part of the
 India Consumption Story to thrive towards high growth that leads to
 garnering a growing wallet share especially of the young Indian. To
 achieve this, your company has maintained a 5 year horizon and has
 invested in resources and MADE IT HAPPEN.
 
 
 
 
 Warmly,
 
 Ronnie Screwvala