It is with a sense of satisfaction that I present to you Zicoms Annual
 Report, for the financial year 2008-09. It was a year when everything
 went wrong for the global economy. The world economy was pressurized
 under the collective assault of financial market irregularity,
 corporate frauds and a new form of terror attack. The economic slowdown
 has affected the corporate world globally, as well as our company.
 However, Im pleased to note that we not only withstood these turbulent
 times, but also showed good progress on the business front.
 
 The landscape of the security business has undergone a sea change after
 the 26/11 terror attack. The unique business model of Zicom, where we
 addressed the security needs of not only corporates, industries, retail
 and residential segments, but also government and public sectors, has
 helped us to weather the storm and also opened before us different
 avenues for growth.
 
 During the last financial year the company has proactively worked on
 cost reduction and employee performance improvement. Our
 plan-review-correct cycle has been reduced to have more focus and
 attention on priorities. Employees were enrolled in the process of
 rationalisation of branches and stores. The sense of togetherness and
 belonging has helped us to navigate through these difficult times. Most
 of our senior management personnel have been with the company during
 this crisis.
 
 The business of Building Solutions Group was affected due to the
 slowdown of the new construction activity, which was driven during the
 last five years by the growth of software, IT, banking and retail
 sectors. This slump in business was compensated for by Special Projects
 Group due to increase in orders from government and public sector
 undertakings.
 
 On the subsidiary front, Zicom Retails business learnt the hardship of
 driving the growth with minimum advertisement support and more emphasis
 on Below The Line activities, such as road-shows, tie-ups and
 demonstrations. Despite the slowdown in the gulf market, the business
 of Unisafe, Dubai remained more or less on target. This was possible
 due to close control exercised over key business processes of project
 execution.
 
 The financial year 2009-10 is an extremely crucial year for your
 company. The increasingly competitive market environment in the
 backdrop of the recent terrorist attack throws open both challenges and
 opportunities. Your company, with deep understanding of the security
 market, will adopt an appropriate strategy to drive growth. In the
 coming year, the emphasis on growth in our retail business will
 continue. We will soon be launching innovative products coupled with
 better quality service, thereby introducing more options to our
 existing as well as our prospective customers. Unisafe will continue
 its focus on infrastructure development projects in Abu Dhabi and
 Qatar.
 
 The international crisis has damaged sentiments rather than
 fundamentals in India. While the short term indicators may be negative,
 in the long term, the economy is expected to resurrect, the ripples of
 which are already being seen in the current financial year. The new UPA
 government has come to power bringing required stability for reforms
 and revival of the economy. The government has already initiated
 several steps to curb adverse effects of global recession on Indian
 economy through several fiscal measures. This includes additional
 spending on infrastructure, reduction in interest cost and social
 welfare programs for the masses. Also the priority for the government
 is to create a secure environment for the growth of businesses. The
 city infrastructure needs improvement to accommodate threat perception
 caused by the new form of terror. We are excited about the immense
 potential of city surveillance mechanism, which Im sure is a priority
 for the government. The other priorities of the government such as
 development of Ports, Airports, Power Plants and Roads will throw open
 opportunities for ample growth.
 
 As the demand and sentiments improve, Zicom is well placed and will
 continue to build upon strong fundamentals based around the brand
 equity and trust earned over the last 15 years.
 
 I am confident that in the coming year, your company would strive to
 achieve better business performance based on various strategic
 initiatives already underway, aimed at enhancing the stakeholders
 value. To us, you are our partner in progress. We look forward to your
 continued support.
 
 I would also like to take this opportunity to thank all our employees
 and business partners for their commitment and support.
 
                                                              Feel Safe,
                                                          Manohar Bidaye
                                                                Chairman