From the MD's desk

Ladies and Gentlemen,
Welcome to Tricom India Limited

The Year gone by has indeed been one of the most challenging for the world economy. The unprecedented financial crisis, acknowledged today as the worst since the Great Depression, has shaken the foundations of some of the strongest economies in the world. Cumulative losses from bankruptcy, closures and failed businesses are pegged at trillions of dollars.

India has not been immune to this shock. While at the aggregate level, our country has displayed remarkable resilience sustaining relatively high growth rates, though several sectors have been adversely impacted. Despite this pall of gloom that bears on us, there are reasons to remain optimistic and confident. India's inherent strengths provide a strong foundation to better withstand the aftermath of the downturn in the global economy.

Indicators such as the higher growth in the core infrastructure sector, positive growth in IIP, improving performance of the corporate sector in terms of sales and profitability, could be viewed as signs of recovery from the slowdown. With the highest GDP growth in world pegged at 5.3% in the fourth quarter of the financial year the Indian economy is showing early signs of revival.

Business performance
Our business model has proved its versatility in this tough environment. Our focus on niche business segments such as Litigation Support, Forms Processing, Title Plant, e-Publishing, Healthcare Services and Software Services have enabled the Company to post 66% increase in revenues. However, our profit margins witnessed moderate growth on account of the acquisitions made recently. As your Company's services are centered around the markets in U.S. the volatile dollar also had an impact on the bottom line.

Operating in niche business segments has always been your Company's focus and strength. This niche focus coupled with presence in sectors which are virtually inelastic towards the economic downturn fuelled growth in the year under review as our business verticals continued to witness increased demand.

Future outlook
While we feel immensely gratified by the milestones surpassed, we are more excited and humbled by the opportunities that lie ahead. Your Company would continue to focus on operating in niche business verticals which hold promising opportunities.

Going ahead, to raise funds for expansion your Company is planning a rights issue. The details are being worked out and firm plans will be announced shortly.

The fundamentals of your Company have not changed. We are confident that year 2009-10 will be another year of growth and a time for your Company to demonstrate its unique advantages and potential.