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Mascon Global Ltd.

BSE: 531131 Sector: IT
NSE: N.A. ISIN Code: INE896A01013
BSE 05:30 | 01 Jan Mascon Global Ltd
NSE 05:30 | 01 Jan Mascon Global Ltd

Mascon Global Ltd. (MASCONGLOBAL) - Chairman Speech

Company chairman speech

MASCON GLOBAL LIMITED ANNUAL REPORT 2009-2010 CHAIRMAN'S REPORT Dear Fellow shareholders, The year 2009-2010 will mark as one of the toughest years in our history. The year started with initiation of liquidation process of our private equity investor who also lent against some of the acquisitions and provided working capital. During the year we were forced to repay considerable sums of money to them as also suffer from them bringing down working capital limits from $20 mm to $5mm. We also believe that one or more of the private equity investors liquidated stake(s) held in the company thereby depressing the value of the company. This placed considerable pressure on the company's finances leading to backlog to most stakeholders. We have managed to clear most dues but are left with the aftermath of this serious dislocation. MGL has always been a company with outstanding management team and fostered fantastic team spirit. The above events seriously dislocated the band of confidence that accompanies great teams. We have continued to deliver without interruptions to our clients and this is a great achievement and symbolizes MGL spirit. The company is solvent in spite of the tough events of 2008-10. While I am personally confident of stabilizing the company in 2010-11, the challenges are enormous and daunting. The team that we have is among the best in the industry and with its support, I am confident that we will do all that is necessary to rebuild the Company in a manner that forever insulates us from the set of events that overtook us in 2009-10. The US economy, our prime market is getting back on track though outsourcing has become a difficult issue and the business models have to change. I am confident that the Company will overcome this hurdle and continue its growth path. I thank all our stakeholders including our employees, clients, banks and the shareholders for their forbearance during this difficult time. Sincerely, Sandy K. Chandra Chairman and CEO, MGL