Dear Stakeholders

Fiscal 2014 was a yet another year of optimism and excitementforNeo Corp InternationalLimited. We crossed a turnover of Rs.592.24 crores which is an increase of 39.61 % overthe previous year. The profit before tax for the financial year ended 31st March 2 014increased to Rs. 34.45 Crores from Rs. 30.07 Crores in the previousyear.

Our clients are one of our most important stakeholders and we strive to be consistentlyrelevant to their changing business needs. On a consolidated basis we added 15 newclients taking our client base to 75 in international marketing while domestic marketingreached to 800 plus distributor and dealer client base. We also expanded our globalfootprint further thisfiscal with a new clientsfrom Syria and Iraq.

Seeing the ever changing business environment we embarked on a strategy that ensuresall rounded growth envision. We focused first on being highly competitive large revenueyielding products; second customizing the products; end to end solutions leveragingproduction methods for higher margins.

NCIL acknowledges the fact that Rs.Taking care of Business means Taking care ofPeopleRs.. We worked hard during the year to strengthen our Human Resource Managementsystems. Building capabilities through training and development enhancing trust andemployee satisfaction through various HR interventions were our focus areas. Theinterventions received a very positive response and the change has been conspicuous. Weadded 131 employees during the year and as on March 312014 our total staffstrengthwas459for NCIL and its subsidiaries.

In terms of HRM initiatives a robust recruitment and selection process was introducedwhich had an immediate impact on quality of people being hired into the organisation.Competency based performance and appraisal system was designed and implemented to providea firm foundation for training and development. Annual Excellence Awards initiative was afirst in the history of NCIL where performers were rewarded at a grand function. Employeeswith 1015 and more years of service were also felicitated at the function. Carom Leagueand Cricket league were conducted in addition to various other competitions.

NCIL introduced various corporate governance mechanisms during the year that includemonitoring of actions new policies and collaborative decision making processes. Inpursuit of clean and effective governance systems were introduced at core committee andfunctional head levels for open and transparent interactions to facilitate speedierdecision making. We continue to expand our reach to new markets with new products.Empowering people and betterment of communities was on our agenda through CSR activitieslike Free Health Check-up camps Eye Camps and Rs.ShishuviharRs. preschool for thechildren of the lesser privileged.

The new fiscal year heralds an opportunity for reimagining and reinforcing the futureof the organization. We are in globally connected world where in the technology ischanging rapid fast. This game changing intervention has led to innovation of newproduction method breakdown of traditional way of thinking and behaviors and innovativeways of problem solving and solutioning. These opportunities to contribute are thereforevery company and the ones who see it seize it internalize it recognizing changes asthe only constant will be the ones to survive and thrive in such a fast changing world.

We could not agree more with George Bernard Shaw who said "Progress is impossiblewithout change." In the year ahead plans are afoot to unveil a series ofinitiatives. We also foresee change. With your continued trust and support we areconfident that we will continue to evolve with the changing times.

Acknowledgement

I take this opportunity to acknowledge the hard work and team effort put in by allemployees and the support we have enjoyedfrom our stakeholders. Your continued goodwillgreatly encourages us in all efforts to takeyour Company to a more rewarding future.

I sincerely thank our bankers customers and suppliers for sharing our vision andsupporting us and foresee a continued support in our future endeavors.