Dear Shareholders,
I am delighted to report another excellent set of results reported by your company during the past financial year. This has been possible through strong focus on efficiency and efficient cost management system and through focus on new initiatives in Education sector.

The entire journey of IEC Software Limited has moved through various ups and down. Starting from the date of incorporation, the Company has experienced every face of life viz. growth, recession, revival, restructuring and now the Company is all set with its bright expansion plan to venture into new array of activities. The Company during the period 1995 to 2002 had shown a remarkable growth in terms of revenues and profitability, the Company had generated huge revenue from Turnkey IT Education Project, software development projects, Software Training, and Franchise Business.

However, by the beginning of the year 2002 many IT giants started facing the heat of global IT slowdown and our company was no exception. This global slowdown dented us as with considerable losses on the account of bad debts. But, inspite of all the problems and difficulties, IEC has continuously strived to raise its services to the highest level of excellence. It is only because of its constant fighting spirit, today IEC has positioned itself into the well known names in the Education Industry.

Notwithstanding the above grim past , the Year 2007‐08 a restructuring exercise has been carried out in the company to make an entry in formal education sector. The Company wiped out its accumulated losses out of its reserves and the Balance Sheet of your Company is now free from all accumulated losses.

Your company is in niche service sector. For the last half decade there is a robust performance by the Services Sector in India, which has been clocking strong double-digit growth rates over the past few years, and has been primarily accountable for the high GDP growth rates recorded. This fantastic growth rate has been achieved due to the humongous talent pool available in India, which is a subset of its entire population. The biggest asset of any country is its people. India has a population of more than 110cr, the second-largest in the world. However, India's literacy rate is not even two – third of the Total population, thus, there is a short supply of educated manpower in India. In fact, there is a huge requirement of talent in the fields of Hospitality, IT Services, Retail, Financial Services and Aviation, to name a few. This call for a high investment and growing participation both from Government as well as the Private sector. However, the Government has its own boundations with limited funds and expertise and the Private sector participation lacks due to the Regulatory barriers which prohibits the profit making activity in Education sector. It is well established fact that private sector recognizes his Social Responsibility but after ensuring with them set level of profits. It certainly calls for much-needed transform in the regulatory measures to ensure the Private Participation in this sector.

The numbers of junior basic schools are highest in the country and there is a strong need to set up higher secondary schools as well as colleges with a focus on IT education. Government has set up many ICT schools but still more than fifty percent of the market is untapped which shows an opportunity for private players. In respect to the country’s population and number of students, trained teacher’s ratio is low which emphasizes the need of training institutes. The growing IT industry in India is driving IT education and training market as well as enhanced teaching techniques.

Financial Performance
The last fiscal year was rise to the new landmarks, and new targets for your company. The Net Profits of the Company has increased by over 33% and Profit After Tax by 20%. Your Company is trying to channelise every form of formal education activity and is venturing into new tie ups. In last fiscal VEF, collaborator of your company has expand its roots to management courses by starting Post Graduation Management Program (PGDM) in his campus, the course is running successfully.

Last FY Company has reported the gross revenue of Rs.902.32 Lacs, Personality Development Program (PDP) with 746.19 Lacs forms the major portion and income from training segment reported 86.23 Lacs while franchise and other miscellaneous income reported 69.90 Lacs.

The management of your company is committed towards excellence and to take your company towards new height of success.

Looking forward to your profound growth with IEC.

With best wishes,
Yours sincerely,

Navin Gupta
CEO and MD