BNR UDYOG LIMITED ANNUAL REPORT 2011-2012 CHAIRMAN'S REPORT Dear Shareholders, It gives me pleasure to present before you the 18th Annual Report of your company. This fiscal year 2011-2012 was a year of steady revival for the entire Medical Transcription Industry. We have risen against all odds and continue to accelerate towards higher achievements. We are focusing on rebuilding relationships with our US customers. We are entering with new tie-ups with U.S. companies who are in the field of Health Care Industry. Your company have started with Medical Billing & Coding services in addition to Medical Transcription. Your company is also getting empanelled with Government authorities for E-Governance Projects in India. With the employment of right people and our strength of consistent quality and accuracy of our work, we are moving into the future. Stepping into the New Year, we are confident of our way forward and are committed to delivering enhanced value to all our stakeholders. We have great visibility of the opportunities in the market and hence shall stand focused and enhance our turnover and profits in the coming years. I would like to thank all our valued customers, employees and associates including our bankers for their support. I also thank all the Shareholders for their continued confidence and faith in us. We look forward to an exciting year ahead with new milestones and accomplishments. With warm regards Sincerely, B.N.RATHI Chairman