Aarya Global Shares & Securities Ltd Management Discussions

Your Directors are pleased to present the Management Discussion and Analysis Reports for the year ended March 31, 2014 as under:

1. OVERVIEW :

Despite the recent headwinds India has faced, its fundamentals remain solid. The economy is slowly regaining momentum, with both domestic and external conditions starting to improve. Favorable demographics and recent government reforms are expected to accelerate expansion over the medium term, making India the world’s fifth-fastest growing economy by 2015. Recent reforms in support of growth include the raised FDI ceilings for the retail, airline, telecoms, financial and defense sectors. To support future growth, the Government should focus on infrastructure investment and increased efficiency in delivery mechanisms. The monetary policy might remain tight in the near future, triggered by the US Federal Reserve’s remarks in May about potentially scaling back its quantitative easing program. Consequently, to support the rupee, the Central Bank has announced a window in which foreign currency non-resident US dollar fund swaps will be allowed, enabling banks to convert US dollar deposits by Indians abroad. India saw tepid GDP growth in 2012, as it grappled with a challenging investment climate. Recently, the economy has been hampered by high fiscal deficit and low investment growth. The Government aims to bring down the fiscal deficit from 4.9% in 2012–13, to 3% by 2016–17.

2. INDUSTRY STRUCTURE :

Despite volatile moves, the year 2013 has finally proved to be fruitful for the stock market with about 25 per cent appreciation in benchmark indices, but investors are looking forward to more stable times in 2013. The wish-list includes favorable policy initiatives by the government and regulators like RBI and SEBI, in addition to implementation of already proposed reforms, as also a better corporate earnings performance in 2014 to keep up the momentum. RBI’s monetary policy looks as the biggest trigger for the Indian stock market in 2014. Going ahead, implementation of the proposed Direct Cash Transfer, if happens on the desired lines, would lift investor sentiment. Also, the much awaited GST could be a game-changer for the markets. The government’s reform agenda has lifted investor sentiments and business confidence, which in turn have driven overseas investment inflow. The Indian stock market is likely to perform well in 2014 as it remains the most attractive relative to other countries.

3. BUSINESS OPERATIONS :

The Company is a corporate member of the capital market, wholesale debt market and derivative segment of the National Stock Exchange of India Limited (NSE), a corporate member of the capital market and derivative segment of the BSE Limited (BSE) and MCX-SX, registered category 1 merchant banker and registered portfolio manager. The Company is in the business of stock and share broking, commodities trading, depository service, distribution of Mutual Funds/IPOs and other investments and tax planning products.

4. OUT LOOK :

The Indian Capital Market is facing strong headwinds as the Federal Reserve signals plans to scale back its massive stimulus program. Challenges will remain on the macro-economic front with the weakening rupee and widening current account deficit. There is also the added fear of increased government spending on populist welfare programmes ahead of elections due in May 2014. Markets will continue to remain volatile in the first half and will seek direction from global cues on it’s movement. It is expected that markets are likely to see some recoveries in the second half of the current fiscal year. Your company has over the last couple of years prepared to protect itself from the dwindling fortunes of the capital market. We have diversified our revenue stream by tapping into the third party distribution services in the area of residential real estate, loan products, mutual fund, etc., among its clients. This has resulted in significant increase in company’s revenue and has reduced its dependence on securities broking.

5 INTERNAL CONTROL SYSTEM :

The company has an effective internal control environment which ensures that operation are managed efficiently and effectively, assets are safeguarded, regulatory are complied with and transactions are recorded after appropriate authorization. the Company has an adequate internal control system commensurate with the size of the company and the nature of its business which ensures that functioning of the Company is managed efficiently and effectively, assets are safeguarded, regulatory compliances are complied with and transactions are recorded after appropriate authorization. After constitution of the Audit Committee, Company is confident of that Audit Committee will ensure due internal control procedures pertaining to financial reporting and that they have disclosed to the auditors, and the Board, deficiencies in the design or operation of such internal controls, if any, which they find during their review and the steps to be recommended to the Board for rectification of these deficiencies.

6 HUMAN RELATIONS :

Human resources have always been most valuable assets for our company. During the year the company has once again gained the confidence of its Human Resource as well and company constantly seeks to attract and retain the best available talent. Human resources management incorporates a process driven approach that invest regularly in the extensive training programs. The Company continued to enjoy healthy industrial relations during the year.

7 FORWARD LOOKING AND CAUTIONARY STATEMENTS :

Management Discussion and Analysis contains forward-looking statements concerning the Company’s future plans, strategies, and performance. These forward-looking statements are not historical facts; rather, they represent assumptions and beliefs based on economic, financial, and competitive data currently available. Forward-looking statements include information preceded by, followed by, or that include the words "predicts," "expects," "anticipates," "could," "may," or similar expressions. Furthermore, they are subject to a number of risks and uncertainties that, without limitation, relate to economic conditions, fierce competition in the information service industry, customer demand, tax rules, regulations, and other factors. Readers of this annual report are cautioned not to place undue reliance on these forward-looking statements. The Company therefore wishes to caution readers that actual results may differ materially.

	By Order of the Board of Director
Registered Office :
302, Vikas Commercial Complex,	sd/-
Bhakti Marg, Vikas Paradise,	Bhavesh Makwana
Mulund (West),	DIN : 00459316
Mumbai- 400 080	Managing Director
Place : Mumbai
Dated : 14 th August, 2014

MANAGING DIRECTOR’S CERTIFICATION

To,

The Board of the Directors,

Aarya Global Shares and Securities Limited

(Formerly known as Kuvam International Fashions Limited)

I Mr.Bhavesh Makwana, Managing Director of Aarya Global Shares and Securities Limited (Formerly known as Kuvam International Fashions Limited) hereby certify to the Board that:

1. I have reviewed the financial statements and the cash flow statements for the year 2013-14 and that to the best of our knowledge and belief :

a) These statements do not contain any materially untrue statement or

b) Omit any material fact or contains statements that might be misleading.

c) These statements together present a true and fair view of companys affairs and are in compliance with existing accounting standards, applicable laws and regulations.

2. There are, to the best of my knowledge and belief, no transactions entered into by the company during the year that are fraudulent, illegal or violative of the companys code of conduct.

3. I accept responsibility for establishing and maintaining internal controls for financing reporting and I have evaluated the effectiveness of internal control system of the Company pertaining to financial reporting. Deficiencies in the design or operation of such internal controls, if any, of which I am aware have been disclosed to the auditors and the Audit Committee and steps have been taken to rectify these deficiencies;

4. (i) There has not been any significant change in internal control over financial reporting during the year under reference;

(ii) There has not been any significant change in Accounting policies during the year; and

(iii) Instances of significant fraud, if any of which we have become aware, and involvement therein, if any, of the management or an employee having a significant role in Companies internal control system over financial reporting shall be disclosed.

	By Order of the Board of Director
Place : Mumbai	sd/-
Dated : 14 th August, 2014	Bhavesh Makwana
	DIN : 00459316
	Managing Director