Anubhav Infrastructure Ltd Management Discussions.

The purpose of this discussion to provide an understanding of financial statements and a composite summary of performance of our business.

Management Discussion and Analysis (MDA) includes :

• Indian Economy Overview

• Construction Industry Overview

• Business Overview

• Business Outlook

• Financial Resources

• Significant developments subsequent to the last financial year

• Financial And Operational Performance

• Internal Control Systems and adequacy

• Material Development in Human Resources

• Opportunities And Threats

• Risks And Concerns

S Discussion On Financial Performance With Respect To Operational Performance v" Cautionary Statement

Indian Economy Overview :

Infrastructure in any country plays a vital role for the economy’s growth and development. The Indian economy is getting bigger and better with every passing year. And needless to say, Infrastructure will contribute significantly to the country’s overall development. Nearly all the infrastructure sectors will provide excellent opportunities for investments, with roads, railways, ports, power and airports being the major attractions.

Construction Industry Overview ;

The Construction Industry in India plays a vital role in economic activity after agriculture and provides employment to large amount of people. Broadly, construction can be classified into two segments - infrastructure and real estate. The infrastructure segment involves construction projects in different sectors like roads, rails, ports, irrigation, power, etc. Investment in the infrastructure sector plays a crucial role in the growth of the economy of the country. Development of infrastructure in the country mainly depends upon the spending by GOI in various sub segments of infrastructure.

Business Overview:

We are currently engaged in the providing land development, construction services and other related services for civil fit structural construction and infrastructure sector projects. The aforementioned services are currently provided by us through our third party vendor contractors to whom we subcontract construction and other execution work related to projects. The Registered Office of our Company is situated at Howrah and project sites are situated at various places in India. Our Company was initially incorporated with the object of trading. We started construction activities in FY 2007- 2008. Our Company has witnessed growth in the number of projects being undertaken and also in revenues of our Company. We are working

SI.No. Particulars Year Ended 31st March, 2019 Year Ended 31st March, 2018
1 Turnover 5,323,904 • 6,826,102
2 Profit/(Loss) before taxation 120,218 232,722
3 Less: Tax Expense 31,666 54,261
4 Profit/(Loss) after tax 88,551 178,461
5 Add: Balance B/F from the previous year 22,343,527 22,165,066
6 Balance Profit / (Loss) C/F to the next year 22,432,078 22,343,527

Internal Control System And Adequacy :

Internal Control Systems has been designed to provide reasonable assurance that assets are safeguarded, transactions are executed in accordance’s with management’s authorization and properly recorded and accounting records are adequate for preparation of financial statements and other financial information. Internal check is conducted on a periodical basis to ascertain the adequacy and effectiveness of internal control systems.

Material Development in Human Resources :

During the year, your Company has appointed Company Secretary and Compliance Officer to look over various compliances. The Company continues to lay emphasis on developing and facilitating optimum human performance management was the key word for the Company this year.

Opportunities And Threats :

The performance of capital market in India has a direct correlation with the prospect of economic growth and political stability. Though the growth projections for FY. 2018-19 appear reasonable, there are certain downside risks such as pace and shape of global recovery, effect of withdrawal of fiscal stimulus and hardening of commodity prices. Our business performance may also be impacted by increased competition from local and global players operating in India, regulatory changes and attrition of employees. With growing presence of players offering advisory service coupled with provision of funds for the clients needs, we would face competition of unequal proportion.

Risks And Concerns:

This section contains forward - looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these statements. As the industrial and economic growth of the country is showing steady improvement. There is no perceived risk and concern in this area of business and there is an ample scope for growth in India itself. Forward looking statements are based on certain assumptions and expectations of the future events that are subject to risks and uncertainties. Actual future results and trend may differ materially from historical results, depending on variety of factors. Their risk and concerns faced by the Company are similar to those faced by any growing organization in today dynamic industrial and economic scenario.

Continuously to strengthen our infrastructure, enhance our presence and building the capabilities to execute end to end projects on our own.

Business Outlook :

Outlook remains stable for the current year. The company is looking at other avenues for business growth. Financial Resources:

The Net Worth of our Company as on March 31, 2019 is Rs. 6973.76 Lacs which allow our Company to bid for and undertake higher value projects. This assumes significance when we take into account that the leading infrastructure companies are passing on the projects awarded, to contractors down the line. Further, most of our clients are private sector entities and we have not faced many challenges as far as billing and collections are concerned. We have not had any bad debts so far and we do not have any outstanding debtor’s position for more than six months.

• Significant developments subsequent to the last financial year :

After the date of last financial year, i.e. March 31, 2019, the Directors of our Company confirm that, there have not been any significant material developments.

Key factors affecting the Results of Operations :

Our Companys future results of operations could be affected potentially by the following factors:

• Political condition : In case of political instability, government could change the spending pattern on infrastructure. This change in policy framework can affect our business.

• Stringent condition of our contract: Most of our contracts are time bound as well as put a condition of meeting the minimum standard requirement of such construction. Contract may stipulate penalty condition for non-closure of our project in time. This non completion of project in time could affect our financials. We are subject to blacklisting by the authority for non-full-filing our commitment.

• Our ability to attract and retain skilled and technical staff : Skilled and Technical Staffs are required by us for all our projects. We take up various projects based on availability of right mix of man power. Thus our growth is likely to be affected by our ability to attract and retain skilled and technical manpower.

• Effect of Inflation : We are affected by inflation as it has an impact on the operating cost, staff costs etc. In line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.

The details of the financial performance are appearing in the financial statements separately. The highlights of the same are also mentioned in the Directors’ Report.

Cautionary Statement:

Certain statements under "Management Discussion St Analysis" describing the Companys objectives, projections, estimates, expectations or predictions may be forward looking statement within the meaning of applicable securities laws and regulations. Although the expectations are based on reasonable assumptions, the actual results could materially differ from those expressed or implied, since the Companys operations are influenced by many external and internal factors beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

For and on behatf of the Board
Dinesh Agarwal
Place : Howrah (Managing Director)
Date : August 27, 2019 Din : 00499238