Aurangabad Paper Mills Ltd Management Discussions

The Company is in the process to revive its operations. In light of the same, the contents pertaining to

(a) Industry structure and developments,

(b) Opportunities and Threats

(c) Segment-wise or product-wise performance

(e) Risks and concerns,

(g) Discussion on financial performance with respect to operational performance and

(h) Material developments in Human Resources/Industrial Relations front, including number of people employed, are not applicable to the Company on account of the process of revival of its operations.

The following is the perception of the Management on the MDA Report for the other clauses viz.:

(d) Outlook

The overall outlook, although appears to be unfavorable as of today, all possible efforts are being taken for restarting the operations of the Company.

(f) Internal control systems and their adequacy.

The Company has adequate internal control systems commensurate with its operations and income.