Bhoruka Aluminium Ltd Management Discussions

As shareholders are aware that there is no manufacturing operations since 1^st June, 2013. The day to day expenses are met by liquidating certain non-productive assets of the Company and by borrowing from the other companies. The Company is facing severe liquidity crisis. The Company is looking at various options available for the way out from the situation.

Opportunities and Threats

As explained above since there is no manufacturing operations, presently the Board of Directors do not foresee any major threat to the Company. However, the severe liquidity crunch and the impending statutory penalties have brought the existence of the company under threat.

II. Risk and Concerns

The Company being in-operative, there are no major risks which may have major impact on the Company. Risks and concerns related to finance, taxation, compliance etc. are being managed adequately and efficiently to the extent possible by the Board / Committee of Directors of your Company.

III. Internal Control Systems and their Adequacy The Company has internal control system commensurate with its size and nature of business, to ensure that all assets are safeguarded and protected against unauthorised use and that all transactions are authorised, recorded and correctly reported.

IV. Financial Performance with respect to

Operational Performance

The Company is not carrying any manufacturing operations. Please refer Directors Report for details. As such, Key financial ratios like Debtors

Turnover, Inventory Turnover, interest coverage ratio, Debit Equity ratio etc. Is not applicable.

V. Human Resource /Industrial Relations

There are no permanent employees on the role of the Company.

VI. Outlook

The company continues to analyze various options to maintain its current state of affairs.

VII. Cautionary Statement

Certain statements under "Management Discussion & 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. VIII. Ratios: Please refer Note to the financials for the detailed report on the ratios. Since, the Company is not having any operations, most of the ratios are zeros and the few which are calculated and are varying are also due to very, marginal changes in the financials only.