Bhoruka Aluminium Ltd Management Discussions.

a. Industry structure

As shareholders are aware that there is no manufacturing operations since 1st June, 2013, however there is some revenue from the sale of some portion of agricultural land. The Company has cleared major of its outstanding statutory liabilities including that of Bank. Despite of the best effort of the management, no viable solution comes before the company due to acute liquidity crisis to meet its liabilities. The Company is looking at various business options to overcome the liquidity crisis.

Opportunities and Threats

The company is re-evaluating the options to keep its business floating. Since there is no business operations, presently the Board of Directors do not foresee any major threat to the Company.

B. 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, complaince etc. are being managed adequately and efficiently by the Board /Committee of Directors of your Company.

C. 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. Internal Audit Reports and adequacy of Internal Control are reviewed by the Boards Independent Audit Committee on a regular basis. The Company has appointed M/s. Rau & Nathan, Chartered Accountants, to conduct Internal Audit for the year 2017-18.

D. Financial Performance with respect to Operational Performance

The Company is not carrying any manufacturing activities. Agriculture has not generated any revenue, results from operation is NIL during the year under review. Please refer Directors Report for details.

E. Human Resource /Industrial Relations

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

F. Outlook

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

G. 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.