Cityman Ltd Management Discussions.

Overall review, industry Structure and Developments:

The Company has minimal operations at present. Therefore a comparison of industry structure and developments at this stage will be premature and will not serve the desired purpose.

Opportunities and Threat

The company is awaiting approvals and permissions in order to commence its project at Panangad, Kerala. Pending this, at the moment the Company has very little operations. Therefore an attempt is not made here to evaluate the opportunities and threats.

Segment wise Performance

The Company does not have multiple products/segments Out look

The Board is positive on the future outlook of the company The Company has acquired a property in Cochin and is contemplating developing the property into Villas/Apartments.

Risk and concern

The issue is not relevant due to the factors explained in the earlier paragraphs.

Internal control System

Company at present has internal control procedures, which is commensurate with the present requirements. Internal controls are being monitored, reviewed and upgraded on an ongoing basis.

Material developments in Human Resources / Industrial Relations front, including number of people employed

At present, the Company does not have a full fledged HR Department due to low level of activity and the minimal number of employees. The Board is keen to have a fully equipped HR Department, once the activity is started in a big way.

Financial performance with respect to operational performance

(Amount in Rs)

Caution:

The actual performance of the company may vary due to economic fluctuations, both national and international, government regulations, tax laws and other unforeseen factors which are beyond the control of the Company