IFL Enterprises Ltd Management Discussions.

Overview

Your Directors are pleased to present the Management Discussion and AnalysisReport for the year ended 31stMarch, 2020.

The Management Discussion and Analysis have been included in consonancewith the Code of CorporateGovernance as approved by The Securities andExchange Board of India (SEBI). Investors are cautioned that these discussionscontain certain forward looking statements that involve risk and uncertaintiesincluding those risks which are inherent in the Companys growth and strategy.The company undertakes no obligation to publicly update or revise any of theopinions or forward looking statements expressed in this report consequent tonew information or developments, events or otherwise.The main business of the Company is trading in textile products primarily fabrics.

Industry Structure & Development

Textile Business:The textile industry in India traditionally, after agriculture, is the only industry that has generated huge employment forboth skilled and unskilled labour in textiles. Even today, textiles sector is one of die largest contributors to Indiasexports with approximately 14 per cent of total exports. India is the second largest exporter after China of textiles and apparel products having estimated 4-5% share in the global trade. However, the market pickup to improve export performance is still to happen. Our focus remains on value added products and new product development to cater to the niche segment of the market.

QppQrtunitid? and Threats

Textile Business:Positive steps taken by the Centpral Government for the textile industry, from allocation of funds to give extra rebate to exporters (mainly on made-ups) and various other benefits, are expected to improve investment in this sector and provide more business opportunities in the near future. With increasing capacities of man-made fibres as compared to cotton, the preferred shift of the consumer to use products of man-made fibres

i.e. viscose, polyester, polyamide, acrylic, etc. and its blends, is expected.

We believe that the principal factors affecting competition in our business include client relationships reputation, the abilities of employess, market focus and the liquidity on the Balance Sheet.

Service Offering Business:W/e face competition from various other financial intermediaries operating in this segment. Further, we also face competition from sales teams of Banks and FIs who could approach clients directly.

We believe that relations are of key importance and hence our focus on delegating debt syndication services to small and Medium Enterprises that will enable us to generate future revenue and also open up possibilities for new business through cross references. This will enhance our ability to effectively compete with our competitors and create niche for us in the market.

Risk and Concerns

Textile Business:Risk Management forms an integral part of your Companys operations. Your Company continues to focus on a systembased approach to business risk management. It broadly involves identification & potential risks, their analysis andimpact as also risk mitigation initiatives to address the same. The Board of Director of the Company oversees the risk management Process.

The outlook for industry and the Company in the near term can be viewed with cautious optimism. The Indiangovernment has come up with a number of export promotion policies for the textiles sector.

The trend in India is also shifting towards use of man-made fibre products. In order to satisfy the taste of customers in future, we have developed innovative products with man-made fibre and its blends which have been appreciated and approved by the customers. We are also initiating the launch of own brand for home textile products in USA in time to come. With the above and focus on cost optimization, we expect the outlook to be satisfactory.

The future for the Indian textile industry looks promising, buoyed by both strong domestic consumption as well asexport demand. With consumerism and disposable income on the rise, the retail sector has experienced a rapid growthin the past decade with the entry of several international players like Marks & Spencer, Guess and Next into the Indianmarket.

Adequacy 9f Internal ContraLSyatem

The Company has adequate internal control systems for the business processes in respect of all operations, financial reporting, compliance with laws and regulations etc. The management information system forms an effective and sound tool for monitoring and controlling all operating parameters. Regular internal audits ensure that responsibilities are executed effectively. The Audit Committee reviews the adequacy of internal controls on regular basis.

Human Resources Development/lndustrial Relations

Human resources are valuable assets for any organization. The employees of the Company have extended a very productive cooperation in the efforts of the management to carry the Company to greater heights. The Company is giving emphasis to upgrade the skills of itshuman resources and continuous training down the line is a normal feature in the Company to upgrade the skills and knowledge of theemployees of the Company.

Cautionary Statement

The Statement in this Management Discussion and Analysis report, describing the Companys outlook, projections, estimates, expectations or predictions may be "Forward looking Statements" within the meaning of applicable securities laws or regulations. Actual results could differ materially from those expressed or implied.

By Order of the Board
For IFL Enterprises Limited
Sd/- Sd/-
Ashok Kumar Bansal Gopal Bansal
Date: 05.09.2020 (Whole Time Director) (Director)
Place: Delhi DIN-07069510 DIN-01246420