Likhami Consulting Ltd Management Discussions

Pursuant to Listing Regulation of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 aligned with Companies Act, 2013, the Management Discussion & Analysis Report for the year under review is given below;

Background:

The Management Discussion and Analysis Report sets out the developments in the business, the Company’s performance since the last Report and the future outlook. This Report is part of the Director’s Report and the Audited Financial Statements, forming part of the Annual Report. However, certain statements made in this Report relating to the projections, outlook, expectations, estimates, etc., may constitute "forward looking statements" within the meaning of applicable laws and regulations and may differ from actual. Several factors could make a significant difference to the Company’s operations, including climatic conditions, economic conditions affecting demand and supply, government regulations, revision in government policies, taxation and natural calamities over which the Company does not have any control.

Overview of the Consulting Service Industry

Consulting services are broadly categorized into five main domains: Strategy, Management, Operations, IT/Digital, and Human Resources. These services help organizations navigate challenges, optimize performance, and drive growth.

1. Strategy Consulting- Advises C-suite executives on high-level decisions and long-term direction. Its focus on Market entry, mergers and acquisitions (M&A), competitive positioning, and corporate growth.

2. Management Consulting - consulting on the overall efficiency and organizational structure of a business, its focus on Change management, restructuring, organizational design, and general business performance.

3. Operations Consulting- Aims to improve the internal processes, supply chain, and day-to-day execution of a business. Its focus on Process management, procurement, supply chain optimization, and cost reduction.

4. IT & Technology Consulting- Helps companies leverage technology to support their overarching business goals. Its focus on Digital transformation, cloud migration, AI and data strategy, and cybersecurity.

5. Human Resources (HR) Consulting- Aligns human capital with the company’s broader organizational goals. Its Focus on Talent acquisition, performance systems, compensation planning, and workplace culture.

6. Specialty Consulting- Niche services tailored to specific operational or legal requirements. Its Focus on Financial advisory, legal/regulatory compliance, sustainability, and marketing/branding.

The services are used by various industries, including IT services, manufacturing, financial services, mining, oil and gas, construction, and others. The different service providers include large enterprises, as well as small and medium-sized enterprises.The largest markets for consulting services include operations and financial advising, more than double the human resources and strategy markets. However, all the management consulting markets are seeing average growth each year.

GLOBAL CONSULTING SERVICE MARKET ANALYSIS:

The Consulting Service market size is expected to grow from USD 371.04 billion in 2025 to USD 388.74 billion in 2026 and is forecast to reach USD 490.67 billion by 2031 at 4.77% CAGR over 2026-2031.The growth in the forecast period can be attributed to faster economic growth, digital consulting to drive growth, increasing investments in smart cities, increasing focus on customer satisfaction and global collaboration for environmental protection. Major trends in the forecast period include focus on offering metaverse consulting services, focus on offering internet of things (IoT) in management consulting services, focus on modularization of services, focus on value-oriented revenue model, focus on automation and artificial intelligence, focus on offering services through virtual firms and mergers and acquisitions activities.

The market’s stable expansion reflects a decisive pivot from traditional advisory toward technology-enabled, outcome-oriented engagement models. Board-level urgency around digital transformation, heightened regulatory scrutiny on environmental, social, and governance (ESG) performance, and intensifying cyber risk are funneling enterprise spending toward high-value consulting offerings. Large firms are broadening capability sets through acquisitions that plug expertise gaps in artificial intelligence (AI), cloud migration, and energy transition, while boutique specialists win mandates by offering deep domain knowledge and agile delivery. Hybrid engagement models that combine on-site and virtual delivery are normalizing, allowing firms to access global talent, lower project costs, and reduce travel-related carbon footprints. Competitive differentiation hinges on proprietary platforms, data-driven methodologies, and demonstrable impact metrics that tie fees to measurable client outcomes.

Key Report Takeaways

3 By service type, Operations consulting held 28.94% of the consulting service market share in 2025, while Technology Advisory is forecast to grow at a 6.29% CAGR through 2031.

3 By client industry, the Banking, Financial Services, and Insurance sector commanded 22.10% of the market size in 2025, whereas the Healthcare and Life Sciences sector is projected to expand at a 6.63% CAGR to 2031.

3 By delivery model, On-site engagements represented 63.52% revenue share in 2025, but Remote-Virtual consulting is set to progress at a 5.92% CAGR over the forecast horizon.

3 By organization size, large enterprises accounted for 70.55% of 2025 spend, yet small and medium-sized enterprises are advancing at the fastest 6.71% CAGR thanks to fractional consulting models.

3 By geography, North America led with 40.62% revenue contribution in 2025, while Asia-Pacific is poised to record a 6.92% CAGR through 2031 on the back of infrastructure digitization and energy-transition mandates.

TREND & INSIGHT

3 Accelerating Digital-Transformation Mandates

Enterprises are compressing multi-year modernization programs into shorter cycles, driving premium demand for consultants who can orchestrate cloud migration, data modernization, and advanced analytics at scale. Industry-specific cloud solutions allow sector customization, prompting consultants to blend process redesign with technology implementation. Healthcare providers are deploying tele health ecosystems, manufacturers are embedding sensors for predictive maintenance, and financial institutions are rolling out real-time payment rails. Consulting firms respond with dedicated industry-cloud practices that cover architecture design, data migration, and compliance alignment, repositioning themselves as execution partners rather than purely strategic advisors. The shift elevates long-term annuity revenue from managed services that follow the initial transformation phase.

3 Heightened Post-Pandemic Operational-Efficiency Focus

Cost containment remains a board priority as supply-side inflation and wage pressure erode margins. Organizations demand quantifiable return-on-investment from consulting engagements, spurring outcome-based fee models tied to throughput gains, automation intensity or working-capital release. Assignments increasingly revolve around process mining, intelligent automation and lean restructuring of hybrid workforces. Consultants embed performance dashboards that track key performance indicators in real time, ensuring transparency and accelerating decision-making. This results-oriented mindset cements consulting firms as value-creation partners rather than discretionary spend items, strengthening wallet share among cost-conscious clients.

3 Demand for Advisory on Gen-AI Governance

Proliferation of generative AI pilots has triggered governance concerns spanning model bias, intellectual-property leakage, and regulatory compliance. Clients turn to consultants for model-risk frameworks, responsible-AI policies, and talent-upskilling road maps that balance innovation with oversight. Structured governance accelerators, often developed in partnership with hyperscale’s, shorten adoption timelines while mitigating ethical and legal pitfalls. The nascent nature of regulations positions consulting firms as trusted intermediaries between technology vendors, regulators, and corporate boards.

3 Client Cost-Cutting and In-House Capability Build

Economic caution is prompting enterprises to rebalance external spend toward strategic gaps only, while internal centers of excellence absorb routine advisory functions. Selective sourcing strategies emphasize value capture, pushing consultants to differentiate through proprietary tools, industry benchmarks and outcome guarantees. Simultaneously, firms offer co-sourcing models that embed consultants within client teams to transfer knowledge and speed capability maturation, preserving engagement opportunities despite budget restraint.

3 Talent Scarcity and Wage Inflation

Demand for practitioners versed in AI governance, advanced analytics, and ESG outstrips supply, inflating compensation and compressing project margins. Firms react by accelerating internal training academies, tapping alternate labour pools, and deploying offshore delivery centers. Flexible work arrangements, gig-based staffing, and alumni networks are leveraged to expand capacity while containing fixed costs. Sustained talent deficits may spur further consolidation as scale advantages in recruitment and learning development favour larger firms.

3 In our technology-driven world, no industry or business ever stands still, and consulting firms are no exception. The most critical takeaway we can gather from looking at these consulting trends collectively is that consulting firms must be just as agile and adaptable as they aim to make their clients.

3 Technologies like generative AI and cloud computing will become increasingly fundamental to the way organizations operate, and consultants must know how to leverage and integrate them into the solutions they develop and the strategies they recommend.

We’ll explore these and other key consulting trends shaping the landscape in 2026 and beyond, including:

Generative AI

Evolving Hiring Practices and Skill Sets

Workplace Transformation and Remote Work

Digitalization and Digital Transformation A strategic roadmap for growth:

The consulting industry in India is growing rapidly, and there are a number of strategies that can be taken to promote further growth in the coming years. Here are a few key strategies

Embrace innovation: The consulting industry in India is constantly evolving, and firms that embrace innovation will be better positioned to succeed. This means investing in new technologies, developing new methodologies, and creating new ways to deliver value to clients.

Nurture talent: The Indian consulting industry in India is facing a talent shortage, so it is important to nurture the talent that is available. This means investing in training and development, creating a positive work environment, and offering competitive compensation and benefits.

Improve the quality of consulting services: The quality of consulting services in India is variable, and firms that want to grow need to focus on improving the quality of their offerings. This means having a strong understanding of the client’s needs, providing clear and concise recommendations, and delivering results that meet or exceed expectations.

Enhance consulting skills: The consulting industry in India is highly competitive, so it is important for consultants to have the skills and knowledge that clients are looking for. This means staying up-to-date on the latest trends, developing strong analytical and problem-solving skills, and being able to communicate effectively with clients.

Partner with other firms: The consulting industry in India is becoming increasingly collaborative, so it will be fruitful for firms to partner amongst themselves to share resources and expertise. This could involve forming joint ventures, alliances, or strategic partnerships.

Core Market Segmentation The industry divides into specific service types, client bases, and delivery mechanisms to serve a broad range of organizational scales:

3 By Service Type: Operations Consulting commands the largest market portion (around 29% share) as businesses struggle with supply chain rewrites and optimization. Technology Advisory (specifically Digital and AI Transformation) is the fastest-growing sector, expanding at a projected 13.13% CAGR as companies implement generative AI and cloud foundations.

3 By Client Industry: The Financial Services (BFSI) sector leads global client spend at over 22%. Meanwhile, Healthcare and Life Sciences is expanding rapidly due to hospital consolidations, decentralized clinical trials, and strict health-tech regulations.

3 By Organization Size: Large multinational corporations still make up over 70% of total consulting revenue. However, Small and Medium-Sized Enterprises (SMEs) are growing their spending quickly through affordable "fractional" or part-time leadership models (like fractional CIOs and sustainability officers.

Key Market Dynamics & Macro Trends-

3 The Tech Pivot: From Advice to AI & ESG ImplementationTraditional consulting frameworks are shifting from episodic advice to ongoing platform-based tools. Modern firms are building comprehensive sustainability roadmaps to address international ESG frameworks, alongside AI governance roadmaps to help clients handle the legal risks of adopting automated technologies.

3 The Rise of "Outcome-Based" PricingClients are moving away from traditional hourly billing structures. More organizations now demand gain-share or outcome-based fee structures, directly tying consulting payouts to clear metrics like lower operational costs or higher digital conversion rates.

3 Shift Toward Hybrid and Virtual Delivery Mode ls While complex strategies still rely on in-person workshops, Remote-Virtual Consulting is expanding rapidly at an estimated 14.25% CAGR. Using digital white boarding and secure cloud data rooms lowers travel costs and lets boutique firms compete directly with massive, established networks.

Competitive Landscape and Structural Challenges-

The industry faces severe structural headwinds

3 Talent Squeezes and Margins: Firms face ongoing talent attrition as mid-career professionals leave for equity incentives in venture capital or product management roles.

3 IT Vendor Bundling: Massive IT delivery players (such as TCS and Infosys) frequently package strategy with implementation, undercutting pure-play advisory firms by up to 30%

3 In-House Teams: Corporate clients are rapidly expanding their own internal strategy and transformation departments, directly reducing their reliance on external agencies.

Opportunities & Challenges

The global consulting market is projected to reach $388.74 billion. The industry is shifting from traditional strategic advice and billable hours toward measurable outcomes, artificial intelligence (AI), and execution-led solutions. Firms must navigate rapid technological changes and evolving client expectations to succeed

3 Key Market Opportunities

3 Generative AI & Tech Advisory: The surge in cloud migration, cybersecurity demands, and AI governance is driving continuous tech advisory growth. AI integration is drastically streamlining internal operations while opening new revenue streams.

3 Emerging SME Sector: Small and medium-sized enterprises (SMEs) are the fastest-growing client base. Startups and digital-native founders increasingly seek "fractional" or subscription-based models for process optimization and unit economics.

3 Regulatory & ESG Mandates: Growing global complexities around environmental, social, and governance (ESG) rules—especially in value-chain decarbonization (Scope 3)—are creating long-term advisory pipelines.

3 Major Challenges

3 Proving Tangible ROI: Clients are strictly results-oriented and demand clear evidence of a return on investment (ROI). Justifying premium fees without demonstrable metrics or milestone-based contracts is increasingly difficult.

3 Freelance Disintermediation: Independent contractors and freelance platforms offer highly specialized, on-demand expertise at a fraction of the cost. This challenges legacy consulting models and forces firms to rethink pricing strategies.

3 Talent Retention & Upskilling: As capabilities transition toward deep tech integration, companies face continuous hurdles in upskilling legacy workforces and retaining highly sought-after AI/data science professionals.

Consulting Services Market: Opportunities

Rising demand for IT-based consulting services may deliver higher revenue

The global consulting services market is likely to benefit from the increasing demand for consulting services in the IT sector. This is especially applicable at present times since several breakthrough technologies have been introduced in the IT industry. Artificial Intelligence (AI) and the development around it have the potential to reshape the modern world. In June 2023, technology giant Google announced that it will launch 4 new-age generative AI consulting offerings as it intends to help its customers smoothly manage AI deployments.

In addition to this, the introduction and evolving nature of artificial intelligence has several concerns as well. It has fueled debates at international and national levels due to the threat posed by AI in replacing human power. The advanced technology can also be used for other hostile activities such as terrorist activities. Hence, governing bodies are taking the aid of AI experts to understand and control the future of AI in the IT industry.

Consulting Services Market: Challenges

Skill gaps within the industry may challenge the expansion trend

The global consulting services market growth rate will be challenged by the growing skill gap within the industry. As customers expectations and requirements become more complex in the backdrop of highly complex projects, the growth of a consulting service provider depends on the service quality it can provide. The quality depends on the expertise of the human power employed and their knowledge base. However, there is a significant skill gap that exists in the industry which could lead to a loss of revenue.

Industry Overview in India:

Financial consulting services mainly provide services related to accounting, auditing, finance, taxation, and regulations. The services not only help clients with finance transformation, defining and implementing risk management, compliance management, but also with the financial planning of projects, fiscal and tax-related matters, and the financial side of mergers and acquisitions, as well as financing and debt restructuring. Financial advisory mainly consists of transaction services, corporate finance, crisis and recovery, risk management, accounting advisory, tax advisory, real estate advisory, and forensics and litigation.

The Indian consulting Service Industry has grown significantly over the years, both in terms of size and the range of services provided. This positions it well in the global management consulting services market, which was valued at $316.5 billion in 2021, and is projected to reach $811.3 billion by 2031, growing at a CAGR of 10.2%.

In the past years, financial advisory continuously performed relatively stable throughout the crisis years and their aftermath, driven by three key factors. Amid economic turbulences, the demand for crisis and turnaround management grew strongly, while the demand for accounting advisory services and risk management took off not long after, particularly in the financial services sector.

The focus will also be on sectors including market research, consulting, engineering, and construction and will contribute to the target of $395bn in FY26.

Basis of preparation and presentation of our Financial Statements:-

The Financial Statements have been prepared and presented under the historical cost convention, unless otherwise specifically stated, on the accrual basis of accounting and comply with the applicable accounting standards referred to in the Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.

SWOT Analysis of Consulting Industry:

Determine the Scope

The globalization frequently demands the integration of sophisticated technology, cross-border talent management, and supply chain optimization, all of which management consultants specialize in. Furthermore, as organizations must foresee and mitigate possible obstacles stemming from geopolitical uncertainty and market changes, the trend toward globalization has increased the need of strategic planning and risk management. In summary, the market for management consulting services is critical to assisting firms in capitalizing on global possibilities, overcoming international business challenges, and strategically positioning themselves for success in an increasingly linked world.

The purpose of the analysis constitutes the initial phase of carrying out a SWOT analysis and risk assessment. This entails recognizing the company’s precise consulting services as well as the segment in which it conducts business. The scope must additionally encompass the firm’s internal systems, including things like its employees, financial affairs, and facilities.

Determine your strengths and weaknesses

The next phase involves identifying the consulting firm’s short comings as well as its strengths. Internal variables that grant the company an edge are referred to as strengths, whereas internal elements that impede its effectiveness are referred to as weaknesses. While determining strengths and weaknesses, take this into consideration:

The company’s industry brand image.

The consultants’ knowledge and experience.

The standard of services provided.

The pricing plan.

The degree to which customers are satisfied.

Internal process effectiveness. Recognize Opportunities and Threats

The third stage involves determining the consulting firm’s opportunities as well as threats. Opportunities pertain to outside variables at play that a company may capitalize on to boost its efficiency, whereas threats are external forces that can hurt it.

Rising demand for digital transformation is projected to boost the demand for management consulting services market. Businesses in a variety of industries are recognizing the need of embracing digital technology in order to preserve competitiveness and stimulate innovation.

Consultants play a vital role in designing coherent digital strategies linked with corporate objectives, locating suitable technology, and establishing solid implementation plans. Their assistance is particularly critical in supporting the smooth integration of emerging technologies like artificial intelligence, cloud computing, data analytics, and automation.

When highlighting opportunities and risks, take this into consideration:

The market’s dimensions

The quality of rivalry

The legislative standards

Technological progress

Customer preference shifts

Internal Risks: Internal risks are those risks associated with the consulting firm’s internal systems. These might very well include personnel issues, financial insecurity, or technology factors.

External Risks: External risks are those which are caused by outside variables including regulatory changes, market fluctuations, or natural catastrophes.

Risk Evaluation

When potential threats are identified, they must be evaluated. This entails taking into account the probability and potential effect of every risk.

The probability that a danger will take place is referred to as its likelihood. More focus and prepping would be required for risks that are more prone to happening.

The effect of risk is the potential danger it might end up causing to the consulting company. Risks with the possibility of having an important effect on the firm will necessitate more focus and preparation.

India’s Consulting Market

India’s consulting industry is entering a defining decade. Once known primarily for IT outsourcing and engineering services, it has evolved into a $24 billion powerhouse encompassing strategy, transformation, and digital innovation. From advising ministries on national reforms to steering global corporations through AI integration, India’s consulting ecosystem now plays a central role in shaping not just local business—but global progress.

For global buyers, this expansion is both an opportunity and a challenge.

The opportunity lies in India’s blend of technical depth, cost efficiency, and entrepreneurial agility—a combination few markets can match. Whether you’re looking to scale a digital transformation, assess ESG strategy, or execute complex change programs, the Indian market offers world-class expertise at a fraction of Western costs.

India’s consulting industry stands at a crossroads of rapid growth, technological transformation, and global integration. As of 2025, it is estimated to exceed $24 billion in market value, more than tripling since 2020. This surge is driven not only by the traditional engines of IT and engineering consulting but also by rising demand in strategy, ESG, public-sector transformation, and organizational change.

Yet unlike many mature markets, India’s consulting landscape isn’t dominated by a single cluster or uniform model. It’s regionally diverse, sectorally specialized, and globally intertwined—a blend of multinational sophistication and local innovation.

Market Size and Structure: A Mosaic of Opportunity

India’s consulting market has matured beyond its outsourcing roots. Today, it comprises a full spectrum of services:

Strategy & Management Consulting: Corporate strategy, restructuring, market entry, and M&A advisory.

Digital & Technology Consulting: Cloud, AI, analytics, and cybersecurity services that merge IT delivery with business transformation.

Operations & Engineering Consulting: Manufacturing excellence, process reengineering, supply chain optimization.

Public Sector & Development Consulting: Policy design, governance reform, sustainability, and social impact programs.

India’s consulting sector also plays a dual role in the global value chain:

A thriving domestic market, where local and multinational clients seek expertise to drive transformation.

A global delivery hub, exporting consulting services, digital solutions, and analytics capabilities to clients worldwide.

In fact, many global firms’ delivery centers in Bengaluru, Chennai, and Pune now serve as de facto consulting backbones for international engagements—making India both a buyer and a producer of consulting excellence.

India’s Position in the Global Consulting Value Chain

India has evolved from being the world’s preferred back-office destination to becoming a strategic front-line partner for consulting delivery. Three dynamics drive this shift:

Knowledge Process Offshoring Strategic Co-Delivery

What began as analytical support for global firms has transformed into integrated consulting delivery. Teams in India now co-lead projects, manage transformation work streams, and drive innovation for global clients.

Export of Consulting Talent and Capabilities

Indian consultants are in demand worldwide. Many serve in leadership roles within global firms, shaping strategy practices across Asia, Europe, and the U.S.

India isn’t just consuming consulting—it’s exporting it, much like trends we see in Africa, where local firms are increasingly shaping global projects

Key Sectors Driving Consulting Demand

The sectors shaping India’s consulting growth reflect the country’s broader economic transformation:

3 Financial Services: Fintech, risk, digital banking, and ESG compliance.

3 Healthcare & Life Sciences: Digital health, medtech, and regulatory advisory.

3 Energy & Infrastructure: Renewable energy, sustainability, and smart city projects.

3 Technology & Telecom: AI, analytics, cloud, and cybersecurity.

3 Public Sector: Governance reform, policy advisory, and social development.

3 Manufacturing & Automotive: Industry 4.0 transformation, supply chain redesign.

Business Segment:

The Company is into the business of Consultancy services and other allied services. The company operates mainly in Indian Market. Management Consultancy, Project Consultancy, Consultancy to NGOs, Project Feasibility Studies, Techno-Economic Viability Studies, Market Survey, Research and Branding, Brand Launch Strategies, Industry Research, Project Report Preparation, Foreign Investments related consultancy in Indian Market, Financial Consultancy, Artificial Intelligent (AI), Technical Collaboration and International Tie-up, Turnaround Strategies for Distressed Firms, Business Valuations, India Entry related consultancy, Financial Consultancy, Loan and Equity Syndication Services and Mergers & Acquisitions etc.

Outlook:

Consultancy opportunities will increase in areas like management consultancy, Artificial Intelligence, Digital Marketing and Block Chain, financial consultancy, information technology, market research, etc. The consultant will be more professional, demanding and seeking tangible results. The Company will get repeat orders by providing quality service followed by service guarantee. The value system must ensure client-satisfaction in delivering the services, maintaining work schedules, and most importantly, focusing on the clients interest at all times. The consultant will be increasingly called upon to get involved in the implementation of recommendations. In short, the relationship between a consultant and his client will be strong, intimate, facilitating and mutually beneficial.

Internal Financial Control and their Adequacy:

The Company has in place well-defined internal control mechanisms and comprehensive internal audit programmes with the activities of the entire organization under its ambit.

Human Resources:

Human Resources Development envisages the growth of the individual in tandem with the organization. It also aims at the upliftment of the individual by ensuring an enabling environment to develop capabilities and to optimize performance.

Your Directors want to place on record their appreciation for the contribution made by employees at all levels, who through their steadfastness, solidarity and with their co-operation and support have made it possible for the Company to achieve its current status.

The Company, on its par, would endeavour to tap individual talents and through various initiatives, ingrain in our human resources, a sense of job satisfaction that would, with time, percolates down the line. It is also the endeavour of the Company to create in its employees a sense of belonging, and an environment that promotes openness, creativity and innovation.

Our professionals and employees are our most important assets. We believe that the quality and level of service that they deliver is a huge contributing factor in growth and development of the Company.

Discussion of Financial Performance:

Directors of your Company are very hopeful to build up the performance of the company and post better results in the forthcoming financial year and to add value to the shareholders. The Company is hopeful of improving its turnover and bottom line and hopeful of posting better revenue ahead. Financial Highlights with respect to Operational Performance is as under:

			(Amt. in lakhs )
Particulars	2025-2026	2024-2025	2023-2024
Profit Before Tax	31.73	30.09	21.40
Profit after Tax	23.26	21.87	15.81
Earnings Per Share (in Rs.)	0.23	0.22	0.16

Ratio

Sl. No. Particular	F.Y. 25-26	F.Y. 24-25	Numerator	Denominator	% of Variation	Reason of Change
1 Current Ratio	90.99	126.93	Current Assets	Current Liabilities	-28.31	Due to increase in Current Liabilities during the year.
2 Debt Equity Ratio	-	-	Total Debt	Shareholders Equity	NA	NA
3 Debt Service Coverage Ratio	NA	NA	Net Operating Income	Total debt Service	NA	NA
4 Return on Equity Ratio	0.01	0.01	Net Profit After Tax	Shareholders Equity	5.65	NA
5 Inventory Turnover Ratio	NA	NA	Cost of Goods Sold	Average Inventory	NA	NA
6 Trade Receivale Turnover Ratio	9.53	10.75	Average Receivable*12	Income from Operation	-11.32	NA
7 Trade Payable Turnover Ratio	-	20.14	Avereage Payable*12	Net Credit Purchases	-100.00	There is nil credit purchases made during the year.
8 Net Capital Turnover Ratio	0.02	0.02	Sales	Net Assets	15.81	NA
9 Net Profit Ratio	0.30	0.32	Net Profit After Tax	Total Revenue	-8.26	NA
10 Return on Capital Employed	0.01	0.01	Earnings before Interest and Tax	Capital Employed	4.75	NA
11 Return on investments	-	0.01	Differce in amount of investments	Initial Investments	-100.00	There is nil investments made during the year.

NA - Not Applicable

Cautionary Statement:

Statements made in the Management Discussion and Analysis Report describing the Companies objectives, expectations or predictions may be forward looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement important factors that influence the Companys operations, include global and domestic supply and demand conditions. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only of their dates.