Madhusudan Securities Ltd Management Discussions

INDIAN FINANCIAL STRUCTURE AND DEVELOPMENTS

The economy now has picked up speed for India and there have been a lot of opportunities for foreign investors in the stock market and manufacturing sectors. There are a lot of jobs being created in private and public sectors.

Therefore, it is a good time for business establishments and new ventures to reach the opportunity available. The environment of business has reasonably improved during the last few months, which is encouraging to any entrepreneur in India.

The new Government is expected to bring reformatory changes in the interest of the citizens and in the business sectors. The current retail business had been accelerated and is an upcoming market to get better opportunities for the Company. The Indian Stock market has continued to be very volatile.

The demand for finance is also expected to rise with inflation & interest rates. The Investments options available to the Company are decided after proper due diligence and considering the current economic and political scenario in India and abroad.

The Company has adequate internal control systems, which ensure proper recording of financial, operational, and compliance control transactions. The Company also makes risk assessments from time to time in the interest of the company. The established internal control system and organization structure are adequate and commensurate with the size and nature of the business.

The company has been adequately complying with the necessary applicable statutory requirements of The Income Tax Act, 1961, Reserve Bank of India, Companies Act, 2013, SEBI guidelines, provisions of the Listing Agreements with the Bombay Stock Exchange, and other government authorities.

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, and expectations may be "forward-looking statements" within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied. Important factors that might materially affect the future performance of the Company include the state of the Indian economy, changes in government regulations, tax laws, and the state of the financial markets, and other factors such as litigation over which the company does not have direct control.