Madhusudan Securities Ltd Management Discussions.

INDIAN FINANCIAL STRUCTURE AND DEVELOPMENTS

The change in the Government of India due to the change in the dynamic visionary Prime Minister, the corporate world is hoping stimulating of the economy by change in business laws, taxation restructuring and business friendly environment more of a governance than Government to create jobs, industrial development, infrastructural development, invitations to foreign investors to invest and to build nation as MAKE IN INDIA.

The financial ease, skilled labour, foreign capital and export oriented business shall ensure prosperity to India with strong Government support. The energy of the youth shall be diverted to creative workforce and upliftment of the society in all spheres of people of India.

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

FUTURE OUTLOOK

OPPORTUNITIES, THREATS, RISKS & CONCERNS

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 the 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.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

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

STATUTORY & LISTING COMPLIANCE

The company has been adequately complying 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 Bombay Stock Exchange and other government authorities.

DISCLAIMER

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.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

MR. SALIM P. GOVANI

CHAIRMAN

Place: Mumbai

Dated: 17th May 2019