Mahavir Industries Ltd Management Discussions.

Pursuant to Clause 34 of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 with Stock Exchanges, a report on Management Analysis Report, as an annexure to the Directors Report is give below: Industry structure and risk

A. Company Outlook

The Company during the current Financial Year 2017-18 had no business in the full year.

There is a clear shift in focus towards managed services model and new contracting models (output / outcome based) that align costs with activity levels. Customers are also trying to derive enhanced value from existing software investments - through application modernization, consolidation and upgrade of packaged solutions. There has been significant interest in some of the emerging technology areas like Mobility and Cloud Computing - in terms of adoption.

B. Internal Control Systems and their adequacy

The company has adequate internal control systems commensurate with the size of its operations and for the purpose of exercising adequate controls on the day-to-day operations. Systems are regularly reviewed to ensure effectiveness.

C. Material Developments in Human Resources / Industrial Relations

Human resource development is a primary area of focus for the Company. The company recruited senior level and other functional specialists during the year. The Human relations in the organization have been cordial.

D. Discussion on Financial Performance with respect to operational performance

The Company has turnover of Rs. 7,50,000/- during the current year. The major loss in the current year to the short term loss on the shares of Rs. 1,21,77,001 (one crore twenty one lakhs seventy seven thousand and one) and remaining amount of expenses leading to loss of Rs. 1,12,05,133/- one Crores twelve lakhs five thousand and one hundred and thirty three only) in the current year compared to loss of Rs. 2,35,06,019/- (Two crore thirty five lakhs six thousand and nineteen only) during previous year 2017-18.

E. Opportunities and Threats

In every challenge lies an opportunity. As explained earlier, we see a distinct preference from customers to align their costs with activity levels, using innovative contracting models like output / outcome based pricing or even risk reward models that involve sharing of IP. Companys proven track record in having worked on such models through various engagements puts us in good stead to capitalize on this opportunity.

Our deep alliances with technology leaders like Microsoft, Oracle and IBM and involvement in several early adoption partnerships with them provides us with an early mover advantage on newer technology platforms and new releases of packaged applications. As customers embark on initiatives that derive enhanced value from existing software investments - through application modernization, consolidation and upgrade of packaged solutions, Company would be able to take advantage of these trends.

Declaration regarding compliance with the code of conduct and ethics policy of the company by Board Members and senior management personnel

This is to confirm that the company has adopted code of conduct and Ethics policy for the Board of Directors and Associates of the Company, which is available at the Registered Office of the company.

I, Nirmala Bansal, declare that the Board of directors and senior management personnel has affirmed compliance with the Code of Conduct and Ethics Policy of the Company.

Nirmala Bansal Place: Mumbai
Managing Director Date: 04/09/2019