Mitshi India Ltd Management Discussions.

Forward-Looking Statements

This report contains forward-looking statements based on certain assumptions and expectations of future events. The Company, therefore, cannot guarantee that these assumptions and expectations are accurate or will be realised. The Companys actual results, performance or achievements can thus differ materially from those projected in any such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

Industry Structure and Developments

• Business Overview & Marketing

Your Company was in the field of Manufacturing automotive, Industrial and Decorative paints, thinners & Synthetic resins with trading of industrial solvents and other raw materials to concern and allied industry. After the huge fire in the companys plant at Vasai - Mumbai in 1998, your company had to stop the manufacturing activity. Your Company had faced lot of challenges and due to short fall of capital, your company could not re - commence the manufacturing activity to cater to prestigious clients like Mahindra & Mahindra Ltd, Castrol Ltd, and many other prestigious industries and dealers throughout country.

Now in recent last two years before your company had decided to add various others activity of the business and looking to expand and tie up the business. Your company has started venture in Vegetables & Fruits supply , and initiated to start Logistic and Software business etc...

• Swot - Nil Internal Control

The Company has adequate internal control system, commensurate with the size of its operations. Adequate records and documents are maintained as required by laws. The Companys audit Committee reviewed the internal control system. All efforts are being made to make the internal control systems more effective.

• Segment Wise Reporting

During the year, your company has carried out Vegetables & fruits supply business on 100% basis and initiated to start the Logistic and software activities etc.

• Outlook

• After facing lot of challenges, the management has decided to revive your company and it has already relisted your Company with BSE Ltd. Management intends to approach institutions, Banks, NBFC etc. for raising funds and. Such additional funds will help your company to start its business as detailed above. Your company is optimistic and hopeful of overall growth.

• Material Developments in human Resources/lndustrial Relations front, including number of people employed

After restart, your company will employ sizable people to look after the various activities all round development of your company.

• Discussion on Financial Performance with Respect to Operational Performance.

Your Company has already embarked upon starting the business by various activity to generate revenue.

During the year company made profit ? 4177143/- as compared to previous years loss of ^2679344/- mainly due to commencement of business of Vegetables & fruits supply on 100% basis

• Risks and Concerns

• Due to high capita incentive in Paint industries and as per the present financial of the company ,it is not possible IP i go for Paint manufacturing and company tried for re commencing but could not succeed due to short fall of funds ,

The Company have decided to diversify its business and in last Agm all approval revived to change and add up business activity and planning to enter in to certain business. This will help the Company with additional funds for its f new business activities and with which it expects to improve its performance?.

Cautionary Statement

Statement In this managements Discussion and Analysis detailing the Companys objectives, projections, estimates, expectations or predictions are "forward-looking statements within the meaning of applicable securities laws and regulations, Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and Indian demand-supply conditions, finished goods prices, feedstock availability and prices, cyclical demand and pricing in the Companys principal markets, changes In government regulations, tax regimes, economic developments within India and the countries within which the Company conducts business and other factors such as litigation and labour negotiations.

Material Developments In Human Reslurces/industrial Relations Front, Including Number Of People Employed.

After restart, your company will employ sizable people to look after the various activities all round development of your company,

Discussion On Financial Performance With Respect To Operational Performance.

Your Company has already embarked upon starting the business by various activity to generate revenue.

During the year company made Loss of 26.79 Lacs as compared to previous years loss of 12.17 Lacs mainly due to expenses incurred for restructuring the Company,

Risks And Concerns

Due to high capita incentive In Paint Industries and as per the present financial of the company, it was not possible to go for Paint manufacturing and company tried for re commencing but could not succeed due to short fail of funds.

The Company has decided to diversify its business and in past AgM all approval revived to change and add up business activity and planning to enter in to certain business. This will help the Company with additional funds for its new business activities and with which it expects to improve its performance.

Place: Mumbai

Date : 02/05/2018