R R Securities Ltd Management Discussions.

(a) Industry structure and developments. : The Company operates mainly in two business activities namey (1) Long Term Investment of funds and (2) Rental Income from Fixed Assets and Real estates and (3) Profit and loss making from Real Estate Investment.

(b) Opportunities and Threats.: The Long term Investment market is mainly driven by two factors Extrnal and Internal. The Micro factors include local political positions, Countrys Economic Conditions, growth in GDP etc. Whereas MACRO level reasons may affect the Stock Market and product markets internationally. Whereas the Rental income from Real Estate and Properties depend on Urbanization and Overall economic conditions at local country level. During the year, the company has witness growth opportunity in both the sectors. However, firstly the Stock Market and long term invetment market will improve, accordingly, the company has made long term safe risk appetite Mutual Fund Securities. However, its long term investment in two land plots still remain an opportune for future growth for price appreciation in future.

(c) Segment wise or product-wise performance.: The Financial Investment Segment has seen Buoyancy in the Financial and Capital market during the year and the company has earned major financial income from this area during the year. Whereas the real estate market has remained dull for price appreciation due to introduction of RERA in the country which has witnessed lower financial investment in Real estate sector during the year hence the company has not earned any income from this sector during the year.

(d) Outlook : With the Regularization of the Real Estate Sector by promulgation of the RERA and its effective implementation state wise, the entire Real Estate Sector is now set to be Organized over a period of time and in the long term, those having Books Currency will prevail over other non organized investors in the long run. The Country after successful implementation of the GST and RERA and also appetizing the heavy Government Dosage of BAN of High Denomination currency from the market, is now set to give an overall bust to Stock Mareket/ Financial Market. Accordingly, all investors with huge Books Funds are expected to earn higher return on their investment as the stock market is also set for the robust growth with flow of funds from organized institutional investors and organized retail investors.

(e) Risks and concerns: As the Company does business in High Risk long term Financial Risk business of long term investment, it is always prone to liquidity crunch in future if the stock market becomes bearish. The Company may not in future realize the invested funds in case the stock exchanges become bearish. In order to avoid this ever prevailing risk in the financial market, it has made investment in good quality and good managed mutual fund securities which ultimately give buffer to the long term investors and give protection of capital security to investors. Whereas the Real Estate market though its growth may at a time become subdued but normally it has never seen decrease in pricing of products. It may have a risk of encasings the liquidity for funds but there is a meager risk for loss of capital funds.

(f) Internal control systems and their adequacy.: The Companys Managing Director and Whole Time Directors are closely monitoring the Financial Market, Stock Marekt on daily basis and are also watching the credibility of Real Estate developers in the market. They normally do not make frequent trading in stock market or give on rent any of its real estates to any parties with out knowing their credibility and financial soundness. There exist adequate internal control system for safe upkeep of the financial assets and real estates and also for its regular maintenance under the close supervision of the Top management of the company.

(g) Discussion on financial performance with respect to operational performance.:

As stated above, during the year, there were no much business transactions. The company has earned income as other income by way of Dividend on long term Investment in Mutual funds, Interest from Money market instruments etc. During the year there was no income from Real Estate sector.

(h) Material developments in Human Resources / Industrial Relations : Your company is a very small company and it is managed by its Managing Director, Whole Time Director directly under their close supervision. All crucial business decisions are taken by two executive directors jointly. Except the normal administrative staff for Finance, Accounts and general administration, your company does not require any Technical staff or employees for running its day to day operations. All relations with the employees remained cordial during the year. There was no industrial or manpower unrest registered or recorded during the year under review. During the year there were only 4 employees working in the company apart from Managing Director and Whole Time Director in the company during the year under review.