Tea Time Ltd Management Discussions.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review, as stipulated in clause 49 of the Listing Agreement with the Stock Exchanges is appended below:

A. BUSINESS

The Company is engaged in Investment, Finance and Allied Services. Arrangements are in hand to diversify its line of business for the future growth and prosperity.

B. REVIEW OF OPERATIONS & FUTURE PROSPECTS

Your Directors sincerely feel that operations of your Company in the business of Investment, Finance and Other Services will start showing signs of improvement. Steps are in hand to achieve further improvements in its business.

C. OPPORTUNITIES AND THREATS, RISKS AND CONCERNS

Your Company’s objective is to effect Continuous improvement in its business. However, the main causes of concern for your company in the years to come are: i) Reduction in the industrial growth rate. ii) Uncertain Government policy in use.

D. INTERNAL CONTROL SYSTEM

The Company has Internal control procedures commensurate with the nature of its business and size of its operations. The objectives of these procedures are to ensure efficient use and protection of Company’s resources, accuracy in financial reports and due compliance of applicable statutes and Company’s norms, policies and procedures.

The Internal Audit Report, the progress in implementation of recommendations contained in such reports and the adequacy of Internal Control Systems are reviewed by the Audit Committee of the Board in its periodical meetings.

E. HUMAN RESOURCES

At all levels, employees of the Company are fully committed to the growth of the Company and there was no loss of work due to any uncordial relation with them during the year.