undefined share price Management discussions

I. Industry Structure

As shareholders are aware that the Company did not undertake any activity / operations, which continues to remains at a standstill since 1995. The day to day expenses were being met by liquidating certain non-productive assets of the Company. The Company is looking at various business options to overcome the liquidity crisis.

Opportunities and Threats

As explained above since there is no activity / operation, presently the Board of Directors do not foresee any major threat to the Company.

II. Risk and Concerns

The Company being non-operative, there are no major risks which may have major impact on the Company. Risks and concerns related to finance, taxation, compliance etc. are being managed adequately and efficiently by the Board / Committee of Directors of your Company.

III. Internal Control Systems and their Adequacy

The Company has internal control system commensurate with its size and nature of business, to ensure that all assets are safeguarded and protected against unauthorised use and that all transactions are authorised, recorded and correctly reported.

IV. Financial Performance with respect to Operational Performance.

The Company is not carrying any manufacturing operations. Please refer Directors

Report for details. As such, Key financial ratios like Debtors Turnover, Inventory

Turnover, interest coverage ratio, Debit Equity ratio etc. Is not applicable.

V. Human Resource /Industrial Relations.

The Company has no employees except C.E.O., C.F.O. & Company Secretary on the role of the Company.

VI. Outlook

The company continues to explore various options to maintain its current state of affairs.

VII. Cautionary Statement

Certain statements under "Management Discussion & Analysis" describing the Companys objectives, projections, estimates, expectations or predictions may be forward looking statement within the meaning of applicable securities laws and regulations. Although the expectations are based on reasonable assumptions, the actual results could materially differ from those expressed or implied, since the Companys operations are influenced by many external and internal factors beyond the control of the Company. 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.

VIII. Ratios:

Please refer Note. 20 to the financials for the detailed report on the ratios. Since, the Company is not having any operations, most of the ratios are zeros and the few which are calculated and are varying are also due to very, marginal changes in the financials only.