V R Woodart Ltd Management Discussions.

V.R. WOODART LIMITED ANNUAL REPORT 2005-2006 MANAGEMENT DISCUSSION AND ANALYSIS The Board of Directors in its meeting held on 5th March 2007 resolved to refer the Company to Board for Industrial and Financial Reconstruction subject to approval by Members of the Company. Necessary application will made pursuant to the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 after passing of resolution at the ensuing 17th Annual General Meeting. The Board is simultaneously taking all the steps for revocation of suspension of trading in securities of the Company and necessary documents and information for the same are being filed with the Bombay Stock Exchange.