Western Ministil Ltd Management Discussions

a. Industry structure and developments.

As shareholders are aware that the Company did not undertake any activity / operations, which continues to remains at a standstill since 1995. The day today 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.

b. Opportunities & Threats:

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

c. Segment-wise or product-wise 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.

d. Outlook

During the year, the Company successfully raised funds through preferential allotment of equity shares and warrants. The capital infusion has strengthened the Companys financial position and is expected to support its strategic growth initiatives, business expansion plans, and working capital requirements. The preferential issue reflects the confidence of investors and promoters in the Companys future prospects. The additional funds provide the Company with greater financial flexibility to pursue new business opportunities, improve operational efficiencies, and enhance long-term shareholder value. The management remains focused on the effective utilization of the proceeds from the preferential allotment in line with the stated objectives of the issue. While the business environment continues to present challenges and opportunities, the Company believes that its strengthened capital base, coupled with prudent financial management and strategic initiatives, will support sustainable growth in the coming years.

The Companys outlook remains positive, subject to prevailing economic conditions, industry trends, regulatory developments, and the successful implementation of its business strategies

e. Risks 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.

f. 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.

g. Discussion on 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.

h.Details of significant changes(i.e. changes of 25% or more as compared to the immediately previous financial year) in key financial ratios, alogwith detailed explanation thereof

i. Material developments in Human Resources / Industrial Relations front, including number of people employed.

The Company recognizes human resources as its biggest strength which has resulted in getting acknowledgement that the Company is the right destination where with the growth of the organization, value addition of individual employees is assured. The total number of employees as on 31^st March, 2026 is NIL.