Yamuna Syndicate Ltd Management Discussions

1. In the middle of last year, we gave up our Dealership of Escort Tractors and switched to new Holland Brand. The market perception of these tractors is that they are low on maintenance, have good aesthetic and low fuel consumption. These Tractors are new to the area allotted to us (as mentioned in Para 2 "Operations" of the Directors Report). We are trying to create a market for these tractors by having extensive road shows, customer and mechanic meets and participating in Tractor fairs. We hope that within the coming year, the sale of Tractors will give us increased turnover and profitability.

At this point in time, the general perception is that the economy will show an upswing, which helps all our other businesses would, also show better sales and profits.

Efforts are also on to improve efficiency in our operations.

Better Financial Results to enhance the sales depends on the normal monsoon season.

2. CAUTIONARY STATEMENT:

The statement may be "forward looking statement" within the meaning of applicable Securities Laws and Regulations. Actual results could differ materially from those expressed or implied depending upon economic conditions, government policies, regulations, environmental laws, tax regimes and other factors.