MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management's Discussion and Analysis ("MD&A") is designed to provide the reader with a greater understanding of the Company's business, the Company's business strategy, performance, the Company's expectations of the future, and how the company manages risk and capital resources under ongoing / upcoming economic & industrial conditions.

Forward looking statements made in this Report, are based on certain assumptions and of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized.

Business & Performance Overview:

The company is engaged in the business of Trading of Textiles products, Jewellery and Books & DVD's. The company deals in various types of textile products such as PSF, Cotton, Yarn, Grey Fabrics etc. and gold, diamond, silver, bullion, jewellery, and other metal, non metal, brcious, semi brcious stone and Books DVD's as per the requirements of its client. The Company is a public limited company incorporated and domicile in India having registered office at Mumbai. The Company is listed at BSE Ltd.

The financial statements have been brpared in compliance with the requirements of the Companies Act, 2013, guidelines issued by the Securities and Exchange Board of India (SEBI) and the Indian Generally Accepted Accounting Principles (GAAP) under historical cost convention on the accrual basis.

Your Company completed the Financial Year 2014 - 2015 with a performance of Gross Turnover for the year increased by 585.68% to Rs. 3722 lacs. Pre-tax profit Increased by 451.46% to Rs. 29.37 lacs, while Post-tax profit increased by 427.80% to Rs. 18.73 lacs. Earnings Per Share for the year stands at Rs. 0.46.

Your Management accepts responsibility for the integrity and objectivity of these statements as well as for the various estimates & judgments used therein.

Industry Structure and Developments:

India's textiles sector is one of the mainstays of the national economy. It is also one of the largest contributing sectors of India's exports contributing 11 percent to the country's total exports basket. The textiles industry is labour intensive and is one of the largest employers. The industry realised export earnings worth US$ 41.57 billion in 2013-14.

The Indian textiles industry, currently estimated at around US $108 billion, is expected to reach US $ 141 billion by 2021. The industry is the second largest employer after agriculture, providing direct employment to over 45 million and 60 million people indirectly. The Indian Textile Industry contributes approximately 5 per cent to GDP, and 14 per cent to overall Index of Industrial Production (IIP).

The Indian textile industry has the potential to grow five-fold over the next ten years to touch US$ 500 billion mark on the back of growing demand for polyester fabric, and Polyester. The US$ 500 billion market figure consists of domestic sales of US$ 315 billion and exports of US$ 185 billion. The current industry size comprises domestic market of US$ 68 billion and exports of US$ 40 billion. The Indian government has come up with a number of export promotion policies for the textiles sector. It has also allowed 100 per cent FDI in the Indian textiles sector under the automatic route.

The future for the Indian textile industry looks promising, buoyed by both strong domestic consumption as well as export demand. With consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade with the entry of several international players like Marks & Spencer, Guess and Next into the Indian market. The organised apparel segment is expected to grow at a compound annual growth rate (CAGR) of more than 13 per cent over a 10-year period.

Outlook

The Company is under process to set up a textile unit at Plot No. SP 1, Industrial Area, District-Dhanodi, Jhalawar, Rajasthan. This will improve the overall productive capacity of the Company. We are hopeful of a better year ahead.

The management is taking conscious steps to develop the business of the Company and exploring various opportunities to grow the business. The Company wishes to acquire 100% stake in one of the group companies namely, M/s. Citron Infraprojects Ltd. ('CIL) by acquiring equity stake from the existing shareholder. Citron Infraprojects Ltd (CIL), is holding company of the Shri Vallabh Pittie Group to hold all its shareholdings of operating companies in textile business. CIL has Subsidiaries namely Platinum Textiles Ltd, Helios Mercantile Ltd., Helios Exports Ltd. Shri Vallabh Pittie Industries Ltd., SVP Textiles PLC, SV Pittie Global Corporation and Aswinikrishnaa Textile Pvt. Ltd. These subsidiaries are engaged in business of manufacturing and trading of textile products. By acquiring 100% stake in CIL, the

Company will get an advantage of sbrading business operations in the national and international market for further growth.

Opportunities and Threats:

With the continuous technological advancements in economy, particularly in Textiles sector, there will be enormous business opportunities for your company. It is poised to grow at much larger rate in the coming years. Your Company looks forward to avail such opportunities so as to improve its results.

Risk and Concerns:

The competition is growing among Textiles Sector. There is competitive brssure on sales and margins are lowering year by year. The performance of the company is further dependent on the performance of the economy environment, pricing brssure, competitive position of Textiles Industry. Your Company, however has taken steps in strengthening the risk management systems and practices.

Risks can come from uncertainties in financial markets, legal liabilities, credit risk, accidents, natural causes and disasters. Your company has adopted appropriate procedure and policies to safeguard it against such type of risks and uncertainty.

Corporate Social Responsibility

Your company is socially responsible corporate citizen committed to deliver a positive impact across social, economic and environmental parameters. We use all process/techniques commensurate with environment, safety, health, energy conservation

Internal Control systems and their adequacy:

As part of the internal control systems, a combrhensive and well documented system of internal audit was reviewed by the Audit committee of Directors of your company, which commensurate with the size and nature of its business. A "Risk based Internal Audit" system has been introduced to make it more focused and effective.

The Company's internal control system aims to ensure that:

All Statutory Laws and regulations are complied with;

The instructions and directional guidelines fixed by Executive Management or the Management/ Board are applied; The Company's internal processes are functioning correctly, particularly those implicating the security of its assets;

Financial information is reliable; and generally, contributes to the control over its activities, to the efficiency of its operations and to the efficient utilization of its resources.

Material development in Human Resources / Industrial Relation:

Your Company is having a competent team of dedicated employees. The company recognizes the importance and the contribution of its human resources for its growth and development. The company follows a proper policy to retain its employees including their training and skill development. HR policies of your company are being aligned with the current trends in the market. The Company follows a recognition and reward scheme that motivates the employees to perform better.

Prohibition of Insider Trading

The Company has implemented a policy of prohibiting Insider trading in conformity with applicable regulations of the Securities Exchange Board of India (SEBI). Necessary procedures have been laid down for prohibition of Insider Trading.

Cautionary Statement

Statement in this Management's Discussion and Analysis detailing the Company's objectives, projections, estimates, expectations or brdictions are "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those exbrssed or implied. Important factors that could make a difference to the Company's operations include global and Indian demand-supply conditions, finished goods prices, feedstock availability and prices, cyclical demand and pricing in the Company's principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the Company conducts business and other factors such as litigation and labour negotiations.