Management Discussions and Analysis Report:

(i) Financial Performance:

Your Company has posted a net profit of Rs.917.55 lakhs after tax as against net profit of Rs.367.99 lakhs after tax posted during the brvious year. The steep increase in profit is due to favorable market conditions brvailed during the year.

(ii) Industry Structure and developments:

With the advent of the new Government at the Centre and the aggressive policies being pursued by the new Regime, there is a general feeling of optimism as far as the economic outlook is concerned. The Coal auctions and the telecom spectrum auctions have demonstrated the intent of the Government to push the economic growth at a faster pace. Though there are bottlenecks in Land Reforms measures and introduction of GST, the positive stance of the Government has augured well for the Industry and trade in general. The GDP growth is projected to cross 7% for the ensuing year and Foreign Exchange Reserves has crossed $335 billions again. The interest rates are expected to fall providing impetus for growth and the general declining trend in crude prices is likely to help in controlling the inflation. With the opening of the gold imports, there is concern for controlling of current account deficit that has seen the Rupee weakening to some extent, but all these measures are expected to provide a fillip to increase the exports as well,. The possibilities of Tax reforms that could provide the needed confidence amongst the foreign Investors would only augur well for the growth of Indian Capital market in the years to come. Overall, there is optimism in general and India appears to be on the threshold of economic upswing in the near future.

As a result of the positive changes, the capital markets was buoyant and continues to show promise in the near future as well. Though the working results of Banking sector in particular was not encouraging, the revised outlook in economy is expected to bring cheers to the market in the next few years to come.

(iii) Business Review:

As a result of all round optimism, your company did well in coming out with higher growth levels in profits. Your Company has disinvested from its former associate company named Antique Finance Private Limited on 30.03.3015. The subsidiary company viz Shriyam Broking Intermediary Limited will resume their broking operations on full scale after the expiry of the cooling period in August 2015.

(iv) Opportunities and Threats:

With the GDP expected to grow over 7% in the coming years coupled with many economic reforms in the offing, the outlook in general is very encouraging for trade and Industry and also the Capital markets. The foreign Direct Investment is expected to go up manifolds in Infrastructure, Defense, Railways and telecommunication resulting in more employment opportunities apart from providing the necessary boost for economic growth. But the agricultural sector appears to be going through an uncertain phase and no evidence of major reforms is visible from the Government side that could result in upsurge in food prices.

(v) Segment-wise - Product-wise reporting:

Your company is mainly engaged in the business of investment activities and all other activities are revolving around the main activity and as such there are no separate reportable segments.

(vi) Outlook:

With positive developments as above, your company anticipates the overall market conditions to improve providing adequate opportunities to achieve higher levels of growth in the coming years. Your company will take advantage of the potential conditions to improve the shareholders wealth in the best possible manner.

(vii) Risks, Concerns and its Management:

Your company's activities which are essentially in the capital market segments. The Risk perception of our activity could be discerned as under.

Market Risk: Your Company's major investments are mostly in Capital market Instruments like Shares, Mutual funds and Bonds and any volatility could erode the capital value of the investments. No doubt, your Company would keep a close vigil on movement of prices and take appropriate steps to minimize this risk.

Interest rate risk: The changes in interest rates by RBI and Banks could result in fluctuations in prices and consequently the income of various investments and borrowings by the company. Your company has put in measures to hedge this risk but this cannot be eliminated totally.

Operation Risk: The stock market operations are fraught with certain risks associated with market judgments by operational executives and their decision making process based on certain perceptions brvailing at any given time and these could change suddenly resulting in unexpected adverse positions. As the operations are human dependent, the error factor is always inbuilt in this activity. Some of the risks could be wrong data input, deviations from the rules of SEBI or Exchange due to oversight, lack of coordination amongst the dealing and back office, administrative delays in adhering to schedules etc. This is not exhaustive and your Company strives to minimize this type of risk through adequate training and motivation periodically.

(viii) Internal Control Systems and their Adequacy:

Your company has in place adequate interest control measures. The requisite Management Information System is already in place to take corrective measures when required.

(ix) Human Resources:

Your company has adequate trained professionals to manage the affairs of the company in the most prudent manner