MANAGEMENT DISCUSSION AND ANALYSIS

The core business of the Company is trading in Iron and Steel products and Investment in Securities. In terms of Clause 49 of Listing Agreement, the Management discussions and analysis is given hereunder:-

a) Industry structure and development:

Company is engaged in trading activity primarily having vast potential & now being getting attention of the organised sector.

b) Opportunities and threats:

Sustained economic growth in the country may affect the business of the Company and sector overall. However, the Company is taking proper steps to mitigate the business risk.

c) Segment-wise performance:

The Company is operating on only one broad segment and hence separate segmental reporting is not applicable. The Company has no activity outside India.

d) Outlook:

The outlook for 2015-2016 has to be viewed in the context of overall economic scenario etc.

e) Risk and concerns:

The Company is exposed to general market risk and is initiating adequate step to mitigate it.

f) Internal control system:

The Company maintains adequate internal control systems, which provides adequate safeguards and proper monitoring of the transactions.

g) Discussion on financial performance with respect to operating performance:

The operating performance of the Company has been discussed in Directors Report under the head 'Financial Highlights and Operations and Overall Performance' in the current year.

h) Human resources and industrial relations:

During the year under review the Employee/Industrial relations remained cordial.

i) Cautionary Statement:

The Management Discussions and Analysis describe Company's projections, expectations or brdictions and are forward looking statements' within the meaning of applicable 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 economic conditions affecting demand and supply and price conditions in domestic and international market, changes in Government regulations, tax regimes, economic developments and other related and incidental factors.