MANAGEMENT DISSCUSSION AND ANALYSIS REPORT

In compliance with clause 49 of the Listing Agreement with the Stock Exchange, a detailed Management Discussion and Analysis Report from part of Annual Report

1. BACKGROUND

The Management Discussion and Analysis Report sets out the developments in the business, the Company's performance since last report and the future outlook. This report is part of the Directors' Report and the Audited Financial Statements, forming part of the Annual Report. However, certain statements made in this report relating to the projections, outlook, expectations, estimates etc., may constitute 'forward looking statements' within the meaning of applicable laws and regulations and may differ from actual. Several factors could make a significant difference to the Company's operations, including climatic conditions, economic conditions affecting demand and supply, government regulations, revision in government policies, taxation and natural calamities, over which the Company does not have any control.

2. INDUSTRY STRUCTURE AND DEVELOPMENTS

The Company is engaged in Sharing, Decoiling and Corrugation of Hot Rolled, Cold Rolled and Galvanised (HR, CR & Galvanised) Coils and also does job work of the said products at its factory atTaloja, Dist-Raigad (Maharashtra). The Company also earns income from Warehousing. No Research and development Work has been carried out by the Company and therefore, there is no expenditure on this head, nor any benefit has accrued from it to the Company.Since the Company earns income mainly from Job Work and Warehousing, there is reasonable certainty of earning profit after providing all costs. There are ample opportunities in the business of the Company.

3. OPPORTUNITIES

Since the Company earns income mainly from Job Work and Warehousing, there is reasonable certainty of earning profit after providing all costs.There are ample opportunities in the business of the Company.

4. THREATS

There is no perceived threat in the business of the Company.

5. INTERNAL CONTROL SYSTEM & ADDQUACY

The Company has well-developed Internal Control Systems and clearly defined delegation of powers to its employed.The Company has an internal audit department, which independently monitors the compliance with the approved internal control procedures and exercise of powers strictly as per the approved delegation of powers.

6. HUMAN RESOURCES

Material development in human resources/ Industrial relation front has been dealt with in the Directors Report, under the head 'Human Resources', which should be treated as forming part of this management and discussion analysis. As at 31 st March 2014,

7. CAUTIONARY STATEMENT

Statement in this Management Discussion and analysis describing the Company's objectives, projections, estimates, expectations or brdictions may be forward-looking statements' within the meaning of applicable securities laws and regulations. Actual results could differ materially from those exbrssed or implied. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their dates.

By Order of the Board of Directors

Kamal Kumar Chaudhary

Chairman

Registered Office;

C-23/2, M.I.D.C., Taloja-410208 Dist. Raigad, Maharashtra

Place: Mumbai  

Date: 28/5/2014