MANAGEMENT DISCUSSION AND ANALYSIS

Your Directors are pleased to brsent the Management Discussion and Analysis Report for the year ended 31st March, 2015. Investors are cautioned that these discussions contain certain forward looking statements that involve risk and uncertainties including those risks which are inherent in the Company's growth and strategy. The Company undertakes no obligation to publicly update or revise any of the opinions or forward looking statements exbrssed in this report consequent to new information or developments, events or otherwise.

Overview of the Indian Economy:

The performance of capital market in India has a direct correlation with the prospect of economic growth and political stability. Though the growth projections for FY 2015-16 appear reassuring, there are certain downside risks such as pace and shape of global recovery, effect of withdrawal of fiscal stimulus and hardening of commodity prices. Our business performance may also be impacted by increased competition from local and global players operating in India, regulatory changes and attrition of employees. With growing brsence of players offering advisory service coupled with provision of funds for the clients' needs, we would face competition of unequal proportion. We continuously tackle this situation by providing increasingly superior customized services.

In financial services business, effective risk management has become very crucial. Your Company is exposed to credit risk, liquidity risk and interest rate risks. Your Company has in place suitable mechanisms to effectively reduce such risks. All these risks are continuously analyzed and reviewed at various levels of management through an effective management information system.

Activity:

The Company is engaged in providing Stock Broking Services.

Future Outlook:

Based on the buoyancy of the Indian Economy, the overall scenario and steps taken by the management, the future outlook of your company looks good.

Risk Management System:

Your Company has proper and adequate system of internal controls commensurate with the size and nature of its business. However, strengthening of internal control systems is an ongoing exercise. Your Company manages risks associated with broking operations using internally developed credit monitoring system implemented through fully automated risk management software and selective direct monitoring of certain operating parameters. The automated risk management procedures rely primarily on internally developed risk management system and systems provided by system vendors. The Company manages business risks through strict compliance and internal checks. It will not be out of context to state that the system has worked very effectively during the year under review.

Further, the Company has an independent internal audit system. The process of internal audit involves, reviewing of existing Controls and Systems. Internal Audit also recommends the actions for strengthening of the business processes. The internal audit ensures adherence to operating guidelines, regulatory and legal requirements. The Audit committee of the board periodically reviews the reports of the Internal Auditors and takes corrective actions wherever necessary.

Internal Control System:

As noted by the auditors in their report, the Company has an Internal Control System commensurate with its requirements and the size of business.

Discussion on financial performance with respect to operational performance:

The Company earned total revenue of Rs. 235.52 Lacs during the year as compared to Rs. 270.33 Lacs during the brvious year. The Profit after tax achieved is Rs. 2.77 Lacs during the year as compared to Profit of Rs. 3.46 Lacs in the brvious year.

Human Resource:

Being a part of the financial service sector your Company values human resource as human capital, it is equally important as financial capital for the growth of the Company. Your Company strongly believes that Human Resources are important to the success of any Company and your Company is taking all possible steps to employ, develop and retain the appropriate quality of resources to aid the Company in achieving success. Your Company continuously endeavors to attract and retain professional talent.

Cautionary Statement:

Statement in the Management Discussion and Analysis describing the company's objectives exceptions or brdications may be forwards looking within the meaning of applicable securities, laws and regulations. Actual results may differ materially from those exbrssed in the statement. Several factors could make significant difference to the company's operation. These include climatic conditions and economic conditions affecting demand and supply, government regulations and taxation, natural calamities etc. over which the company does not have any control.