MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Forward Looking Statement

The Indian media and entertainment industry has again grown strongly in the past year. According to the KPMG-FICCI report, the entire industry has grown by almost 12%, which is again more than double of the country GDP. The more we, as industry players, can enable the growth of this industry, the more people across the country can be made aware of issues, be educated and entertained, see how other parts of the country and world are and connect with others. The management has carefully examined these trends and our planning and strategy going forward is to look at the areas where we see signifi cant growth and advantages. We will continue to be cautious in areas where we believe there are signifi cant challenges and threats ahead.

Purpose and Mission

The Company's major focus is to engage in the development, production, manufacture and distribution of commercial entertainment materials in all formats.

The Company has Last year changed its objectives and the Name. The Company seeks to develop and produce, acquire commercial films, in sync with the business objective, the company has acquired stake (50%) in M/s Four lions Films Private Limited, engaged in the production of TV serials. The Company has invested its resources in media & Entertainment business and is confident of achieving the substantial profits in coming years.

The Company recently made brferential allotment of Equity shares to persons other than promoters for its ongoing business activities & operational needs. The Company however hopes that this will help to generate profits in coming subsequent years.

Critical Accounting Estimates

The Company's financial statements have been brpared in accordance with generally accepted accounting principles in India. Certain accounting policies require that the management make appropriate decisions with respect to estimates and assumptions that affect the assets, liabilities, revenue and expenses reported by the Company. The Company's management continually reviews its estimates based on new information, which may result in changes to current estimated amounts. There were no major changes in the accounting policies during the year ended March 31, 2015. Outlook:

The Company plans to produce commercial Films, Serial, Animation, 3D Unit and Joint Venture and to open 100% Subsidiary in Middle East, UK, USA for doing joint ventures /acquiring rights of films and TV Serials.

Some key themes that emerged last year in the fi lm space are as follows:

1. The rally of sequels will continue as brand continues to be the king in films. Taking a direct clue from Hollywood, we expect that more sequels will be generate and more and more content is acquired from branded content in terms of TV shows, books and other language remakes.

2. Hollywood is meeting Bollywood in earnest and in many different areas and ways. A lot of Indian talent has made its way west to try their hand in the bigger budget films in America.

3. Piracy remains the largest issue. With the internet base in India growing strongly both wired and wireless, Peer-2-Peer networks have made the distribution of media assets easy and in most cases free. Thus to force a consuming base, which is aware of such technology, to begin to legitimately purchase these assets is becoming a huge challenge. Faster networks will hasten the emphasis of monetizing media assets but whether consumer mindsets can be adequately changed is the big question going forward.

4. Rising cost of talent is becoming a huge hindrance. Today even the largest Studios and Production Houses are battling the viability of their larger projects because talent is costing almost 50% of the budget. Today the leading stars have hiked fees substantially as well as taking points in profit participation.

5. There has also been a slowdown in real estate development which has in turn slowed down the delivery of new multiplexes. India remains an under-screened market however as new real estate projects stall, the opportunities for multiplexes in malls or Greenfield residential areas is therefore also hampered until these projects complete and demand is available.