MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

(i) Overview:

Your Chairman is announce that your Company has increased their business profitability by 21.16%. Company's' Earning per share has increased to Rs. 2.03/- per share from Rs. 1.32/-.

(ii) Outlook 2015-2016

Your Company continues to focus on the different activities in order to generate broad based revenues for the financial year 2015-2016.

(iii) Opportunities & Threats:

For the Indian Economy, the evolving economic and business environment exhibits a number .of encouraging signs that suggest reinforcement of the robust economic growth exhibited in recent years. Domestic macro economic and financial conditions support prospects of sustained growth momentum with stability in India. Economic expansion will result in greater disposable incomes and larger number of investors. There is a significant growth opportunity for your Company in this scenario.

Newer financial investment products are being introduced in the country such as mutual funds for gold and property. This will provide opportunities for diversification for products and will attract new set of investors for the Company's products.

With Indian equities on the growth path, there will be more opportunities for the Company to expand into other overseas destinations.

The stock broking industry has recently witnessed intense competition due to falling brokerage rates and the entry of several big players. Increasing globalization and the role of 'hot money' has increased the volatility of the markets. Your Company continues to achieve cost efficiencies through the application of technology.

(iv) Risks and Concerns:

Apart from the regular operational and business risks, which are managed through a structured risk management system, your Company's performance largely depends on the performance of the Indian Stock Market as large part of its income is from stock broking. Over the medium term, the prospects for the Indian economy are by and large positive, but characterized by significant downside risks. The growth prospects are, however, vulnerable to the growing concerns relating to high oil prices and liquidity in the markets. Your Company has developed robust risk management capabilities to handle the market risk arising out of volatilities.

vThe capital market industry in which your Company is operating is subject to extensive regulation. The Company has a proper and adequate system of internal control designed to ensure meticulous regulatory compliances.

Changes in technology may render the Company's current technologies obsolete or require it to make substantial capital investments. The Company evaluates the technological obsolescence and the associated risk and makes investment accordingly.

(v) Internal Control Systems:

The Company has an adequate system of internal controls to ensure accuracy of accounting records, compliance with all laws & regulations and compliance with ail rules, procedures & guidelines brscribed by the management. Post audit reviews are also carried out to ensure follow up on the observations made. The Audit Committee of the Company determines the scope of the internal audit and it is reviewed on a regular basis.

(vi) Human Resources:

The Company is making conscious efforts on the human resources front. The Company has continuously improving the skill set of the employees through various training programs. The Company believes in rewarding its employees based on performance & potential hence the Company has been declaring incentives to its employees not only as a reward but also to ensure commitment through financial motivation. All the employees are encouraged in getting them certified in relevant industry standard certifications such as NCFM certification. Majority of the employees has obtained such certification.

(vii) Cautionary Note:

Statements in this Report, describing the Company's objectives, projections, estimates and expectations may constitute 'forward looking statements' within the meaning of applicable laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. These statements are subject to certain risks and uncertainties. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results may be different from those exbrssed or implied since the Company's operations are affected by many external and internal factors, which are beyond the control of the management. Hence the Company assumes no responsibility in respect of forward looking statements that may be amended or modified in future on the basis of subsequent developments, information or events.