Elgi Industrial Products Ltd Merged Management Discussions

ELGI INDUSTRIAL PRODUCTS LIMITED (FORMERLY ELGI FINANCE LIMITED) ANNUAL REPORT 2008-2009 MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY STRUCTURE AND DEVELOPMENT: The Companys objects have been changed from being a Finance Company to a Manufacturing Company. The Management is evaluating a suitable business idea to fit. SEGMENT WISE OR PRODUCT-WISE PERFORMANCE: The Company did not have any activity other than collections during the year. RISK AND CONCERNS: Since the Company is only acting as a collection entity there are no significant risks associated with this operation. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY: The Company has a proper and adequate internal control system to ensure that all assets are safeguarded and protected against loss from unauthorised use or disposition and that transactions are authorised, recorded and reported correctly. The Audit Committee meets periodically with the Management and the Statutory Auditors to review the internal control systems. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE: Please refer Directors Report on Operations. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FROM, INCLUDING NUMBER OF PEOPLE EMPLOYED: There has been no material developments in human resources / industrial relations front. As on date there are no employees in this Company.