Vardhaman Laboratories Ltd Management Discussions

Industry Structure and Development

With your consent, the manufacturing of Pharmaceutical Formulations business was sold off. After the sale of assets, your Directors are looking for sound business opportunities to enter new line of business activities wherein we have core competence. Your Directors have identified sectors namely Pharma, Real Estate, Hospitality industry, etc.

Opportunities and Threats

The Business operations have been scaled down substantially due to sale of manufacturing of Pharmaceutical Formulations business of the Company. The Promoters intend to review operations of the Company; either diversify and / or amalgamate with other businesses Operations.

Internal Controls and System

The Internal department reviews the adequacy and efficacy of the key internal controls, guided by the Audit Committee of the Board. One of the objectives of the Companys Audit Committee is to review the reports and to monitor follow-up and corrective actions by Management. Your Company has a compliance procedure to ensure that all laws, rules and regulations applicable to it are complied with.

Cautionary Statement

Statement made in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations may be "forward looking statements" within the meaning of applicable securities laws and regulations. Actual result could differ from those expressed or implied. Important factors that could make a difference to the Companys operations include economic conditions affecting demand supply and price conditions in the domestic and overseas markets in which the Company operates, changes in the Government Regulations, tax laws and other statutes and other incidental factors.

	By Order of the Board of Directors
	For Vardhaman Laboratories Limited
Place: Sangli
Date: 14/08/2018
Registered Office:	Sunil D Shah	Dharmchand Shah
1393, Peth Bhag, High School Road,	Director	Chairman
Sangli - 416 416.	DIN: 00321471	DIN: 00321468