Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

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which is accounted to 0.188% of NTA as September 30, 2019. 3.1.2 Share MIS (Management Information System) resource transaction 1. Contract Date: July 1, 2019 - June 30, 2020 2. Partners of Contract

par value of preferred shares is 10 Indian Rupees per share 2.3. The management of the Company has appraised the share price of the Joint Venture Company by using the Discounted Cash Flow method (DCF

following transaction: 7.1 The transaction between the Company and/or its subsidiaries with Kinpo Electronics Inc. and/or its subsidiary as the following details: 7.1.1 Share MIS (Management Information