To
The Members,
The Directors are pleased to present their thirty-second Annual Report, on the business
and operations of Yash Management and Satellite Limited (‘The Company') together with
audited financial statements for the financial year ended March 31, 2025.
The financial statements are prepared in accordance with Indian Accounting Standards
(‘Ind AS').
FINANCIAL PERFORMANCE
Consolidated Operations: (In thousand)
|
Consolidated |
Particulars |
Year Ended 31st March, |
|
2025 |
2024 |
| Income from Operations |
2,98,765.16 |
4,12,149.55 |
| Other income |
12,212.68 |
11,896.85 |
| Less: |
|
|
| - Purchase |
2,22,769.13 |
4,22,478.83 |
| - Cost of Material consumed |
- |
27,268.59 |
| - Change in Inventories |
67,220.88 |
(53,601.97) |
| - Manufacturing Expenses |
- |
7,913.86 |
| - Employee Benefit expense |
4,458.41 |
6,424.32 |
| - Other Expense |
34,002.29 |
19,103.55 |
| - Depreciation and Amortization |
896.56 |
6,900.31 |
| - Finance Cost |
1,188.55 |
8,305.80 |
| Profit/(loss) before tax before Exceptional Item and Tax |
(19,557.97) |
(20,746.89) |
| Less: Exceptional Items |
- |
3,991.09 |
| Profit/(loss) before tax |
(19,557.97) |
16,755.79 |
| Less: Tax Expense |
|
|
| - Current Tax |
- |
(3,625.62) |
| - Deferred Tax |
(2.27) |
3,885.37 |
| Profit/(loss) after Tax |
(19,555.70) |
(16,496.05) |
| Other Comprehensive Income (net of tax) |
4,937.67 |
8,275.79 |
| Total comprehensive income |
(14,618.04) |
(8,220.26) |
Standalone Operations: |
|
(In thousand) |
|
Standalone |
Particulars |
Year Ended 31st March, |
|
2025 |
2024 |
| Income from Operations |
2,98,748.29 |
3,69,552.47 |
| Other income |
8731.54 |
15,551.83 |
| Less: |
|
|
| - Purchase |
2,22,769.13 |
4,22,478.83 |
| - Change in Inventories |
67,220.88 |
(72,232.03) |
| - Employee Benefit expense |
4,217.62 |
5,124.99 |
| - Other Expense |
32,879.27 |
11,572.04 |
| - Depreciation and Amortization |
855.51 |
936.12 |
| - Finance Cost |
1,156.43 |
1,737.19 |
| Profit/(loss) before tax |
(21,619.01) |
15,487.16 |
| Less: Tax Expense |
|
|
| - Current Tax |
- |
3,625.62 |
| - Deferred Tax |
- |
- |
| Profit/(loss) after Tax |
(21,619.01) |
11,861.54 |
| Other Comprehensive Income (net of tax) |
3,831.30 |
8,275.79 |
| Total comprehensive income |
(17,787.70) |
20,137.33 |
CONSOLIDATED OPERATIONS
In the year 2025 the Consolidated revenue of the Company decreased by 27.77% to INR
3,10,977.84 thousand in comparison with revenue of INR 4,24,046.41 thousand in the
previous year. The net loss after tax was INR 19,555.70 thousand as compared to net loss
after tax INR 16,496.04 thousand of previous year. Decrease in growth of revenue is
largely due to decrease of volume and closure of manufacturing unit.
STANDALONE OPERATIONS
In the year 2025 the revenue of the Standalone legal entity decreased by 19.15% to INR
2,98,748.29 thousand in comparison with revenue of INR 3,69,552.47 thousand in the
previous year. The net loss after tax was INR 21,619.01 thousand as compared to net profit
after tax INR 11,861.54 thousand of previous year. Decrease in growth of revenue is
largely due to decrease of volume.
CAPITAL STRUCTURE
The paid up share capital of the Company as on 31st March 2025, was INR 17
Crores comprising 1.70 Crores Equity shares of INR 10 each. During the year under review,
there is no change in subscribed and paid-up capital of the company. The Company had not
issued any equity shares with differential rights during the F.Y. 2024-25 and hence, the
disclosure requirements under Section 43 and Rule 4 (4) of the Companies (Share Capital
and Debentures) Rules, 2014, are not applicable.
The company's equity shares are listed with the BSE Ltd.
OTHER EQUITY (RESERVE AND SURPLUS AND OTHER COMPREHENSIVE INCOME)
The Standalone total other equity decreased to INR 84,709.77 thousand as compared to
INR 1,02,497.47 thousand as of FY 2024, decrease of INR 17,787.73 thousand. The
Consolidated other equity decreased to INR 49,351.93 thousand as compared to INR 65,206.88
thousand as of FY 2024, decrease of INR 15,854.95 thousand. The Securities premium reserve
balances stood at INR 67,500 thousand. The balance of the Retained earnings after the
appropriations for the year is INR 16,605.99 thousand on Standalone basis. On consolidated
basis, the balance in the Retained earnings stands at INR 18,749.44 thousand.
DIVIDEND
In order to conserve the resources of the Company, your directors do not recommend any
dividend for the current year.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Pursuant to Section 186 of Companies Act, 2013 and Schedule V of the Securities and
Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing
Regulations") disclosure on particulars relating to Investment in other Companies and
details of loans and guarantee given by the Company to its subsidiary are given in the
notes to the financial statements
SUBSIDIARIES
As on 31st March 2025 Sudarshan Polyfab Private Ltd is a subsidiary of the company with
61% holding.
As the Company has closed its Manufacturing Activities in the previous Financial year,
hence there is no revenue from operations from the manufacturing activities during the
year under review. In accordance with Section 129(3) of the Companies Act, 2013,
consolidated financial statements of the Company and its subsidiary, forms part of the
Annual Report. Further, a statement containing the salient features of the financial
statement of the subsidiary in the prescribed format AOC - 1 is appended as Annexure I
to the Board's report. The statement also provides the details of performance, financial
position of the subsidiary. The Company has formulated a policy on identification of
material subsidiaries in accordance with Regulation 16(1)(c) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and the same is placed on the
Company's website at: www.yashmanagement.in.
Further, pursuant to the provisions of Section 136 of the Act, the financial statements
of the Company, consolidated financial statements along with relevant documents and
separate audited financial statements in respect of subsidiary, is available on the
Company's website at: www.yashmanagement.in.
MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY
No material changes and commitments which could affect the Company's financial position
have occurred between the end of the financial year of the Company and date of this
report.
HUMAN RESOURCES
The company always regards human resources as its most valuable asset and continuously
evolves policies and process to attract and retain its substantial pool of managerial
resources through friendly work environment that encourages initiatives by individuals and
recognizes their performance.
PARTICULARS OF EMPLOYEES AND REMUNERATION
Information as required under the provisions of Section 197(12) of the Companies Act,
2013 and Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 (including any statutory modification(s)/amendment(s)/re-enactment thereof,
for the time being in force), is set out in Annexure-II hereto, which forms part of
this Board's Report.
CORPORATE GOVERNANCE
As stipulated under the provision of Regulation 34 (3) read with Schedule V (c) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a separate report
on Corporate Governance forms an integral part of this Report. The requisite Compliance
certificate as required under Part E of Schedule V of the Listing Regulation, issued by
M/s. BKG & Associates, Chartered Accountants pertaining to the compliance of the
conditions of Corporate Governance is Annexed.
RISK MANAGEMENT POLICY
Risk Management is an enterprise vide function that aims at assessing threats to
business sustainability and mitigating those threats. The Board of Directors along with
the senior management of the Company having deep industry experience has developed and
approved the Risk Management Policy framework and Guidelines, wherein all material risks
faced by the Company are identified and assessed. Moreover, in the said Risk Management
Policy the Board has defined a structured approach to manage uncertainty, cultivating the
same in their decision-making pertaining to all business divisions and corporate
functions. For each of the risks identified, corresponding controls are assessed, and
policies and procedures are put in place for monitoring, mitigating and reporting on a
periodic basis.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The details in respect of internal control systems and their adequacy are included in
the Management Discussion and Analysis Report, which forms part of this Annual report.The
Board has adopted policies and procedures for ensuring the orderly and efficient conduct
of its business, including adherence to the Company's policies, safeguarding of its
assets, prevention and detection of fraud, error reporting mechanisms, accuracy and
completeness of the accounting records, and timely preparation of reliable financial
disclosures. For more details, refer to the ‘Internal control systems and their
adequacy' section in the Management's discussion and analysis, which forms part of this
Annual Report.
CODE ON PREVENTION OF INSIDER TRADING
The Company has adopted a Securities Dealing Code to regulate, monitor, and report
trading by designated persons and their immediate relatives as per the requirements under
the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,
2015. The Code, inter alia, lays down the procedures to be followed by designated persons
while trading/ dealing in Company's shares, disclosures to be made, and consequences for
violation and handing and sharing Unpublished Price Sensitive Information (‘UPSI').
CODE OF FAIR DISCLOSURE
The Company's Code of Fair Disclosure is placed on the website of the Company
www.yashmanagement.in.
RELATED PARTY TRANSACTIONS
There was no related party transaction (RPTs) entered into by the Company during the
financial year except payment of remuneration to KMP and Payment of Rent, which attracted
the provisions of Section 188 of the Companies Act, 2013. Accordingly, disclosures of
related party transactions in Form AOC - 2 have not been furnished. There were no
‘material' related party transactions undertaken by the Company during the year that
require shareholder's approval under regulation 23(4) of SEBI (Listing Obligation and
Disclosure Requirement)
Regulations, 2015. Suitable disclosures as required under Ind AS- 24 have been made in
the Notes to the financial statements. All Related Party Transactions were placed before
the Audit Committee and Board for their approval. Your Company has formulated policy of
Related Party Transaction which is also available on the website of the Company
www.yashmanagement.in.
PUBLIC DEPOSITS
The Company has not accepted/renewed any fixed deposits from the public or the Members,
within the meaning of the Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014, during the financial year 2024-25, and, as such, no
amount of principal or interest on deposits from public or the Members, was outstanding as
on the Balance Sheet date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
a) Conservation of Energy & Technology Absorption
The Company is not engaged in manufacturing activities and therefore provisions
relating to conservation of energy and technology absorption are not applicable to it.
However, efforts are being made to minimize consumption of energy, wherever possible. b)
Foreign Exchange Earnings and Outgo
| i. Foreign exchange earnings |
- Rs. Nil |
| ii. Foreign Exchange outgo |
- Rs. Nil |
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report a detailed analysis of the Company's
performance is disclosed in the
Management Discussion and Analysis Report, which forms part of this Annual Report.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
The Company does not have any funds lying unpaid or unclaimed for a period of seven
years. Therefore, there were no funds which were required to be transferred to Investor
Education and Protection Fund (IEPF).
DIRECTORS' RESPONSIBILITY STATEMENT
The financial statements are prepared in accordance with the Indian Accounting
Standards (Ind AS) under the historical cost convention on accrual basis except for
certain financial instruments, which are measured at fair values, the provisions of the
Companies Act, 2013 and guidelines issued by SEBI. The Ind AS are prescribed under Section
133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
Accounting policies have been consistently applied except where a newly issued accounting
standard is initially adopted or a revision to an existing accounting standard requires a
change in the accounting policy hitherto in use. The directors confirm that:
In preparation of the annual accounts for the financial year ended March 31, 2025, the
applicable accounting standards have been followed and there are no material departures.
They have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company at the end of the financial year and of the profit
of the Company for that period.
They have taken proper and sufficient care towards the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities.
They have prepared the annual accounts on a going concern basis.
They have laid down internal financial controls, which are adequate and are operating
effectively.
They have devised proper systems to ensure compliance with the provisions of all
applicable laws, and such systems are adequate and operating effectively.
BOARD, COMMITTEES OF THE BOARD & KEY MANAGERIAL PERSONNEL
During the year Mr. Hansraj Goyal (DIN: 00398273) and Mr. Sukdeo Agrawal (DIN:
02689004) were appointed as Independent Director of the Company w.e.f. September 02, 2024.
Both the appointments were approved by the shareholders at the Annual General Meeting held
on September 30, 2024. Mr. Sandeep Mangal (DIN: 02148088) and Mr. Satish Gupta (DIN:
00227963) ceased to be Independent Director of the Company w.e.f. September 30, 2024, as
they had served as Independent Non-Executive Directors of the Company for 2 (two)
consecutive Terms. In accordance with the provisions of Companies Act, 2013, Mrs. Navrati
Gupta having DIN 00399022 Director of the Company, retire by rotation at this Annual
General Meeting and, being eligible; offer herself for re-appointment at the Annual
General Meeting. The information of Directors seeking appointment / reappointment at the
Annual General Meeting to be given to the shareholder is being provided separately in the
Notice of the Annual General Meeting attached to the Annual Report. Members are requested
to refer to the Notice convening the Annual General Meeting.
NUMBER OF MEETINGS OF THE BOARD
Six Meetings of the Board were held during the year. For details of the meetings of the
Board, you may refer to the Corporate Governance Report, which forms part of this Annual
Report.
DECLARATION BY INDEPENDENT DIRECTORS
The Independent Directors have submitted a declaration that each of them meets the
criteria of independence as provided in Section 149(6) of the Companies Act, 2013, and
there has been no change in the circumstances which may affect their status as independent
directors during the year. The Ministry of Corporate Affairs (MCA) in association with
Indian Institute of Corporate Affairs (IICA) have introduced the maintenance of a
comprehensive online databank for all the existing and aspiring Independent Directors (ID)
by the IICA. The Independent Directors have registered themselves on the data bank for
Independent Directors. The Board is of the opinion that the Independent Directors of the
Company possess requisite qualifications, experience and expertise in the fields of
Finance, Technology, Corporate Governance, Global Business, and Personal Values, and they
hold the highest standards of integrity
EVALUATION OF DIRECTORS, COMMITTEE AND BOARD
Annual Performance Evaluation was carried out for all Board Members, for the Board and
its Committees. The Board evaluation framework has been designed in compliance with the
requirements under the Companies Act, 2013. The Schedule IV to the Companies Act, 2013
states that the performance evaluation of Independent Directors shall be done by the
entire Board of Directors, excluding the Director being evaluated. The Board evaluation
was carried out based on responses received from the Directors on the questionnaire
designed. The performance of the Board was evaluated after seeking inputs from all the
directors on the basis of the criteria such as the Board composition and structure,
effectiveness of board processes, information and functioning, etc. The performance of the
committees was evaluated by the Board after seeking inputs from the committee members on
the basis of the criteria such as the composition of committees, effectiveness of
committee meetings, etc.
The Chairman of the Board / the Nomination and Remuneration Committee (‘NRC')
reviews the performance of the individual directors based on the criteria approved by the
Board. In a separate meeting of Independent Directors held on January 10, 2025,
performance of Non-Independent Directors, performance of the Board as a whole and
performance of the Chairman was evaluated.
FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS
The Company conducts familiarization programs for its Directors which includes
discussion on Industry Outlook, Regulatory updates at Board and Audit Committee meetings
covering changes with respect to the Companies Act, taxation and other applicable law and
matters, presentations on Internal Control over Financial Reporting, Operational Control
over Financial Reporting, Framework for Related Party Transactions, etc. The Executive
Director and senior management personnel make presentations at the Board meetings about
Company's operations, markets, financial results, human resources, and on other important
aspects. The terms and conditions of the appointment of every Independent Director is
available on the website of the Company at: www.yashmanagement.in. Details of the
familiarization programs of the Independent Directors are available on website of the
Company at: www.yashmanagement.in.
COMMITTEES OF THE BOARD
The Board of Directors have following committees as on March 31, 2025:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders Relationship Committee
The details of the composition of the committees and attendance of the meetings of
Committees of the Board are provided in the Corporate Governance Report.
SECRETARIAL STANDARDS
The Company complies with all applicable secretarial standards issued by the Institute
of Company Secretaries of India.
NOMINATION & REMUNERATION POLICY
The Nomination & Remuneration Committee has formulated necessary policy on
appointment and remuneration including criteria for determining qualifications, positive
attributes and independence of a director. The details of "Nominations and
Remuneration Policy" are explained in the Report on Corporate Governance along with
the other details, which forms part of this Board's Report.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
In pursuant to the provisions of section 177(9) and (10) of the Companies Act, 2013, a
Vigil Mechanism/Whistle Blower Policy for directors and employees to report genuine
concerns has been established by the Company in order to maintain highest standards of
ethical, moral and legal conduct, adopted Vigil Mechanism/Whistle Blower policy to provide
an avenue to its employees to raise concerns of any violations of legal or regulatory
requirements, incorrect or misrepresentations of any financial statements and reports,
etc. The Audit committee of the company oversees the said mechanism from time to time.
None of the Company personnel has been denied access to the Audit Committee. The Whistle
Blower Policy of the Company is also available on the website of the Company
www.yashmanagement.in
STATUTORY AUDITORS
In line with the requirements of the Companies Act, 2013, M/s BKG & Associates,
Chartered Accountants, (FRN:114852W) was appointed as the statutory auditors of the
Company, to hold office for a period of five consecutive years from the conclusion of the
29th AGM of the Company held in 2022, till the conclusion of the 34thAGM
to be held in 2027-28. There are no qualification, reservation or adverse remark or any
disclaimer made by the Statutory Auditor in their Audit Report on the Financial Statement
for the year ended 31st March 2025.
INTERNAL AUDITORS
Internal Audit for the year ended March 31, 2025, was done by Pankaj Chandak &
Associates (Membership No. 162620) and Internal Audit Report for every quarter was placed
before the Audit Committee.
SECRETARIAL AUDITOR AND THEIR REPORT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company has
appointed M/s. Mukesh Purohit & Co., Practicing Company Secretaries, Mumbai, as its
Secretarial Auditor to conduct the secretarial audit of the Company for the financial year
2024-25. The Secretarial Auditors' Report for fiscal 2024-25 does not contain any other
qualification, reservation or adverse remark except the observation for delayed disclosure
of the promoter shareholder reclassification beyond the mandated 24-hour period under
Regulation 31A(8)(c) of SEBI (LODR) Regulations, 2015. A warning letter was issued by the
Stock Exchange, following which the Company has enhanced its compliance controls.
The Secretarial Auditors' Report is enclosed as Annexure III to the Board's
report.
Further pursuant to recent amendments in Regulation 24A of SEBI (Listing Obligations
and Disclosure Requirement) Regulations, 2015, the appointment of Secretarial Auditor of
the Company is required to be approved by the members of the Company. The Board of
Directors at the Board meeting held on June 07, 2025, has recommended appointment of M/s.
Mukesh Purohit & Co., Practicing Company Secretaries as Secretarial Auditor of the
Company for a period of five years, i.e., from FY 2026 to FY 2030.
The Company has received the written consent and a certificate that M/s. Mukesh Purohit
& Co., satisfy the criteria for appointment as Secretarial Auditor and that the
appointment, if made, shall be in accordance with the applicable provisions of the Act and
rules framed thereunder.
SECRETARIAL AUDIT OF UNLISTED MATERIAL SUBSIDIARY:
The Secretarial Audit of M/s Sudarshan Polyfab Private Limited (SPPL), a material
subsidiary of the Company was carried out pursuant to Section 204 of the Companies Act,
2013 and Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 for the Financial Year 2024-25. The Secretarial Audit Report of SPPL,
submitted by M/s. Mukesh Purohit & Co., Practicing Company Secretaries, Mumbai, does
not contain any qualification, reservation or adverse remark or disclaimer. The
Secretarial Audit report of SPPL for the financial year 2024-25 is annexed to this report
as Annexure-IV. During the year, the statutory auditors have confirmed that they
satisfy the independence criteria required under the Companies Act, 2013, the Code of
Ethics issued by the Institute of Chartered Accountants of India
REPORTING OF FRAUDS BY AUDITORS:
During the year under review, neither the statutory auditors nor the secretarial
auditor has reported to the audit committee, under Section 143 (12) of the Companies Act,
2013, any instances of fraud committed against the Company by its officers or employees,
the details of which would need to be mentioned in the Board's report.
COST RECORDS
The Company is not required to maintain cost records as specified under Sub-section (1)
of Section 148 of the Companies Act, 2013.
SIGNIFICANT ORDERS PASSED BY REGULATORS, COURTS OR TRIBUNALS IMPACTING
GOING CONCERN AND COMPANY'S OPERATIONS
No orders have been passed by any Regulator or Court or Tribunal which could have an
impact on the going concern status and the Company's operations in future.
CORPORATE SOCIAL RESPONSIBILITY
The provisions of Corporate Social Responsibility are not applicable to the company as
the company does not fall into ambit of the provisions of section 135 of Companies Act,
2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014.
ANNUAL RETURN
In accordance with the Companies Act, 2013, the annual return in the prescribed format
is available at http://www.yashmanagement.in/Annual-General-Meeting.html.
INTERNAL COMPLAINTS COMMITTEE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Company has complied with provisions relating to the constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and redressal) Act, 2013. All employees (permanent, contractual, temporary,
trainees) are covered under this policy. During the year under review, company has not
received any Sexual Harassment Complaints.
GREEN INITIATIVE
The Company started a sustainability initiative with the aim of going green and
minimizing the impact on the environment. Like the previous years, this year too, the
Company is publishing only the statutory disclosures in the print version of the Annual
Report. Additional information is available on our website, www.yashmanagement.in. Notice
calling the Annual General Meeting, Corporate Governance report, Directors' Report,
Audited Financial
Statements, Auditors' Report, etc., are being sent only through electronic mode to
those members whose email addresses are registered with the Company / depositories. The
Company shall send letter under regulation 36 (1) (b) of the SEBI (Listing Obligations and
Disclosure Requirement) Regulations, 2015 to those shareholders who have not registered
their email Id's either with Company or Depository or RTA, giving link of website of the
Company where annual report is uploaded. Members may note that notice and Annual Report FY
2025 will also be available on Company's website www.yashmanagement.in, and on the website
of CDSL www.evoting.cdsl.com. The Company provides e-voting facility to all its members to
enable them to cast their votes electronically on all resolutions set forth in the Notice.
This is pursuant to the Section 108 of the Companies Act 2013 and Rule 20 of the Companies
(Management and Administration) Amendment Rules, 2015. The facility of electronic voting
system shall be made available during the AGM and the members attending the meeting who
have not cast their vote by remote e-voting shall be able to exercise their rights to vote
during the AGM through electronic voting system.
CHANGES IN NATURE OF BUSINESS, IF ANY
During the year under review there has been no change in the nature of business of the
Company.
TRANSFER TO RESERVES
No amount has been transferred to reserves during the year under review.
ACKNOWLEDGEMENT
The Directors take this opportunity to thank all their colleagues at Yash Management
& Satellite Ltd. for their professionalism and dedication to the task at hand. The
board also wishes to place on record their appreciation for valuable support given by the
Bankers, Clients and Shareholders.
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