Your directors have pleasure in presenting the 29th AnnualReport of the Company together with the Audited Financial Statements including theConsolidated Financial Statements of the company for the Financial Year ended March 312022.
(In Rs thousand)
| ||Standalone ||Consolidated |
| ||Year Ended 31st March ||Year Ended 31st March |
|Particulars ||2022 ||2021 ||2022 ||2021 |
|Total Income ||16601.93 ||34860.84 ||31185.45 ||34860.84 |
|Less: Expenditure ||12507.95 ||20281.66 ||29620.40 ||20281.66 |
|Profit/(loss) before tax ||4093.98 ||14579.18 ||1565.04 ||14579.18 |
|Less: Provision for Taxation || || || || |
|Current Tax ||- ||985.82 ||- ||985.82 |
|Deferred Tax- MAT ||- ||(552.82) ||(1710.06) ||(552.82) |
|Profit/(loss) after Tax ||4093.98 ||14146.18 ||(145.01) ||14146.18 |
|Other Comprehensive Income (net of tax) ||9544.96 ||18896.99 ||9544.96 ||18896.99 |
|Total comprehensive income ||13638.94 ||33043.17 ||9399.95 ||33043.17 |
REVIEW OF OPERATIONS
During the year under review (Standalone) total income of the Companyis Rs. 166.01 lacs as compared to last year's total income of Rs. 348.60 lacs and thecompany has earned a profit of Rs. 40.94 lacs (before other Comprehensive Income) duringthe year under review.
During the year under review (consolidated) total income of the Companyis Rs. 311.85 lacs and the company has incurred a loss of Rs 1.45 lacs (before otherComprehensive Income) during the year under review.
Your directors are making constant endeavor to ensure betterperformance of the Company.
Presently the company is engaged into indigenous trading including alltypes of commodities viz. agricultural and allied products precious metals and othermetals.
Company has broadened its business activities by entering intomanufacturing activities. The Company has setup manufacturing factory of packagingproducts & materials through its subsidiary Sudarshan Polyfab Private Limited (SPPL).
SPPL has successfully begun the commercial production at its Greenfieldplant situated at Divine Industrial Park Laxmanpura (Dist. Mehsana Gujrat) from 2ndMarch 2022. The Plant has been set up to manufacture PP/HDPE woven fabric and laminated/un-laminated bags with production capacity of over 3600 MT. The plant is expected togenerate more than 4 crore bags annually.
Packaging industry has been growing by more than 30% per annumglobally where woven sacks has played a key role in this growth. Presently woven sacksare used for packaging of food products agro products sugar fertilizers cementschemicals animal & pet food spices & nuts tea & coffee minerals and manymore. Due to its enhanced properties woven bags have replaced almost all other packagingmaterials. With increase in its application the demand for woven sacks is growing acrossthe globe. Indian woven sack industry has been the second largest exporter of woven sacksin the global market catering about 30% of the demand. Your Company has chosenLaxmanpura (Dist. Mehsana Gujrat) as the location for its first manufacturing unitbecause this region has developed into a prime cluster of top woven sack player of thecountry.
Company is holding 56% stake in Equity Share Capital of SPPL.Thisinvestment in new subsidiary will leverage the growth opportunities in the evolvingindustrial space and will help YMSL in becoming more focused and agile. The objects ofinvestment in SPPL are to expand business horizon and consequently it will increase itsbusiness operations and profitability of the Company (YMSL) which will ultimately increasethe net worth of our stakeholders.
The separate audited financial statements of the subsidiary company areavailable on website of the Company at www.yashmanagement.in for inspection by the Membersup to the date of 29thAGM.
The Board of Directors look towards the future performance with apositive approach.
In order to conserve the resources of the Company your directors donot recommend any dividend for the current year.
CONSOLIDATED FINANCIAL STATEMENT
The Audited Consolidated Financial Statements of the Company itssubsidiary provided in the Annual Report have been prepared in accordance with theprovisions of the Companies Act 2013 read with IND AS 110- "Consolidated FinancialStatements".
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis have been included in consonancewith the Code of Corporate Governance as approved by the Securities and Exchange Board ofIndia (SEBI). Investors are cautioned that these discussions contain certain forwardlooking statements that involve risk and uncertainties including those risks which areinherent in the Company?s growth and strategy. The Company undertakes no obligationto publicly update or revise any of the opinions or forward looking statements expressedin this report consequent to new information or developments events or otherwise.
The management of the Company is presenting herein the overviewopportunities and threats initiatives by the Company and overall strategy of the Companyand its outlook for the future. This outlook is based on management?s own assessmentand it may vary due to future economic and other future developments in the country.
OUTLOOK GLOBAL & INDIAN ECONOMY
The year 2021 witnessed to torch the growth path and to come out ofshadow of Covid-19 virus situation.
The Global economy is estimated to grow with caution risk of developedand developing countries across the globe. Most commodity prices rebounded during theyear. However the pickup in oil prices lagged the broader recovery in commodity pricesdue to the prolonged impact of the pandemic on global oil demand. Base metal prices areexpected to rebound in global demand. Agricultural products prices rose largely driven bysupply shortfalls and stronger than expected demand in edible oils and metals. Someregions experienced localized food price spikes and a decline in household incomeparticularly among the poorest population has increased the risk of food insecurity.Global Cooperation will be essential for supporting vulnerable populations and achieving asustainable and inclusive global recovery.
India was among the few leading global economies that witnessedpositive year on year growth in 2021. This contribution in GDP growth is mainly attributedto the contraction in industry and service sector. The GDP Growth however is expected torebound strongly in 2022 owing to the reform measures undertaken by the government.India?s economy is expected to bounce back in 2022-23 with robust (8-8.5%) 12.5percentile growth.
The opportunities are explored in many areas i.e agricultural produce;metal and allied areas. The company engaged to store agricultural produce at harvestingseason store the same for 3-4 months and to sell on higher prices as and when demandincreases in the market.
With the financial reforms likely to add impetus to industry growth andlikelihood of stable political environment the domestic market should pose betteropportunities in terms of volume growth.
A large customer base slow developing economy vast middle classsection of society and a growing population of youngster with spending power sets Indiaas an important target for any establishment seeking a market for its product andservices. Several multinational establishments consider India as a prominent market thatcontributes significantly to their top line and bottom line reported financial figures.
Trading businesses are associated with various risks and challengeswhich can be faced on account of domestic and global economic scenarios geo-politicalconditions competition trade protection measures by various economies and more. Thesuccess of any business always depends upon its ability to face challenges and survive.Towards this end Yash Management and Satellite Limited consistently works on developingvarious systems and strategies while applying latest technologies and artificialintelligence to face risks and challenges.
THREATS AND RISKS
In today?s complex business environment almost every businessdecision requires executives and managers to balance risk and reward. Effective riskmanagement is therefore critical to an organization?s success. Globalization withincreasing integration of markets newer and more complex products and transactions and anincreasingly stringent regulatory framework has exposed organizations to an integratedapproach to risk management. Timely and effective risk management is of prime importanceto our continued success. The sustainability of the business is derived from thefollowing:
> Identification of the diverse risks faced by the Company.
> The evolution of appropriate systems and processes to measure andmonitor them.
> Risk Management through appropriate mitigation strategies withinthe policy framework.
> Monitoring the progress of the implementation of such strategiesand subjecting them to periodical audit and review.
> Reporting these risk mitigation results to the appropriatemanagerial levels.
> There is the risk of loss from inadequate or failed systemsprocesses or procedures. These may be attributed to human failure or technical problemsgiven the increase use of technology and staff turnover. Your Company has in placesuitable mechanisms to effectively reduce such risks. All these risks are continuouslyanalyzed and reviewed at various levels of management through an effective informationsystem.
Improved financial liquidity in the economy as a whole would be a keyconcern for the economy to achieve higher volumes coupled with improved margins.
RECENT TRENDS AND FUTURE OUTLOOK
So far as agricultural produces are concerned the future becomebright if overall recessionary trend get changed due to various reasons and removegovernmental restrictions on exports and impose restrictions on imports.
SEGMENT WISE PERFORMANCE
The Company?s main business is trading activities. All otheractivities of the company revolve around the main business. As such there are no separatereportable segments as per Ind AS-108.
However for the consolidated Financials the Company now has tworeportable segments which consist of Trading Activities and Manufacturing Activities inaccordance with Ind AS-108 as the commercial production of subsidiary has been commenced.
RESEARCH AND DEVELOPMENT
Company recognizes the importance of Research and Development acrossall important areas and continues to maintain and update its functional facilities inspite of its financial position in order to meet the changing product requirements of thecustomers achieve cost efficiencies and meet compliance requirements of statutoryagencies.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Internal Control measures and systems are established to ensure thecorrectness of the transactions and safe guarding of the assets. Considering the size andnature of activities the company has adequate internal control system covering bothaccounting and administrative control. In addition the internal audit is carried outperiodically. The management ensuring an effective internal control system so that thefinancial statements and reports give a true and fair view and during the year underreview no material or serious observation has been received from the Internal Auditors ofthe Company for inadequacy or ineffectiveness of such control.
The company always regards human resources as its most valuable assetand continuously evolves policies and process to attract and retain its substantial poolof managerial resources through friendly work environment that encourages initiatives byindividuals and recognizes their performance.
TRANSFER TO RESERVES
No amount has been transferred to reserves during the year underreview.
The Company has not accepted/renewed any fixed deposits from the publicor the Members within the meaning of the Section 73 of the Companies Act 2013 and theCompanies (Acceptance of Deposits) Rules 2014 during the financial year 2021-22 and assuch no amount of principal or interest on deposits from public or the Members wasoutstanding as on the Balance Sheet date.
The Company had not issued any equity shares either with or withoutdifferential rights during the F.Y. 2021-22 and hence the disclosure requirements underSection 43 and Rule 4 (4) of the Companies (Share Capital and Debentures) Rules 2014 arenot applicable.
BOARD COMMITTEES OF THE BOARD & KEY MANAGERIAL PERSONNELComposition of Board
The composition of the Board of Directors of the Company is inaccordance with the provisions of Section 149 of the Act and Regulation 17 of the ListingRegulations with an optimum combination of Executive NonExecutive and IndependentDirectors.
The Board of the Company has 4 (Four) Directors comprising of 1 (One)Executive Director-Managing Director 1 (One) Non-Executive Director and 2 (Two)Independent Directors. The complete list of Directors of the Company has been provided inthe Report on Corporate Governance forming part of this Annual Report. During the yearunder review there was no change in the composition of the Board of Directors of theCompany.
None of the Directors of your Company is disqualified under theprovisions of Section 164(2)(a) and (b) of the Companies Act 2013. During the periodunder review no Non-Executive Director of the Company had any pecuniary relationship ortransactions with the Company.
Director(s) liable to retire by rotation
Section 152 of the Act provides that unless the Articles of Associationprovide for the retirement of all directors at every AGM not less than two-third of thetotal number of directors of a public company (excluding the Independent Directors) shallbe persons whose period of office is liable to determination by retirement of directors byrotation. Accordingly Mrs. Navrati Gupta (DIN: 00399022) Director being longest in theoffice shall retire by rotation at the ensuing Annual General Meeting and being eligiblehas offered herself for reappointment.
The resolutions for the appointment/re-appointment of all the Directorsproposed for Shareholders? approval along with their brief profiles as detailed inthe Notice of AGM would be placed for your approval.
Committees of the Board
As on March 31 2022 the Board had three committees: the auditcommittee the nomination and remuneration committee and the stakeholder?srelationship committee. During the year all recommendations made by the committees wereapproved by the Board. A detailed note on the composition of the Board and its committeesis provided in the corporate governance report.
KEY MANAGERIAL PERSONNEL (KMP?s)
Mr. Anurag Gupta - Managing Director
Ms. Hema Bose - Chief Financial Officer
Ms. Saumya Agrawal - Company Secretary & Compliance Officer
The Board at its Board meeting held on 27th June 2022 on therecommendation of Nomination andremuneration Committee appointed Ms. Saumya Agrawal asthe Company Secretary and Compliance Officer w.e.f. 27.06.2022.
DIRECTORS? RESPONSIBILITY STATEMENT
The financial statements are prepared in accordance with the IndianAccounting Standards (Ind AS) under the historical cost convention on accrual basis exceptfor certain financial instruments which are measured at fair values the provisions ofthe Companies Act 2013 and guidelines issued by SEBI. The Ind AS are prescribed underSection 133 of the Companies Act 2013 read with Rule 3 of the Companies (IndianAccounting
Standards) Rules 2015 and Companies (Indian Accounting Standards)Amendment Rules 2016. Accounting policies have been consistently applied except where anewly-issued accounting standard is initially adopted or a revision to an existingaccounting standard requires a change in the accounting policy hitherto in use.
The directors confirm that:
In preparation of the annual accounts for the financial yearended March 31 2022 the applicable accounting standards have been followed and there areno material departures.
They have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit of the Company for that period.
They have taken proper and sufficient care towards themaintenance of adequate accounting records in accordance with the provisions of theCompanies Act 2013 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities.
They have prepared the annual accounts on a going concern basis.
They have laid down internal financial controls which areadequate and are operating effectively.
They have devised proper systems to ensure compliance with theprovisions of all applicable laws and such systems are adequate and operatingeffectively.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received necessary declaration from each independentdirector under Section 149(7) of the Companies Act 2013 that they meet the criteria ofindependence laid down in Section 149(6) of the Companies Act 2013 and Regulation 25 ofthe Listing Regulations.
EVALUATION OF DIRECTORS COMMITTEE AND BOARD
The evaluation of all the directors committees Chairman of the Boardand the Board as a whole was conducted based on the criteria and framework adopted by theBoard. The Board evaluation process was completed during fiscal 2022. The evaluationparameters and the process have been explained in the corporate governance report.
FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS
All independent directors inducted into the Board attend an orientationprogram. The details of the training and familiarization program are provided in thecorporate governance report. Further at the time of the appointment of an independentdirector the Company issues a formal letter of appointment outlining his / her rolefunction duties and responsibilities.
NUMBER OF MEETINGS OF THE BOARD
A notice of the Board Meeting is circulated well in advance withagenda including detailed explanation to be discussed to enable the Board to take aninformed decision. The Board met 10 (Ten) times during the financial year ended 31stMarch 2022. Viz. on 24th May 2021; 2nd June 2021; 28thJuly 2021; 12th August 2021; 8th November 2021; 26thNovember 2021; 7th December 2021; 8th January 2022; 8thFebruary 2022; 10th March 2022 in accordance with the provisions of theCompanies Act 2013 and rules made there under and Listing Regulations.Detailedinformation on the Board Meetings with regard to their dates and attendance of each of theDirectors thereat have been included in the Corporate Governance Report which forms partof this Board?s Report.
Additionallyduring the financial year ended 31stMarch 2022a separate meeting of the Independent Directors was held on 8th November 2021in compliance with the requirements of Schedule IV of the Companies Act2013 andRegulation 25(3) and 25(4) of the Listing Regulations
Post the Independent Directors Meeting the collective feedback of eachof the Independent Director was scaled and measured on defined ratings thereby coveringthe performance of Board as a whole performance of the non-independent directors andperformance of the Chairman.
NOMINATION & REMUNERATION POLICY
The Nomination & Remuneration Committee has formulated necessarypolicy on appointment and remuneration including criteria for determining qualificationspositive attributes and independence of a director. The details of "Nominations andRemuneration Policy" are explained in the Report on Corporate Governance along withthe other details which forms part of this Board?s Report.
PARTICULARS OF EMPLOYEES AND REMUNERATION
Information as required under the provisions of Section 197(12) of theCompanies Act 2013 and Rule 5 of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 (including any statutorymodification(s)/amendment(s)/re-enactment thereof for the time being in force) is setout in Annexure-I hereto which forms part of this Board?s Report.
As on 31stMarch 2022 Sudarshan Polyfab Private Ltd is is asubsidiary of the company with 56% holding.
The Board of Directors reviewed the affairs of the subsidiary. Inaccordance with Section 129(3) of the Companies Act 2013 we have prepared theconsolidated financial statements of the Company which form part of this Annual Report.Further a statement containing the salient features of the financial statements of oursubsidiary in the prescribed format AOC-1 is appended as Annexure II to the Board?sreport.
In accordance with Section 136 of the Companies Act 2013 the auditedfinancial statements including the consolidated financial statements and relatedinformation of the Company and audited accounts of its subsidiary are available on ourwebsitewww.yashmanagement.in
In accordance with the Companies Act 2013 the annual return in theprescribed format is available at http: //www. yashmanagement. in/ yashman/ investorsinfo.html
The Company complies with all applicable secretarial standards issuedby the Institute of Company Secretaries of India.
SECRETARIAL AUDITORS AND THEIR REPORT:
Pursuant to the provisions of Section 204 of the Companies Act 2013and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 yourCompany has appointed M/s.Mukesh Purohit & Co. Practicing Company SecretariesMumbai as its Secretarial Auditor to conduct the secretarial audit of the Company for thefinancial year 2021-22.The Secretarial Auditors? Report for fiscal 2022 does notcontain any qualification reservation or adverse remark.
The Secretarial Auditors? Report is enclosed as Annexure -IV tothe Board?s report.
As stipulated under the provision of Regulation 34 (3) read withSchedule V (c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 a separate report on Corporate Governance forms integral part of this Report. Therequisite Compliance certificate as required under Part E of Schedule V of the ListingRegulation issued by M/s. Jain &Trivedi Chartered Accountants pertaining to thecompliance of the conditions of Corporate Governance is Annexed.
In line with the requirements of the Companies Act 2013 M/s Jain&Trivedi Chartered Accountants (FRN:113496W) was appointed as the statutory auditorsof the Company to hold office for a period of five consecutive years from the conclusionof the 24thAGM of the Company held in 2017 till the conclusion of the 29thAGMto be held in 2022.
The term of five years of M/s. Jain & Trivedi CharteredAccountants as statutory auditor of the Company will get over upon conclusion of thisAnnual General Meeting (AGM?).
The Board of Directors at its meeting held on 2nd September2022 on the recommendation of the Audit Committee approved the appointment of M/s BKG& Associates Chartered Accountants (FRN: 114852W) as the Statutory Auditors of theCompany to hold office for a term of five years from the conclusion of this 29th AnnualGeneral Meeting till the conclusion of 34th Annual General Meeting to be held in 2027-28.
The Company has received confirmation from the Auditors to the effectthat their appointment if made will be in accordance with the limits specified under theCompanies Act 2013 and the firm satisfies the criteria specified in Section 141 of theCompanies Act 2013 read with Rule 4 of Companies (Audit & Auditors) Rules 2014andSEBI (LODR) Regulations 2015.
Members are requested to consider their appointment as StatutoryAuditors of the Company.
During the year the statutory auditors have confirmed that theysatisfy the independence criteria required under the Companies Act 2013 the Code ofEthics issued by the Institute of Chartered Accountants of India
OBSERVATION OF STATUTORY AUDITORS ON THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31stMARCH 2022.
The Auditor?s report given by M/s Jain &Trivedi StatutoryAuditors on the Financial Statements of the Company for the year ended 31stMarch2022 forms part of the Annual Report. There has been no qualification reservation oradverse remark or any Disclaimer in their Report.
REPORTING OF FRAUDS BY AUDITORS:
During the year under review neither the statutory auditors nor thesecretarial auditor has reported to the audit committee under Section 143 (12) of theCompanies Act 2013 any instances of fraud committed against the Company by its officersor employees the details of which would need to be mentioned in the Board?s report.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
Pursuant to Section 186 of Companies Act 2013 and Schedule V of theSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations 2015 ("Listing Regulations") disclosure on particulars relating toInvestment are given in the notes to the financial statements. Details of loans andguarantee given by the Company to its subsidiary are given in notes to the financialstatements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
There were no materially significant related party transactions whichcould have potential conflict with the interests of the Company. Transactions with relatedparties are in the ordinary course of business and on arm's length basis and areperiodically placed before the Audit Committee and Board for its approvals and Form AOC-2is enclosed as Annexure-III. Your Company has formulated policy of Related PartyTransaction which is also available on the website of the Company www. yashmanagement. in
MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THECOMPANY
No material changes and commitments which could affect theCompany?s financial position have occurred between the end of the financial year ofthe Company and date of this report.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
The Company does not have any funds lying unpaid or unclaimed for aperiod of seven years. Therefore there were no funds which were required to betransferred to Investor Education and Protection Fund (IEPF).
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO
a) Conservation of Energy & Technology Absorption
The Company is not engaged in manufacturing activities and thereforeprovisions relating to conservation of energy and technology absorption are not applicableto it. However efforts are being made to minimize consumption of energy whereverpossible.
b) Foreign Exchange Earnings and Outgo
i. Foreign exchange earning - Rs. Nil
ii. Foreign Exchange outgo - Rs. Nil
RISK MANAGEMENT POLICY
Risk Management is an enterprise vide function that aims at assessingthreats to business sustainability and mitigating those threats. The Board of Directorsalong with the senior management of the Company having deep industry experience hasdeveloped and approved Risk Management Policy framework and Guidelines wherein allmaterial risks faced by the Company are identified and assessed. Moreover in the saidRisk Management Policy the Board has defined a structured approach to manage uncertaintycultivating the same in their decisionmaking pertaining to all business divisions andcorporate functions. For each of the risk identified corresponding controls are assessedand policies and procedures are put in place for monitoring mitigating and reporting onperiodic basis.
CORPORATE SOCIAL RESPONSIBILITY
The provisions of Corporate Social Responsibility are not applicable tothe company as company does not fall into ambit of the provisions of section 135 ofCompanies Act 2013 and Companies (Corporate Social Responsibility Policy) Rules 2014.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The details in respect of internal control systems and their adequacyare included in the Management Discussion and Analysis Report which forms part of thisreport.The Board has adopted policies and procedures for ensuring the orderly andefficient conduct of its business including adherence to the Company?s policiessafeguarding of its assets prevention and detection of fraud error reporting mechanismsaccuracy and completeness of the accounting records and timely preparation of reliablefinancial disclosures. For more details refer to the Internal control systems andtheir adequacy? section in the Management?s discussion and analysis which formspart of this Annual Report.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
In pursuant to the provisions of section 177(9) and (10) of theCompanies Act 2013 a Vigil Mechanism/Whistle Blower Policy for directors and employeesto report genuine concerns has been established by the Company in order to maintainhighest standards of ethical moral and legal conduct adopted Vigil Mechanism/WhistleBlower policy to provide an avenue to its employees to raise concerns of any violations oflegal or regulatory requirements incorrect or misrepresentations of any financialstatements and reports etc. The Audit committee of the company oversees the saidmechanism from time to time. None of the Company personnel has been denied access to theAudit Committee. The Whistle Blower Policy of the Company is also available on the websiteof the Company www. yashmanagement. in
INTERNAL COMPLAINTS COMMITTEE UNDER THE SEXUAL HARASSMENT OF WOMEN ATWORKPLACE (PREVENTION PROHIBITION AND REDRESSAL) ACT 2013
Company has complied with provisions relating to the constitution ofInternal Complaints Committee under the Sexual Harassment of Women at Workplace(Prevention Prohibition and redressal) Act 2013. All employees (permanent contractualtemporary trainees) are covered under this policy. During the year under review companyhas not received any Sexual Harassment Complaints.
CHANGES IN NATURE OF BUSINESS IF ANY
During the year under review there is no change in the nature ofbusiness of the Company.
SIGNIFICANT ORDERS PASSED BY REGULATORS COURTS OR TRIBUNALS IMPACTINGGOING CONCERN AND COMPANY?S OPERATIONS
No orders have been passed by any Regulator or Court or Tribunal whichcan have an impact on the going concern status and the Company?s operations infuture.
The Directors takes this opportunity to thank all their colleagues atYash Management & Satellite Ltd. for their professionalism and dedication to the taskat hand. The board also wishes to place on record their appreciation for valuable supportgiven by the Bankers Clients and Shareholders.
| ||For and on behalf of the Board of Directors || |
| ||Anurag Gupta ||Navrati Gupta |
| ||Managing Director ||Director |
| ||DIN: 00398458 ||DIN:0399022 |
|Mumbai dated 2nd September 2022 || || |