Mar 31, 2015
To
The Members,
The Directors are presenting the TWENTY SECOND Annual Report of the
Company together with the Audited Financial Statements for the year
ended 31st March 2015.
FINANCIAL RESULTS
Financial results of the company during the year vis-Ã -vis previous
year are as follows: -
(Rs. In Lacs)
Year Ended Year Ended
31.03.2015 31.03.2014
Total Income 369.88 1207.69
Profit / (Loss) before Depreciation,
exceptional items and Tax 13.54 (14.92)
Less: Depreciation 6.92 4.87
Profit / (Loss) before exceptional item and Tax 6.62 (19.79)
Less: provision against trade receivable (53.73) (54.06)
Profit/ (Loss) before tax (47.11) (73.85)
Less: Provision for Income Tax - -
Profit/ (Loss) after Tax (47.11) (73.85)
Balance brought forward from previous year (237.11) (163.26)
Adjustments as per new Companies Act, 2013 (2.60) -
Balance Carried to Balance Sheet (286.82) (237.11)
DIVIDEND
In view of insufficient profit and brought forward losses, the
directors do not recommend any dividend for the year ended March, 31,
2015.
PERFORMANCE
During the financial year under review total income of the Company has
decreased to Rs. 369.88 lacs as compared to last year's total income of
Rs. 1207.69 lacs however Company has earned profit of Rs. 6.62 lacs as
compared to previous year loss of Rs. 19.79 before exceptional items.
The Company has made a provision of Rs. 53.73 lacs in respect of
outstanding position to National Spot Exchange Ltd. (NSEL) which is
disclosed under the head "exceptional items". Total income of the
Company has decreased due to trading suspended on the platform of
National Spot Exchange Ltd.
DIRECTOR'S
In accordance with the provisions of section 152 of the Companies Act,
2013 Mr. Anurag Gupta, Director of the Company, retires by rotation at
the ensuing Annual General Meeting and being eligible has offered
himself for re-appointment.
Pursuant to Clause 49 of the Listing Agreement, the background of the
Director proposed to be appointed/ re-appointed at the annual General
Meeting is given in the Corporate Governance report.
NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
During the year four Board Meetings were convened and held. The details
of which are given in the Corporate Governance Report. The intervening
gap between the Meetings was within the period prescribed under the
Companies Act, 2013.
REMUNERATION POLICY
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The appointment and
Remuneration Policy is stated in the Corporate Governance Report.
DECLARATION BY INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6)
of the Companies Act, 2013 so as to qualify themselves to be appointed
as Independent Directors under the provisions of the Companies Act,
2013 and the relevant rules
INDEPENDENT DIRECTORS MEETING
During the year under review, the independent Directors of the Company
met on January 15, 2015 inter- alia, to discuss:
i) Evaluation of performance of Non-Independent Directors and the Board
of Directors of the Company as a whole.
ii) Evaluation of performance of the Chairman of the Company, taking
into views of Executive and Non Executive Directors.
iii) Evaluation of the quantity, content and timelines of flow of
information between the Management and the board that is necessary for
the Board to effectively and reasonably perform its duties.
INDUCTION AND TRAINING OF THE BOARD MEMBERS
Directors are issued a detailed appointment letter which inter alia
sets out terms of appointment, duties, responsibilities etc. of such
director. Each independent director of the Company on appointment, is
given such letter of appointment and also briefed by the Managing
Director/ Executive Director about the nature of business of the
Company, its finances, operations etc. The Compliance Officer of the
company also assists the Independent Director in understanding their
statutory duties, obligations and responsibilities as a Director/
Independent Director of the Company.
EVALUATION OF PERMORMANCE OF THE BOARD MEMBERS
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the evaluation of the performance of the Board
as well as of the Audit Committee, Nomination and Remuneration
Committee and Stakeholders Relationship Committee has been carried out.
The performance evaluation of the Independent Directors was carried out
by the entire Board and the performance evaluation of the Chairman and
Non-Independent Directors was carried out by the Independent Directors.
BOARD COMMITTEES
The Board of Directors of your Company had already constituted various
Committees in compliance with the provisions of the Companies Act, 2013
/Listing Agreement viz. Audit Committee, Nomination & Remuneration
Committee, Stakeholders Relationship Committee.
During the year under review, in compliance with the provisions of
Clause 49 of the Listing Agreement, the board has also constituted the
Risk Management Committee.
All decisions pertaining to the constitution of Committees, appointment
of members and fixing of terms of reference / role of the Committees
are taken by the Board of Directors.
Details of the role and composition of these Committees, including the
number of meetings held during the financial year and attendance at
meetings, are provided in the Corporate Governance section of the
Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies
Act, 2013 your directors confirm that:
i) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
ii) the directors had 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 as at March 31, 2015 and of the loss of the company for
that period;
iii) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
iv) the directors have prepared the annual accounts on a 'going
concern' basis.
v) the directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively
vi) the directors had devised proper system to ensure compliance with
the provisions of all applicable laws and that such system were
adequate and operating effectively
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The company has not given any loans or guarantees covered under the
provisions of section 186 of the Companies Act, 2013.
The detail of the investments made by company is given in the notes to
the financial statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All related party transactions that were entered into during the
financial year were on arm's length basis and were in the ordinary
course of the business. There are no materially significant related
party transactions made by the company with Promoters, Key Managerial
Personnel or other designated persons which may have potential conflict
of interest with the company at large.
PUBLIC DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
SUBSIDIARY COMPANIES
The Company does not have any Subsidiary.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
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.
RISK MANAGEMENT
Pursuant to section 134 (3) (n) of the Companies Act, 2013 & Clause 49
of the listing agreement, the company has constituted a business risk
management committee. The details of the committee and its terms of
reference are set out in the corporate governance report forming part
of the Board's report.
At present the company has not identified any element of risk which may
threaten the existence of the company.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of corporate
governance and adhere to the corporate governance requirements set out
by SEBI. The report on Corporate Governance as stipulated under the
Listing Agreement forms an integral part of this Report. The requisite
certificate from the Auditors of the Company confirming compliance with
the conditions of corporate governance is attached to the report on
Corporate Governance.
STATUTORY AUDITORS
The Shareholders at their 21st Annual General Meeting held on 30th
September 2014 approved appointment of M/s. Bansal Bansal & Co.,
Chartered Accountants, as the Auditors of the Company for a term of
consecutive three years, subject to ratification by the shareholders
every year, as per the provisions of section 139 of the companies act
2013 read with Rules made there under. Accordingly ratification of the
members for the appointment of M/s Bansal Bansal & Co, Chartered
Accountants as the Auditors of the Company from the conclusion of this
Annual General Meeting till the conclusion of the next Annual General
Meeting is being obtained at the ensuing Annual General Meeting.
The Company has obtained a written consent from the Auditors to such
continued appointment and also a certificate from them to the effect
that their appointment, if ratified, would be in accordance with the
conditions prescribed under the Companies Act, 2013 and the rules made
there under, as may be applicable.
AUDITORS' REPORT
The Auditors' Report to the members on the Accounts of the Company for
the financial year ended March 31, 2015 does not contain any
qualification, reservation or adverse remark.
SECRETARIAL AUDIT
Pursuant to provisions of section 204 of the Companies Act, 2013 and
the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 the Board has appointed Pankaj & Associates, Practicing
Company secretary to conduct the Secretarial Audit of the Company for
the Financial Year 2014-15. The Secretarial Audit report is annexed
herewith as Annexure-1 to this report.
The Secretarial Audit Report does not contain any qualification or
adverse remark. Observations in the Secretarial Audit Report has been
noted.
CORPORATE SOCIAL RESPONSIBILITY
The provisions of Corporate Social Responsibility are not applicable to
the company.
PARTICULARS OF EMPLOYEES:
The information required under Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules 2014 is attached
herewith as Annexure-2 to this report. There are no employees covered
under Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 in respect of whom particulars are
required to be furnished.
EXTRACT OF ANNUAL RETURN
The extract of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and administration)
Rules, 2014 is annexed herewith as Annexure-3 to this Report.
MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE
COMPANY
No material changes and commitments affecting the financial position of
the Company have occurred between the end of the financial year to
which these financial statements relate and on the date of this report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS/COURTS IF ANY.
There are no significant or material orders passed by the Regulators /
courts which would impact the going concern status of the Company and
its operations.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Pursuant to the requirement under Section 134(3)(m) of the Companies
Act, 2013 read with Companies (Accounts) Rules, 2014.
1. The company has no activity involving conservation of energy or
technology.
2. Foreign exchange earning Rs. Nil.
3. Foreign Exchange outgo: Rs. 1,06,15,519/-
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The company has in place an Anti Harassment policy in line with the
requirements of The sexual harassment of women at the workplace
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints
Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy. During the year
under review, company has not received any Sexual Harassment
Complaints.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
The Company has Internal Control Systems, commensurate with the size,
scale and complexity of its operations. The Internal Audit Department
monitors and evaluates the efficacy and adequacy of internal control
systems in the Company, its compliance with operating systems,
accounting procedures and policies within the Company. Based on the
report of internal audit function, process owners undertake corrective
action in their respective areas and thereby strengthen the controls.
Significant observations and corrective actions thereon are presented
to the Audit Committee from time to time.
SHARES
a. The Company has not bought back any of its securities during the
year under review.
b. The Company has not issued any Sweat Equity Shares during the year
under review.
c. No Bonus Shares were issued during the year under review.
EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option Scheme to the employees.
ACKNOWLEDGEMENT
The Directors takes 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.
For and on behalf of the Board of Directors
Anurag Gupta
Managing Director
Mumbai, dated 10th August 2015
Mar 31, 2014
The Members,
The Directors are presenting the TWENTY FIRST Annual Report of the
Company together with the Audited Accounts for the Financial Year ended
31st March 2014.
FINANCIAL RESULTS
Financial results of the company during the year vis-a-vis previous
year are as follows: -
(Rs. In Lacs)
Year Ended Year Ended
31.03.2014 31.03.2013
Total Income 1207.69 1834.73
Loss before Depreciation, exceptional (14.92) (31.00)
items and Tax
Less: Depreciation 4.87 5.28
Loss before exceptional item and Tax (19.79) (36.28)
Less: provision against trade receivable (54.06) -
Loss before tax (73.85) (36.28)
Less: Provision for Income Tax - -
Loss after Tax (73.85) (36.28)
Balance brought forward from previous year (163.26) (126.98)
Balance Carried to Balance Sheet (237.11) (163.26)
DIVIDEND
In view of losses during the year under review, the directors do not
recommend any dividend for the year ended March, 31, 2014.
PERFORMANCE
During the financial year under review total income of the company has
decreased to 1207.69 lacs as compared to last year''s total income of
1834.73 lacs and company has incurred a loss after exceptional items of
Rs. 73.85 lacs as compare to last year''s loss of Rs. 36.28 lacs. The
loss has increased as compared to last year due to provision made in
respect of outstanding position to National Sport Exchange Ltd (NSEL).
The company was trading in the commodities of agricultural and non
agricultural nature on the platform of NSEL. Company is also trading in
commodities indigenously and internationally.
NSEL has suspended the trading and defaulted the payment from July 31,
2013. The company has net outstanding dues to NSEL of Rs. 162.19 lacs.
The company has pursued legal action against NSEL and others by filling
writ petition in Bombay High Court and Criminal complaint in Economic
Offence Wing (EOW) via Investor Forum. Pending final outcome which is
uncertain, the company has provided for an amount Rs. 54.06 lacs in
respect of its outstanding amount for the year ended 31st March 2014
which is disclosed under the head "Exceptional Items"
CORPORATE GOVERNANCE
As a Listed Company, necessary measures are taken to comply with the
Listing Agreements with the Stock Exchanges. A report on the Corporate
Governance together with a certificate of compliance from the Auditors,
forms part of this report.
PUBLIC DEPOSITS
The company has not accepted any deposits within the meaning of Section
58A of the Companies Act, 1956 and/or rules framed there under.
DIRECTOR''S
Pursuant to the provisions of Sections 149(13) and 152 of the Companies
Act, 2013 Independent Directors of the Company are not liable to retire
by rotation. The term of office of Independent Director is five
consecutive years on the Board of the Company, but he shall be eligible
for re-appointment on passing the Special Resolution for another term
of five years. Hence all the Independent Directors of the Company will
be appointed for a term of Five years commencing from September 30,
2014 to September 29, 2019.
Pursuant to the provisions of Companies Act, 2013 Mrs. Navrati Gupta
was appointed as an Additional Non-Executive Woman Director of the
Company w.e.f. August 5, 2014 liable to retire by rotation.
As per the provisions of Section 152 of the Companies Act, 2013, Mr. R
Gurumurthy Director of the Company retires by rotation at the ensuing
Annual General Meeting. Mr. Gurumurthy has expressed his intention not
to seek re-election as a Director of the Company. The Board places on
record their appreciation for the valuable guidance and services
rendered by Mr. Gurumurthy.
The Company has received notices under Section 160 of the Companies
Act, 2013 from Members of the Company with requisite deposit signifying
their intention to propose Mr. Satish Gupta, Mr. Sandeep Kumar Mangal
and Mrs. Navrati Gupta as Directors of the Company.
The above appointment / re-appointment forms part of the notice
convening the Annual General Meeting and the resolutions are
recommended for your approval.
Brief resume of the Directors proposed to be appointed and reappointed
and other information as stipulated in Clause 49 of the Listing
Agreement with the Stock Exchanges is given in Corporate Governance
Report.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
- That in the preparation of annual accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
- That the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were 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 Loss of the
company for the year under review;
- That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
- That the directors have prepared the accounts for the financial year
ended 31st March 2014 on a ''going concern'' basis.
STATUTORY AUDITORS
M/s. Bansal Bansal & Co., Chartered Accountants, having Firm
registration no. 100986W the Auditors of the Company hold office until
the conclusion of the ensuing Annual General Meeting and are eligible
for re-appointment.
The Company has received letter from the Auditors to the effect that
their re-appointment, if made, would be within the prescribed limits
under the provisions of the Companies Act, 2013 and also that their
firm is not disqualified within the meaning of Section 141 of the
Companies Act, 2013, for such appointment.
The Board of Directors therefore recommends the appointment of M/s.
Bansal Bansal & Co., Chartered Accountants as Statutory Auditors of the
Company for the financial year 2014-2015 for the approval of the
members.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Pursuant to the requirement under Section 217(1)(e) of the Companies
Act, 1956 read with Companies (Disclosure of Particulars in the report
of Board of Directors) Rules, 1988
1. The company has no activity involving conservation of energy or
technology.
2. Foreign exchange earning Rs. Nil.
3. Foreign Exchange outgo: Rs. 71, 81,585/-
THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975 AS AMENDED
There is no employee covered pursuant to Section 217(2A) of the
companies Act, 1956 in respect of whom particulars are required to be
furnished.
ACKNOWLEDGEMENT
The Directors takes 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.
For and on behalf of the Board of Directors
Anurag Gupta
Mumbai, dated 5th August 2014 Managing Director
Mar 31, 2013
To The Members,
The Directors are presenting the TWENTIETH Annual Report of the
Company together with the Audited Accounts for the Financial Year ended
31st March 2013.
FINANCIAL RESULTS
Financial results of the company during the year vis-Ã -vis previous
year are as follows: -
(Rs. In Lacs)
Year Ended Year Ended
31.03.2013 31.03.2012
Total Income 1834.73 863.67
Profit/(loss) before Depreciation and Tax (31.00) 8.82
Less: Depreciation 5.28 5.37
Profit / (loss) before Tax (36.28) 3.45
Less: Provision for Income Tax
Profit/(loss) after Tax (36.28) 3.45
Balance brought forward
from previous year (126.98) (130.43)
Balance Carried to Balance Sheet (163.26) (126.98)
DIVIDEND
In view of losses during the year under review, the directors do not
recommend any dividend for the year ended March, 31, 2013.
PERFORMANCE
The financial year 2012-13 continued to witnessed difficult and
competitive business scenario across all business segments of the
industry, in tune with the gradual slow down in the Indian economy
quarter on quarter, resulting in loss to the company. The Company is
mainly engaged into the indigenous and international trading business
of commodities. The commodities include various agriculture products
and non-agricultural items. Total income of the company has increased
to Rs. 1834.73 lacs from Rs. 863.67 lacs in the previous year and the
company has incurred a loss of Rs. 36.28 lacs during the year under
review.
CORPORATE GOVERNANCE
As a Listed Company, necessary measures are taken to comply with the
Listing Agreements with the Stock Exchanges. A report on the Corporate
Governance together with a certificate of compliance from the Auditors,
forms part of this report.
PUBLIC DEPOSITS
The company has not accepted any deposits within the meaning of Section
58A of the Companies Act, 1956 and/or rules framed there under.
DIRECTOR''S
In accordance with the provision of the Companies Act, 1956, Shri
Satish Gupta, Director of the Company retires by rotation at the
ensuing Annual General Meeting and being eligible offers himself for
re-appointment.
During the year Mr. Vishnu Garg resigned from the Board on 31st
December 2012. The Board of Directors places on record their
appreciation for the invaluable advice and guidance given by Mr. Garg
during his association with the Company.
Mr. Sandeep Kumar Mangal was appointed as an Additional Director of the
Company w.e.f. 31st December 2012 and hold office upto the date of the
forthcoming Annual General Meeting. Notice has been received under
Section 257 of the Companies Act, 1956 from members proposing the
candidature for office of Director and such appointment has been
proposed at Item No. 4 of the Notice dated 27th July 2013.
Information on the Directors eligible for reappointment as required
under clause 49 of the Listing Agreement with Stock Exchanges is
disclosed in the profiles of the Directors under item no. 2 and 4
forming part of the Notice dated 27th July 2013 circulated along with
Annual Report 2012-13
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
- That in the preparation of annual accounts for the financial year
ended 31st March, 2013, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
- That the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were 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 Loss of the
company for the year under review;
- That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
- That the directors have prepared the accounts for the financial year
ended 31st March 2013 on a Âgoing concern'' basis.
STATUTORY AUDITORS
M/s Bansal Bansal & Co., Chartered Accountants Statutory Auditors of
the company, having Firm registration no. 100986W retires from the
office of the Auditors at the ensuing Annual General Meeting and being
eligible have given a certificate in accordance with the provisions of
section 224 (1-B) of the Companies Act, 1956. The Board recommends the
re-appointment of M/s Bansal Bansal & Co., Chartered Accountants as the
Statutory Auditors.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
In view of the nature of activities are being carried on by the
Company, Rules 2A and 2B of the Companies (Disclosure of Particulars in
the report of Board of Directors) rules, 1988, concerning conservation
of energy and research and development and technology absorption
respectively are not applicable to the Company.
FOREIGN EXCHANGE EARNING AND OUTGO
During the year ended 31st March 2013 the company has incurred Foreign
Exchange outgo of Rs. 37, 18,019 /-. Foreign exchange earning Rs. Nil.
PARTICULARS OF EMPLOYEES
There is no employee covered pursuant to Section 217(2A) of the
companies Act, 1956 read with the Companies (Particulars of Employees)
Rules 1975 as amended.
ACKNOWLEDGEMENT
The Directors takes this opportunity to thanks all its colleagues at
Yash Management & Satellite Ltd. for their professionalism and
dedication to the task at hand. The board also wishes to place on
record its appreciation for valuable support given by the Bankers,
Clients and Shareholders.
For and on behalf of the Board of Directors
Anurag Gupta
Mumbai, 29th May 2013 Managing Director
Mar 31, 2012
The Directors are presenting the NINETEENTH Annual Report of the
Company together with the Audited Accounts for the Financial Year ended
31st March 2012.
FINANCIAL RESULTS
Financial results of the company during the year vis-ÃÂ -vis previous
year are as follows: -
(Rs. In Lacs)
Year Ended Year Ended
31.03.2012 31.03.2011
Total Income 863.67 1323.69
Profit before Depreciation and Tax 8.82 1.32
Less: Depreciation 5.37 5.79
Profit / (Loss) before Tax 3.45 (4.47)
Less: Provision for Income Tax - -
Profit/(Loss) after Tax 3.45 (4.47)
Balance brought forward from previous
year (130.42) (125.95)
Balance Carried to Balance Sheet (126.97) (130.42)
DIVIDEND
In view of brought forward losses and to strengthen the position of the
company, the directors do not recommend dividend for the year ended
31st March, 2012.
PERFORMANCE
The performance of the Indian Economy has been affected due to the
impact of the variety of factors including recession in many developed
countries, continuing high rates of inflation and high borrowing costs
of corporate. This has resulted in lower than expected performance of
many corporates. The company's main focus was in the newly devised
business areas of indigenous and international trade, but unable to
achieve desired target business due to adverse external international
factors. The company is taking initiatives to consolidate and improve
its performance subject to favorable market conditions. The performance
of the company in last quarter of the financial year is quite
satisfactory which sign for the improvement of the performance of the
company in future.
CORPORATE GOVERNANCE
As a Listed Company, necessary measures are taken to comply with the
Listing Agreements with the Stock Exchanges. A report on the Corporate
Governance together with a certificate of compliance from the Auditors,
forms part of this report.
PUBLIC DEPOSITS
The company has not accepted any deposits within the meaning of Section
58A of the Companies Act, 1956 and/or rules framed there under.
DIRECTOR'S
In accordance with the provision of the Companies Act, 1956, Shri
Vishnu Garg, Director of the Company retires by rotation at the ensuing
Annual General Meeting and being eligible offers himself for
re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
- That in the preparation of annual accounts for the financial year
ended 31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
- That the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were 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 the year under review;
- That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
- That the directors have prepared the accounts for the financial year
ended 31st March 2012 on a 'going concern' basis.
STATUTORY AUDITORS
M/s Bansal Bansal & Co., Chartered Accountants Statutory Auditors of
the company, having Firm registration no. 100986W retires from the
office of the Auditors at the ensuing Annual General Meeting and being
eligible have given a certificate in accordance with the provisions of
section 224 (1-B) of the Companies Act, 1956. The Board recommends the
re-appointment of M/s Bansal Bansal & Co., Chartered Accountants as the
Statutory Auditors.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
In view of the nature of activities are being carried on by the
Company, Rules 2A and 2B of the Companies (Disclosure of Particulars in
the report of Board of Directors) rules, 1988, concerning conservation
of energy and research and development and technology absorption
respectively are not applicable to the Company.
FOREIGN EXCHANGE EARNING AND OUTGO
During the year ended 31st March 2012 the company has incurred Foreign
Exchange outgo of Rs. 1,47,58,985/-. Foreign exchange earning Rs. Nil
PARTICULARS OF EMPLOYEES
There is no employee covered pursuant to Section 217(2A) of the
companies Act, 1956 read with the Companies (Particulars of Employees)
Rules 1975 as amended.
ACKNOWLEDGEMENT
The Directors takes this opportunity to thanks all its colleagues at
Yash Management & Satellite Ltd. for their professionalism and
dedication to the task at hand. The board also wishes to place on
record its appreciation for valuable support given by the Bankers,
Clients and Shareholders.
For and on behalf of the Board of Directors
Anurag Gupta
Mumbai, 30th June 2012 Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the SEVENTEENTH Annual
Report of the Company together with the Audited Accounts for the
Financial Year ended 31st March 2010
FINANCIAL RESULTS
Financial results of the company during the year vis-a-vis previous
year are as follows: -
(Rs. In Lacs)
Year Ended Year Ended
31.03.2010 31.03.2009
Total Income 1427.13 962.71
Profit / (Loss) before
Depreciation and Tax 13.90 (57.85)
Less: Depreciation 5.93 5.69
Profit / (Loss) before Tax 7.97 (63.54)
Less: Provision for Income Tax &
FBT Nil 0.75
Profit/(Loss) after
Tax 7,97 (64.29)
Balance brought forward from previous
year (133.92) (69.63)
Balance Carried to Balance Sheet (125.95) (133.92)
DIVIDEND
In view of insufficient profit, the directors do not recommend any
dividend for the year ended 31" March, 2010.
PERFORMANCE
Fiscal 2010 has been a year of renewal of confidence and optimism in
the Indian Economy, as it has rebounded strongly from the impact of the
global financial crisis and demonstrated its inherent strength and
growth potential. Indias resilience has been admirable as it
demonstrated that a domestic consumption driven economy is more immune
to the vagaries of global uncertainties. Looking at the performance
for the year, the profit after tax has increased to Rs. 7.97 lacs in
2010 against Loss of Rs.64.29 lacs in the last year.
CORPORATE GOVERNANCE
As a Listed Company, necessary measures are taken to comply with the
Listing Agreements with the Stock Exchanges. A report on the Corporate
Governance together with a certificate of compliance from the Auditors,
forms part of this report.
PUBLIC DEPOSITS
The company has not accepted any deposits within the meaning of Section
58A of the Companies Act, 1956 and/or rules framed there under.
DIRECTORS
In accordance with the provision of the Companies Act, 1956, Shri
Anurag Gupta, Director of the Company retires by rotation at the
ensuing Annual General Meeting and being eligible offers himself for
re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed:
- That in the preparation of annual accounts for the financial year
ended 31" March, 2010, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
- That the Directors have selected such accounting policies and applied
them Consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at die end of die Financial Year and of die profit of
the company for the year under review;
- That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of die Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
- That the directors have prepared the accounts for the financial year
ended 31st March 2010 on a going concern basis.
STATUTORY AUDITORS
M/s Bansal, Bansal & Co., Chartered Accountants, Auditors of the
company, retires from the office of the Auditors at the ensuing Annual
General Meeting and being eligible have given a certificate in
accordance with the provisions of section 224 (1-B) of the Companies
Act, 1956. The Board recommends die re-appointment of M/s Bansal,
Bansal & Co., Chartered Accountants as the Auditors.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
In view of the nature of activities are being carried on by the
Company, Rules 2A and 2B of the Companies (Disclosure of Particulars in
the report of Board of Directors) rules, 1988, concerning conservation
of energy and research and development and technology absorption
respectively are not applicable to the Company.
The Company has no foreign exchange earning and outgo during the
financial year ended 31sMarch 2010.
PARTICULARS OF EMPLOYEES
There is no employee covered pursuant to Section 217(2A) of the
companies Act, 1956 read with the Companies (Particulars of Employees)
Rules 1975 as amended.
ACKNOWLEDGEMENT
The Directors takes this opportunity to dianks all its colleagues at
Yash Management & Satellite Ltd. for their professionalism and
dedication to the task at hand. The board also wishes to place on
record its appreciation for valuable support given by the Bankers,
Clients and Shareholders.
For and on behalf of the Board of Directors
Anurag Gupta
Mumbai, 18th August 2010 Managing Director
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