Home  »  Company  »  Yash Papers  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Yash Papers Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in presenting the 35th Annual Report together with Audited Financial Statements of Yash Papers Limited for the Financial Year ended March 31, 2015.

1. FINANCIAL RESULT

The summarized financial performance of your Company for the financial year 2014-15 as compared to previous year 2013-14 has been as under:

(Rs. in lacs)

Particulars Current Year Previous Year ended 31.03.2015 ended 31.03.2015

Net Sales 17,226.82 14,738.11

Other Income 164.93 170.63

Decrease and (Increase) in Inventories of Finished Goods and (5,54.03) 75.16 Work-in-Process

Total Expenditure 15,248.20 12,484.94

Finance Cost 1,598.31 1,403.92

Depreciation 416.15 640.28

Profit Before exceptional and extraordinary items and Tax 683.12 304.44

Extraordinary Items (CERs receivable written off) 1,547.59 0.00

Profit / (Loss) before Tax (864.47) 304.44

Provision for taxation

* Current Tax 0.00 60.00

* Deferred Tax 198.12 55.00

* Tax adjustments relating to earlier years 0.00 (5.05)

Net Profit (Net Loss) (666.35) 194.49

1. FINANCIAL HIGHLIGHTS

The Company has continued its growth story during the year 2014-15, the income from sales grew by 16.65% to Rs.18,077.29 lacs, the highest ever sales for the first time as compared to Rs.15,497.65 in the previous year 2013-14.

The Company has recorded profit before exceptional and extraordinary items in during the year ''683.12 lacs as compared to ''304.44 lacs in the previous year 2013-14 however, the reversal of Carbon Credit Accruals of Rs.1,547.59 lacs during the current year 2014-15, led to net loss of ''665.35 lacs during the current year in comparision to net profit of Rs.194.49 lacs in the previous year 2013-14.

3. RESERVES

The reserves of the Company stand at Rs.1,109.46 lacs during the year as compared to Rs.1,815.43 Lacs in the previous year 2013-14. Rs.39.61 lacs (net of taxes) was adjusted from General reserve during the year 2014-15 in accordance with Schedule II to the Companies Act, 2013.

4. OPERATIONS

Your Company has achieved a production of paper 37,975 MT (Kraft Paper 21,723 MT and Poster Paper 16,252 MT) and salable pulp of 5,663 MT during the year ended 31st March, 2015 against a production of paper 34542 MT (Kraft Paper 20,556 MT, Poster Paper 13,986 MT) and salable pulp of 3,595 MT in the previous year ended 31st March, 2014.

The Company has achieved sales of paper 36,198 MT (Kraft Paper of 20,740 MT, Poster Paper of 15,458 MT) and salable pulp of 6,093 MT during the year ended 31st March, 2015 against sales of paper 34,818 MT (Kraft Paper of 20,663 MT, Poster Paper of 14,155 MT) and salable pulp of 4,050 MT in the previous year ended 31st March, 2014.

The Company has achieved purchase and sales of trading of paper of 208 MT during the year ended 31st March, 2015.

5. EXPORT

The Company exported 6,224 MT Kraft and Poster Paper during the year ended 31st March, 2015 against 5,536 MT during the previous year ended 31st March, 2014.

The Company exported 208 MT Traded Kraft and Poster Paper during the year ended 31st March, 2015.

6. SHARE CAPITAL

The paid up Equity Share Capital of the Company as on March 31, 2015 was Rs.2,770 lacs. During the year under review, the Company has not issued any types of share capital.

7. DIVIDEND

In view of the Loss, the Directors have decided not to declare any dividend during the year.

8. INSURANCE

The properties of your Company comprising buildings, plant and machinery, other assets, stocks, etc. were adequately insured against various risks.

9. OUTLOOK

The organization has increased focus on cost reduction measures as well as production of value added products. It is expected that in the current year 2015- 16, the Company shall demonstrate better bottom line performance for value addition for the investors.

10. HUMAN RESOURCE AND WELFARE

The well disciplined workforce which has served the Company for more than three decades lies at the very foundation of the Company''s major achievements and shall well continue for the years to come. The Management has always carried out systematic appraisal of performance and imparted training at periodic intervals. The company has always recognized talent and has judiciously followed the principle of rewarding performance.

11. CREDIT RATING

INSTRUMENT RATING AGENCY AMOUNT RATING (IN Rs. CRORE)

Fund Based Limits ICRA 120.18 [ICRA] B reaffirmed

Non-fund Based ICRA 6.00 [ICRA] Limits A4 reaffirmed

12. MATERIAL CHANGES AND COMMITMENTS,IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There are no material changes and commitments affecting the financial position of the Company which has occurred between the end of the financial year of the Company to which the financial statements relate i.e. March 31, 2015 and the date of the report i.e. May 2, 2015.

13. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY''S OPERATIONS IN FUTURE

There are no significant material orders passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations.

14. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate system of internal control to safeguard and protect from loss, unauthorized use or disposition of its assets. All the transactions are properly authorized, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements. The Internal Auditor of the Company checks and verifies the internal control and monitors them in accordance with policy adopted by the company. The Company continues to ensure proper and adequate systems and procedures commensurate with its size and nature of its business.

15. CORPORATE GOVERNANCE

As per Clause 49 of the Listing Agreement with the Stock Exchanges, the Company follows good Corporate Governance and complies with mandatory provisions as applicable. As stipulated in Clause 49 of the Listing agreement, Corporate Governance Certificate obtained from M/s Kapoor Tandon & Co., Chartered Accountants is annexed with the report.

16. VIGIL MECHANISM / WHISTLE BLOWER POLICY

In order to ensure that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty, integrity and ethical behaviour the Company has adopted a vigil mechanism policy. This policy is explained in Corporate Governance Report and also posted on the website of company.

17. BUSINESS RISK MANAGEMENT

Although the company has long been following the principle of risk minimization as is the norm in every industry, it has now become a compulsion. Therefore, in accordance with clause 49 of the Listing Agreement the Board members were informed about risk assessment and minimization procedures after which the Board formally adopted steps for framing, implementing and monitoring the risk management plan for the company.

The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro- active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues.

In today''s challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the growth plans of the Company are imperative. The common risks inter alia are: Regulations, competition, Business risk, Technology obsolescence, Investments, retention of talent and expansion of facilities. Business risk, inter-alia, further includes financial risk, political risk, fidelity risk, legal risk. As a matter of policy, these risks are assessed and steps as appropriate are taken to mitigate the same.

18. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Even though the provisions of Companies Act, 2013 regarding Corporate Social Responsibility are not attracted to the company yet the Company has been, over the years, pursuing as part of its corporate philosophy, a CSR policy voluntarily which goes much beyond mere philanthropic gestures and integrates interest, welfare and aspirations of the community with those of the Company itself in an environment of partnership for inclusive development.

19. DEPOSITS

The Company has not accepted any deposit under Section 73 or Section 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 during the year under review. However, the Company had accepted deposits in earlier years in compliance of provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposit) Rules, 1975 which, pursuant to Section 74 (1)(b) of the Companies Act, 2013, need to be repaid within one year from April 1, 2014 or from the date on which such payments are due, whichever is earlier. The Company has paid the deposits matured during the year.

The Company has applied under Section 74(2) of the Companies Act, 2013 to the Company Law Board, New Delhi on March 30, 2015 in the prescribed Form No.7 for extension of repayment period in respect of unpaid deposits of Rs.118.09 Lacs excluding interest Rs.28.18 Lacs yet to be matured as at 31.03.2015. The application has been admitted by the Hon''ble Company Law Board, New Delhi on 31.03.2015, for the necessary direction.

The Company has not any outstanding deposits matured and due for payments including interest as on date.

20. AUDITORS'' OBSERVATION

20.1 STATUTORY AUDITOR

The Statutory Auditor of the Company has given unqualified report during the year under review.

20.2 SECRETARIAL AUDITOR

The replies of qualifications of Secretarial Auditor by the Board of Directors are given below:-

1. The application for seeking extension of time to repay deposit under Section 74 is pending with Hon''ble Company Law Board, Regional Branch, New Delhi. The Company is in process of obtaining consent of depositor by way of affidavit and the Management is confident on submission of the consent of the depositor. The application shall be allowed by the Hon''ble Company Law Board.

2. The Corporate Office of the Company is situated in the remote area, hence the Company is finding it difficult to appoint a Company Secretary (Key Managerial Person) under Section 203 but the Management is confident to comply with this provision within the current year.

21. DIRECTORS

21.1 CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mr. R. N. Chakraborty, who was appointed on June 25, 2005 as Executive Director of the Company. He has been re-designated as Non-Executive Director w.e.f. January 19, 2012. He resigned due to his pre-occupations on June 28, 2014.

Mr. Girish Kumar, Wholetime Director and Chief Executive Officer of the Company, who was appointed on May 15, 2014 as CEO (Key Managerial Personnel) and on July 4, 2014 as Wholetime Director of the Company has resigned due to his pre-occupations on November 10, 2014.

Mr. Ramesh Narayan, Independent Director of the Company, who was appointed on January 25, 2007 as Director of the Company has resigned due to his pre- occupations on November 17, 2014.

Mr. Nikhil Gupta, Chief Financial Officer (Key Managerial Personnel) of the Company who joined the Company on May 15, 2014 resigned from the post of Chief Financial Officer on March 13, 2015.

Mr. Narendra Kumar Agrawal is a Director Works, retiring by rotation in pursuance of Section 152 of the Companies Act, 2013, being eligible, offers himself for re-appointment.

21.2 INDEPENDENT DIRECTOR(S) DECALARATION

In pursuance of sub-section (7) of Section 149 of the Companies Act, 2013 all the Independent Directors have furnished the declaration that they meet the criteria of Independence as provided in Sub-Section (6) of Section 149 of the Companies Act, 2013.

21.3 BOARD ANNUAL EVALUATION

Pursuant to the provisions of companies Act, 2013 and clause 49 of the Listing Agreement, the Board has carried out annual performance evaluation of its own performance, the directors individually as well the evaluation of the working of its Audit, Nomination & Remuneration and Stakeholder committee. The manner in which the evaluation has been carried out has been explained in Corporate Governance Report.

21.4 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 Remuneration Policy is stated in the Corporate Governance Report.

22. BOARD AND COMMITTEE MEETINGS

22.1 BOARD MEETING

During the year 2014-15, 07 meeting of the Board of Directors were held May 15, 2014, July 4, 2014 adjourned and held on July 8, 2014, August 9, 2014, November 8, 2014, November 18, 2014, January 15, 2014 and 7th February, 2015. The maximum time gap between any two consecutive meetings was not exceeding four months.

22.2 AUDIT COMMITTEE MEETING

The Chairman of the Audit Committee is Mr. Gyanendra Nath Gupta. During the year, 4 Audit Committee meetings were held on May 15, 2014, August 9, 2014, November 7, 2014 and February 6, 2015.

The composition of the Audit Committee and number of meetings attended by the Members are given below:

Name of Directors Category

Mr. Gyanendra Nath Gupta Independent, Non-Executive

Dr. Indroneel Banerjee Independent, Non-Executive

Mr. Atul Kumar Gupta Independent, Non-Executive

The other details of Board and Committee Meetings are given in Corporate Governance Report forming part of the Annual Report.

23. AUDITORS

23.1 STATUTORY AUDITORS

M/s Kapoor Tandon & Co. (Firm Registration No.000952C), Chartered Accountants have been appointed as Statutory Auditors of the Company at the last i.e. 34th Annual General Meeting held on August 9, 2014 for a period of three years subject to ratification by members at every consequent Annual General Meeting. Therefore, ratification of appointment of Statutory Auditors is being sought from the Members of the Company at the ensuing 35th Annual General Meeting to be held on July 25, 2015. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 for their re-appointment as Statutory Auditors of the Company.

23.2 SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of theCompanies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s Adesh Tandon & Associates (CP No.:1121, FCS: 2253), Company Secretaries to undertake the Secretarial Audit of the company. The Secretarial Audit Report is annexed herewith as ''Annexure A''

23.3 INTERNAL AUDITORS

M/s Mathur Wahi Nagar & Associates, Chartered Accountants performs the duties of Internal Auditors of the Company and their report is reviewed by the Audit Committee from time to time.

24. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as "Annexure B".

25. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The particulars of every contract or arrangements entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 are disclosed in Form No. AOC -2. is annexed herewith as "Annexure C"

26. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT 9 is annexed herewith as "Annexure D".

27. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report on financial condition and results of operations of the Company for the year under reviews required under Clause 49 of the Listing Agreement entered with the Stock Exchanges is given as separate statement forming part of the Annual Report.

28. PARTICULARS OF EMPLOYEES

DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

The information required pursuant to Section 197 read with Rule, 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is as follows:

i. The percentage increase in remuneration of each Director, Chief Executive Officer and Chief Financial Officer during the financial year 2014- 15, ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year 2014-15 and the comparison of remuneration of each Key Managerial Personnel (KMP) against the performance of the Company are as follows:

Name of Remuneration of Remuneration of % increase in Directors the Director the Director F.Y.2014-15 /KMP / KMP in F.Y. / KMP in F.Y. (%) 2014-15 (Rs.) 2013-14 (Rs.)

Mr. Ved Krishna, Managing 35,80,471 23,42,142 53% Director (KMP)

Mr. Narendra Kumar Agrawal, 20,71,711 18,72,747 11% Director Works

Mr. Girish Kumar, CEO & 25,95,123 15,97,744 - Wholetime Director (KMP)

Mr. Nikhil Gupta, CFO (KMP) 11,24,520 - -

Name of Ratio (times) of the Comparison of the Directors remuneration of each director remuneration of /KMP to the median remuneration the KMP against of the employees the performance of the company

Mr. Ved 18.85 The turnover of the Krishna, Company increase Managing 16.65% and the Director Earning before (KMP) Depreciation, Tax, Amortisation Mr. Narendra and Exceptional Kumar 10.91 Items for the Agrawal, financial year Director ended March 31, Works 2015 increased by 14.86%. Mr. Girish Kumar, CEO & 13.66 Wholetime Director (KMP)

Mr. Nikhil Gupta, CFO 5.92 (KMP)

ii. The median remuneration of employees of the Company during the financial year was Rs. 1.90 lacs.

iii. In the financial year, there was an increase of 14.55% in the median remuneration of employees;

iv. There were 336 permanent employee on the rolls of the Company during the financial year 2014-15.

v. Relationship between average increase in remuneration and company performance:

The Earning before Depreciation, Tax, Amortisation and Exceptional Items for the financial year ended March 31,2015 increased by 14.86% whereas the increase in median remuneration was 14.55%. The average increase in median remuneration was in line with the performance of the Company.

vi. Comparison of Remuneration of the Key Managerial Personnel(s) against the performance of the Company: There is no change in total remuneration of Key Managerial Personnel during the year in comparison to last year except increase of 53% in remuneration of Mr. Ved Krishna, Managing Director who was appointed as Key Managerial Personnel on February 7, 2015 whereas the Earning before Depreciation, Tax, Amortisation and Exceptional Items for the financial year ended March 31, 2015 increased by 14.86% in 2014-15 to Rs.2,697.59 lacs in comparison of last year 2013-14 to Rs.2,348.64 lacs.

vii. a) Variations in the market capitalisation of the Company: The market capitalisation of the Company has been increased by 72.09% as on March 31,2015 to Rs.2,049.80 lacs in comparison of Rs.1,191.10 lacs as on March 31,2014.

b) Price Earnings ratio of the Company: The Price Earnings Ratio was not applicable as at March 31, 2015 due to negative earnings per share as compared to 6.14 as at March 31,2014.

c) Percent increase over/ decrease in the market quotations of the shares of the company as compared to the rate at which the Company came out with the last public offer in the year: The Company had come out with Further Public Offer (FPO) in 2005. An amount of 2,352 lacs invested in the said FPO by issuing 1,68,00,000 equity shares at Rs.14 would be worth Rs.1,243.20 lacs as on March 31, 2015. There has been decrease of 47.14% in the shares of the Company in comparison to FPO.

viii. Average percentage increase made in the salaries of employees other than the managerial personnel in the last financial year i.e. 2014-15 was 17.66 % whereas the increase in the managerial remuneration for the same financial year was 99.62% due to appointment of CEO and CFO as per requirement of Companies Act, 2013.

ix. The key parameters for the variable component of remuneration availed by the directors are considered by the Board of Directors based on the recommendations of the Human Resources, Nomination and Remuneration Committee as per the Remuneration Policy for Directors, Key Managerial Personnel and other Employees.

x. The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year - Not Applicable; and

xi. It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors, Key Managerial Personnel and other Employees.

xii. THE PARTICULARS OF THE EMPLOYEES WHO ARE COVERED BY THE PROVISIONS CONTAINED IN RULE 5(2) AND RULE 5(3) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014 ARE:

a) Employed throughout the year Nil

b) Employed for part of the year Nil

29. DIRECTORS'' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a) that in the preparation of the annual financial statements for the year ended March 31, 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently and judgment and estimates have been made 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 profit of the Company for the year ended on that date;

c) that proper and sufficient care has been taken for 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;

d) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

30. COMPANIES WHICH CEASED TO BE HOLDING, SUBSIDIARY OR ASSOCIATE COMPANY

There is no holding, subsidiary or associate Company of the Company.

31. PARTICULARS OF LOANS, INVESTMENTS OR GUARANTEE

There is no loan, investments or guarantee pursuant to provisions of Section 186 of the Companies Act, 2013.

32. ACKNOWLEDGEMENTS

The Company has been very well supported from all quarters and therefore your Directors would like to place on record their sincere appreciation for the support and co-operation received from Employees, Dealers, Suppliers, Central and State Governments, Bankers, Credit Rating Agencies, Depositories, Stock Exchange, Registrar and Share Transfer Agents, Associates as well as our Shareholders at large during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the commitment, abilities and hard work of all executives, officers and staff who enabled Company to consistently deliver satisfactory and rewarding performance even in the challenging economic conditions.

We look forward to receiving the continued patronage from all quarters to become a better and stronger company.

33. CAUTIONARY STATEMENT

The statements contained in the Board''s Report and Management Discussion and Analysis contain certain statements relating to the future and therefore are forward looking within the meaning of applicable securities, laws and regulations. Various factors such as economic conditions, changes in government regulations, tax regime, other statues, market forces and other associated and incidental factors may however lead to variation in actual results.

For and on Behalf of the Board

K. D. Pudumjee Chairman

Camp : Lucknow Date : May 2, 2015


Mar 31, 2014

TO THE MEMBERS OF YASH PAPERS LIMITED

The Directors have pleasure in presenting the 33rd Annual Report and Audited Statement of Accounts of your Company for the financial year ended 31st March, 2014.

1. Financial Results:

The summary of operating results of your Company for the financial year 2013-14 and 2012-13 is given below:

(Rs. In lacs)

Particulars Current Year Previous Year ended ended 31.03.2014 31.03.2013

Net Sales 14,738.11 11634.95

Other Income 170.63 158.19

Decrease / (Increase) in Stocks 75.16 (153.45)

Total Expenditure 12484.94 9793.97

Finance Cost 1403.92 1282.71

Depreciation 640.28 615.81

Profit Before Tax 304.44 254.10

Provision for taxation

- Current Tax 60.00 51.00

- Deferred Tax 55.00 34.00

-Tax adjustments relating to earlier years (5.05) 0.10

Net Profit (Net Loss) 194.49 169.00

2. Dividend

The Company had undergone Corporate Debt Restructuring (CDR) from 1st of July, 2011 as per the CDR package. The Company is required to take prior approval from the Lenders for distribution of dividend. The repayments of the Company started from 30th June, 2013 and the Company has been regular in making the repayment upto 31st March, 2014. As one year has not elapsed from the date of start of repayment, the Bankers were reluctant to give approval for distribution of dividend. Therefore, the Board regrets their inability to recommend any dividend for this year.

3. Transfer to Statement of Profit & Loss The Company proposes to retain Rs.1,94,48,846 in the Statement of Profit and Loss.

4. Operating results and business operations The Company has continued its growth story during fiscal 2014, the income from sales grew by 26.60% to 154.98 crores crossing Rs. 150 crores for the first time as compared to Rs. 122.41 crores in fiscal 2013.

Your Company has achieved a growth of 16% in production of paper to 34542 MT (Kraft Paper 20,556 MT, Poster Paper 13,986 MT) and growth of 132.39% in salable pulp to 3,595 MT in fiscal 2014 compared to a production of paper 31389 MT (Kraft Paper 19,277 MT and Poster Paper 12,112 MT) and saleable pulp of 1,547 MT in fiscal 2013.

The Company has achieved a growth of 9.46% sales of paper 34818 MT (Kraft Paper of 20,663 MT, Poster Paper of 14,155 MT) and a growth of 640.40% in salable pulp of 4,050 MT in fiscal 2014 compared to a sales of paper of 31,810 MT (Kraft Paper of 19,277 MT, Poster Paper of 12,533 MT) and salable pulp of 547 MT in fiscal 2013.

Reserves as on 31st March, 2014 stood at Rs. 18.15 crores as compared to Rs. 16.21 crores of the preceding year i.e. 31st March, 2013.

5. Export

The Company has achieved a growth of 23.05% in export of Kraft and Poster Paper to 5,536 MT in fiscal 2014 from 4,260 MT in fiscal 2013.

6. Insurance

The properties of your Company comprising buildings, plant and machinery, other assets, stocks, etc. were adequately insured against various risks.

7. Credit Rating

Your Directors have pleasure in informing you that ICRA Limited has upgraded the rating of your Company for long term exposure (fund based) to [ICRA]B from [ICRA] B- for a total amount Rs.120.18 crore. ICRA has also reaffirmed [ICRA]A4 rating for short term exposure of the Company for a total amount Rs. 6 crores. Improvement in Credit Rating of your Company will help in reducing the borrowing cost marginally.

8. Outlook

The organization has increased focus on cost reduction measures as well as production of value added products. It is expected that in the current year 2014-15, the Company shall improve the bottom line which will in turn enhance the value of the investors.

9. Human Resource And Welfare

The Company takes special care to nurture and develop its human resources as it believes that they are the most valuable asset of the organisation. Employee motivation and commitment has improved with the introduction of Sangh Level interactions & small group activities. Focused employee development through regular training interventions and counselling is a continuing process.

10. Fixed Deposits

The Company was holding an aggregate sum of Rs. 134.89 lacs on account of deposits from the public, employees and shareholders as on March 31, 2014. No unclaimed matured deposit was pending as on March 31, 2014.

11. Directors

Mr. Atul Kumar Gupta was appointed as Additional Director in the meeting of Board of Director held on May 15, 2014 and who shall hold office up to the date of ensuing Annual General Meeting. The Company has received a notice in writing proposing his candidature for appointment as an Independent Director for a term of 5 (five) consecutive years up to 14th May, 2019. The necessary resolutions for the regularization as Independent Director and shareholders'' approval in terms of Section 161 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and Article of Association of the Company are contained in the notice for your approval.

Mr. Kaikobad Dorab Pudumjee, Mr. Gyanendra Nath Gupta, Mr. Ramesh Narayan, Ms. Kimberly Ann McArthur, Dr. Indroneel Banerjee, Mr. Jaideep Narain Mathur and Mr. Mudar Patherya are Independent Directors of the Company who are liable for retire by rotation as per old Companies Act, 1956. The necessary resolutions for their appointment as Independent Directors under Section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement to hold office for a term of 5 (five) consecutive years up to 31st March, 2019 are contained in the notice for your approval.

Mrs. Manjula Jhunjhunwala is the Director, retiring by rotation in pursuance of Section 152 of the Companies Act, 2013 and, being eligible, offer herself for re- appointment.

12. Directors'' Responsibility Statement

In terms of Section 217 (2AA) of the Companies Act, 1956, in relation to the financial statement of the Company for the year 2013-14, the Board of Directors hereby state and confirm:

1. That in the preparation of annual accounts, applicable Accounting Standards have been followed;

2. That the Directors 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 as at March 31, 2014 and of the Profit of the Company for the period ended on that date;

3. That the Directors have 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;

4. That the Directors have prepared the annual accounts on a going concern basis.

13. Statement Pursuant to Listing

The equity shares of the Company are listed with the Bombay Stock Exchange Limited, Mumbai. The Listing fees have been paid for the Financial Year 2014-2015.

14. Corporate Governance

As required under Clause 49 of the Listing Agreement with the Stock Exchanges, the report on Management Discussion and Analysis, Corporate Governance as well as the Statutory Auditors'' Certificate regarding compliance of conditions of Corporate Governance forms part of the Annual Report. During the year, Secretarial Audits and Secretarial Standards Audit were carried out and the detailed Reports as obtained from Secretarial Auditors are published elsewhere in the Annual Report.

Your Company has always practiced sound corporate governance and takes necessary actions at appropriate times for meeting stakeholders'' expectations while continuing to comply with the mandatory provisions of corporate governance. The Corporate Governance practices of Your Company are benchmarked with the best in class.

15. Particulars of Employees

The particulars under Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 are given in Annexure and form part of this report.

None of the employees covered under Section 217 (2A) of the Companies Act, 1956 has gross receipt of Rs.60,00,000/- per annum or Rs.5,00,000/- per month.

16. Auditors'' Observations

The observations in the Auditor''s Report are based on the following Notes:- 1. Note no. 36 regarding pending litigation in respect of Excise Duty, Trade Tax, Income Tax, others, guarantee given by Banks, Letter of Credit and non provision of demands in respect thereof.

2. A sum of Rs. 15,47,59,000 has been recognised as income accrued for the period from April, 2007 to December, 2012 based on the Emission Reduction Purchase Agreement (ERPA) with Belgian State for sale of CERs (Certified Emission Reductions) generated from the 6 MW Co-generation Power Plant Project registered as CDM (Clean Development Mechanism) with UNFCCC (The United Nations Framework Convention on Climate Change). Total amount receivable as at the year ended Rs.15,47,59,000 has been disclosed as Other Current Assets. Though The accounting treatment is not in conformity with the "Guidance Note on Accounting of self-generated Certified Emission Reductions (CERs)" issued by the Institute of Chartered Accountants of India (the Guidance Note), made effective from accounting periods beginning on or after April 01, 2012, but the revenue has been recognised in the accounts on the basis of ERPA for the period covered in ERPA only. The audit for the period April,2007 to August, 2008 has already been completed and the no. of CER''s accounted for in the books of accounts for the period have been verified by the UNFCCC appointed auditors. We are expecting to the receipt of CER''s within next quarter.

The replies to the above qualifications by the Board of Directors are as below:

1. The Company is confident of favourable disposals of pending appeals, hence no provision is required at this stage.

2. The Company has installed a ''6 MW Biomass Co- generation Power Plant'' for captive consumption (the project). The project has already been registered with UNFCCC (The United Nations Framework Convention on Climate Change) on 01.04.07. The project is under CDM (Clean Development Mechanism) verification and final report is awaited. The Company has entered into an Agreement (Emission Reduction Purchase Agreement) with the Belgian State for sale of CERs (Certified Emission Reductions) generated on account of GHG (Green House Gasses) Emission Reduction. In view of forgoing a sum of Rs.15.48 crores has been recognised as income towards CERs accrued from April, 2007 to 31st December, 2012 and disclosed as Other Current Assets in Balance Sheet. The audit for the period April, 2007 to August, 2008 has already been completed and the no. of CER''s accounted for in the books of accounts for the periods have been verified by the UNFCCC appointed auditors. We are expecting to the receipt of CER''s within next quarter.

17. Auditors

M/s Kapoor Tandon & Co., Chartered Accountants, Kanpur, who retire at the conclusion of ensuing Annual General Meeting, have consented to continue in office, if appointed from the conclusion of ensuing Annual General Meeting till the conclusion of next three consecutive Annual General Meeting subject to ratification of appointment by the Members of the Company at every Annual General Meeting. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 for their appointment as Auditors of the Company.

18. Cost Auditors

In pursuance to Section 233-B of the Companies Act, 1956 read with the directions issued by the MCA, Mr. Rakesh Misra, Cost Accountant, was appointed as the Cost Auditor to conduct the Cost Audit of the Company for the financial year 2014-2015. The Cost Audit Report for the financial year 2012-13 was filed by the Cost Auditor with respect to the Company.

19. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo The particulars required under Section 217 (1) (e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of the Board of Directors), Rules, 1988 are provided in Annexure ''A'' to this Report.

20. Appreciations and Acknowledgements Your Directors place on record their deep appreciation to employees at all levels for their hard work, dedication and commitment. The enthusiasm and unstinting efforts of the employees have enabled the Company to remain as industry leaders.

Your Directors would also like to acknowledge the excellent contribution by Yash Team to your Company in providing the latest innovations, technological improvements and marketing inputs across almost all categories, in which it operates. This has enabled the Company to provide higher levels of consumer delight through continuous

improvement in existing products and introduction of new products.

The Board places on record its appreciation for the support and co-operation your Company has been receiving from its suppliers, dealers, business partners and others associated with the Company as its trading partners.

Your Company looks upon them as partners in its progress and has shared with them the rewards of growth. It will be the Company''s endeavour to build and nurture strong links with the trade based on mutuality of benefits, respect for and co-operation with each other, consistent with consumer interests.

We look forward to their continued support and encouragement.

For and on Behalf of the Board

Camp : New Delhi K. D. Pudumjee Date: May 15, 2014 Chairman


Mar 31, 2013

The Directors have pleasure in presenting the 33 Annual Report and Audited Accounts of your Company for the financial year ended 31st March, 2013.

Financial Results:

The summery of operating results of your Company for the financial year 2012-13 and 2011-12 is given below:

(Rs. In lac)

Previous Year ended 31.03.2012

Net Sales 11,634.95 10,915.98

Other Income 158.19 87.01

Increase and Decrease in Stocks (153.45) (174.01)

Total Expenditure 9,793.97 9,407.51

Finance Cost 1,282.71 1,236.52

Depreciation 615.81 627.90

Profit Before Tax (254.10) (94.93)

Provision for taxation

- Current Tax 51.00

- Deferred Tax 34.00 18.16

- Tax adjustments relating to earlier years 0.10 0.21

Net Profit (Net Loss) 169.00 (113.30)

Dividend

The Company is undergoing Corporate Debt Restructuring and only after the repayments starts and complete scheme become operational then only the Board can consider about dividend with the prior approval of CDR Cell, hence the Board regrets their inability to recommend any dividend for this year

Post-Balance Sheet developments

The rebound in the Company''s performance extended into 2013-14. During the first quarter of the current financial year, the Company reported its highest-ever production of 3109 MT in May 2013The improvement in the quantum of production was accompanied by a superior output quality as well as the gloss level in poster paper improved to 28%, which was the highest among competitors. The Company expects to sustain this improvement through a better operational control and changes in product mix translating into superior financials.

Operations

Your Company has achieved a production of Kraft Paper 19,277 MT Poster Paper 12,112 MT and salable pulp of 1,547 MT during the year ended 31st March, 2013 against a production of paper 31,286 MT and saleable pulp of 304 MT in the previous year ended 31st March, 2012.

The Company has achieved sales of Kraft Paper of 19,358 MT Poster Paper of 12,452 MT and salable pulp of 1,547 MT during the year ended 31st March, 2013 against sales of paper of 30,480 MT and salable pulp of 304 MT in the previous year ended 31st March, 2012.

The Company has achieved a Gross turnover ofRs. 122.42 crore in the current year against Rs. 114.05 crore in the previous year Reserves as on 31st March, 2013 stood at Rs. 16.21 crore as compared to Rs. 14.15 crore of the preceding year 31st March, 2012.

Export

The Company exported 4,260 MT of Poster and Kraft Paper during the year ended 31st March, 2013 against 3,477 MT during the previous year ended 31st March, 2012.

Insurance

The properties of your Company comprising buildings, plant and machinery other assets, stocks, etc. were adequately insured against various risks.

Outlook

The organisation is attempting to focus on the cost reduction measures as well as production of value added products and it is expected that the current year 2013-14 shall demonstrate the performance in the bottom line for value addition to the investors.

Human Resource and Welfare

The Company takes special care to nurture and develop its human resources as it believes that they are the most valuable asset of the organisation. Employee engagement has been improved through the introduction of Sangh Level interactions & small group activities. Focused employee development through regular training interventions and counseling is a continuing process.

Fixed Deposits

The Company was holding an aggregate sum of Rs. 187.44 lac on account of deposits from the public, employees and shareholders as on 31st March, 2013. 15 depositors did not claim their deposits including interest amounting to Rs.27.99 lac which matured during the previous years.

Directors

Mr Jaideep Narain Mathur and Mr Mudar Patherya were appointed as Additional Director in the meeting of Board of Director held on 23rd March, 2013 and 25th May 2013 respectively The necessary resolutions for the regularisation as Director and shareholders'' approval in terms of Section 260 of the Companies Act 1956 read with the applicable provisions of the Companies Act 1956 and Article of Association of the Company are contained in the notice for your approval.

Mrs. Manjula Jhunjhunwala, Mr G. N. Gupta, Mr Ramesh Narayan and Ms. Kimberly Ann McArthur are the Directors, retiring by rotation and, being eligible, offer themselves for re-appointment

Directors'' Responsibility Statement

In terms of Section 217 (2AA) of the Companies Act, 1956, in relation to the financial statement of the Company for the year 2012-13, the Board of Directors hereby state and confirm:

1. That in the preparation of annual accounts, applicable Accounting Standards have been followed;

2. That the Directors 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 as at 31st March, 2013 and of the Profit of the Company for the period ended on that date;

3. That the Directors have 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;

4 That the Directors have prepared the annual accounts on a going concern basis.

Statement Pursuant To Listing

The equity shares of the Company are listed with the Bombay Stock Exchange Limited, Mumbai. The Listing fees have been paid for the Financial Year 2013-2014.

Corporate Governance

A separate report on Corporate Governance pursuant to Clause 49 of the Listing Agreement is furnished as a part of the Directors'' Report together with a certificate from the Statutory Auditors confirming compliance with the said code is annexed to the said report.

Particulars of Employees

The particulars under Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 are given in Annexure and form part of this report.

None of the employees covered under Section 217 (2A) of the Companies Act, 1956 has gross receipt of Rs.60,00,000/- per annum or Rs. 5,00,000/- per month.

Auditors'' Observations

The observations in the Auditor''s Report are based on the following Notes:-

1. Note no. 37 regarding pending litigation in respect of Trade Tax and Excise Duty and non provision of demands in respect thereof

2. Note no. 40 regarding income of Rs.256.30 Lacs from Certified Emission Reductions (CERs) accrued for the fnancial year ended 31st March, 2013.

The replies to the above qualifications by the Board of Directors are as below:

1. The Company is confident of favourable disposals of pending appeals, hence no provision is required at this stage.

2. The Company has installed a ''6 MW Biomass Co- generation Power Plant for captive consumption (the project). The project has already been registered with UNFCCC (The United Nations Framework Convention on Climate Change) on 01.04.07. The project is under CDM (Clean Development Mechanism) verification and fnal report is awaited. The Company has entered into an Agreement (Emission Reduction Purchase Agreement) with the Belgium State for sale of CERs (Certified Emission Reductions) generated on account of GHG (Green House Gases) Emission Reduction. In view of forgoing a sum of Rs.256.30 lac has been recognised as income towards CERs accrued for the financial year ended 31st march, 2013.

Auditors

M/s Kapoor Tandon & Co., Chartered Accountants, Kanpur, who retire at the conclusion of forthcoming Annual General Meeting, have consented to continue in office, if appointed. They have confirmed their eligibility under Section 224 of the Companies Act, 1956 for their appointment as Auditors of the Company.

Cost Auditors

In pursuance to Section 233-B of the Companies Act, 1956 read with the directions issued by the MCA, Mr Rakesh Misra, Cost Accountant, was appointed as the Cost Auditor to conduct the

Cost Audit of the Company for the financial year 2012-2013 ended on 30th September, 2013. The Cost Audit Report for the financial year 2011-12 ended on 30th September, 2012 was fled by the Cost Auditor with respect to the Company

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The particulars required under Section 217 (1) (e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of the Board of Directors), Rules, 1988 are provided in Annexure A'' to this Report.

Acknowledgements

Your Directors wish to take the opportunity to express their sincere appreciation to the Central Government, Uttar Pradesh Government, Banks, Financial Institutions, Shareholders, Farmers, Vendors, Customers and all other stakeholders for their whole- hearted support and co-operation during the year

Your Directors also wish to place on record their appreciation for the whole hearted commitment, contribution, sincere and dedicated efforts by the entire Yash team to attain the Company''s consistent growth.

We look forward to their continued support and encouragement.

For and on Behalf of the Board Camp : Faizabad K. D. Pudumjee

Date : 25th May, 2013 Chairman


Mar 31, 2012

The Directors are pleased to present the 31st Annual Report together with the Audited Accounts of your Company for the financial year ended 31st March, 2012.

Financial Results

The summery of operating results of your Company for the financial year 2011-12 and 2010-11 are given below:

(Rs. In lacs)

Particulars Current Year ended 31.03.2012 Previous Year ended 31.03.2011

Net Sales 10915.98 10393.83

Other Income 87.01 115.18

Increase and Decrease in Stocks (174.01) (71.97)

Total Expenditure 9407.51 8580.42

Finance Cost 1236.52 1102.51

Depreciation 627.90 634.12

Profit Before Tax (94.93) 263.93 Provision for taxation

- Current Tax 48.90

- Deferred Tax 18.16 (90.07)

- Tax adjustments relating to earlier years 0.21 0.00

Net Profit (Net Loss) (113.30) 305.10

Dividend

In view of loss during the year Directors have not declared dividend this year.

Operations

Your Company has achieved a production of paper 31,286 MT and salable pulp of 304 MT during the year ended 31st March, 2012 against a production of paper 29,810 MT and saleable pulp of 1832 MT in the previous year ended 31st March, 2011.

The Company has achieved sales of paper of 30,480 MT and salable pulp of 304 MT during the year ended 31st March, 2012 against sales of paper of 29,781 MT and salable pulp of 1785 MT in the previous year ended 31st March, 2011.

The Company has achieved a Gross turnover of Rs.114.05 crores in the current year against Rs.106.88 crores in the previous year. Reserves as on 31st March, 2012 stood at Rs.14.15 crores as compared to Rs.15.28 crores of the preceding year 31st March, 2011.

Export

The Company exported 4438 MT of paper during the year ended 31st March, 2012 against 5473 MT during the previous year ended 31st March, 2011.

Insurance

The properties of your Company comprising buildings, plant and machinery, other assets, stocks, etc. were adequately insured against various risks.

Outlook

We expect to achieve a highest topline in 2012-13. With the adoption of aggressive cost optimisation programmes and the flexibility to produce higher value kraft output from PM I and PM II and high-value poster paper from PM III, we expect to turn in a net profit margin of 10%. This will drive our EPS to Rs. 1.00 in 2012-13, thereby building a strong case for the re-rating of our stock (market price as on August 11, 2012 (Rs.5.35).

Accordingly, your Directors are reasonably confident of achieving much better results in the year 2012-2013

Human Resource and Welfare

The Company considers its human resource to be its asset. The Company thus continues to enhance its employees' skills and keep them updated with industry dynamics. We endeavor that our employees remain satisfied and have best working environment. We have the most cordial industrial relations. The Directors wish to place on record their deep appreciation for dedication of the employees and their commitment to performance.

Fixed Deposits

The Company was holding an aggregate sum of Rs.249.08 lacs on account of deposits from the public, employees and shareholders as on March 31, 2012. 14 depositors did not claim their deposits amounting to Rs.26.11 lacs which matured during the previous years.

Directors

Mr. Nirupam Mishra was appointed as Additional Director and Director Operations in the meeting of Board of Director held on September 24, 2011. Mrs. Kimberly Ann McArthur was appointed as Additional Director of the Company in the meeting of Board of Director held on February 13, 2012. Mr. Narendra Kumar Agrawal was appointed as Additional Director and Director Works in the meeting of Board of Director held on May 10, 2012. The necessary resolution for the regularisation as Director and Shareholders approval in terms of Schedule XIII of the Companies Act, 1956 read with the applicable provisions of the Companies Act, 1956 is contained in the notice for your approval.

Mr. Yash Krishna, Director & Promoter of the Company had tendered his resignation on December 1, 2011. Mr. Nirupam Mishra, Director Operations, had tendered his resignation on January 19, 2012 and Mr. G. Narayana, Director and Chairman, had tendered his resignation on February 13, 2012.

Mr. Ved Krishna was appointed as the Managing Director of the Company for the period of 3 years on fresh terms and conditions w.e.f. August 1, 2012. The necessary resolution is contained in the notice of ensuing Annual General Meeting for your approval.

Mr. K. D. Pudumjee, Vice Chairman of the Company was appointed as Chairman in the meeting of Board of Directors held on February 13, 2012.

Mr. K. D. Pudumjee, Mr. R. N. Chakraborty and Mr. Basant Kumar Khaitan are the Directors, retiring by rotation and, being eligible, offer themselves for re-appointment.

Directors' Responsibility Statement

In terms of Section 217 (2AA) of the Companies Act, 1956,

in relation to the financial statement of the Company for the year 2011-12, the Board of Directors hereby state and confirm:

1. That in the preparation of annual accounts, applicable Accounting Standards have been followed;

2. That the Directors 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 as at March 31, 2012 and of the loss of the Company for the period ended on that date;

3. That the Directors have 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;

4. That the Directors have prepared the annual accounts on a going concern basis.

Statement Pursuant to Listing

The equity shares of the Company are listed with the Bombay Stock Exchange Limited, Mumbai. The Listing fees have been paid for the Financial Year 2012-2013.

Corporate Governance

A separate report on Corporate Governance pursuant to Clause 49 of the Listing Agreement is furnished as a part of the Directors' Report together with a certificate from the Statutory Auditors confirming compliance with the said code is annexed to the said report.

Particulars of Employees

The particulars under Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 are given in Annexure and form part of this report.

None of the employees covered under Section 217 (2A) of the Companies Act, 1956 has gross receipt of Rs.60,00,000/- per annum or Rs.5,00,000/- per month.

Auditors' Observations

The observations in the Auditor's Report are based on the following Notes:-

1. Note no. 37 regarding pending litigation in respect of Trade Tax and Excise Duty and non provision of demands in respect thereof.

2. Note no. 40 regarding income of Rs.343.95 Lacs from Certified Emission Reductions (CERs) accrued for the financial year ended 31st March, 2012.

The replies to the above qualifications by the Board of Directors are as below:

1. The Company is confident of favourable disposals of pending appeals, hence no provision is required at this stage.

2. The Company has installed a '6 MW Biomass Co- generation Power Plant' for captive consumption (the project). The project has already been registered with UNFCCC (The United Nations Framework Convention on Climate Change) on 01.04.07. The project is under CDM (Clean Development Mechanism) verification and final report is awaited. The Company has entered into an Agreement (Emission Reduction Purchase Agreement) with the Belgium State for sale of CERs (Certified Emission Reductions) generated on account of GHG (Green House Gasses) Emission Reduction. In view of forgoing a sum of Rs. 343.95 Lacs has been recognised as income towards CERs accrued for the financial year ended 31st march, 2012.

Auditors

M/s Kapoor Tandon & Co., Chartered Accountants, Kanpur, retire at the ensuing Annual General Meeting. They have expressed their willingness to continue in office, if re- appointed and have furnished the requisite certificate of their eligibility pursuant to Section 224(1B) of the Companies Act, 1956.

Acknowledgements

Your Directors would like to express their grateful appreciation for overwhelming cooperation and assistance received from the Banks, Shareholders, Vendors, Customers and Government authorities during the year.

Your Directors also wish to place on record their appreciation for the whole hearted commitment, contribution, sincere and dedicated efforts by the entire Yash team to attain the Company's consistent growth.

For and on Behalf of the Board

Camp : New Delhi K. D. Pudumjee

Date : August 11, 2012 Chairman

 
Subscribe now to get personal finance updates in your inbox!