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-à-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