Performance Summary

• Yatra Capital Limited (in liquidation) (“Yatra” or “the Company”) through its former investment in K2 Property Limited (“K2”) has completely abandoned all investment plans.
• The Company was put into liquidation by its shareholders at a general meeting held on September 17, 2018.
• Following the decision to liquidate the Company, the Company prepared its financial statements on a basis other than going concern. The Directors have taken into account all known and anticipated liquidation costs to close the Company, having made a reasonable estimate of the time it will take to process the conversion of assets into cash, the settlement of liabilities and the completion of the closing formalities, including auditing and tax reporting matters. On this basis, the directors have assessed an estimated profit range of 3.0 to 3.2 EUR per share (March 31, 2020 – EUR 4.2-4.4 per share). This valuation remains subject to the liquidation schedule of the remaining unliquidated subsidiary domiciled in Cyprus and the completion of regulatory formalities.
• The Net Asset Value (“NAV”) per share* decreased by EUR 1.06 from EUR 4.30 as of March 31, 2020 to EUR 3.24 as of March 31, 2021. The net loss for the year ended on March 31, 2021 from the Company’s investment activities was 76,413 euros. This is to be compared to a net loss of EUR 261,641 for the year ended March 31, 2020. The basic and diluted (loss) per share for the year ended March 31, 2021 was EUR (0.11) per compared to the basic and diluted (loss) per share of EUR (0.13) for the year ended 31 March 2020.

* Net asset value per share is based on Yatra’s net assets derived from the statement of financial position as of March 31, 2021 divided by the number of shares then outstanding and outstanding.

Chairman’s statement

Dear shareholders,

I am pleased to report to you on the progress of the liquidation of the Company for the year ended March 31, 2021.

The Board of Directors was frustrated by the time it took for the former subsidiaries of the Company to complete their liquidation formalities. This process has escaped the control of the Board of Directors, due to the independence requirements of the liquidator in Mauritius, and has been prolonged in part due to the Covid 19 pandemic and its impact on government agencies in that jurisdiction. However, this process is now complete for K2, subject to the publication by the Mauritius Registrar of Companies of its formal notice and there remains only one entity to be formally liquidated, based in Cyprus. As the process of winding up the subsidiaries extended over the end of the Company’s fiscal year, its status as a listed company required the performance of a legal audit. The extended delay resulted in a significant reduction in net asset value per share from the prior period, although due to the very small number of shares remaining outstanding, net asset value per share is extremely sensitive to even modest delays.

As always, I would like to thank my colleagues on the Board of Directors and our advisors for their support as we move towards the closure of the Society.

Directors’ report

The Directors present their annual report and audited financial statements of Yatra Capital Limited (in liquidation) (“the Company”) for the year ended 31 March 2021.

The company

The Company was incorporated in Jersey on May 26, 2006. The ordinary shares of the Company were admitted to trading on Euronext on December 6, 2006. The Company was established to invest in Indian real estate development opportunities compliant foreign direct investment (FDI). As of the date of publication of this report, the Company has sold all of its holdings and continues to focus on the return of capital to shareholders and the liquidation of the Company and its subsidiaries (“Group”).

The Company was put into liquidation by its shareholders on 17and September 2018.

Continuity of exploitation

The Company’s financial statements have not been prepared on a going concern basis for the year ended March 31, 2021.

Activity Report

A review of the Company’s activities during the year is set out in the Chairman’s Statement on page 3.

Results and dividend

The results of the Company for the year ended March 31, 2021 are presented in the Statement of net income and other comprehensive income (page 13) and the accompanying notes (pages 16 to 31). The Directors do not propose to declare a dividend for the year under review (March 31, 2020 – Nil). During the period, EUR 8,000,000 was distributed to shareholders by way of compulsory redemption.

Directors

All directors of the Company are independent. The composition of the Board of Directors (“Board”) is set out below.

Richard Boléat, David Hunter and George Baird served throughout the period under review.

Directors’ interests

No director held an interest in the Company’s shares as of March 31, 2021.