Vasa Retail and Overseas Ltd Management Discussions

1. Industry Structure and Developments

The stationery industry continues to remain an established sector catering to the requirements of educational institutions, offices, businesses and retail customers. The industry has, however, witnessed changes in consumer preferences, increased adoption of digital alternatives, competitive pressures and changes in input costs. The Company continues to monitor the developments in the industry and evaluate suitable opportunities in line with its business objectives.

2. Opportunities and Threats

Opportunities:

Scope for exploring new and emerging business opportunities in the stationery and allied sectors. Potential opportunities through institutional and bulk supplies. Opportunities arising through digital and e-commerce platforms.

Threats:

Increasing digitalisation and changing consumer preferences. Competition from organized as well as unorganized market participants. Fluctuations in raw material and operating costs. Changes in market conditions and customer demand.

3. Segment-wise or Product-wise Performance

During the Financial Year 2025-26, the Company did not generate revenue from operations. Accordingly, there was no significant segment-wise or product-wise operating performance to report during the year.

The Management continues to evaluate suitable business opportunities and avenues for improving the operational position of the Company.

4. Outlook

The Company continues to adopt a cautious approach considering the prevailing business environment. The Management is evaluating suitable and commercially viable opportunities with a view to improving the Companys operations and financial position.

The Company will continue to assess opportunities based on their feasibility and potential contribution towards the long-term sustainability of the Company.

5. Risks and Concerns

The Company is exposed to various business and financial risks, including changes in market conditions, competition, availability of business opportunities, liquidity constraints, regulatory changes and other economic factors.

The Management periodically reviews the risks associated with the Companys activities and takes appropriate measures, wherever practicable, to mitigate their potential impact.

6. Internal Control Systems and Their Adequacy

The Company has appropriate internal control systems commensurate with the size and nature of its operations. The systems and procedures are reviewed periodically to ensure proper safeguarding of assets, reliability of financial reporting and compliance with applicable laws and regulations.

7. Financial Performance with Respect to Operational Performance

During the Financial Year 2025-26, the Company did not have any income from operations. The financial performance of the Company was mainly impacted by the absence of operating revenue and the expenses incurred during the year.

The financial performance of the Company is summarized below:

(Rs.In Lakhs except EPS)

Particular	As on 31st March, 2026	As on 31st March, 2025
Total Income	0	0
Profit / (Loss) Before Tax	(8.67)	(9.90)
Profit / (Loss) After Tax	(8.67)	(9.90)
EPS	(0.14)	(0.17)

The Management continues to exercise prudence in managing the Companys resources and is evaluating appropriate measures for improving the Companys operational and financial position.

8. Human Resources and Industrial Relations

The Company recognizes the importance of human resources and endeavours to maintain appropriate employee-related practices. The Company seeks to ensure efficient utilization of available resources and a professional working environment.

9. Cautionary Statement

Statements in this Managements Discussion and Analysis Report describing the Companys objectives, expectations, estimates or future outlook may constitute forward-looking statements. Actual results may differ materially from those expressed or implied due to various factors, including changes in economic conditions, market conditions, regulatory developments, business opportunities and other risks and uncertainties.