We have audited the accompanying IND AS financial statements of YASH TRADING AND FINANCE
LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March, 2025, the Statement
of Profit and Loss (Including Other Comprehensive Income), the Cash Flow statement and
Statement of Changes in Equity for the year ended, and a summary of significant accounting policies
and other explanatory information (hereinafter referred to as “the financial statements”).
In our opinion and to the best of our information and according to the explanations given to us,
except for the possible effects of the matter described in the aforesaid financial statements give the
information required by the Act in the manner so required, and give a true and fair view in
conformity with the accounting principles generally accepted in India including IND AS specified
under Section 133 of the Act of the state of affairs (Financial Position) of the Company as at 31st
March, 2025, and its Statement of Profit and Loss (Including Other Comprehensive Income), its Cash
Flow and the Change in Equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the Audit of the Financial Statements, section
of our report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (ICAI) together with the independence requirements
that are relevant to our audit of the financial statements under the provisions of the Act and the
Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial
statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
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Key audit matter
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How our audit addressed the key audit
matter
|
|
The Company is subject to a large number
of income tax related claims which have
been disclosed in financial statements
based on the facts and circumstances of
each case.
Company filed appeal before Income Tax
Appellate Tribunal (ITAT) against the
|
Our audit procedures included the following:-
1. Gained an understanding of the process of
identification of claims, litigations and
contingent liabilities and identified key
controls in the process. For selected
controls, we have performed tests of
controls.
2. Obtained the summary of Company's
disputed Tax cases and critically assessed
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|
appellate order and the appeal has been
ruled in favour of the Company.
|
management's position through discussions
with the Head of Tax and operational
management, on both the probability of
success in significant cases, and the
magnitude of any potential loss.
3. Engaged tax specialists to technically
appraise the tax position taken by the
management with respect to local tax issues.
4. Assessed the relevant disclosures made
within the financial statements to address
whether they appropriately reflect the facts
and circumstances of the respective tax and
requirements of relevant accounting
standards.
|
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that
give a true and fair view of the financial position, financial performance (Including other
comprehensive income), cash flow and change in equity of the Company in accordance with the
accounting principles generally accepted in India, including the India Accounting Standards (IND
AS) specified under Section 133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgements and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the
Company or to cease the operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors'
Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting
and based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor's report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our Auditors' Report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor's Report) Order, 2016 (“the Order”) issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in
Annexure A.
2) Further to our comments in Annexure A, as required by sub-section (3) of section 143 of the
Act, we report that :
(a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
(c) The Balance Sheet, Statement of Profit and Loss (Including other comprehensive
income), the Cash Flow Statement and statement of Change in Equity dealt with by
this Report, are in agreement with the books of account;
(d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under section 133 of the Act.
(e) On the basis of written representations received from the Directors as on 31st March,
2023 and taken on record by the Board of Directors, none of the directors are
disqualified as on 31st March, 2023, from being appointed as a director in terms of
Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to
our separate Report in "Annexure B".
(g) With respect to the other matters to be included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and according to the explanations
given to us:
(i) The Company has made provision, as required under the applicable laws or IND AS for material
foreseeable losses, if any, on long term contract including derivative contract.
(ii) As per information and explanation given to us Company does have pending litigations which
would impact its financial position. For details please refer financial statement
(iii) There were no amount which were required to be transferred to the Investor Education and
Protection Fund during the year.
For Bhatter & Co.
Chartered Accountant
Firm Registration No.:131092W
Sd/-
Daulal H Bhatter
Proprietor
Membership No.: 016937
UDIN: 25016937BMISXG4951
Place: Mumbai
Date: 20th May2025
We have audited the accompanying IND AS financial statements of YASH TRADING AND FINANCE
LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March, 2025, the Statement
of Profit and Loss (Including Other Comprehensive Income), the Cash Flow statement and
Statement of Changes in Equity for the year ended, and a summary of significant accounting policies
and other explanatory information (hereinafter referred to as “the financial statements”).
In our opinion and to the best of our information and according to the explanations given to us,
except for the possible effects of the matter described in the aforesaid financial statements give the
information required by the Act in the manner so required, and give a true and fair view in
conformity with the accounting principles generally accepted in India including IND AS specified
under Section 133 of the Act of the state of affairs (Financial Position) of the Company as at 31st
March, 2025, and its Statement of Profit and Loss (Including Other Comprehensive Income), its Cash
Flow and the Change in Equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the Audit of the Financial Statements, section
of our report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (ICAI) together with the independence requirements
that are relevant to our audit of the financial statements under the provisions of the Act and the
Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial
statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
|
Key audit matter
|
How our audit addressed the key audit
matter
|
|
The Company is subject to a large number
of income tax related claims which have
been disclosed in financial statements
based on the facts and circumstances of
each case.
Company filed appeal before Income Tax
Appellate Tribunal (ITAT) against the
|
Our audit procedures included the following:-
1. Gained an understanding of the process of
identification of claims, litigations and
contingent liabilities and identified key
controls in the process. For selected
controls, we have performed tests of
controls.
2. Obtained the summary of Company's
disputed Tax cases and critically assessed
|
|
appellate order and the appeal has been
ruled in favour of the Company.
|
management's position through discussions
with the Head of Tax and operational
management, on both the probability of
success in significant cases, and the
magnitude of any potential loss.
3. Engaged tax specialists to technically
appraise the tax position taken by the
management with respect to local tax issues.
4. Assessed the relevant disclosures made
within the financial statements to address
whether they appropriately reflect the facts
and circumstances of the respective tax and
requirements of relevant accounting
standards.
|
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that
give a true and fair view of the financial position, financial performance (Including other
comprehensive income), cash flow and change in equity of the Company in accordance with the
accounting principles generally accepted in India, including the India Accounting Standards (IND
AS) specified under Section 133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgements and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the
Company or to cease the operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors'
Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting
and based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor's report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our Auditors' Report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor's Report) Order, 2016 (“the Order”) issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in
Annexure A.
2) Further to our comments in Annexure A, as required by sub-section (3) of section 143 of the
Act, we report that :
(a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
(c) The Balance Sheet, Statement of Profit and Loss (Including other comprehensive
income), the Cash Flow Statement and statement of Change in Equity dealt with by
this Report, are in agreement with the books of account;
(d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under section 133 of the Act.
(e) On the basis of written representations received from the Directors as on 31st March,
2023 and taken on record by the Board of Directors, none of the directors are
disqualified as on 31st March, 2023, from being appointed as a director in terms of
Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to
our separate Report in "Annexure B".
(g) With respect to the other matters to be included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and according to the explanations
given to us:
(i) The Company has made provision, as required under the applicable laws or IND AS for material
foreseeable losses, if any, on long term contract including derivative contract.
(ii) As per information and explanation given to us Company does have pending litigations which
would impact its financial position. For details please refer financial statement
(iii) There were no amount which were required to be transferred to the Investor Education and
Protection Fund during the year.
For Bhatter & Co.
Chartered Accountant
Firm Registration No.:131092W
Sd/-
Daulal H Bhatter
Proprietor
Membership No.: 016937
UDIN: 25016937BMISXG4951
Place: Mumbai
Date: 20th May2025
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