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Yasho Industries Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 1924.67 Cr. P/BV 6.46 Book Value (Rs.) 247.08
52 Week High/Low (Rs.) 2344/1560 FV/ML 10/1 P/E(X) 315.29
Bookclosure 02/09/2025 EPS (Rs.) 5.06 Div Yield (%) 0.03
Year End :2025-03 

We have audited the accompanying standalone financial
statements of Yasho Industries Limited ("the Company"),
which comprise the Balance Sheet as at March 31, 2025,
and the Statement of Profit and Loss (including Other
Comprehensive Income ), Statement of Changes in Equity and
Statement of Cash Flows for the year then ended, and notes
to the standalone financial statements, including summary of
material accounting policy information and other explanatory
information (hereinafter referred to as the "standalone financial
statements").

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone
financial statements give the information required by the
Companies Act, 2013 ("the Act') in the manner so required
and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the

Act read with Companies (Indian Accounting Standards)
Rules, 2015, as amended ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2025, and of profit and other
comprehensive Income, changes in equity and its cash flows
for the year then ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the 'Auditor's
Responsibilities for the Audit of the Standalone 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 ethical requirements that are relevant to our
joint audit of the standalone financial statements under the
provisions of the Act and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that
the audit evidence obtained by us is sufficient and appropriate
to provide a basis for our opinion.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone
financial statements for the year ended March 31, 2025. These matters were addressed in the context of our audit of the
standalone 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 the Key Audit Matter was addressed in our audit

Preferential allotment of Equity Shares (Refer note no
14A to the Standalone Financial Statements):

During the year, the Company has raised ' 12,500 lakhs
through preferential allotment of equity shares. The transaction
involved regulatory compliance with the Companies Act, 2013
and SEBI (Issue of Capital and Disclosure Requirements)
Regulations. The matter is considered significant due to the
materiality involved in valuation, disclosure, timing of receipt
of funds, and the governance framework around the allotment.

Our

1.

2.

3.

procedures included:

Discussed with the management the design and
implementation of key internal controls placed around the
issue of Equity Share Capital.

Reviewed approvals obtained from the Board of Directors
and shareholders in Extra Ordinary General Meeting for
the preferential allotment.

Verified compliance with the provisions of Sections 42 and
62 of the Companies Act, 2013 including the issue of a
private placement offer letter and filing of necessary forms
(e.g., PAS-3, PAS-4 etc) with the Registrar of Companies.
Also, verified compliance with the provisions of Rule 14 of
the Companies (Prospectus and Allotment of Securities)
Rules, 2014.

4.

Verified compliance with the provisions of Chapter V of
SEBI (Issue of Capital and Disclosure Requirements)
Regulations, 2018 including compliance with Sub-regulation
(5) of Regulation 169 of SEBI (ICDR) Regulations, 2018.

5.

Examined the valuation report from a registered valuer to
assess the basis for determining the issue price of shares.

Key Audit Matter

How the Key Audit Matter was addressed in our audit

6.

Inspected bank statements to confirm the receipt of
consideration against equity shares allotted.

7.

Checked disclosures in the financial statements with
reference to the preferential issue under Schedule III of
the Companies Act and applicable accounting standards.

Capitalisation of Capital work in progress (CWIP) to
Property, Plant and Equipment (PPE) (Refer Note no 3
& 4 to the Standalone Financial Statements):

During the year, the Company capitalized a Pakhajan Project
Capital Work-in-Progress (CWIP) to Property, Plant and
Equipment (PPE) upon completion of Pakhajan project. The
capitalization involves significant judgment in determining the
date of readiness for intended use, the nature of costs eligible
for capitalization, and compliance with the applicable financial
reporting framework (Ind AS 16).

Due to the materiality of the amounts and the judgments
involved, we considered this as a key audit matter.

8.

Our

1.

2.

3.

Verified end-use of funds, where applicable, to ensure that
the proceeds were utilized as stated in the offer documents
and board resolutions.
procedures included:

Evaluated the design and implementation and verified,
on a test check basis the operating effectiveness of
key internal controls placed around the Capital work in
progress capitalisation to Property, Plant and Equipment
(PPE).

Evaluated the Company's policy for capitalization of CWIP
to fixed assets in line with the requirements of Ind AS 16
- Property, Plant and Equipment.

Obtained details of project completed and reviewed the
Project Completion Certificates or equivalent internal
documentation.

4.

Verified the basis and timing of transfer of CWIP to fixed
assets and assessed whether the assets were available for
intended use.

5.

Performed test checks of costs capitalized to ensure they
were directly attributable to bringing the asset to its
working condition.

6.

Assessed the disclosures made in the financial statements
regarding CWIP and capitalized assets, including the
movement schedule and aging analysis, if applicable.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR'S
REPORT THEREON

The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual report but does not include
the standalone financial statements and our auditor's report
thereon. The Annual Report is expected to be made available
to us after the date of this auditor's report.

Our opinion on the standalone financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
identified above when it becomes available and, in doing
so, consider whether the other information is materially
inconsistent with the standalone financial statements or our
knowledge obtained in the audit, or otherwise appears to be
materially misstated.

When we read the Annual Report, if we conclude that there is a
material misstatement therein, we are required to communicate

the matter to those charged with governance under SA 720
'The Auditor's responsibilities Relating to Other Information'

RESPONSIBILITIES OF MANAGEMENT AND
BOARD OF DIRECTORS FOR THE STANDALONE
FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements that
give a true and fair view of the financial position, financial
performance, changes in equity and cash flows of the Company
in accordance with the accounting principles generally
accepted in India, including the Accounting Standards 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 judgments 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 standalone financial

statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the
Management and Board of Directors are 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 the Board
of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the
Company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT
OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor's 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 standalone
financial statements.

As part of a 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 standalone 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 control 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 with reference to standalone financial
statements 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 and Board of
Directors.

• Conclude on the appropriateness of management and
Board of Director'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 standalone 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 auditor's 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 standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of
a reasonably knowledgeable user of the financial statements
may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the standalone
financial statements.

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.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements
for the year ended March 31, 2025 and are therefore, the
key audit matters. We describe these matters in our auditor's
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in
our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest
benefits of such communication.

OTHER MATTER

The standalone financial statements of the Company for the
year ended March 31, 2024, were audited by V. J. Shah &
Co, Chartered Accounts, the statutory auditor of the Company,

whose report dated May 13, 2024 expressed an unmodified
opinion on those audited standalone financial statements.

Our opinion is not modified in respect of this matter.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order,
2020 ("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" a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

2. As required by Section 143(3) 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, the Statement of Profit and
Loss including other comprehensive income, the
Statement of Changes in Equity and the Statement of
Cash Flow dealt with by this Report are in agreement
with the books of account.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Accounting Standards
specified under Section 133 of the Act.

(e) On the basis of the written representations received
from the directors as on March 31, 2025 taken
on record by the Board of Directors, none of the
directors are disqualified as on March 31, 2025 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 with reference to standalone financial
statements 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 disclosed the impact of
pending litigations on its financial position in its
standalone financial statements - Refer Note
36 to the standalone financial statements;

ii. The Company did not have any long-term
contracts for which there were any material
foreseeable losses.

iii. There has been no delay in transferring
amounts, required to be transferred, to the

Investor Education and Protection Fund by the
Company.

iv. a) The Management has represented that, to

the best of its knowledge and belief, no
funds have been advanced or loaned or
invested (either from borrowed funds or
share premium or any other sources or
kind of funds) by the Company to or in any
other person(s) or entity(ies), including
foreign entities ("Intermediaries"), with
the understanding, whether recorded in
writing or otherwise, that the Intermediary
shall, directly or indirectly lend or invest
in other persons or entities identified in
any manner whatsoever by or on behalf of
the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.

b) The Management has represented, that,
to the best of its knowledge and belief, no
funds have been received by the Company
from any person(s) or entity(ies), including
foreign entities (Funding Parties), with
the understanding, whether recorded in
writing or otherwise, as on the date of
this audit report, that the Company shall,
directly or indirectly, lend or invest in
other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.

c) Based on the audit procedures performed
that have been considered reasonable
and appropriate in the circumstances,
and according to the information and
explanations provided to us by the
Management in this regard nothing has
come to our notice that has caused us
to believe that the representations under
sub-clause (i) and (ii) of Rule 11(e) as
provided under (iv)(a) and (iv)(b) above,
contain any material mis-statement.

v. The final dividend declared paid by the Company
during the year, in respect of the same declared
for the previous year, is in accordance with
Section 123 of the Act to the extent it applies to
payment of dividend.

As stated in Note 14A to the Standalone
Financial Statements, the Board of Directors
of the Company has proposed final dividend
for the year which is subject to the approval
of the members at the ensuing Annual General
Meeting. The dividend declared is in accordance
with Section 123 of the Act to the extent it
applies to declaration of dividend.

vi. Based on our examination, the Company has
used an accounting software for maintaining
its books of account which has a feature of
recording audit trail (edit log) facility. The audit
trail feature has been operated throughout
the year for all transactions recorded in the
accounting software.

Further, during the course of our audit, we did
not come across any instance of the audit trail
feature being tampered with.

Additionally, the audit trail has been preserved
by the company as per the statutory
requirements for record retention.

3. In our opinion, according to information, explanations
given to us, the remuneration paid by the Company to
its directors is within the limits laid prescribed under
Section 197 read with Schedule V of the Act and the rules
thereunder.

For Gokhale & Sathe

Chartered Accountants
ICAI Firm Registration No.103264W

Chinmaya Deval

Place: Mumbai Membership No.: 148652

Date: May 02, 2025 UDIN: 25148652BMKSLA6046


 
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