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Yasho Industries Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
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 

(L) Provisions, Contingent Liabilities and
Contingent Assets

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result
of a past event, it is probable that the Company
will be required to settle the obligation, and a
reliable estimate can be made of the amount of the
obligation.

Provisions for restructuring are recognised by
the Company when it has developed a detailed
formal plan for restructuring and has raised a valid
expectation in those affected that the Company will
carry out the restructuring by starting to implement
the plan or announcing its main features to those
affected by it.

Provisions are measured at the best estimate of
the consideration required to settle the present
obligation at the end of the reporting period, taking
into account the risks and uncertainties surrounding
the obligation. When a provision is measured using
the cash flows estimated to settle the present
obligation, its carrying amount is the present value
of those cash flows (when the effect of the time
value of money is material). The measurement
of provision for restructuring includes only direct
expenditures arising from the restructuring, which
are both necessarily entailed by the restructuring
and not associated with the ongoing activities of the
Company.

Contingent liabilities are disclosed by way of a note
to the financial statements when there is a possible
obligation arising from past events, the existence
of which will be confirmed only by the occurrence
or nonoccurrence of one or more uncertain future
events not wholly within the control of the Company
or a present obligation that arises from past events
where it is either not probable that an outflow of
resources will be required to settle or a reliable
estimate of the amount cannot be made.

A contingent asset is not recognised but disclosed in
the financial statements where an inflow of economic
benefit is probable.

(M) Employee benefits

Employee benefits include salaries, wages,
contribution to provident fund, gratuity, leave

encashment towards un-availed leave, compensated
absences, post-retirement medical benefits and
other terminal benefits.

Short-term employee benefits

Wages and salaries, including non-monetary benefits
that are expected to be settled within 12 months
after the end of the period in which the employees
render the related service are recognised in respect
of employees' services up to the end of the reporting
period and are measured at the amounts expected
to be paid when the liabilities are settled. The
liabilities are presented as current employee benefit
obligations in the balance sheet.

Post-employment benefits Defined contribution
plan

Employee Benefit under defined contribution plans
comprises of Contributory provident fund etc. is
recognized based on the undiscounted amount of
obligations of the Company to contribute to the plan.
The same is paid to a fund administered through a
separate trust.

Defined benefit plan

Defined benefit plans comprising of gratuity is
recognized based on the present value of defined
benefit obligations which is computed using
the projected unit credit method, with actuarial
valuations being carried out at the end of each
annual reporting period. These are accounted either
as current employee cost or included in cost of
assets as permitted.

The net interest cost is calculated by applying the
discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets.
This cost is included in employee benefit expense in
the statement of profit and loss.

Remeasurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognised in the period in which
they occur, directly in other comprehensive income.
They are included in retained earnings in the
statement of changes in equity and in the balance
sheet.

Changes in the present value of the defined benefit
obligation resulting from plan amendments or
curtailments are recognised immediately in profit or
loss as past service cost.

Short term employee benefits

Liabilities recognised in respect of short¬
term employee benefits are measured at the

undiscounted amount of the benefits expected to be
paid in exchange for the related service. Liabilities
recognised in respect of other long-term employee
benefits are measured at the present value of the
estimated future cash outflows expected to be made
by the Company in respect of services provided by
employees up to the reporting date.

(N) Financial instruments

Financial assets and financial liabilities are recognised
when an entity becomes a party to the contractual
provisions of the instrument.

Financial assets and financial liabilities are initially
measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of
financial assets and financial liabilities (other than
financial assets and financial liabilities at fair value
through Statement of Profit and Loss (FVTPL)) are
added to or deducted from the fair value of the
financial assets or financial liabilities, as appropriate,
on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or
financial liabilities at fair value through profit and
loss are recognised immediately in Statement of
Profit and Loss.

(O) Financial assets

Recognition and initial measurement

The Company initially recognises loans and
advances, deposits and debt securities purchased on
the date on which they originate. Purchases and sale
of financial assets are recognised on the trade date,
which is the date on which the Company becomes a
party to the contractual provisions of the instrument.

All financial assets are recognised initially at fair
value. In the case of financial assets not recorded at
FVTPL, transaction costs that are directly attributable
to its acquisition of financial assets are included
therein.

Classification of financial assets and Subsequent
Measurement

On initial recognition, a financial asset is classified to
be measured at -

> Amortised cost; or

> Fair Value through Other Comprehensive

Income (FVTOCI) - debt investment; or

> Fair Value through Other Comprehensive

Income (FVTOCI) - equity investment; or

> Fair Value through Profit or Loss (FVTPL)

A financial asset is measured at amortised cost if it
meets both of the following conditions and is not
designated at FVTPL:

• The asset is held within a business model whose
objective is to hold assets to collect contractual
cash flow; and

• The contractual terms of the financial asset give
rise on specified dates to cash flows that are
solely payments of principal and interest on the
principal outstanding amount.

A debt instrument is classified as FVTOCI only if it
meets both of the following conditions and is not
recognised at FVTPL:

• The asset is held within a business model
whose objective is achieved by both collecting
contractual cash flows and selling financial
assets; and

• The contractual terms of the financial asset give
rise on specified dates to cash flows that are
solely payments of the principal and interest on
the principal outstanding amount.

Debt instruments included within the FVTOCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognised in the Other Comprehensive
Income (OCI). However, the Company recognises
interest income, impairment losses & reversals and
foreign exchange gain or losses in the Statement
of Profit and Loss. On derecognition of the asset,
cumulative gain or loss previously recognised in OCI
is reclassified from the equity to Statement of Profit
and Loss. Interest earned whilst holding FVTOCI
debt instrument is reported as interest income using
the EIR method.

All equity investments in the scope of IND AS 109
are measured at fair value. Equity instruments which
are held for trading and contingent consideration
recognised by an acquirer in a business combination
to which IND AS 103 applies are classified as at
FVTPL. For all other equity instruments, the Company
may make an irrevocable choice to present in other
comprehensive income subsequent changes in the
fair value. The Company makes such a choice on an
instrument-by-instrument basis. The classification
is made on initial recognition and is irrevocable.
The non-current investment has been recorded at
amortised cost.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends,
are recognised in the OCI. There is no recycling of
the amounts from OCI to Statement of Profit and
Loss, even on sale of investment. However, on sale/
disposal the Company may transfer the cumulative
gain or loss within equity.

Equity instruments included within the FVTPL
category are measured at fair value with all changes
recognised in the Statement of Profit and Loss.

All other financial assets are classified as measured
at FVTPL.

In addition, on initial recognition, the Company
may irrevocably designate a financial asset that
otherwise meets the requirements to be measured
at amortised cost or at FVTOCI as at FVTPL if doing
so eliminates or significantly reduces and accounting
mismatch that would otherwise arise.

Financial assets at FVTPL are measured at fair value
at the end of each reporting period, with any gains
and losses arising on remeasurement recognised
in statement of profit or loss. The net gain or loss
recognised in statement of profit or loss incorporates
any dividend or interest earned on the financial
asset and is included in the 'other income' line item.
Dividend on financial assets at FVTPL is recognised
when:

• The Company's right to receive the dividends is
established,

• It is probable that the economic benefits
associated with the dividends will flow to the
entity,

• The dividend does not represent a recovery of
part of cost of the investment and the amount
of dividend can be measured reliably.

Derecognition of financial assets

The Company derecognises a financial asset when
the contractual rights to the cash flows from the
asset expire, or when it transfers the financial
asset and substantially all the risks and rewards of
ownership of the asset to another party.

Impairment

The Company applies the expected credit loss model
for recognising impairment loss on financial assets
measured at amortised cost, trade receivables, other
contractual rights to receive cash or other financial
asset.

Expected credit losses are the weighted average
of credit losses with the respective risks of default
occurring as the weights. Credit loss is the difference
between all contractual cash flows that are due to
the Company in accordance with the contract and all
the cash flows that the Company expects to receive
(i.e. all cash shortfalls), discounted at the original
effective interest rate (or credit-adjusted effective
interest rate for purchased or originated credit-
impaired financial assets). The Company estimates
cash flows by considering all contractual terms of
the financial instrument (for example, prepayment,
extension, call and similar options) through the
expected life of that financial instrument.

The Company measures the loss allowance for a
financial instrument at an amount equal to the
lifetime expected credit losses if the credit risk on
that financial instrument has increased significantly
since initial recognition. If the credit risk on a
financial instrument has not increased significantly
since initial recognition, the Company measures the
loss allowance for that financial instrument at an
amount equal to 12-month expected credit losses.
12-month expected credit losses are portion of
the life-time expected credit losses and represent
the lifetime cash shortfalls that will result if default
occurs within the 12 months after the reporting date
and thus, are not cash shortfalls that are predicted
over the next 12 months.

If the Company measured loss allowance for a
financial instrument at lifetime expected credit loss
model in the previous year, but determines a the
end of a reporting year that the credit risk has not
increased significantly since initial recognition due to
improvement in credit quality as compared to the
previous year, the Company again measures the
loss allowance based on 12-month expected credit
losses.

When making the assessment of whether there has
been a significant increase in credit risk since initial
recognition, the Company uses the change in the
risk of a default occurring over the expected life
of the financial instrument instead of the change
in the amount of expected credit losses. To make
that assessment, the Company compares the risk
of a default occurring on the financial instrument
as at the reporting date with the risk of a default
occurring on the financial instrument as at the date
of initial recognition and considers reasonable and
supportable information, that is available without
undue cost or effort, that is indicative of significant
increases in credit risk since initial recognition.

For trade receivables or any contractual right to
receive cash or another financial asset that result
from transactions that are within the scope of Ind
AS 11 and Ind AS 18, the Company always measures
the loss allowance at an amount equal to lifetime
expected credit losses.

Further, for the purpose of measuring lifetime
expected credit loss allowance for trade receivables,
the Company has used a practical expedient as
permitted under Ind AS 109. This expected credit
loss allowance is computed based on a provision
matrix which takes into account historical credit
loss experience and adjusted for forward-looking
information.

(P) Financial liabilities and equity instruments
Classification as debt or equity

Debt and equity instruments issued by a company
are classified as either financial liabilities or as equity
in accordance with the substance of the contractual
arrangements and the definitions of a financial
liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences
a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments
issued by the Company are recognised at the
proceeds received, net of directly attributable
transaction costs.

Financial liabilities

Financial liabilities are classified as measured at
amortised cost or 'FVTPL'.

A Financial Liability is classified as at FVTPL if it is
classified as held-for-trading or it is a derivative (that
does not meet hedge accounting requirements) or it
is designated as such on initial recognition.

A financial liability is classified as held for trading if:

> It has been incurred principally for the purpose
of repurchasing it in the near term; or

> On initial recognition it is part of a portfolio
of identified financial instruments that the
Company manages together and has a recent
actual pattern of short-term profit-taking; or

> It is a derivative that is not designated and
effective as a hedging instrument.

A financial liability other than a financial liability held
for trading may be designated as at FVTPL upon
initial recognition if:

> Such designation eliminates or significantly
reduces a measurement or recognition
inconsistency that would otherwise arise;

> The financial liability forms part of a group of
financial assets or financial liabilities or both,
which is managed and its performance is
evaluated on a fair value basis, in accordance
with the Company's documented risk
management or investment strategy, and
information about the grouping is provided
internally on that contract basis; or

> It forms part of a containing one or more
embedded derivatives, and IND AS 109 permits
the entire combined contract to be designated
as at FVTPL in accordance with IND AS 109.

Financial liabilities at FVTPL are stated at fair value,
with any gains or losses arising on remeasurement
recognised in Statement of Profit and Loss. The net
gain or loss recognised in Statement of Profit and
Loss incorporates any interest paid on the financial
liability and is included in the 'other gains and losses'
line item in the Statement of Profit and Loss.

Other financial liabilities

Other financial liabilities (including borrowings
and trade and other payables) are subsequently
measured at amortised cost using the effective
interest method.

Derecognition of financial liabilities

The Company derecognises financial liabilities
when, and only when, the Company's obligations
are discharged, cancelled or have expired. An
exchange with a lender of debt instruments with
substantially different terms is accounted for as an
extinguishment of the original financial liability and
the recognition of a new financial liability. Similarly,
a substantial modification of the terms of an existing
financial liability (whether or not attributable to the
financial difficulty of the debtor) is accounted for as
an extinguishment of the original financial liability
and the recognition of a new financial liability. The
difference between the carrying amount of the
financial liability derecognised and the consideration
paid and payable is recognised in profit or loss.

Offsetting financial instruments

Financial assets and liabilities are offset and the net
amount is reported in the balance sheet where there
is a legally enforceable right to offset the recognized
amounts and there is an intention to settle on a
net basis or realize the asset and settle the liability

simultaneously. The legally enforceable right must
not be contingent on future events and must be
enforceable in the normal course of business and in
the event of default, insolvency or bankruptcy of the
Company or the counterparty.

(Q) Cash and cash equivalents

Cash and cash equivalent in the Balance Sheet
comprise cash at banks and on hand and short -
term deposits with an original maturity of three
months or less, which are subject to insignificant
risk of changes in value. Bank overdrafts are shown
within borrowings in current liabilities in the balance
sheet.

(R) Share capital

Ordinary shares are classified as equity. Incremental
costs directly attributable to the issuance of new
ordinary shares and share options and buyback of
ordinary shares are recognized as a deduction from
Share Premium, net of any tax effects.

(S) Segments reporting

The Company's only identifiable reportable segment
is Chemicals and hence disclosure of Segment
wise information is not applicable under IND-AS
108 "Operating Segments". Details of geographical
segments are disclosed.

(T) Earnings per share
Basic earnings per share

Basic earnings per share is computed by dividing
the net profit after tax by weighted average number
of equity shares outstanding during the period.
The weighted average number of equity shares
outstanding during the year is adjusted for treasury
shares, bonus issue, bonus element in a rights issue

to existing shareholders, share split and reverse
share split (consolidation of shares).

Diluted earnings per share

Diluted earnings per share is computed by dividing
the profit after tax after considering the effect of
interest and other financing costs or income (net of
attributable taxes) associated with dilutive potential
equity shares by the weighted average number of
equity shares considered for deriving basic earnings
per share and also the weighted average number
of equity shares that could have been issued upon
conversion of all dilutive potential equity shares
including the treasury shares held by the Company
to satisfy the exercise of the share options by the
employees.

(U) Proposed Dividends

The Company recognises a liability to make
distributions to equity holders when the distribution
is authorised, and the distribution is no longer at
the discretion of the Company. As per the Corporate
laws in India, a distribution is authorised when it is
approved by the shareholders.

(V) Standards notified but not yet effective

Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year ended
March 31, 2025, MCA has notified Ind AS - 117
Insurance Contracts and amendments to Ind AS 116
- Leases, relating to sale and leaseback transactions,
applicable to the Company w.e.f. April 1, 2024. The
Company has reviewed the new pronouncements
and based on its evaluation has determined that it
does not have any significant impact in its financial
statements.

The Company had availed Rupee Term Loan facility of ' 16,325.00 Lakhs for its Greenfield project. The Facility is secured
by (a) First Pari Passu charge (with other Term Loan Lenders) by way of mortgage on entire movable and immovable fixed
asset of the company situated at Pakhajan, Vagra, Gujarat. (b) Second Pari Passu charge (with other Term Loan Lenders) by
way of mortgage on immovable fixed assets of the Company situated at Vapi, Gujarat. (c) Second Pari passu charge by way
of Hypothecation of movable fixed assets of the company situated at Vapi, Gujarat. (d) Second Pari Passu charge on the
entire current assets of the company, (e) First Pari Passu Charge on Director's residential property situated at Mumbai and
(f) Personal Guarantee by promoter directors. The borrowing carries interest rate of 9% p.a. payable at monthly rest after
the moratorium period. Outstanding balance for this borrowing is
' 15,732,55 Lakhs (March 31, 2024: ' 13,818,52 Lakhs),
Repayments in 5 years after moratorium.

The Company had availed Rupee Term Loan facility of ' 5,000.00 Lakhs for its Greenfield project. The Facility is secured
by (a) First Pari Passu charge (with other Term Loan Lenders) by way of mortgage on entire movable and immovable fixed
asset of the company situated at Pakhajan, Vagra, Gujarat. (b) Second Pari Passu charge (with other Term Loan Lenders)
by way of mortgage on immovable fixed assets of the Company situated at Vapi, Gujarat. (c) Second Pari passu charge by
way of Hypothecation of movable fixed assets of the company situated at Vapi, Gujarat. (d) Second Pari Passu charge on
the entire current assets of the company, (e) First Pari Passu Charge on Director's residential property situated at Mumbai
and (f) Personal Guarantee by promoter directors. The borrowing carries interest rate of 9% p.a. payable at monthly rest
after the moratorium period. Outstanding balance for this borrowing is
' 4,039.50 Lakhs (March 31, 2024: ' 5,000 Lakhs).
Repayments in 5 years after moratorium,

The Company had availed Rupee Term Loan facility of ' 5,000.00 Lakhs for its Greenfield project. The Facility is secured
by (a) First Pari Passu charge (with other Term Loan Lenders) by way of mortgage on entire movable and immovable fixed
asset of the company situated at Pakhajan, Vagra, Gujarat. (b) Second Pari Passu charge (with other Term Loan Lenders)
by way of mortgage on immovable fixed assets of the Company situated at Vapi, Gujarat. (c) Second Pari passu charge by
way of Hypothecation of movable fixed assets of the company situated at Vapi, Gujarat. (d) Second Pari Passu charge on the
entire current assets of the company. (e) First Pari Passu Charge on Director's residential property situated at Mumbai and (f)
Personal Guarantee by promoter directors. The borrowing carries interest rate of 9% p.a. payable at monthly rest after the
moratorium period. Outstanding balance for this borrowing is
' 4,722.22 Lakhs (March 31, 2024: ' 5,000 Lakhs). Repayments
in 5 years after moratorium,

The Company had availed Rupee Term Loan facility of ' 4,000.00 Lakhs for its Greenfield project. The Facility is secured
by (a) First Pari Passu charge (with other Term Loan Lenders) by way of mortgage on entire movable and immovable fixed
asset of the company situated at Pakhajan, Vagra, Gujarat. (b) Second Pari Passu charge (with other Term Loan Lenders)
by way of mortgage on immovable fixed assets of the Company situated at Vapi, Gujarat. (c) Second Pari passu charge by
way of Hypothecation of movable fixed assets of the company situated at Vapi, Gujarat. (d) Second Pari Passu charge on
the entire current assets of the company. (e) First Pari Passu Charge on Director's residential property situated at Mumbai
and (f) Personal Guarantee by promoter directors. The borrowing carries interest rate of 9% p.a. payable at monthly rest
after the moratorium period. Outstanding balance for this borrowing is
' 3,834.06 Lakhs (March 31, 2024: ' 4,000 Lakhs).
Repayments in 5 years after moratorium.

GST Dispute

1 GST demand comprises demand from GST Authorities on account of denial of pre-import condition amounting to
' 822.27 Lakhs upon completion of their tax review for the financial year 2017-18, 2018-19 and 2019-20. The matter
is pending before various authorities.

2 GST demand also comprises of demand from GST Authorities on account of denial of GST refund on exports amounting
to
' 3,368.28 Lakhs . upon completion of their tax review for the financial year 2017-18, 2018-19, 2019-20 and 2020¬
21. The matter is pending before various authorities. Out of this, amount to the extent of '336.83 Lakhs has been paid
under protest, the same is shown under Note 9 to this financials statements.

Custom Duty Dispute

3 Custom duty demand comprises of various penalties amounting to ' 175.36 lakhs (March 31, 2024: ' 175.36 lakhs). The
matter is pending before CESTAT.

37 DEFINED BENEFIT PLANS

The Company participates in a number of defined contribution plans on behalf of relevant personnel. Any expense recognised
in relation to these schemes represents the value of contributions payable during the period by the Company at rates
specified by the rules of those plans. The only amounts included in the balance sheet are those relating to the prior months
contributions that were not due to be paid until after the end of the reporting period.

The major defined contribution plans operated by the Company are as below:
a) Provident fund

In accordance with the Employee's Provident Fund and Miscellaneous Provisions Act, 1952 eligible employees of the
Company are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both
employees and the Company make monthly contributions at a specified percentage of the covered employees' salary.
The contributions, as specified under the law, are made to the provident fund administered and managed by Government
of India. The Company has no further obligations under the fund managed by the GOI beyond its monthly contributions
which are charged to the Statement of Profit and Loss in the period they are incurred. The benefits are paid to
employees on their retirement or resignation from the Company.

(b) Gratuity

The Company has an obligation towards gratuity, an funded defined benefit retirement plan covering eligible employees.
The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination
of the employment of an amount equivalent to 15 days salary, as applicable, payable for each completed year of service,
without any payment ceiling. Vesting occurs upon completion of five years of service. The Company accounts for the
liability for gratuity benefits payable in the future based on an actuarial valuation. The most recent actuarial valuation
of the present value of the defined benefit obligation was carried out at March 31, 2025 by an independent actuary.
The present value of the defined benefit obligation, and the related current service cost and past service cost, were
measured using the projected unit credit method.

39 FINANCIAL INSTRUMENTS

Fair values

Fair value is the price that would be received to sell an asset or paid to transfer liability in an orderly transaction between
market participants at the measurement date, regardless of whether that price is directly observable or estimated using
another valuation technique. In estimating the fair value of an asset or a liability, the Company takes in to account the
characteristics of the asset or liability if market participants would take those characteristics into account when pricing
the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial
statements is determined on such a basis.

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, Level 2 or Level 3 based
on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the
fair value measurements in its entirety, which are described as follows:

> Level 1 : inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can
access at the measurement date;

> Level 2 : inputs are inputs, other than quoted prices included within level 1, that are observable for the asset or liability,
either directly or indirectly; and

> Level 3 : inputs are unobservable inputs for the asset or liability.

The management assessed that cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other
current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions
were used to estimate the fair values:

• Long-term fixed-rate and variable-rate receivables/borrowings are evaluated by the Company based on parameters such
as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of
the financed project. Based on this evaluation, allowances are taken into account for the expected credit losses of these
receivables.

• The fair values of the quoted notes and bonds are based on price quotations at the reporting date. The fair value of
unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases, as well as other

non-current financial liabilities is estimated by discounting future cash flows using rates currently available for debt on
similar terms, credit risk and remaining maturities. In addition to being sensitive to a reasonably possible change in
the forecast cash flows or the discount rate, the fair value of the equity instruments is also sensitive to a reasonably
possible change in the growth rates. Management regularly assesses a range of reasonably possible alternatives for
those significant unobservable inputs and determines their impact on the total fair value.

• The fair values of the Company's interest-bearing borrowings and loans are determined by using DCF method using
discount rate that reflects the issuer's borrowing rate as at the end of the reporting period.

40 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES:

The Company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of
these financial liabilities is to finance the Company's operations and to provide guarantees to support its operations. The
Company's principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive
directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior
management oversees the management of these risks providing an assurance that the Company's financial risk activities are
governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance
with the Company's policies and risk objectives. It is the Company's policy that no trading in derivatives for speculative
purposes may be undertaken. The Board of Directors reviews and agrees with policies for managing each of these risks,
which are summarized below.

(A) Financial risk management

The management of the company is responsible to oversee the Risk Management Framework for developing and
monitoring the Company's risk management policies. The risk management policies are established to ensure timely
identification and evaluation of risks, setting acceptable risk thresholds, identifying and mapping controls against these
risks, monitor the risks and their limits, improve risk awareness and transparency. Risk management policies and
systems are reviewed regularly to reflect changes in the market conditions and the Company's activities to provide
reliable information to the Management and the Board to evaluate the adequacy of the risk management framework in
relation to the risk faced by the Company.

The risk management policies aims to mitigate the following risks arising from the financial instruments:

Ý Market risk

Ý Credit risk; and

Ý Liquidity risk

(B) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in the market prices. The Company is exposed in the ordinary course of its business to risks related to changes in foreign
currency exchange rates, commodity prices and interest rates.

The Company seeks to minimize the effects of these risks by using derivative financial instruments to hedge risk
exposures. The use of financial derivatives is governed by the Company's policies approved by the Board of Directors,
which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives
and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure
limits is reviewed by the Management and the internal auditors on a continuous basis. The Company does not enter or
trade financial instruments, including derivatives for speculative purposes.

(C) Foreign currency risk management

The Company's functional currency is Indian Rupees ('). The Company undertakes transactions denominated in
foreign currencies; consequently, exposure to exchange rate fluctuations arises. Volatility in exchange rates affects the
Company's revenue from export markets and the costs of imports, primarily in relation to raw materials. The Company
is exposed to exchange rate risk under its trade and debt portfolio.

Adverse movements in the exchange rate between the Rupee and any relevant foreign currency results in increase in
the Company's overall debt position in Rupee terms without the Company having incurred additional debt and favorable
movements in the exchange rates will conversely result in reduction in the Company's receivables in foreign currency. To
hedge exchange rate risk, the Company has a policy to hedge cash flows up to a specific tenure using forward exchange
contracts and options. In respect of imports and other payables, the Company hedges its payables when the exposure
arises. Short term exposures are hedged progressively based on their maturity.

All hedging activities are carried out in accordance with the Company's internal risk management policies, as approved
by the Board of Directors, and in accordance with the applicable regulations where the Company operates. The company
has not entered any currency swap transaction during the year.

The carrying amounts of the Company's monetary assets and monetary liabilities at the end of the reporting period are
disclosed in Note 41.

(D) Credit risk management:

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to
the Company. Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness
as well as concentration risks. The Company has adopted a policy of only dealing with creditworthy counterparties and
obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.

The Company's credit risk arises principally from the trade receivables, loans, cash & cash equivalents and financial
guarantees.

Trade receivables

Customer credit risk is managed centrally by the Company and subject to established policy, procedures and control
relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit
rating scorecard and individual credit limits defined in accordance with the assessment.

Credit risk on receivables is also mitigated by securing the same against letters of credit and guarantees of reputable
nationalized and private sector banks. Trade receivables consist of many customers spread across diverse industries
and geographical areas with no significant concentration of credit risk. The outstanding trade receivables are regularly
monitored, and appropriate action is taken for collection of overdue receivables. The company has also taken insurance
cover of trade receivable exposure to mitigate credit risk.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a
large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The
calculation is based on exchange losses historical data.

Cash and cash equivalents

Credit risks from balances with banks and financial institutions are managed in accordance with the Company policy.

In addition, the Company is exposed to credit risk in relation to financial guarantees given to banks and other
counterparties. The Company's maximum exposure in this respect is the maximum amount the Company would have to
pay if the guarantee is called upon.

(E) Liquidity risk management

Liquidity risk refers to the risk of financial distress or extraordinarily high financing costs arising due to shortage of
liquid funds in a situation where business conditions unexpectedly deteriorate and require financing. The Company
requires funds both for short-term operational needs as well as for long-term capital expenditure growth projects. The
Company generates sufficient cash flow for operations, which together with the available cash and cash equivalents and
short-term investments provide liquidity in the short term and long- term. The Company has established an appropriate
liquidity risk management framework for the management of the Company's short, medium and long-term funding and
liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking
facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching
the maturity profiles of financial assets and liabilities.

Collateral

The Company has pledged part of its trade receivables, short-term investments, cash and cash equivalents and all
current assets to fulfill certain collateral requirements for the banking facilities extended to the Company. There is an
obligation to return the securities to the Company once these banking facilities are surrendered.

Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all
other equity reserves attributable to the equity holders of the parent. The primary objective of the Company's capital
management is to maximize the shareholder value.

The Company manages its capital structure and adjusts in light of changes in economic conditions and the requirements
of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing
ratio, which is net debt divided by total capital plus net debt. The Company's policy is to keep the gearing ratio between
30% and 75%. The Company includes within net debt, interest bearing loans and borrowings, less cash, and cash
equivalents, excluding discontinued operations.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes interest
bearing loans and borrowings less cash and cash equivalents, bank balances other than cash and cash equivalents and
current investments. Company's gearing ratio at the end of the reporting period is as follows:

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure
that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and
borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the
current period.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31,
2025 and March 31, 2024.

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based
on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model.
The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree
of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk,
credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial
instruments.

43 LEASES

The Company has lease contracts for HO premise, Warehouse, Plant (Unit-3), Plant and Machinery and Guest House. They
are having lease terms of 3-9 years. The Company's obligations under its leases are secured by the lessor's title to the leased
assets. The Company is restricted from assigning and subleasing.The leased assets and some contracts require the Company to
maintain premises in good state. The lease contract include extension and termination options which are further discussed below.
The Company also has Depots with lease terms of 12 months or less. The Company applies the 'short-term lease' recognition
exemptions for this lease.

Terms of Cancellation and Escalation

The Leases are cancellable by giving one month notice by either parties and these does not carries any escalation.

47 The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for
material foreseeable losses. At the year end, the Company has reviewed and there are no long term contracts for which
there are any material foreseeable losses. The Company has ensured that adequate provision as required under any law/
accounting standards for material foreseeable losses on derivative contracts has been made in the books of accounts.

48 DISCLOSURE OF TRANSACTIONS WITH STRUCK OFF COMPANIES

The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act,
2013 or Section 560 of Companies Act, 1956 during the financial year.

49 ADDITIONAL INFORMATION:

(a) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(b) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

(c) The Company does not have any charge or satisfaction of charge, which is yet to be registered with ROC beyond the
statutory period.

(d) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(e) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Group shall:

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(f) The Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as,
search or survey or any other elevant provisions of the Income Tax Act, 1961).

(g) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.

50 The Company uses an accounting software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting software,
SAP application and the underlying HANA database. Further, no instance of audit trail feature being tampered with was noted
inrespect of the accounting software. Additionally, the audit trail of prior year(s) has been preserved by the Company as per the
statutory requirements for record retention to the extent it was enabled and recorded in the respective years.

52 In line with Circular No 04/2015 issued by Ministry of Corporate Affairs dated 10/03/2015, loans given to employees as per
the Company's policy are not considered for the purposes of disclosure under Section 186(4) of the Companies Act, 2013.

51 EVENTS AFTER THE REPORTING PERIOD

A dividend of '0.50 per share has been recommended on equity shares for year ended March 31, 2025. This equity dividend
is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial
statements. The proposed equity dividend is payable to all holders of fully paid equity shares on record date.

52 The figures for the comparative periods have been regrouped wherever necessary, to conform to the current year's
classification, except ratios.

53 APPROVAL OF STANDALONE FINANCIAL STATEMENTS

The Standalone Financial Statements were approved for issue by the board of directors on May 02, 2025.

For Gokhale & Sathe For and on behalf of the Board of Directors

Chartered Accountants Yasho Industries Limited

Firm's Registration Number: 103264W CIN - L74110MH1985PLC037900

Chinmaya Deval Parag Jhaveri Vinod Jhaveri

(Partner) (MD & CEO) (Chairman & ED)

Membership No. : 148652 DIN: 01257685 DIN: 01655692

Place : Mumbai Chirag Shah Rupali Verma

Date : May 02, 2025 Chief Financial Officer Company Secretary


 
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