We have audited the accompanying IND AS financial results of Yash Trading and Finance Limited (‘the Company’) for the quarter
ended 31st March, 2024 and the year-to-date results for the period from 1st April, 2023 to 31st March, 2024, attached herewith, being
submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (“Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:
i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accountin g
standards and other accounting principles generally accepted in India of the net profit/loss and other comprehensive income and
other financial information for the quarter ended 31st March, 2024 as well as the year-to-date results for the period from 1st April,
2023 to 31st March, 2024.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act,
2013 (the Act). Our responsibilities under those Standards are further described in the Auditor’s Resp onsibilities for the Audit of the
Standalone Financial Results 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 together with the ethical requirements that are relevant to our audit of the financial results
under the provisions of the Companies Act, 2013 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 we have obtained 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 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
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The Company is subject to a number of income tax related
claims which have been disclosed in financial statements
based on the facts and circumstances of each case.
Taxation and litigation exposures have been identified as a
key audit matter due to complexities involved in these
matters, the potential financial impact of these on the
financial statements, exposure of each case and thus a risk
that such cases may not be adequately provided for or
disclosed.
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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 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.
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Management’s Responsibilities for the Standalone Financial Results
These quarterly financial results as well as the year-to-date standalone financial results have been prepared on the basis of the interim
financial statements. The Company’s Board of Directors are responsible for the preparation of these financial results that gi ve a true and
fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34, ‘Interim Financial Reporting’ prescribed under Section 133 of the
Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with
Regulation 33 of the Listing Regulations. 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 results
that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the 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 Results
Our objectives are to obtain reasonable assurance about whether the standalone financial results 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 results.
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 standalone financial results, 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 provi de 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, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors’ 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 results 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 results, including the disclosures, and
whether the financial results 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 31 st March, 2024 and taken on record by the Board
of Directors, none of the directors are disqualified as on 31st March, 2024, 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 Accountants
FRN No. 131092W
Sd/-
Daulal H. Bhatter
Proprietor
Membership No. 016937
UDIN - 24016937BKBYKX9805
Place : Mumbai
Date : 10-May-2024
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