Auditor Report of Yash Trading & Finance Ltd.

Mar 31, 2025

We have audited the accompanying IND AS financial statements of YASH TRADING AND FINANCE
LIMITED (“the Company”), which comprise the Balance Sheet as at 31^st 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 31^st
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 31^st March,

2023 and taken on record by the Board of Directors, none of the directors are
disqualified as on 31^st 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: 20^th 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 31^st 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 31^st
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 31^st March,

2023 and taken on record by the Board of Directors, none of the directors are
disqualified as on 31^st 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: 20^th May2025

---

Mar 31, 2024

We have audited the accompanying IND AS financial results of Yash Trading and Finance Limited (‘the Company’) for the quarter
ended 31^st March, 2024 and the year-to-date results for the period from 1^st April, 2023 to 31^st 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 31^st March, 2024 as well as the year-to-date results for the period from 1^st April,
2023 to 31^st 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.

Key audit matter

How our audit addressed the key audit matter

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.

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.

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 31^st 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

---

Mar 31, 2014

We have audited the accompanying financial statements of Yash Trading & Finance Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Companys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

In our opinion and to the best of our information and according to the explanations given to us, the 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Profit and Loss Account, of the Loss for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

1. As required by the Companies (Auditors Report) Order, 2003 ("the Order") issued by the Central

Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS REPORT

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Yash Trading & Finance Limited on the accounts of the company for the year ended 31st March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

(i) The company does not have any fixed assets

(ii) The company does not have any invesntories

(iii) The company has granted unsecured loans to companies, firms or other parties covered in the register maintained under section 301 of the Act, as under:

Number of parties - 3 Amount involved - Rs. 34.46 lakh

No interest on the above payments have been received by the company till date. The Board of Directors of the company in their meeting held on August 28, 2014 have decided to follow up with the said companies for recovery of loans and have been unable to ascertain whether the said loans are indeed bad/ doubtful. In case of non recovery before the 31st of March 2015, the Board may write off the said loans as bad debts.

The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act.

(iv) is there an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. There is no continuing failure to correct major weaknesses in internal control system;

(v) (a) The particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section; and

(b) The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time;;

(vi) The company has not accepted any deposits from the public. No order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal

(vii) The company has an internal audit system commensurate with its size and nature of its business;

(viii) Maintenance of cost records is not applicable on the company

(ix) (a) The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities

(b) There are disputes in dues of Income tax/ Sales tax /Wealth tax/ Service tax/ Custom duty/ Excise duty/ cess which have not been deposited on account of any dispute

(x) The company does not have accumulated losses at the end of the financial year. The company has incurred cash losses in the financial year and the immediately preceding financial year;

(xi) The company has not defaulted in repayment of dues to a financial institution or bank or debenture holders

(xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities

(xiii) No provisions of any special statute applicable to chit fund are applicable on the company

(xiv) For the dealing or trading in shares, securities, debentures and other investments, proper records have been maintained of the transactions and contracts and timely entries have been made therein; and the shares, securities, debentures and other investments have been held by the company, in its own name

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions

(xvi) The company has not taken any term loans

(xvii) The funds raised on short-term basis have been not been used for long term investment

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act

(xix) There are no debentures

(xx) No public issue made by the company during the financial year

(xxi) No fraud on or by the company has been noticed or reported during the year

For Bhatter & Co. Chartered Accountants Firm Registration No. 131092W

Sd/- D.H. Bhatter Proprietor Membership No. 16937 Place: Mumbai Date: August 28, 2014

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Mar 31, 2013

We have audited the accompanying financial statements of Yash Trading & Finance Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

In our opinion and to the best of our information and according to the explanations given to us, the 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

b) in the case of the Profit and Loss Account, of the Loss for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of accounts.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITOR''S REPORT

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Yash Trading & Finance Limited on the accounts of the company for the year ended 31st March, 2013.

(i) The company does not have any fixed assets

(ii) The company does not have any inventories

(iii) The company has granted unsecured loans to companies, firms or other parties covered in the register maintained under section 301 of the Act, as under:

Number of parties - 3 Amount involved - Rs. 34.46 lakh

No interest on the above payments have been received by the company till date. The Board of Directors of the company in their meeting held on August 28, 2014 have decided to follow up with the said companies for recovery of loans and have been unable to ascertain whether the said loans are indeed bad/ doubtful. In case of non recovery before the 31st of March 2015, the Board may write off the said loans as bad debts.

The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act.

(iv) is there an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. There is no continuing failure to correct major weaknesses in internal control system;

(v) (a) The particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section; and

(b) The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time;;

(vi) The company has not accepted any deposits from the public. No order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal

(vii) The company has an internal audit system commensurate with its size and nature of its business;

(viii) Maintenance of cost records is not applicable on the company

(ix) (a) The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities

(b) There are disputes in dues of Income tax/ Sales tax /Wealth tax/ Service tax/ Custom duty/ Excise duty/ cess which have not been deposited on account of any dispute

(x) The company does not have accumulated losses at the end of the financial year. The company has incurred cash losses in the financial year.

(xi) The company has not defaulted in repayment of dues to a financial institution or bank or debenture holders

(xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities

(xiii) No provisions of any special statute applicable to chit fund are applicable on the company

(xiv) For the dealing or trading in shares, securities, debentures and other investments, proper records have been maintained of the transactions and contracts and timely entries have been made therein; and the shares, securities, debentures and other investments have been held by the company, in its own name

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions

(xvi) The company has not taken any term loans

(xvii) The funds raised on short-term basis have been not been used for long term investment

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act

(xix) There are no debentures

(xx) No public issue made by the company during the financial year

(xxi) No fraud on or by the company has been noticed or reported during the year

For Bhatter & Co. Chartered Accountants Firm Registration No. 131092W

Sd/- D.H. Bhatter Proprietor Membership No. 16937

Place: Mumbai Date: August 28, 2014

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Mar 31, 2012

We have audited the attached Balance Sheet of YASH TRADING AND FINANCE LIMITED, MUMBAI as at 31 St March, 2012, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statement are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. .

We conducted our audit in accordance with generally accepted auditing standards in India. . Those standards require that we plan and perform the .audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining , on test basis, evidence supporting the amounts and disclosure in the financial statement.. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors' Report) Order; 2003, as amended by the Companies (Auditors' Report) (Amendment) Order; 2004 (together the "Order") issued by the Central Government bf India in terms of section 227(4A) of the Companies Act, 1956 (' the Act') and on the basis of such checks as we considered appropriate, and according to the information and explanations given to us, we enclosed in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order to the extent applicable to the Company.

2. In accordance with the provision of section 227 of the Companies Act , 1956, we report as under:

i) We have obtained all the information and explanations which to the best of our , knowledge and belief were necessary for the purpose of our Audit.

ii) In our opinion, proper Books of Accounts as required by Law, have been kept by the Company so far as appears from our examination of such Books.

iii) The said Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the Books of Account.

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by the report is in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

v) On the basis of written representations received from the Directors as on March 31, 2012 and taken on record by the Board of Directors, we report that the none of the Directors are disqualified as on 31st March, 2012 from being appointed as Director under clause (g) of sub-section (1) of Section 274 of the Companies act, 1956.

vi) In our opinion and to the best of our information and according to the explanation given to is. the said- accounts read with the significant accounting policies and notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in the accounting principles generally accepted in India : -

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012.

b) In the case of the Profit and Loss Statement, of the Profit for the year ended on 31st March, 2012.

c) In the case of the Cash Flow Statement of the cash flows for the year ended on 31st March, 2012.

Annexure to the Auditor's Report of even date to the members of Yash Trading and Finance Limited.

(i) The Company does not have any Fixed assets.

(ii) As informed to us, during the year the Company has neither granted nor taken any loans, secured or unsecured to/ from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(iii) In our opinion, and according to the information and explanation given to us, there is an adequate internal control procedure commensurate with the size of the company and nature of its business. During the course of our audit no major weakness has been noticed in the internal control. We have not observed any failure on the part of the company to correct major weakness in internal control.

(iv) There are no transactions of Purchase/Sale of goods , materials and services made in pursuance of contracts or arrangement entered into the register maintained under section 301 of the Companies Act.

(v) The company has not accepted any deposits from the public within the meaning of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

(vi) The Company is not required to have an internal audit system during the period under Audit.

(vii) Maintenance of cost records under section 209 (1) (d) of the Act have not been prescribed by the Central Government.'

(viii)(a) According to the records, information and explanation provided to us, the company is regular in depositing with appropriate authorities undisputed amount of Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues as applicable with appropriate authorities and no undisputed amounts payable were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) According to the records of the company, there are no dues of Sales Tax, Custom duty. Wealth Tax, Excise duty, Service Tax, Cess and other statutory dues which has not been deposited on account of any dispute.

(ix) The Company has neither accumulated losses as at die end of the financial year nor it has incurred any cash losses during die year and in the immediately preceding financial year.

(x) Based on our audit procedures and on the information and explanation given to us, die company has not defaulted in repayment of dues to any financial institution or bank.

(xi) Based on our examination and according to the information and explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xii) The company is not a Chit/Nidhi/Mutual Benefit fund/Society and Clause (xiii) of the Order is not applicable.

(xiii) In our opinion, and according to the information and explanation given to us, diere is dealing in trading in shares & mutual funds but not in debentures and other investments.

(xiv) On the basis of the information and explanation given to us, the company has not given any guarantee for loahs taken by others from bank or financial institutions.

(xv) On the basis of the information and explanation given to us, the Company has not availed any fresh term loans during the year

(xvi) On the basis of our examination of the books of accounts and information and explanation given to us, in our opinion, no funds have been raised on short term basis.

(xvii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Second 301 of the Act.

(xviii) The Company did not have any outstanding debentures during the year.

(xix) The Company has not raised any money by public issues during the year.

(xx) During the course of our examination of the books of account carried out according to the information and explanation given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For and on behalf of

K. J. Shah & Associates

Chartered Accountants

FRN 127308W.

Place:- Mumbai (Kirti J Shah) Proprietor

Date : 30.05.2012 Membership No. 030784

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Yash Trading and Finance Limited as at 31st March 2010, and the Profit and Loss account for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit

2. We have conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements ate free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion

3. As required by the companies (auditors report) order, 2004 issued by the central government of India in terms of sub-section (4a) of section 227 of the companies act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order

4. Further to our comments in the annexure referred to in paragraph 3 above, we report that

a. We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purposes of our audit

b. In our opinion, proper books of accounts as required by law have been maintained by the company so far as appears from our examination of those books

c. The Balance Sheet and Profit and Loss account dealt .with by this report are in agreement with the books ofaccount

d. In our opinion, the Balance Sheet, Profit and Loss account dealt with by this report comply with the accounting standards referred to in sub-section (3c) of section 211 of the companies act, 1956.

e. On the basis of the written representations received from the directors, as on 31 st March, 2010, and taken on record by the board of directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the companies act, 1956.

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the companies act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: -

i. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2010, and

ii. In the case of the Profit and Loss account of the profit for the year ended on that date;

Annexure to the auditors report of Yash Trading and Finance Limited for the year ended 31st March 2010 (referred to in paragraph (3) thereof)

1. The company does not have any fixed assets

2. The company has not taken any loans, secured or unsecured from companies, firm or other parties listed in the register maintained under section 301 and 370 (1-c) of the companies act, 1956.

3. The company has not granted any loans, secured Or unsecured, to companies, firm or other parties listed in the register maintained under section 301 of the companies act, 1956.

4. There are no transactions of purchase/sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies act, 1956.

5. The company has not accepted any deposits from the public.

6. The company is not required to have an internal audit system during the year under audit.

7. The central government has not prescribed maintenance of cost records under section 209 (1) (d) of the companies act, 1956.

8. The provision of the employees provident fund act are presently not applicable to the company.

9. According to the information and explanation given to us there are no undisputed amounts payable in respect of income tax, sales tax, customs duty, excise duty Outstanding as at the year end for a period exceeding six months from the date they became payable.

10. According to the information and explanation given to us and the records examined by us, have been charged to revenue account.

11. The company is not a sick industrial company within the meaning of clause (o) of sab-section (1) of section 3 of the sick industrial company (special provision) act, 1985.

12. The company has not granted any loans or svivances on the basis of security by way of pledge of shares, debentures and other similar securities.

13. The provisions of any special statute applicable to chit fund, nidhi or mutual benefit society are not applicable to the company.

14. The company has maintained proper records.

As per the information and explanation given to us and taking into consideration the nature of business of the company, clauses (iii), (iv), (v), (vi), (x), (xii), (xiv) of paragraph order, 1988 are not applicable.

For Mohanlal Jain & Co.

Chartered Accountants

Sd/-

Mohanlal Jain Proprietor M.no.36824 Place: Mumbai September 1, 2010