We have audited the accompanying Ind AS financial statements of Yash Innoventures
Limited(formerly known asRedex Protech Limited)('the Company'), which comprise the balance
sheet as at March 31, 2024, the Statement of Profit and Loss (including other comprehensive
income), Statement of Changes in Equity and the Statement of Cash flows for the year ended on that
date, and a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us,
except for the effects of the matters described in the 'Basis for Opinion' section of our report, the
aforesaid Ind AS financial statements give the information required by the Companies Act, 2013
("the Act") in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024
the Profit and total comprehensive income, changes in equity and its cash flows for the year ended
on that date.
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. Our responsibilities under those Standards are further
described in the Auditor's Responsibilities for the Audit of Ind AS 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 together with the ethical requirements that are relevant
to our audit of the Ind AS financial statements 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 ICAI's Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
We draw attention to Note No.4 to the Ind AS financial statement of the company which describes
the details of Investment Properties as per Ind AS 40:
(a) There is one office Building which is treated as investment property and stated at cost,
depreciation is calculated on yearly basis.
(b) The fair value of investment property which is required to be disclosed as per Ind AS 40 is
not complied.
Key Audit Matters
Key Audit Matters are those matters that, in our professional judgment, were of most significance in
our audit of the Ind AS financial statements of the current period.
We have determined that there are no key audit matters to communicate in our report.
Information Other than Ind AS Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board's Report
including Annexures to Board's Report, Business Responsibility Report, Corporate Governance and
Shareholder's Information, but does not include Ind AS financial statements and our auditor's report
thereon.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Management's and Those Charged with Governance's Responsibility for the Ind AS 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 Ind AS financial statements
that give a true and fair view of the financial position, financial performance including other
comprehensive income, change in equity and cash flows of the Company in accordance with the
Indian Accounting Standards (Ind AS) and accounting principles generally accepted in India, specified
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,2015, as
amended. 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
implementation and maintenance of 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 Ind AS financial statement
that give a true and fair view and are free from material misstatement, whether due to fraud or
error.
In preparing the Ind AS 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 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 Responsibility for the Audit of Ind AS Financial Statement
Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Ind AS 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 Ind AS financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has internal financial controls with reference to Ind AS Financial Statements in
place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• 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 Ind AS
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the Ind AS financial statements,
including the disclosures, and whether the Ind AS financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider quantitative materiality and qualitative factors
in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
"Annexure A", a statement on the matters specified in the paragraph 3 and 4 of the order.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purposes of our audit;
b) In our opinion proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those booksexcept for the matters
stated in paragraph 2(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.
c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement and
statement of changes in equity dealt with by this Report are in agreement with the books
of account;
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with the companies
(Indian Accounting Standards) Rules, 2015, as amended.
e) On the basis of the written representations received from the directors as onMarch 31,
2024 taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 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". Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's internal financial controls over financial
reporting.
g) With respect to the matters to be included in the Auditor's Report in accordance with the
requirements of section 197(16) of the Act, as amended.
In our opinion and to the best of our information and according to the explanations given
to us, the remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of section 197 of the Act.
h) 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 does not have any pending litigations which would impact its
financial position;
ii. The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses; and
iii. There were no amounts which were required to be transferred to the investor
Education and Protection Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and
belief, other than as disclosed in the notes to the accounts, no funds have been
advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the company to or in any other
person(s) or entity(ies), including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the company("Ultimate
Beneficiaries")or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(b) The management of the company has represented that, to the best of its
knowledge and belief, no funds have been received by the company from any
person(s) or entity(ies), including foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the company shall,
whether, directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries;
(c) Based on such audit procedures that we have considered reasonable and
appropriate in the circumstances; nothing has come to our notice that has caused
us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e),
as provided under (a) and (b) above, contain any material misstatement.
v. The Company has not declared or paid any dividend during the year.
vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014
is applicable from 1st April 2023.Based on our examination which included test
checks,except for the instances mentioned below, the Company have used
accounting software for maintaining its books of account, which have a feature of
recording audit trail (edit log) facility and the same hasoperated throughout the
year for all relevant transactions recorded in the respective software:
i. The feature of recording audit trail (edit log) facility was not enabled at the
database level to log any direct data changes for the accounting software
used for maintaining the books of account and certain non-editable fields/
tables of the accounting software used for maintaining general ledger.
Further, for the periods where audit trail (edit log) facility was enabled and
operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with.
For Shah & Shah
Chartered Accountants
(ICAI Firm's Registration Number 131527W)
SD/-
Per Tejas C. Shah
Partner Date:27th May,2024
Membership No. 135639 Place: Ahmedabad
UDIN:24135639BJZZKY9982
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