Yasho Industries Limited
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Briefing
Yasho Industries Limited — the brief
Forensic posture: Material flags. The auditor gave a clean bill of health, but related-party transactions show a concerning pattern: ₹48.51 Cr in outstanding loans from the three promoter-directors with continuous roll-over borrowing (₹60.84 Cr borrowed, ₹53.29 Cr repaid in FY25), alongside ₹554.84 Cr in contingent liabilities (13.2% of net worth, mainly a ₹385.37 Cr GST/customs tax dispute); the underlying financials are solid.
Auditor’s report (CARO 2020)
Auditor’s assessment Clean. Auditor: Gokhale & Sathe. Opinion: Unqualified. Fiscal year FY24-25.
Related-party transactions
Assessment Concerning. Disclosed volume of ₹169 Cr across 22 related parties. Fiscal year FY24-25.
- Large unsecured loans from promoter-directors with interest: The three promoter-directors (Vinod, Parag, and Yayesh Jhaveri) collectively advanced ₹60.84 Lakhs crore equivalent (~₹60.84 Cr) in loans to the company during FY25, with aggregate outstanding of ₹48.50 Lakhs crore equivalent (~₹48.51 Cr) a
- Promoter directors rolling large loan receipts and repayments: During FY25, total loan receipts from the three promoter-directors amounted to ₹60.84 Cr and repayments amounted to ₹53.29 Cr, indicating a pattern of continuous short-term revolving borrowing from insiders rather than arms-length instituti
- Rent paid to spouses of promoter-directors: The company paid rent of ₹22.62 Lakhs to Mrs. Payal Yayesh Jhaveri and ₹6.86 Lakhs to Mrs. Neha Parag Jhaveri (spouses of promoter-directors), representing payments for premises to closely related parties whose interests are aligned with th
Contingent liabilities
Assessment Notable. Total disclosed: ₹555 Cr (13.2% of net worth). Fiscal year FY24-25.
- GST demand: pre-import condition denial FY18-20 (₹822.27L) and GST refund denial on exports FY18-21 (₹3,368.28L); ₹336.83L paid under protest
“Loans taken from KMP 3,480.93 ... Vinod H. Jhaveri 309.95 ... Parag V. Jhaveri 1,059.65 ... Yayesh V. Jhaveri”
What retail misses·The scale of insider lending (₹48.51 Cr outstanding) and the GST dispute (₹385.37 Cr contingent) sit in the footnotes of contingent liabilities and related-party notes—neither surfaces in headline earnings or stock-screener summaries, but together they represent real liquidity and dependency risks that don't show up in the profit-and-loss statement.
Strengths noted in disclosures: Auditor (Gokhale & Sathe) issued an unqualified opinion with zero high, material, or minor flags—clean audit trail. · Altman Z-score of 4.02 places the company in the safe zone with low bankruptcy risk; Piotroski F-score of 8/8 indicates strong fundamentals across all nine quality signals. · Earnings quality composite of 78 (Good verdict) with cash flow matching profit, low manipulation risk, and top-decile profitability for the Basic Materials sector.
Forensic signal
From the company's own filingsStrong: 52-Week · Weak: Valuation · Yield