Notes to Accounts of Goyal Associates Ltd.

Mar 31, 2024

2.23 Provisions and Contingencies
Provisions:

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and
there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the
expenditure required to settle the present obligation at the Balance sheet date and are discounted to its present
value as appropriate.

Contingent Liabilities:

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

2.24 Trade Receivables\Trade payables, Loans, Borrowings and Other Financial as well as non-financial assets and
liabilities are subject to reconciliation and confirmation and therefore the effect of the same on profit could not be
ascertained.

2.25 The company generally complied with the direction issued by Reserve Bank of India and provision of section
73 of the Companies Act, 2013. The policy of provisioning for Non-Performing Loans & Advances has been decided
by management considering prudential norms prescribed by the Reserve Bank of India.

2.26 The account balances existing at the beginning of the period have been relied upon the audited financial
statements audited by the previous auditor.

2.27 The previous year''s figures have been reworked, regrouped, and reclassified wherever necessary. Amounts
and other disclosures for the preceding year are included as an integral part of the current annual financial
statements and are to be read in relation to the amounts and other disclosures relating to the current financial
year.

2.28 During the year, the Company has discontinued the retails loan business tied up with various service
provider Companies and started its own loan business by way of installing Salary Day App and providing loan
facilities on the basis of salary to the salaried persons.

2.29 As earlier the Company had tied up with various service providers for its loan business and the said business
by service providers were discontinued during the year, hence the loan outstanding which were not recovered due
to discontinuance of service provider''s business were either recovered from the service provider as per terms &
conditions of agreement or written off in the books of accounts in case if there is no such terms and conditions in
the agreement.

3. STATEMENT OF MANAGEMENT

i) The current assets, loans and advances are good and recoverable and are approximately of the values, if realized
in the ordinary courses of business unless and to the extent stated otherwise in the Accounts. Provision for all
known liabilities is adequate and not in excess of amount reasonably necessary.

ii) Balance Sheet, Statement of Profit and Loss and Cash Flow Statement read together with Notes to the accounts
thereon, are drawn up so as to disclose the information required under the Companies Act, 2013 as well as give a
true and fair view of the statement of affairs of the Company as at the end of the year and results of the Company
for the year under review.

3.1 Financial Risk Management

The Company''s activities expose it to various financial risks: market risk, credit risk and liquidity risk. The company
tries to foresee the unpredictable nature of financial markets and seek to minimise potential adverse impact on its
financial performance. The senior management of the company oversees the management of these risks. The
management has additional oversight in the area of financial risks and controls. It is the Company''s policy that
no trading in derivativesfor speculative purposes may be undertaken.

3.8 Contingent Provision against Standard Asset

As per notification RBI/2015-16/23 DNBR (PD) CC.No.044/03.10.119/2015-16 dated 1^st July,2015(Updated as on
April 11,2016) issued by Reserve Bank of India, NBFCs are required to make provision for standard assets @ 0.25%
of the outstanding standard asset. Accordingly, the company has made the provision against standard assets of Rs.
1,14,406/- in profit and loss accounts and created Contingent provision against standard assets of Rs. 71,560/- in
the balance sheet.

3.9 Segment Informations

Disclosure under Indian Accounting Standard 108 - ''Operating Segments'' is not given as, in the opinion of the
management, the entire business activity falls under one segment, viz. investment and financing activities . The
Company conducts its business only in one Geographical Segment, viz., India.

4. In terms of provisions of Schedule V of the Companies Act, 2013 read with the Companies (Particulars of
Employees) Rules, 1975 none of the employees are in receipt of remuneration in excess of Rs 5,00,000 per
month or Rs 60,00,000 p.a. as per the limits stated in the provisions.

4.1 Employee benefits expenses

The Company has adopted Indian Accounting Standard (Ind AS) - 19 on Employee Benefit as under:

(a) Defined contribution plan:

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of
qualifying employees towards Provident Fund and Employee state insurance fund, which is a defined
contribution plan. The Company has no obligations other than to make the specified contributions. The
contributions are charged to the Statement of Profit and Loss as they accrue.

(b) Defined benefit plan:

Leave Encashment: During the year 2023-24, the amount paid to employees as leave encashment is NIL

(c) Gratuity:

The Company has voluntarily provided Gratuity payable for the F.Y. 2023-2024 amounting to Rs. 2.88 Lakhs on
the basis of actuarial valuation. The Company has thus, changed the Policy of accounting and the said liability is
accounted on accrual basis. Actuarial valuation has been done and provided by the Company.

4.2 Contingent liabilities and commitments (to the extent not provided for): There is no contingent liability not
acknowledged as debt.

4.3 The management is of view that as per Ind AS 36, no impairment loss is required to be recognised, as the
present values of assets are higher than the carrying amount of such assets except impairment loss of loans and
advances which are recognized in the statement of profit & loss account as per RBI rules.

4.4 The disclosure on the following mafflers required under Schedule III as amended not being relevant or
applicable in case of the Company, same are not covered such as:

a. Title Deeds of Immovable Property not held in name of Company: Not applicable.

b. Disclosure on Revaluation of Assets: The Company has not revalued its property, plant and equipment or
intangible assets or both during the current or previous year.

c. Details of benami property held: No proceedings have been initiated on or are pending against the Company
for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules
made thereunder.

d. Borrowings against current assets: There is no borrowing against Company''s current assets.

e. Willful defaulter: The Company have not been declared willful defaulter by any bank or financial institution or
government or any government authority.

f. Relationship with struck off companies: The Company has no transactions with the companies struck off
under Companies Act, 2013 or Companies Act,1956.

g. Registration of charges or satisfaction with Registrar of Companies: There are no charges or satisfactions
which are yet to be registered with the Registrar of Companies beyond the statutory period.

h. Compliance with number of layers of companies: The Company has complied with the number of layers
prescribed under clause (87) of section 2 of the Companies Act 2013 read with the Companies (Restriction on
number of Layers) Rules, 2017.

i. Utilization of borrowed funds and share premium: The Company has not received securities premium through
issue of equity and preference shares during the year ended March 31, 2024, and year ended March 31, 2023.
There is no understanding with investors, in writing or otherwise, to lend or invest in other person or entities,
directly or indirectly or provide any guarantee, security or the like to or on behalf of the said investors. The
management has absolute discretion on use of such funds. Hence, the additional regulatory disclosure with
respect to the utilisation of borrowed funds and share premium are not included in these financial statements.

j. Compliance with approved scheme of arrangements: The Company has not entered into any scheme of
arrangement which has an accounting impact on current or previous financial year.

k. Undisclosed income: There is no income surrendered or disclosed as income during the current or previous
year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of
account.

l. Details of crypto currency or virtual currency: The Company has not traded or invested in crypto currency or
virtual currency during the current or previous year.

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Mar 31, 2014

1. Corporate Information:

The Company is a "Public Company", within the meaning of section 3(1) (iii) of the Companies Act, 1956 (No. 1 of 1956). It is a widely held public Company & is listed with the Ahmedabad Stock Exchange & BSE Ltd. The Company is also registered with the Reserve Bank of India as a Non-Banking Financial Company (NBFC).

The Company was incorporated in India on 14-10-1994 under the Companies Act, 1956 (No. 1 of 1956) and is registered in India under the jurisdiction of ROC, Ahmedabad, Gujarat.

The Corporate Identity number of the Company is: L74999GJ1994PLC023281

The Registered office of the Company is presently located at:

215 Sakar-2, Near Ellisbridge corner, Ahmedabad-380006, Gujarat, India.

The Company is principally engaged in Non Banking Financial Business. There has been no significant change in the nature of business of the Company during the period from 1st April, 2013 to 31st March, 2014.

2. Amounts due to Micro, Small and Medium Enterprises:

There are no amounts due to Micro, Small & Medium Enterprises.

Based on the information available with the Company in respect of MSME (as defined in the Micro, Small & Medium Enterprises Development Act, 2006) there are no such entities transacting with the Company & accordingly the question of delay in the payment of dues to such enterprises during the year and dues payable to them at the year-end does not arise.

4. There are no employees who have completed the qualification period for gratuity & accordingly no provision in respect of gratuity is considered necessary for the period under reference.

7. A Schedule as required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accept ing or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, as amended till date, is attached as an Annexure.

8. Segment Reporting

The Company operates in a single segment and there are no separate reportable segments as defined in Accounting Standard, AS-17.

9. Related Party disclosures:

i) Key Management Personnel

Name Designation

Mr. VinayAgrawal Managing Director

Mr. Rahul Sharma Director

Mr. J. S. Parmar Director

Mr. O. P. Choudhary Director

Mr. Narendra Goyal Promoter

ii) Transactions with related parties: NIL (P.Y.: NIL)

iii) Outstanding balances with related parties: NIL

10. In view of losses, no amount is payable in respect of Income Tax & accordingly no provision is required in this respect.

11. In the absence of confirmation, the balance due to and/or receivable from parties have been taken as per the books.

12. Contingent Liabilities: NIL (P.Y. NIL)

13. Earnings/Expenditure in Foreign Exchange: NIL (P.Y. NIL)

14. Previous Period Comparatives:

Previous year figures have been regrouped and reclassified to the extent considered necessary to correspond with the current year''s classification/disclosure.

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Mar 31, 2013

1. Corporate Information:

The Company is a "Public Company", within the meaning of section 3(1) (iii) of the Companies Act, 1956 (No. 1 of 1956). It is a widely held public Company & is listed with the Ahmedabad Stock Exchange & BSE Ltd. The Company is also registered with the Reserve Bank of India as a Non-Banking Financial Company (NBFC).

The Company was incorporated in India on 14-10-1994 under the Companies Act, 1956 (No. 1 of 1956) and is registered in India under the jurisdiction of ROC, Ahmedabad, Gujarat.

The Corporate Identity number of the Company is: L74999GJ1994PLC023281

The Registered office of the Company is located at:

604 Sakar III, 6th Floor, Off Ashram Road Income Tax office, Navjivan Post, Ahmedabad-380014, Gujarat, India

The Company is principally engaged in Non Banking Financial Business. There has been no significant change in the nature of business of the Company during the period from 1st April, 2012 to 31st March, 2013.

2. Amounts due to Micro, Small and Medium Enterprises: There are no amounts due to Micro, Small & Medium Enterprises. Based on the information available with the Company in respect of MSME (as defined in the Micro, Small & Medium Enterprises Development Act, 2006) there are no such entities transacting with the Company & accordingly the question of delay in the payment of dues to such enterprises during the year and dues payable to them at the year-end does not arise.

3. There are no employees who have completed the qualification period for gratuity & accordingly no provision in respect of gratuity is considered necessary for the period under reference.

4. A Schedule as required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, as amended till date, is attached as an Annexure.

5. Segment Reporting

The Company operates in a single segment and there are no separate reportable segments as defined in Accounting Standard, AS-17.

ii) Transactions with related parties

Remuneration to Managing Director: NIL (P.Y.: Rs. 75,000) iii) Outstanding balances with related parties: NIL

6. In view of losses, no amount is payable in respect of Income Tax & accordingly no provision is required in this respect.

7. In the absence of confirmation, the balance due to and/or receivable from parties have been taken as per the books.

8. Contingent Liabilities: NIL (P.Y. NIL)

9. Earnings/Expenditure in Foreign Exchange: NIL (P.Y. NIL)

10. Previous Period Comparatives:

Previous year figures have been regrouped and reclassified to the extent considered necessary to correspond with the current year''s classification/disclosure.

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Mar 31, 2012

1) Company is a Non Banking Financial Company.

2) Contingent liabilities NIL(Previous Year Nil)

3) Contracts remaining to be executed on capital account not provide for Rs. Nil (Previous year Rs. Nil)

4) Contingent liability that may arise due to suspension of trading of shares of the company on stock exchange has not been ascertained and provided for

5) There were no related party transactions during the year.

6) The Company has initiated the process of indentifying the suppliers who qualify under the definition of micro and small enterprises, as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Since no intimation has been received from the suppliers regarding their status under the said Act as at 31st March, 2012 disclosures relating to amounts unpaid as at the year end, if any, have not been furnished. In the opinion of the management, the impect of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

7) All debit and credit balances appearing under the head loans and advances, unsecured loans, sundry debtors and current liabilities are subject to confirmation by the parties concerned, and subsequent reconciliation, if any.

8) In the opinion of the Management, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet and provision of all known liabilities has been made.

9) Previous year figures in Balance sheet has been regrouped and rearranged wherever necessary.

10) The statement of significant Accounting policies and the Notes numbered 1 to 17. Above form an integral part of the accounts for the accounts for the year ended on 31st March, 2012.

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Mar 31, 2010

1) Company is a Non Banking Financial Company.

2) Contingent liabilities NIL(Previous Year Nil)

3) Contracts remaining to be executed on capital account not provide for Rs. Nil (Previous year Rs. Nil)

4) Contingent liability that may arise due to suspension of trading of shares of the company on stock exchange has not been ascertained and provided for

5) Related Party transactions are follow :

(A) Key Management: Krishnakant Goyal Prashantkumar Agarwal Vijaykumar Saligram Goyal Vikaskumar Vijaykumar Goyal Narendrakumar Bhimsen Goyal

(B) Associations: Gujarat Financial & Capital Ltd Goyal Arcade Pvt. Ltd Gujarat Roadlines Ltd Bluefox Securites & Leasing Ltd Shree Roadways Ltd.

(C) Realtiveof : Bhimsen Goyal HUF Key Management Pushpadevi Goyal Persons Pawankumar Vijaykumar Durgadevi Family Trust Vandanadevi Goyal Kavitadevi Goya

6) Provisions of Clause 4D of part II of Schedule VI of the companies Act, 1956, regarding :

(a) Value of Import : Rs. 32,53,525/-

(b) Expenditure incurred in Foreign Currency : Nil

(c) Amount of remittance in Foreign Currency on accounts of dividends : Nil

(d) Export Earnings : Rs.1,51,69,247/-(FOB Value)

7) Details of clause 4C of part II of Schedule VI of companies Act, 1956 has not been furnished as such information are Nil.

8) Segment Reporting

Company has organised its operation into tow business

- Trading of Fabrics

- Trading of Shares & Securities

9) The Company has initiated the process of identifying the suppliers who qualify under the definition of micro and small enterprises, as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Since no intimation has been received from the suppliers regarding their status under the said Act as at 31st March, 2010, disclosures relating to amounts unpaid as at the year end, if any, have not been furnished. In the opinion of the (management, the impect of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to. be material.

10) All debit and credit balances appearing under the head loans and advances, unsecured loans, sundry debtors and current liabilities are subject to confirmation by the parties concerned, and subsequent reconciliation, if any.

11) In the opinion of the Management, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet and provision of all known liabilities has been made.

12) Figures in the Balance sheet'are rounded off to the nearest of rupees.

13) Previous year figures in Balance sheet has been regrouped and rearranged wherew necessary.

14) The statement of significant Accounting policies and the Notes numbered 1 to 16. Above form an integral part of the accounts for the accounts for the year ended on 31st March, 2010.

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Mar 31, 2008

B. Contingent Liability:

As informed by the company, management, there is no Contingent Liability.

Notes on Accounts

(1) Goyal Associates Limited is a Non Banking Financial Company.

(2) Contingent Liabilities : Nil

(3) Capital Expenditure Commitments : Nil

(4) Quantitative Details:

(7) Segment Reporting:

The company has organized its operation into two business:

- Trading of Fabrics

- Trading of Shares and securities

Geographical Segments:

The company has identified geographical segments as within India and outside India.

(8) Related party Disclosures:

Names of related parties where control exists irrespective of whether transactions have occurred or not. As informed by the management of the company there is no sister concern of the company.

Relationship Name of the party

Director Narendrakumar Bhimsen Goyal Krishnakant Bhimsen Goyal Prasshantkumar Rawatkumar Agarwal Viikas VijayKumar Goyal Vijaykumar Saligram Goyal Rinkuben J. Shoh

Relatives Bhimsen Goyal-HUF Pawankumar Vijaykumar

(9) Provision of clause 4D of part of schedule VI of Companies Act, 1956 regarding valve of imports expenditure incurred in foreign currency, amount of remittance in foreign currency, accounts of dividends, export earning etc, are not given as information require in clauses are Nil.

(10) As per section 383A of Companies Act, 1956 every Company which have paid up share capital of Rs.2 crore of mare are required to have whole time company se ready, as company does not have whole time secretary, so the company has violated the provisions of this section.

(11) We have been informed that Balance of Sunday Debtors, Sunday Creditors The Kalupur Commercial Co-operative Bank, Laois & Advances given and accepted as agreed by management are subject to confirmation, Confirmations of the same have not been made available to Us for Verification. stock is taken as certified by management.

(12) In absence of market value and regular quotations of securities traded, invested of sold, we cannot comment whenever the prices of such transitory are at arm length prices or not as on 31/03/2008.

(13) The company purchased the shares for investments through off market trading worth Rs.1330000.00 and sold the investment in shares through off market trading worth Rs.31622520.00, In the absence of available market value, we are unable to identify genuineness of the transactions. The purchase and sales values are taken as certified by management.

(14) In absence of surplus reserves in the profit & loss account, no provision has been made as required u/s 45 (1A) of RBI Act.

(15) Provision for income Tax and provision for FBT has made in the books of account.

(16) During the year there is following change in the management of the company.

(17) Previous year figures have been regrouped and rearranged wherever necessary.

(18) The statements of significant Accounting pacifies and notes numbered 1 to 14 above from an integral part of the accounts for the year ended on 31st March,2008.