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Notes to Accounts of Goenka Business & Finance Ltd.

Mar 31, 2015

I. OTHER NOTES ON FINANCIAL STATEMENTS

1. Figures of the previous year has been re-grouped/re-arranged and recanted wherever considered necessary to conform to current year's grouping and classification.

2. The Company is a Small & Medium Size Company as defined in the General Instruction in respect of Accounting Standard notified under the Companies Act, 1956. Accordingly, the. Company has complied with the Accounting Standards as applicable to a Small & Medium Size Company.

3. A. RELATED PARTY DISCLOSURE

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India.

a. Relationship are given below :- Directors:-

(1) Mr. Alok Kumar Purohit, (2) Mr. Manish Dalmia, (3) Mr. Ram Narayan

Upadhyay,

(4) Mr. Raju Singh, (5) Mrs. Sunitha Gupta (From 24.03.2015)

4. DEFERRED TAX ASSETS/LIABILITIES:

In accordance with A.S.22-"Accounting for Taxes on Income" issued by the I. C.A.I., the Company has accounted for deferred tax during the year. The Company has no amount of carried forward loss/unabsorbed depreciation under the Income Tax Act at the year end and hence there is no deferred tax asset. It has recognized and accounted for deferred tax liability only.


Mar 31, 2014

1. Figures of the previous year has been re-grouped/re-arranged/re-casted wherever necessary.

2. The Company is a Small & Medium Size Company as defined in the General Instruction in respect of Accounting Standard notified under the Companies Act, 1956. Accordingly, the Compete has complied with the Accounting Standards as applicable to a Small & Medium Size Company.

3. Segment Reporting Primary Segment

Based on the guiding Principle given in the Accounting Standard-17 "Segment Reporting" Issued by the Institute of Chartered Accountants of India, the Company's Segments are Securities Trading & Textiles Trading.

The accounting policies adopted for the segment reporting are in line with the accounting policies of the Company with the following additional policies for the segment reporting :

i) Expenses have been included to the Segments on the basis of their relationships to the accounting activities of the Segment. Expenses which relate to the enterprises as a whole and are not allocable to the segments on a reasonable basis, have been included under Unallocated Expenses".

ii) Segment assets include all operating assets used by a segment and consist, principally of debtors & stocks.

iii) Segment liabilities consist Principally of creditors.

a) Aggregate of the amounts set aside or proposed to be Net Profit Transferred to Statutory Reserve Fund Set aside to Reserves or Provisions or withdrawn as per requirement of R.B.I. Act (for NBFC) from such Reserves or Provisions: Fund: Rs. 71,000/- & Contingent Provision agt. Standard Loan Rs. 501,994/-

b) Earning in Foreign Exchange on Export, Royalty, Know-how, Fees, Interest, Dividend or others . NI


Mar 31, 2013

1. Figures of the previous year has been re-grouped/re-arranged/re-casted wherever necessary.

2. The Company is a Small & Medium Size Company as defined in the General Instruction in respect of Accounting Standard notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small & Medium Size Company.

3. Segment Reporting

Primary Segment

Based on the guiding Principle given in the Accounting Standard-17 "Segment Reporting" Issued by the Institute of Chartered Accountants of India, the Company's Segments are Securities Trading & Textiles Trading.

The accounting policies adopted for the segment reporting are in line with the accounting policies of the Company with the following additional policies for the segment reporting :

i) Expenses have been included to the Segments on the basis of their relationships to the accounting activities of the Segment. Expenses which relate to the enterprises as a whole and are not allocable to the segments on a reasonable basis, have been included under Unallocated Expenses".

ii) Segment assets include all operating assets used by a segment and consist, principally of debtors & stocks.

iii) Segment liabilities consist Principally of creditors.

4. Related Party Disclosures :

Disclosures as required by the Accounting Standard 18 " Related Party Disclosures" issued by the Institute of Chartered Accountants of India.

A. Relationship are given below :-

a) Directors (existing) :-

(1) Vishnu Kr. Fogla, (2) Alok Kr. Purohit, (3) Bimla Devi Agarwal (Till 30/05/13), (4) Amit Kanchhal (Till 30/05/13) , (5) Atin Kanchhal (Till 30/05/13) & (6) Arun Kumar Khemka (From 30/05/13).


Mar 31, 2012

1. Figures of the previous year has been re-grouped/re-arranged/re-casted wherever necessary.

2. The Company is a Small & Medium Size Company as defined in the General Instruction in respect of Accounting Standard notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small & Medium Size Company.

3. Segment Reporting

Primary Segment

Based on the guiding Principle given in the Accounting Standard-17 "Segment Reporting" Issued by the Institute of Chartered Accountants of India, the Company's Segments are Securities Trading & Textiles Trading.

The accounting policies adopted for the segment reporting are in line with the accounting policies of the Company with the following additional policies for the segment reporting :

i) Expenses have been included to the Segments on the basis of their relationships to the accounting activities of the Segment. Expenses which relate to the enterprises as a whole and are not allocable to the segments on a reasonable basis, have been included under Unallocated Expenses".

ii) Segment assets include all operating assets used by a segment and consist, principally of debtors & stocks.

Segment liabilities consist Principally of creditors.


Mar 31, 2011

1. NBFC Requirements regarding transfer of profit to statutory reserve :

20% of profit after Tax for the four preceding years commencing from the year ended 31.03.2007 and that for the current year have been transferred to Statutory Reserve Fund appropriating the Profit & Loss A/c. as per requirement of the R B.I. Act

2. Segment Reporting Unwary Segment

Based on the guiding Principle given in the Accounting Standard-17 "Segment Reporting" Issued by the Institute of Chartered Accountants of India, the Company's Segments are Securities Trading & Textile Trading.

The accounting policies adopted for the segment reporting are in line with the accounting policies of the Company with the following additional policies for the segment reporting :

i) Expenses have been included to the Segments on the basis of their relationships to the accounting activities of the Segment. Expenses which relate to the enterprises as a whole and are not allocable to the segments on a reasonable basis, have been included under Unallocated Expenses".

ii) Segment assets include all operating assets used by a segment and consist, principally of debtors & stocks.

Segment liabilities consist Principally of creditors.

Information about Business Segments

3. Related Party Disclosures :

Disclosures as required by the Accounting Standard 18 " Related Party Disclosures" issued by the Institute of Chartered Accountants of India.

A Relationship are given below

a) Directors (existing) (1) Vishnu Kr. Fogla (2) Alok Kr. Purohit (3) Bimla Devi Agarwal

(4) Amit Kanchhal & (5) Atin Kanchhal

 
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