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Notes to Accounts of Goyal Associates Ltd.

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.


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.


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.


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.


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.

 
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