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Goyal Associates Ltd.

BSE: 530663 Sector: Financials
NSE: N.A. ISIN Code: INE912B01032
BSE 00:00 | 28 Jan 3.20 0.12
(3.90%)
OPEN

3.19

HIGH

3.21

LOW

3.09

NSE 05:30 | 01 Jan Goyal Associates Ltd
OPEN 3.19
PREVIOUS CLOSE 3.08
VOLUME 76345
52-Week high 7.50
52-Week low 2.56
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.19
CLOSE 3.08
VOLUME 76345
52-Week high 7.50
52-Week low 2.56
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Goyal Associates Ltd. (GOYALASSOCIATES) - Auditors Report

Company auditors report

To The Members of Goyal Associates Limited

Report on the Audit of the Standalone Financial Statements.

Opinion:

We have audited the accompanying financial statements of GOYAL ASSOCIATES LIMITED.which comprise the Balance Sheet as at 31st March 2021 and the Statement ofProfit and Loss (Including Other Comprehensive Income) and Cash Flow Statement and thestatement of Changes in Equity for the year ended and a summary of significant accountingpolicies and other explanatory information. (hereinafter referred to as “StandaloneInd AS financial Statement”).

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 (“the Act”) in the manner so required and give a trueand fair view inconformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended (“Ind AS”) and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2021 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report but doesnot include the financial statements and our auditor's report thereon. These reports areexpected to be made available to us after the date of our auditor's report.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's management and Board of Directors are responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the state of affairs profit/loss othercomprehensive income changes in equity and cash flows of the Company in accordance withthe Indian Accounting Standards specified under section 133 of the Companies Act and theaccounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements management and Board of Director areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management and Board of Directors either intends to liquidatethe Company or to cease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein “Annexure A” a statement on the matter specified in the paragraph 3 and 4 ofthe Order.

As required under provisions of section 143(3) of the Companies Act 2013 we reportthat:

a) We have obtained all the information and explanations which to the best of ourknowledge and belief where necessary for the purposes of our audit;

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c) The Balance Sheet and Statement of Profit and Loss including Other ComprehensiveIncome Statement of Cash Flow and Statement of Changes of Equity dealt with this reportare in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with Ind ASspecified under section 133 of the Act.

e) On the basis of written representations received from the directors as on March 312020 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2020 from being appointed as a director in terms of section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the company and operating effectiveness of such controls referred to ourseparate report in “Annexure B”.

g) With respect to the other matters to be included in the Auditor's Report inaccordance 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 explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

h) With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditor) Rules 2014 in our opinion and to thebest of our knowledge and belief and according to the information and explanations givento us:

The Company does not have any pending litigation as at March 31 2020 on its financialposition in its financial statements except as provided in Annexure “A”.

The Company did not have any long-term and derivative contracts as at March 31 2020.

There has been no delay in transferring amounts required to be transferred theInvestor Education and Protection Fund by the Company during the year ended March 312020.

For Parekh Sharma & Associates
Chartered Accountants
Suresh Sharma
Partner
M. No.: 118944
FRN: 129301W
UDIN: 21118944AAAAJP1190
Place: Mumbai
Date: 29-06-2021

“ANNEXURE A” TO THE INDEPENDENT AUDITOR'S REPORT

On the basis of such checks as we considered appropriate and according to theinformation and Explanations given to us during the course of our audit we report that:

(i) In respect of Its Property Plant & Equipment:

a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

b) These fixed assets were physically verified by the management during the year whichin our opinion is reasonable having regards to the size of the Company and the nature ofassets. We have been informed that no material discrepancies were noticed on such physicalverification.

c) According to the information and explanation given to us and in the basis of ourexamination of the records of the company the title deeds of immovable properties are inthe name of the company.

(ii) The Company does not hold any inventory at the end of the year. Accordinglyparagraph 3(ii) of the Order is not applicable to the Company.

(iii) According to the information and explanation given to us and based on the auditprocedures conducted by us the company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013. Accordingly paragraph 3(iii) ofthe order is not applicable to the company.

(iv) In our opinion and according to the information and explanation given to us theCompany has complied with the provision of section 185 and 186 of the Companies Act 201with respect to loans and investments made.

(v) According to the information and explanation given to us the company has notaccepted any deposits from the public to which the directives issued by the Reserve Bankof India and the provision of sections 73 to 76 or any relevant provisions of the Act andthe rules framed there under apply. Accordingly paragraph 3(v) of the order is notapplicable to the Company.

(vi) According to the information and explanation given to us the Central governmenthas not prescribed the maintenance of cost records under section 148(1) of the CompaniesAct for any activities conducted/services rendered by the Company. Accordingly paragraph3(vi) of the order is not applicable to the Company.

(vii) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company:

a) The company is not regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Employees' State Insurance Income Tax Duty ofCustoms GST Cess and any other statutory dues applicable to it. According to theinformation and explanations given to us no undisputed amounts payable in respect ofincome tax sales tax customs duty excise duty and cess were in arrears as at 31.03.21for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there are no dues ofsales tax income tax custom duty wealth tax GST excise duty and cess which have notbeen deposited on account of any dispute except following:-

Name of the status Nature of Dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income tax 4.05 Lacs F.Y. 2016-17 Assessing Officer

(VIII) Based on our examination of the records and according to the information andexplanations given to us we are of the opinion that the Company has not defaulted inrepayment of loans or borrowing to financial institutions banks or Government. Thecompany has not issued any debentures as at the balance sheet date.

(ix) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company there were no moneys raised by way of initialpublic offer or further public offer (including debt instruments). The Moneys raised byway of term loan were applied for the purpose for which those are raised.

(X) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by the company or any fraud on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of such cases by theManagement.

(xi) No managerial remuneration has been paid / provided by the Company during the yearunder review; hence Paragraph 3(xi) of the Order is not applicable.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the financial statements etc. as required by theapplicable Indian accounting standards;

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review and accordingly paragraph 3(xiv) of the order is not applicable tothe Company..

(xv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable to the Company.

(xvi) According to the information and explanation given to us the company hasregistered as required under section 45-IA of the Reserve Bank of India Act 1934.

For Parekh Sharma & Associates
Chartered Accountants
Suresh Sharma
Partner
M. No.: 118944
FRN: 129301W
UDIN: 21118944AAAAJP1190
Place: Mumbai
Date: 29-06-2021

“ANNEXURE B” TO THE AUDITOR'S REPORT

Report on the Internal Financial Controls with reference to the aforesaid standalonefinancial statement under Clause (i) of Sub-section 3 of Section 143 of the Companies Act2013 ('the Act')

Opinion

We have audited the internal financial controls over financial reporting of GOYALASSOCIATES LIMITED ('the Company') as of 31st March 2021 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2021 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the ICAI.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the'Guidance Note') issued by the Institute of Chartered Accountants of India (the 'ICAI').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing issued by the ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to financialstatement.

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

For Parekh Sharma & Associates
Chartered Accountants
Suresh Sharma
Partner
M. No.: 118944
FRN: 129301W
UDIN: 21118944AAAAJP1190
Place: Mumbai
Date: 29-06-2021

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