We have audited the accompanying standalone financial statements of GOYAL ASSOCIATES LIMITED which
comprise the standalone Balance Sheet as at 31st March, 2024, and the standalone Statement of Profit and Loss
(Including Other Comprehensive Income), standalone Cash Flow Statement and the standalone statement of
Changes in Equity for the year ended, and notes to the standalone financial statements, including a summary of
significant accounting policies and other explanatory information. (Here in after referred to as "Standalone Ind
AS financial Statement").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 ("the Act") in the
manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2023, the profit and other comprehensive income, changes in equity and its cash flows for the year
ended on that date.
Emphasis of Matter
1. GST returns filing and tax payment for the month of February & March 2024 were pending as on the
date of signing the results and financial statements
2. GST is not levied on cheque bounce charges, penalty etc. recovered from customers. In our opinion and
practices by peers, GST shall be levied.
3. The company acquires its business from its mobile application "SalaryDay" on Google Play Store. During
the year 2023-24 this app was delisted from Google Play Store and Stands so till the date of Report. This
matter has raised a question on the Going Concern of the Company as the Listing back of the app on the
play store is uncertain.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of
the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Companies Act, 2013 and the Rules there under, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Matters
In the course of preparing the Annual Financial Statements and Quarterly Results, we identified and
implemented certain reclassifications and adjustments. These modifications were necessary to improve the
accuracy and clarity of the financial information presented. The changes were made to align the financial
statements more closely with the company's accounting policies and to ensure compliance with applicable
accounting standards.
Responsibility of management for the standalone financial statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act,
2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and
fair view of the financial position, financial performance, (changes in equity) and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the accounting Standards
specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
implementation and maintenance of accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the company's financial reporting process.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure A, a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
a) We have sought but not obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss, Statement of Changes in Equity and the Statement
of Cash Flow dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid financial statements do comply with the Ind AS specified under Section 133
of the Act.
e) There was no instance of Director Disqualification under Section 164 (2) of the Act, as on 31.03.2024.
f) This report includes report relating to internal financial controls as required u/s 143(3)(i) pursuant to
Notification No. GSR 583(E) dated 13.06.2017 issued by MCA.
g) With respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, such reporting is included in Annexure A.
h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed pending litigations in the annexure to this report and financial statements.
ii. The Company did not have any long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, the Investor Education and
Protection Fund by the Company during the year ended March 31, 2024.
iv. (a) The management has represented that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the company to or in any
other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(b) The management has represented, that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been received by the company from any person(s)
or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded
in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures that have been considered reasonable and appropriate in the
circumstances, we are unable to comment that the representations under sub-clause (i) and (ii) of Rule
11(e), as provided under (a) and (b) above, contain any material mis-statement.
v. No dividend has been declared or paid during the year by the company.
vi. The company has not used accounting software for maintaining its books of account which has a feature
of recording audit trail (edit log) facility
FOR D.P.Sarda & Co.,
Chartered Accountants
Sd/-
Mukund D Sarda
Place: Nagpur Partner
Date: 30.05.2024. M. No. 149588
FRN: 117227W
UDIN: 24149588BKDOAI17566
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