Notes to Accounts of Goel Food Products Ltd.

Mar 31, 2024

NOTE 27C- LOAN TAKEOVER

The Company has taken a loan facility amounting to Rs. 956.52 Lakhs (P.Y. Rs. 984.83 Lakhs) from HDFC Bank against the security of immovable property belonging to the group companies namely M/ s Eragon Sales Private Limited and M/ s Hilltop Healthcare Centre Ltd (Holding Company). The said property is used by the Company for its business purpose i.e., maintaining and running of "BANQUET HALL" and the loan so taken from HDFC Bank amount has been utilized in making repayment to square off the loan earlier taken from ICICI Bank by said Parties. Apart from the interest on the said loan taken from HDFC Bank, the company is also paying the compensation of Rs. 1.71 Lacs to Eragon Sales Pvt Ltd and Rs.2.68 Lacs to Hilltop Healthcare Centre Ltd respectively per month as facility charge for using the aforesaid properties for its business purpose. This arrangement is reflecting in terms of the memorandum of understanding entered into between the parties. and it is also beneficial and commercially viable to all Parties. This arrangement shall continue until full payment of the loan amount to HDFC Bank is made by the Company.

NOTE 27I - The Board of Directors of the Company have recommended dividend of Rs. 0.50 (@ 5 %) per share of Rs. 10/- each on equity shares of the Company for the financiai year 2023-24, subject to the approval of shareholders in ensuing Annual General Meeting.

NOTE 27J - The Company is yet to receive balance confirmation in respect of certain payables, receivables, advances and deposits. The Management does not expect any material difference affecting the current year''s financial statements due to the same.D

(i) The company does not have any proceedings initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) The Company has not traded or invested in Crypto currency during the financial year.

(iii) The company has neither been declared as a wilful defaulter nor has received any show cause notice from any bank or financial institution or government or any government authority.

(iv) The Company does not own any immovable property whose title deeds are not registered in the name of the Company.

(v) The Company has not filed any Scheme of Arrangements in terms of sections 230 to 237 of the Companies Act, 2013 with any Competent Authority.

(vi) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or

disclosed as income during the year ended March 31, 2024 and March 31, 2023 in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

(vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall: (a) 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 (b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

NOTE 27L - Previous year''s figure have been regrouped/rearranged whenever necessary to conform to the current year''s presentation.

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Mar 31, 2023

Z12 Provisions / Contingencies

(a) Provision involving substantial degree of estimation in measurements is recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

(b) Contingent Liabilities are shown by way of notes to the Accounts in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered not probable.

(c) A Contingent Asset is not recognized in the Accounts.

Z13 Segment Reporting

A. Business Segments:

Based on the guiding principles given in Accounting Standard 17 (AS - 17) on Segment Reporting issued by ICAI, the Company has only one reportable Business Segment, which is Sale of Goods and services relating to food and catering. Accordingly, the figures appearmg in these financial statements relate to the Company''s single Business Segment.

B. Geographical Segments:

The Company activities / operations are confined to India and as such there is only one geographical segment. Accordingly, the figures appearing in these financial statements relate to the Company''s single geographical _segment_

NOTE 25B- LOAN TAKEOVER

The Company has taken a loan facility amounting to Rs. 984.83 Lakhs (P.Y. Rs. 1,013.29 Lakhs) from HDFC Bank against the security of immovable property belonging to the group companies namely M/s Eragon Sales Private Limited and M/s Hilltop Healthcare Centre Ltd (Holding Company). The said proparty is used by the Company for its business purpose i.e., maintaining and running of "BANQUET HALL" and the loan so taken from HDFC Bank amount has been utilized in making repayment to square off the loan earlier taken from ICICI Bank by said Parties. Apart from the interest on the said loan taken from HDFC Bank, the company is also paying the compensation of Rs. 1.71 Lacs to Eragon Sales Pvt Ltd and Rs.2.68 Lacs to Hilltop Healthcare Centre Ltd respectively per month as facility charge for using the aforesaid properties for its business purpose. This arrangement is reflecting in terms of the memorandum of understanding entered into between the parties, and it is also beneficial and commercially viable to all Parties. This arrangement shall continue until full payment of the loan amount to HDFC Bank is made by the Company.

^Outstanding Capital Commitment not acknowledged as debt is Rs. 17 Lakhs (Net of Advance: Rs. 458 Lacs) (P.Y.: Rs. 458 Lacs) as on 31.03.2023

NOTE 28G -

The company has applied for listing in the BSE SME platform on 23.03.2022. The Red Herring Prospectus of the company has been submitted to the BSE for issue of 10,01,600 (including 5,00,800 shares offered for sale hy the promoters) fully paid up equity'' shares of Rs.lOeach issued at a premium of Rs.62 for the Initial Public Offer.

NOTE 28J - The Company is yet to receive balance confirmation m respect of certain payables, receivables, advances and deposits. The Management does not except any material difference affecting the current year''s financial statements due to the same.D

NOTE 2SK - Other Regulatory Information

(i) The company does not have any proceedings initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(li) The Company has not traded or invested in Crypto currency during the financial year.

(lii) The company has neither been declared as a wilful defaulter nor has received any show cause notice from any bank or financial institution or government or any government authority.

(iv) The Company does not own any immovable property whose title deeds are not registered in the name of the Company.

(v) The Company has not filed any Scheme of Arrangements in terms of sections 230 to 237 of the Companies Act, 2013 with any Competent Authority.

(vi) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or

disclosed as income during the year ended March 31,2023 and March 31,21122 in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

(vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether raorded in writing or otherwise) that the Company shall: (a) 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 (b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

NOTE 2SL - Previous year''s figure have been regrouped/ rearranged whenever naessary to conform to the current year''s presentation.

For. R. Kothari & Co LLP -

Chartered Accountants FRN: 307069E / E300266

Sd/- Sd/-

Sd/- DINESHGOYAL RASHMIGOYAL

Kailash Chandra Soni Managing Director Director

(Partner) DIN: 00881868 DIN: 05233256

Membersh ip No. 057620 Sd/-

Ruchi Fitkariwala

Place: Kolkata Company Secretary

Date: 30th May, 2023 Membership No. A64870