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Goyal Salt Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) 278.17 Cr. P/BV 5.39 Book Value (Rs.) 28.81
52 Week High/Low (Rs.) 242/142 FV/ML 10/600 P/E(X) 21.00
Bookclosure EPS (Rs.) 7.40 Div Yield (%) 0.00
Year End :2024-03 

13. Provisions, Contingent Liabilities and Contingent Assets: (AS-29)

Provisions are recognized only when there is a present obligation as a result of past events and when a reliable estimate of the amount of the obligation can be made.

Contingent Liabilities is disclosed in Notes to the account for:

(i) Possible obligations which will be confirmed only by future events not wholly within the control of the company; or

(ii) Present Obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are not recognized in the financial statement since this may result in the recognition of the income that may never be realized.

14. Segment Reporting:

The Company is primarily engaged in the business of manufacturing of common salt and refining of raw salts procured from sub soil brine for usable as industrial salts and edible salts. Considering the nature of Business and Financial Reporting of the Company, the Company is operating in only one segment. Therefore, Segment reporting is not applicable.

15. Miscellaneous Expenditure:

(a) Preliminary expenses will be amortized over a period of 5 years to the project.

(b) Pre-operative Expenses incurred during the construction period are capitalized under the respective assets head as the part of indirect construction cost to the extent the indirect expenses related to the assets.

(c) Deferred revenue expenditure for which payment has been made or liability has been raised but benefit will arise for subsequent period or periods shall be charged to the statement of profit & loss accrued in equal amount up to five years.

16. IPO Expenses:

Expenses related to IPO under the Companies Act, 2013 have been expensed out of reserves & surplus (Security premium on Shares) of the Company.

17. Cash Flow Statement:

Cash Flow Statements are reported using the method, whereby the Net Profit/(Loss) before tax is adjusted for the effects of the transactions of a Non-Cash nature, any deferrals or accrual of past of future operating cash receipts or payments and items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the company are segregated.

18. Cash & Cash Equivalents

Cash and cash equivalents comprise of cash on hand, cast at banks, short term deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

19. Earning Per Share:

Basic earnings per share is calculated by dividing the net profit after tax attributable to equity shareholders by the weighted average number of equity shares outstanding during the period adjusted for bonus element in equity share.

Diluted earnings per share is computed by dividing the profit/(Loss) after tax attributable to equity shareholders, as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by weighted average number of equity shares which could have been issued on conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operation. Potential dilutive equity shares are deemed to be converted as at beginning of period, unless they have been issued at a later date. Dilutive potential equity shares are determined independently for each period.

20. Events after Reporting Date:

Where events occurring after the Balance Sheet date provide evidence of condition that existed at the end of reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the Balance Sheet date of material size or nature are only disclosed.

C. Notes on Accounts

1. The management has initiated the process of identification of vendors which falls under the category of MSME, the disclosure relating to amount due to MSME are made to the extent information received.

2. Balance confirmation of Receivables:

Confirmation letters have not been obtained from all the parties in respect of Trade Receivable, other Non-Current Assets and other Current Assets. Accordingly, the balances of the accounts are subject to confirmation, reconciliation and consequent adjustments, if any.

3. Balance confirmation of Payables:

Confirmation letters have not been obtained from all the parties in respect of Trade Payable and other Current Liabilities. Accordingly, the balances of the accounts are subject to confirmation, reconciliation and consequent adjustments, if any.

e) Charges to be registered with the Registrar of Companies (ROC) have been registered within the stipulated statutory timelines. However, Charge created vide ID No. 100074564 in favor of Yes Bank Limited on 03.01.2017(further modified on 13.05.2019) for Rs. 19.70 Crore has been duly repaid but charge has not been satisfied on MCA Portal.

f) There are no transactions which are not recorded in the books of account which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

g) The company has availed short term borrowings from bank payable on demand on the basis of security of its current assets. The quarterly returns and statements filed with them are in agreement with the books of accounts.

h) The Company has not entered into any transactions with companies struck off under Section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

i) The Company has not received any fund from any person(s) or entities including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (Ultimate beneficiaries) by or behalf of the Funding Party or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

k) The Company has not advanced or loaned or invested funds (either borrowed fund or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (Ultimate Beneficiaries) by or on behalf of the company or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

18. Previous year figures have been regrouped and rearranged wherever considered necessary to make them comparable with the figures of current year.

19. Amounts in the financial statements are rounded off to the nearest Lakhs.

20. Accounting Ratios- Note-20 attached with these financial statements.

Signature to notes 1 to 29

In terms of Our Separate Audit Report of Even Date Attached

For Arvind R Agrawal & Co. For Goyal Salt Limited

Chartered Accountants

Sd/- Sd/- Sd/-

(Arvind Agrawal) Pramesh Goyal Rajesh Goyal

Partner Managing Director Chairman

M No: 076302 DIN: 03304953 DN 03324131

FRN: 0016460C

Place: Jaipur

Date: 24th April,2024

UDIN: 24076302BKHAYT9672 Sd/- Sd/-

Amit Kumar Jayanti Jha Roda

Chief Financial Officer Company Secretary

PAN: BKIPK7873A PAN: BJVPJ4877K

In terms of Our Separate Audit Report of Even Date Attached

For Arvind R Agrawal & Co. For Goyal Salt Limited

Chartered Accountants

Sd/- Sd/- Sd/-

(Arvind Agrawal) Pramesh Goyal Rajesh Goyal

Partner Managing Director Chairman

M No: 076302 DIN: 03304953 DIN: 03324131

FRN: 0016460C

Place: Jaipur

Date: 24th April,2024

UDIN: 24076302BKHAYT9672 Sd/- Sd/-

Amit Kumar Jayanti Jha Roda

Chief Financial Officer Company Secretary

PAN: BKIPK7873A PAN: BJVPJ4877K


 
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