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
three years.
16. 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.
17. 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.
18. 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.
19. 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.
8. Pre-operative Expenses and Capitalization- New Salt refinery unit
The company is in the process of setting up a Salt Refinery at Khasra No. 416, Village: Moti Chirai, Taluka:
Bhachau, District: Kacchh, in the state of Gujarat, which is under implementation as on the date of balance sheet.
In accordance with the provisions of AS-16-Borrowing Costs, and the company's accounting policy, all
identifiable expenditures incurred during the construction and development phase of the project have been
classified as follows:
*Expenditure incurred for acquisition/construction of fixed assets has been shown under Capital-Work-in
Progress(CWIP). 1
Details of CSR expenditure: The major CSR activities aligning with Schedule VII undertaken by the Company
during the year are highlighted below:
(i) Towards Animal Welfare and environmental sustainability (Rs. 0.36 Lac):
The Company has contributed towards animal welfare by providing funding for feeding cows in Shri
Narayan Dham Gaushala Seva Samiti & Radha Krishna Gau Chikitsalaya. Further, the Company has
contributed towards environmental sustainability by providing tree guards for protecting and nurturing
the trees in Tehsil Office, Nawa.
(ii) Women Development (Rs. 0.31 Lac):
The Company has provided fund to NGO named "NUN Women" which is working for women
empowerment and women welfare.
(iii) Infrastructure Facility to school for promoting education (Rs. 6.50 Lac):
The Company has undertaken a project for providing infrastructure facility to the school named "Adarsh
Vidhya Mandir", Nawa, for promoting education. Under this project a prayer Room of 22130 feet will be
constructed in the School Campus.
(iv) Infrastructure facility at Tehsil office Nawa (Rs.0.91 Lac):
The Company provided computers at Tehsil Office, Nawa for facilitating the equipment need under CSR
initiative.
(v) Distribution of woolen clothes (Rs. 0.12 lac):
The Company has distributed Sweaters to the children in need of "Mahatma Gandhi Government School",
Nawa under CSR initiates.
19. The disclosure on the following matters required under Schedule III as amended not being relevant or applicable
in case of the Company, same are not covered:
a) The Company has not traded or invested in crypto currency or virtual currency during the financial year.
b) No proceedings have been 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.
c) The Company has not been declared willful defaulter by any bank or financial institution or government or
any government authority.
d) The Company has not entered into any scheme of arrangement.
e) Charge created on the assets of the company and charges satisfied has been duly registered with the
Registrar of Companies (ROC) within the stipulated statutory timelines.
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.
j) 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.
20. Previous year figures have been regrouped and rearranged wherever considered necessary to make them
comparable with the figures of current year.
21. Amounts in the financial statements are rounded off to the nearest Lakhs.
22. Accounting Ratios attached with these financial statements.
Signature to notes 1 to 30
In terms of Our Separate Audit Report of Even Date Attached.
For Goyal Salt Limited
For ARVIND R AGRAWAL & CO
Chartered Accountants
Sd/- Sd/- Sd/- Sd/- Sd/-
(ARVIND AGRAWAL) Pramesh Goyal Rajesh Goyal Amit Kumar Jayanti Jha Roda
Partner Managing Director Chairman Chief Financial Officer Company Secretary
Membership No. 076302 DIN: 03304953 DIN: 03324131 PAN: BKIPK7873A PAN: BJVPJ4877K
Registration No. 0016460C
Place: JAIPUR
Date: 14th May, 2025
UDIN: 25076302BMIFJK1730
1
Indirect expenses attributable to the project including borrowing costs of Rs. 53.30 Lakhs, employee cost,
consultancy fees, Administrative expenses etc incurred during the pre-operative period have been classified
under Other Non-Current Assets as Pre-operative Expenses. These pre-operative expenses will be allocated to
the respective fixed assets upon commencement of commercial operations.
9. Corporate Social Responsibility (CSR):
As per Section 135 of the Companies Act, 2013, the Company has constituted a Corporate Social Responsibility
(CSR) Committee. The CSR Policy of the Company focuses on promoting education, environment sustainability,
animal welfare, women empowerment and woman welfare in line with Schedule VII of the Act.
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