Standard Salt Works Limited: 41st ANNUAL REPORT 2020-2021

STANDARD SALT WORKS LIMITED
41st ANNUAL REPORT 2020-2021

STANDARD SALT WORKS LIMITED STANROSE MAFATLAL
BOARD OF DIRECTORS
SHRI D. H. PAREKH (Chairman)
SHRI D. M. NADKARNI
SHRI R. N. PATEL
SHRI K. J. PARDIWALLA (upto 04th November, 2021)
MS. AZIZA A. KHATRI (w.e.f 01st February, 2021)
COMPANY SECRETARY
SHRI PRADEEPKUMAR TIWARI
BANKERS
IDBI BANK
BANK OF BARODA
AUDITORS
M/S. ARUNKUMAR K. SHAH
Chartered Accountants
REGISTERED OFFICE
912, ALISHAN AWAAS,
DIWALI BAUG,
ATHWA LINES,
NANPURA,
SURAT-395 001.
CIN: U24110GJ1979PLC003315
SALT WORKS
DANDI BHAGWA,
TALUKA OLPAD,
DISTRICT SURAT.
1
NOTICE
NOTICE is hereby given that the Forty First Annual NOTES:
General Meeting of Standard Salt Works Limited
1.
Statement pursuant to Section 102(1) of the
will be held at 912, Alishan Awaas, Diwali Baug,
Companies Act, 2013 (“Act”), in respect of the
Athwa Lines, Nanpura, Surat – 395 001, on Friday, the
Special Business to be transacted at the Annual
03rd September, 2021, at 10.00 a.m. to transact the
General Meeting (“AGM”) is annexed hereto.
following business:
2. A MEMBER ENTITLED TO ATTEND AND VOTE IS
ORDINARY BUSINESS ENTITLED TO APPOINT A PROXY TO ATTEND AND
VOTE INSTEAD OF HIMSELF AND A PROXY NEED
1. To receive, consider and adopt the Audited Balance NOT BE A MEMBER. PROXIES, IN ORDER TO BE
Sheet as at 31st March, 2021, Statement of Profit VALID AND EFFECTIVE, MUST BE DELIVERED AT
and Loss (including other Comprehensive Income), THE REGISTERED OFFICE OF THE COMPANY
the Statement of Changes in Equity and the Cash NOT LATER THAN FORTY-EIGHT HOURS BEFORE
Flow Statement for the Financial Year ended on that THE COMMENCEMENT OF THE MEETING.
date and the Reports of the Directors and Auditors
thereon. 3. Enclosed herewith is the attendance slip and proxy
form for the AGM.
2. To appoint a Director in place of Shri D. M. Nadkarni
(DIN: 00023200), who retires by rotation but, being 4.
Corporate member(s) intending to send their
eligible, offers himself for re-appointment. authorized representative are requested to send
a duly certified copy of the board resolution
SPECIAL BUSINESS authorizing their representative(s) to attend and
vote at the AGM.
3. To consider and, if thought fit, to pass, with or without
modifications, the following 5. Details of Shri D.M. Nadkarni and Ms Aziza Khatri
as required to be given pursuant to the Secretarial
AS AN ORDINARY RESOLUTION: Standard on General Meetings (“SS-2”), issued
“RESOLVED THAT pursuant to the provisions by the Institute of Company Secretaries of India is
of Sections 149, 152, 161 and other applicable attached to this Notice as “Annexure -1”.
provisions of the Companies Act, 2013 (“the Act”)
For and on behalf of the Board
and the Companies (Appointment and Qualification
of Directors) Rules, 2014, the consent of the PRADEEPKUMAR TIWARI
Members of the Company be and is hereby Company Secretary
accorded for appointment of Ms. Aziza A. Khatri
Registered Office:
(DIN 03470976) as the Director of the Company to
912, Alishan Awaas,
fill the casual vacancy caused by the sad demise of
Diwali Baug, Athwa Lines,
Shri K.J. Pardiwalla, Director of the Company, and
Nanpura, Surat – 395 001.
shall be liable to retire by rotation and in respect
Tel: 0261-2462287
of whom, the Company has received a notice in
CIN: U24110GJ1979PLC003315
writing from a member proposing her candidature
for the office of Director pursuant to Section 160 of Mumbai
the Companies Act, 2013.” Dated: 19th June, 2021.
2
STANROSE MAFATLAL
ANNEXURE TO THE NOTICE

Explanatory Statement as required under Section 102(1) in Annexure 1 to this notice pursuant to the provisions
of the Companies Act, 2013 of Secretarial Standards on General Meetings (SS-2)
issued by the Institute of Company Secretaries of India.
ITEM NO. 3
None of the Directors of the Company or their relatives
The Board of Directors of the Company had appointed are concerned or interested in passing of the Resolution
Ms. Aziza A. Khatri (DIN 03470976) a Director of the at Item No. 3 of the accompanying Notice except to
Company with effect from 1st February, 2021, to fill the extent of directorship of Ms. Aziza A. Khatri in the
in the casual vacancy caused by the sad demise of Company
Shri K.J. Pardiwalla, Director, pursuant to the provisions
of Section 161(4) of the Companies Act, 2013 and Article The Board commends the Resolution at Item No.3 of the
of Association of the Company. In terms of Section accompanying Notice for approval by the Members as
161(4) of the Companies Act, 2013, the aforesaid an Ordinary Resolution.
appointment of Ms. Aziza A. Khatri will require approval
of the shareholders.
Accordingly, It is proposed to approve her appointment For and on behalf of the Board
as Director of the Company in the ensuing AGM. The PRADEEPKUMAR TIWARI
Company has received notice from a member intending Company Secretary
to propose her for the office of Director at the Annual
General Meeting. Registered Office:
912, Alishan Awaas,
Ms. Aziza A Khatri was born on 6th June, 1965. She is an Diwali Baug, Athwa Lines,
Advocate & Solicitor having more than 25 years experience Nanpura, Surat – 395 001.
in providing legal advice & services to multinational Tel: 0261-2462287
corporations & other commercial enterprises, on legal CIN: U24110GJ1979PLC003315
issues, local & international transactions & specific
projects. Ms. Aziza A Khatri does not hold any shares in Mumbai
the Company. Details of Ms. Aziza A. Khatri is provided Dated: 19th June, 2021.
3
Annexure 1: Information required to be furnished under Secretarial Standard on General Meetings (“SS-2”), issued
by the Institute of Company Secretaries of India.
Name of Director D. M. Nadkarni Aziza A. Khatri

DIN 00023200 03470976
Age 81 Years 56 Years
Date of birth 04th August, 1940 06th June, 1965
Nationality Indian Indian
Date of first appointment on the 27th August, 1993 01st February, 2021
board
Relationship with other NA NA
directors and KMP
Qualification B.E. (Civil) Solicitor
Terms and conditions of Director liable to retire by rotation. As per the resolution at Item No. 3 of
appointment/re-appointment the Notice convening this Meeting read
with explanatory statement thereto,
Ms. Aziza Khatri is proposed to be
appointed as a Non-Executive Director
to fill in the casual vacancy caused by
the sad demise of Shri K. J. Pardiwalla
and liable to retire by rotation.
Remuneration sought to be NA NA
paid
Remuneration last drawn NA NA
Nature of expertise in specific He has supervised the total Advocate & solicitor having experience
functional areas construction of Salt works. He is an of more than 25 years providing Legal
expert in introducing technology as advice & services.
well as new mechanism to increase
the production of salt at reduced
cost.
Number of shares NIL NIL
List of directorships held in other NIL • Standard Industries Ltd
public limited companies • Stanrose Mafatlal Investments &
Finance Ltd.
• Mafatlal Enterprises Limited
• Stan Plaza Limited
Chairmanships/ memberships of NIL She is the Chairperson of Audit
committees in other companies Committee and Stakeholders’
(includes audit committee Relationship Committee of Standard
and stakeholders’ relationship Industries Ltd.
committee) She is the Chairperson of Audit
Committee of Stanrose Mafatlal
Investments & Finance Ltd. & a
member of Stakeholders’ Relationship
Committee of Stanrose Mafatlal
Investments & Finance Ltd.
Number of board meetings Held 4 Held 4
attended during the FY 2020- Attended 4 Attended 1
2021
By Order of the Board

PRADEEPKUMAR TIWARI
Company Secretary
Mumbai
Dated: 19th June, 2021.
4
STANROSE MAFATLAL
DIRECTORS’ REPORT
To IMPROVEMENTS
The Members,
Priority will be given to the use of bore well water which
is higher concentration than sea water to ensure early
and high production.
Your Directors hereby present the 41st Annual Report
together with the Audited Statements of Accounts for the During the year under review from January onwards
Financial Year from 1st April, 2020 to 31st March, 2021. sales realization is better than the last year as all the salt
manufacturers have less stock than demand.
FINANCIAL RESULTS (AS ADJUSTED UNDER IND AS) NATURE OF BUSINESS OF THE COMPANY
Current Year Previous Year There has been no change in the nature of business of
01.04.2020 to 01.04.2019 to the Company.
31.03.2021 31.03.2020
(` in lakhs) (` in lakhs) SHARE CAPITAL
Gross Operating Profit 144.46 93.62 The paid-up Equity Share Capital as on 31st March, 2021,
before depreciation and tax is ` 5,84,00,000/- comprising 5,84,000 Shares of ` 100/-
Less: Depreciation 13.71 13.43 each.
Profit before Taxes 130.75 80.19
During the financial year under review, the Company has
Less: Tax Expenses — —
not issued any class of securities including shares with
Profit after Taxes 130.75 80.19 differential voting rights, sweat Equity Shares and has
Other Comprehensive (1.11) (0.73) not granted any stock options.
income
Total Comprehensive 129.64 79.46 The Company has not bought back any of its securities
income for the year during the financial year under review.
Balance brought forward (5071.73) (5151.19) The Company does not have any scheme of provision of
from previous year money for the purchase of its own shares by employees
Closing Balance (4942.09) (5071.73) or by trustees for the benefit of employees.
The Company has drawn up its Accounts under IND AS. CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS
During the Financial Year under review, the Company
AND OUTGO
has made a net profit of ` 129.64 Lakhs
A statement giving details of conservation of energy,
GENERAL technology absorption, foreign exchange earnings and
The salt production got adversely affected due to outgo, in accordance with Section 134(3)(m) read with
Corona Pandemic and unexpected heavy rainfall in the Rule 8(3) of the Companies (Accounts) Rules, 2014, is
month of December 2020. This has resulted in reduction annexed hereto as Annexure A and forms part of the
of salt production. Report.
PRODUCTION DEPOSITS
Due to heavy rain there was no production in the months The Company has not accepted any deposits under
of December 2020 to February 2021. In the month Chapter V of the Companies Act, 2013 and rules made
of March 2021 the production was 1,746 M.T. Total thereunder.
Production during the financial year is 58,696 M.T.
DIRECTORS’ RESPONSIBILITY STATEMENT
SALE OF SALT Pursuant to the requirement under Sections 134(3)(c)
and 134(5) of the Companies Act, 2013, with respect to
The value of salt sold during the financial year under
Directors’ Responsibility Statement, the Directors of your
review amounted to ` 440.94 Lakhs.
Company hereby state and confirm that:
DESPATCHES (a) in the preparation of the annual accounts, for the
The total sale of salt during the financial year is financial year ended 31st March, 2021, the applicable
53,600 M.T. after taking into account washing losses of accounting standards had been followed along with
7,513 M.T. due to rain. proper explanation relating to material departures;
5
(b)
the Directors have selected such accounting by the sad demise of Shri K. J. Pardiwalla, Director
policies and applied them consistently and made pursuant to the provisions of Section 161(4) of the
judgments and estimates that are reasonable and Companies Act, 2013, and as per the Articles of
prudent so as to give a true and fair view of the Association of the Company.
state of affairs of the Company at the end of the In terms of Section 161(4) of the Companies Act,
financial year and of the profit of the Company for 2013, the aforesaid appointment of Ms. Aziza A.
that period; Khatri will require approval of the shareholders.
(c)
the Directors have taken proper and sufficient care
The Board is of the opinion that Ms. Aziza A.
for the maintenance of adequate accounting records
Khatri possesses requisite expertise, integrity and
in accordance with the provisions of the Act for
experience as required for Director.
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
Accordingly, it is proposed to approve her
appointment as a Director of the Company and she
(d) the Directors have prepared the annual accounts on
will be liable to retire by rotation.
a going concern basis;
(e)
the Directors have laid down internal financial D. Number of Board Meetings
controls to be followed by the Company and that The Board of Directors met 4 times during the
such internal financial controls are adequate and Financial Year from 1st April, 2020 to 31st March, 2021
are operating effectively; and i.e. 29th June, 2020, 12th August, 2020, 11th November,
(f) the Directors have devised proper systems to ensure 2020 and 01st February, 2021.
compliance with the provisions of all applicable The gap between two consecutive board meetings
laws and that such systems were adequate and was within the period prescribed under Section 173
operating effectively. of the Companies Act, 2013.
DIRECTORATE AND BOARD MEETINGS MATERIAL CHANGES AND COMMITMENTS

A. Retirement by rotation and subsequent There have been no material changes affecting the financial
re-appointment position of the Company which have occurred between
Shri D. M. Nadkarni, Director (DIN: 00023200) is due the end of the financial year of the Company to which the
to retire by rotation at the ensuing Annual General financial statements relate and the date of the Report.
Meeting pursuant to the provisions of Section 152
SIGNIFICANT AND MATERIAL ORDERS
of the Companies Act, 2013, but being eligible
offers himself for re-appointment. There have been no significant and material orders
passed by the Regulators or Courts or Tribunals
B. Change in Directors. impacting the going concern status and Company’s
Demise of Shri K. J. Pardiwalla operations in future.
Your Directors with deep regret would like to inform INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
you about the sad demise of Shri K.J. Pardiwalla,
The Company has a proper and adequate system of internal
Director on 4th November, 2020.
control in all spheres of its activities to ensure that all its
He was a Chartered Accountant and had diverse assets are safeguarded and protected against loss from
experience in Financial Accounting, Taxation, unauthorized use or disposition and that the transactions
Marketing and Management. He was associated are authorized, recorded and reported diligently.
with the Company as a Director for over 33 years
during which period the Company has immensely The Company ensures adherence to all internal control
benefitted through his guidance. The Board policies and procedures as well as compliance with all
places on record their sense of appreciation of the regulatory guidelines.
valuable services rendered by Shri K.J. Pardiwalla INDIAN ACCOUNTING STANDARDS (IND AS)
during his association with the Company.
Your Company has adopted Indian Accounting
The Chairman and the Board of Directors record Standards (“IND AS”) pursuant to Ministry of Corporate
their profound sorrow and grief on the sad demise Affairs Notification dated 16th February, 2015 notifying the
of Shri K. J. Pardiwalla. Companies (Indian Accounting Standard) Rules, 2015.
C. Appointment of Ms. Aziza A. Khatri. AUDITORS OBSERVATIONS & EXPLANATION OR

The Board of Directors of the Company had COMMENTS BY THE BOARD
appointed Ms. Aziza A. Khatri (DIN: 03470976) There were no qualifications, reservations or adverse
as a Director of the Company with effect from 01st remarks made either by the Statutory Auditors or by the
February, 2021, to fill in the casual vacancy caused Secretarial Auditor in their respective Reports.
6
STANROSE MAFATLAL
The observations made by the Statutory Auditors read of the Company is annexed herewith as Annexure B.
with the relevant notes on accounts is self-explanatory. The Secretarial Audit Report does not contain any
qualification, reservation, adverse remark or disclaimer.
DETAILS OF FRAUD REPORTED BY THE AUDITORS
UNDER SUB SECTION (12) OF SECTION 143 BUSINESS RISK MANAGEMENT
OTHER THAN THOSE WHICH ARE REPORTABLE TO
The Company has formulated and implemented a Risk
CENTRAL GOVERNMENT
Management Policy. During the financial year under
There have been no cases of frauds which required review, a detailed exercise on Business Risk Management
the Statutory Auditor to report to the Board during the was carried out covering the entire spectrum of business
financial year under review.
operations and the Board has been informed about the
DISCLOSURE UNDER THE SEXUAL HARASSMENT risk assessment and minimization procedures. Business
OF WOMEN AT WORKPLACE (PREVENTION, risk evaluation and management is an ongoing process
PROHIBITION AND REDRESSAL) ACT, 2013. with the Company.
The Company has in place an Anti Sexual Harassment CORPORATE SOCIAL RESPONSIBILITY (CSR)
Policy in line with the requirements of The Sexual
Harassment of Women in the Workplace (Prevention, During the year under review, the CSR provisions as
Prohibition & Redressal) Act, 2013. Internal Complaints prescribed under the Companies Act, 2013 are not
Committee (ICC) has been set up to redress complaints applicable to the Company, hence company is not
received regarding sexual harassment. required to contribute towards CSR.
There have been no complaints received during the year. COST RECORDS
PARTICULARS OF LOANS, GUARANTEES OR Maintenance of cost records as specified by the Central
INVESTMENTS UNDER SECTION 186 Government under section 148(1) of the Companies Act,
2013, is not applicable to the Company
The Company has not provided any loans, guarantees
or made any investments pursuant to Section 186 of the AUDITORS
Companies Act, 2013.
The shareholders of the Company at the 38th Annual
PARTICULARS OF CONTRACTS OR ARRANGEMENTS General Meeting of the Company held on 3rd July,
WITH RELATED PARTIES 2018, had passed an Ordinary Resolution appointing
M/s. Arunkumar K. Shah & Co., Chartered Accountants,
There are no contracts or arrangements or transactions Mumbai, as Statutory Auditors of the Company to
not at arm’s length basis or material contracts or hold office from the conclusion of the 38th AGM for a
arrangement or transactions at arm’s length basis with term of five consecutive years till the conclusion of the
any related party. 43rd AGM.
DETAILS OF SUBSIDIARIES, JOINT VENTURES AND Pursuant to the amendments made to Section 139 of the
ASSOCIATE COMPANIES Act by the Companies (Amendment) Act, 2017 effective
from 7th May, 2018, the requirement of seeking ratification
The Company does not have any Subsidiaries, Joint
of the Members for the appointment of the Statutory
Ventures or Associate Companies.
Auditors has been withdrawn. Hence, the resolution
SECRETARIAL AUDIT REPORT seeking ratification of the Members for continuance of
their appointment at this AGM is not being sought.
The Company being a material wholly owned subsidiary
of Standard Industries Limited is required to undertake
secretarial audit as per regulation 24A of the SEBI
(Listing Obligations and Disclosure Requirement)
Regulations, 2015. Accordingly, pursuant to the
provisions of section 204 of the Companies Act 2013, For and on behalf of the Board
the Companies (Appointment and Remuneration of D. H. PAREKH
Managerial Personnel) Rules 2014 read with Regulation Chairman
24A of the SEBI Listing Regulations, the Company has
appointed M/s. Kaushik M. Jhaveri & Co., Practicing
Company Secretaries to undertake the Secretarial Mumbai
Audit of the Company. Report of the Secretarial Auditor Dated: 19th June, 2021.
7
ANNEXURE A TO THE DIRECTORS’ REPORT

STATEMENT CONTAINING PARTICULARS PURSUANT C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
TO SECTION 134(3)(m) OF THE COMPANIES ACT,
1.
Activities relating to exports, initiatives
2013 READ WITH RULE 8(3) OF THE COMPANIES
taken to increase exports, development
(ACCOUNTS) RULES, 2014 AND FORMING PART OF
of new export markets for products and
DIRECTORS’ REPORT.
services and export plans:
A. CONSERVATION OF ENERGY There has been no export of salt during the
he Company is engaged in the business of
T Financial Year.
manufacturing salt. The main source of energy
2. Total Foreign Exchange used and earned:
for production of salt is solar energy. Electricity is
required only for the purpose of pumping brine `
in the crystallizers and therefore there is no major
(i) Total Foreign Exchange used Nil
scope for conservation of energy. However, all
necessary precautions have been taken to make (ii) Total Foreign Exchange earned Nil
sure that the pumps are operated at an optimum
efficiency for saving in energy
B. TECHNOLOGY ABSORPTION For and on behalf of the Board

Research and Development
D. H. PAREKH
Nil
Chairman
Technology absorption, adaptation and innovation: Mumbai
Not applicable. Dated: 19th June, 2021.
8
STANROSE MAFATLAL
ANNEXURE B TO THE DIRECTOR REPORT
FORM No MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2021
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
Standard Salt Works Limited
912, Alishan Awaas, Diwali Baugh,
Athwa Lines, Nanpura,
Surat - 395001
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence
to good corporate practices by Standard Salt Works Limited (CIN:U24110GJ1979PLC003315)(hereinafter called
the “Company”). Secretarial Audit was conducted in a manner that provided me reasonable basis for evaluating the
corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has,
during the audit period covering the financial year ended on 31st March, 2021 complied with the statutory provisions
listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the
extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by
Standard Salt Works Limited for the financial year ended on 31st March, 2021 according to the provisions of:
(i) The Companies Act, 2013 (“the Act”)and the Rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956(‘SCRA’) and the rules made thereunder; (Not applicable to the
Company during the audit period)
The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; (Not applicable to the
(iii)
(iv) Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent of
Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings; (Not applicable
to the Company during the audit period)
(v)
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India
Act, 1992 (‘SEBI Act’):-
(a)
The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011; (Not applicable to the Company during the audit period)
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 and
2015;*
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2009; (Not applicable to the Company during the audit period)
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock
Purchase Scheme) Guidelines, 1999; (Not applicable to the Company during the audit period)
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(Not applicable to the Company during the audit period)
(f)
The Securities and Exchange Board of India (Registrars to an issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act and dealing with client; (Not applicable to the
9
(g)
The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
(Not applicable to the Company during the audit period)
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations,1998; (Not applicable
to the Company during the audit period)
*
The Company being a material subsidiary of Standard Industries Limited (“SIL”), certain employees of the Company have been categorised as
Designated Persons and are covered by the Code of Conduct under The Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015, of “SIL”.
(vi) The Management of Company has identified and confirmed the following other specifically Acts/ Laws applicable
to the Company as per Annexure-A.
We have also examined compliance with the applicable clauses of the following:
i. Secretarial Standards issued by The Institute of Company Secretaries of India with respect to board and general
meetings.
The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; (Not Applicable to the
ii.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines and Standards, etc. mentioned above.
We further report that
The Company has adequate composition of the Board of Directors as per the Companies Act, 2013. The changes in
the composition of the Board of Directors that took place during the period under review Ire carried out in compliance
with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda
were sent at least seven days in advance, and a system exists for seeking and obtaining further information and
clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
All decisions at Board Meetings are carried out unanimously as recorded in the minutes of the meetings of the Board
of Directors
We further report that there are adequate systems and processes in the company commensurate with the size and
operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period there were no such event took place having a major bearing on the
company’s affairs except as stated below in pursuance of the above referred laws, rules, regulations, guidelines,
standards, etc. referred above except event as follows:-
1. The Company has obtained approval of the members under Section 180(1)(a) of the Companies Act, 2013
by way of Special Resolution at Annual General Meeting held on 09th September, 2020 for Authorising
Board of Directors of the Company to sell/ transfer or otherwise dispose off all the assets or any part thereof of
the Company.
During the period under review we could not physically visit the Company premises for checking of the records,
date & documents due to lockdown situation in the Country imposed by the Government in view of the global
pandemic of COVID-19. The report has been provided on basis and to the extent of the availability of the documents
electronically.
For Kaushik M. Jhaveri & Co.,

Practising Company Secretary
KAUSHIK JHAVERI
Place: Mumbai FCS No.: 4254
Dated: 19th June, 2021 CP No.: 2592
UDIN: F004254C000487187
10
STANROSE MAFATLAL
ANNEXURE - A TO SECRETARIAL AUDIT REPORT OF

FOR THE YEAR ENDED 31st MARCH, 2021
List of other Acts/Laws as amended time to time applicable to the Company:

1. The Payment of Wages Act, 1936.
2. The Payment of Gratuity Act, 1972.
3. The Payment of Bonus Act, 1965.
This Report is to be read with our letter of even date which is annexed as Annexure B and forms an integral part of
this report.
11
ANNEXURE - B
To,
The Members,
Standard Salt Works Limited
912, Alishan Awaas, Diwali Baugh,
Athwa Lines, Nanpura,
Surat - 395001
The report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the Management of the company. Our responsibility is
to express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices that we followed
provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
Company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the company nor of the efficacy
or effectiveness with which the management has conducted the affairs of the company.
For Kaushik M. Jhaveri & Co.,

Practising Company Secretary
KAUSHIK JHAVERI
FCS No.: 4254
Place: Mumbai CP No.: 2592
Dated: 19th June, 2021 UDIN: F004254C000487187
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STANROSE MAFATLAL
INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF STANDARD SALT WORKS
LIMITED
Report on the Standalone IND AS Financial Statements the provisions of the Act and the Rules made thereunder,
and we have fulfilled our other ethical responsibilities in
Opinion accordance with these requirements and the ICAI’s Code of
We have audited the accompanying standalone Ethics. We believe that the audit evidence we have obtained
financial statements of STANDARD SALT WORKS is sufficient and appropriate to provide a basis for our audit
LIMITED (“the Company”), which comprise the Balance opinion on the standalone financial statements.
Sheet as at 31 March 2021, the Statement of Profit Other matter
and Loss (including other comprehensive loss), the
Statement of cash flows and the Statement for changes We draw your attention to the Note No. 3 (A) v of Note
in equity for the year then ended, and a summary of the forming part of the Financial Statement of the standalone
significant accounting policies and other explanatory financial statements, which describes the management’s
information (herein after referred to as “Standalone IND assessment of the impact of the outbreak of Coronavirus
AS Financial Statements) (Covid-19) and subsequent second wave on the business
operations of the company. The Company has considered
In our opinion and to the best of our information and the possible effects that may result from the pandemic
according to the explanations given to us, the aforesaid relating to COVID-19 and subsequent second wave. There
standalone financial statements give the information is no significant receivables in the Company and therefore
required by the Companies Act, 2013 (“the Act”) in
no material impact of COVID-19 and subsequent second
the manner so required and give a true and fair view
wave is expected on the Company. In developing the
in conformity with the Indian Accounting Standards
assumption relating to the possible future uncertainties
prescribed under section 133 of the Act read with
in the global economic conditions because of this
the Companies (Indain Accounting Standards) Rules,
pandemic, the Company, as at the date of approval of
2015 as amended, (“Ind AS”) and other accounting
these financial statements has used internal and external
principles generally accepted in India, of the state of
source of information including credit report and related
affairs of the Company as at 31 March 2021, the profit
information, economic forecast. The impact of COVID-19
and total comprehensive loss, changes in equity and
and subsequent second wave on the Company’ financial
its cash flows for the year ended on that date.
statements may differ from that estimated at the date of
Basis for Opinion approval of these financial statements.
We conducted our audit of the standalone financial Our opinion is not modified in respect of this matter.
statement in accordance with the Standards on Auditing
Key Audit Matters
(SAs) specified under section 143(10) of the Companies Act,
2013. Our responsibilities under those Standards are further Key audit matters are those matters that,in our professional
described in the Auditor’s Responsibilities for the Audit judgment, were of most significance in our audit of the
of the Financial Statements section of our report. We are standalone financial statements of the current period.
independent of the Company in accordance with the Code These matters were addressed in the context of our audit
of Ethics issued by the Institute of Chartered Accountants of the standalone financial statements as a whole, and
of India (ICAI) together with the independence requirements in forming our opinion thereon, and we do not provide a
that are relevant to our audit of the financial statements under separate opinion on these matters.
Description of Key Audit Matters as follows:-
The Key Audit Matters How the matter was addressed in our Audit
a. Adoption of Ind AS 115 – Revenue From Contracts
with Customer
As described in Note No. (2.3) & Note No. (20) To the We Assessed the company’s process to identify the
standalone financial statements, The company adopted impact of adoption of the new accounting standard.
Ind AS 115 - Revenue from Contracts with Customers Our Audit Approach consisted testing of design and
which is a new revenue accounting standard. The operating effectiveness of the internal controls and
application and transition to this accounting standard is substantive testing as follows:
complex and is an area of focus in the audit.
•
Selected a sample of contracts and performed a
retrospective review of efforts incurred with estimated
efforts to identify significant variances and verify whether
those variations have been considered in estimating the
remaining efforts to complete the contract.
13
The Key Audit Matters How the matter was addressed in our Audit
• Performed analytical procedures and test of details
for reasonableness of incurred and estimated efforts.
• In our approach we observed that the business of the
company is of seasonal nature.
b. Going Concern
We draw Attention to Note No. (35.2) of financial We assessed that in view of the continued support /
statements regarding preparation of accounts on going availability of finance from the Holding Company and
concern basis. expected improvement in economic conditions, the
company has prepared the financial statements on
Going Concern Basis.
Information Other than the Standalone Financial and estimates that are reasonable and prudent; and
Statements and Auditor’s Report Thereon design, implementation and maintenance of adequate
internal financial controls, that were operating effectively
The Company’s Board of Directors is responsible for the for ensuring the accuracy and completeness of the
preparation of the other information. The other information accounting records, relevant to the preparation and
comprises the information included in the Management presentation of the standalone Ind AS financial statement
Discussion and Analysis, Board’s Report including that give a true and fair view and are free from material
Annexures to Board’s Report, Business Responsibility misstatement, whether due to fraud or error.
Report, Corporate Governance and Shareholder’s
Information, but does not include the standalone financial In preparing the standalone financial statements,
statements and our auditor’s report thereon. Our opinion management is responsible for assessing the Company’s
on the standalone financial statements does not cover ability to continue as a going concern, disclosing,
the other information and we do not express any form of as applicable, matters related to going concern and
assurance inclusion thereon. using the going concern basis of accounting unless
management either intends to liquidate the Company or
In connection with our audit of the standalone financial to cease operations, or has no realistic alternative but
statements, our responsibility is to read the other information to do so.
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial The Board of Directors are also responsible for
statements or our knowledge obtained during the course of overseeing the company’s financial reporting process.
our audit or otherwise appears to be materially misstated.
Auditor’s Responsibility for the Audit of the Financial
If, based on the work we have performed, we conclude that Statements
there is a material misstatement of this other information;
we are required to report that fact. We have nothing to Our objectives are to obtain reasonable assurance about
report in this regard. whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and
Management’s Responsibility for the Standalone to issue an auditor’s report that includes our opinion.
Financial Statements Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance
The Company’s Board of Directors is responsible for
with SAs will always detect a material misstatement
the matters stated in section 134(5) of the Companies
when it exists. Misstatements can arise from fraud or
Act, 2013 (“the Act”) with respect to the preparation of
error and are considered material if, individually or in
these Ind AS standalone financial statements that give
the aggregate, they could reasonably be expected to
a true and fair view of the financial position, financial
influence the economic decisions of users taken on the
performance including other comprehensive loss,
basis of these standalone financial statements.
cash flows and changes in equity of the Company in
accordance with the accounting principles generally As part of an audit in accordance with SAs,we exercise
accepted in India, including the Indian Accounting professional judgment and maintain professional
Standards (Ind AS) specified under section 133 of the skepticism throughout the audit. We also:
Act read with relevant rules issued thereunder.
• Identify and assess the risks of material misstatement
This responsibility also includes maintenance of of the standalone financial statements, whether
adequate accounting records in accordance with the due to fraud or error, design and perform audit
provisions of the Act for safeguarding of the assets of procedures responsive to those risks, and obtain
the Company and for preventing and detecting frauds audit evidence that is sufficient and appropriate
and other irregularities; selection and application of to provide a basis for our opinion. The risk of not
appropriate accounting policies; making judgments detecting a material misstatement resulting from
14
STANROSE MAFATLAL
fraud is higher than for one resulting from error, to communicate with them all relationships and other
as fraud may involve collusion, forgery, intentional matters that may reasonably be thought to bear on
omissions, misrepresentations, or the override of our independence, and where applicable, related
internal control. safeguards.
•
Obtain an understanding of internal financial From the matters communicated with those charged with
controls relevant to the audit in order to design governance, we determine those matters that were of
audit procedures that are appropriate in the most significance in the audit of the standalone financial
circumstances. Under section 143(3)(i) of the Act, statements of the current period and are therefore the
we are also responsible for expressing our opinion key audit matters. We describe these matters in our
on whether the Company has adequate internal auditor’s report unless law or regulation precludes public
financial controls system in place and the operating disclosure about the matter or when, in extremely rare
effectiveness of such controls. circumstances, we determine that a matter should not
• Evaluate the appropriateness of accounting policies be communicated in our report because the adverse
used and the reasonable ness of accounting consequences of doing so would reasonably be
estimates and related disclosures made by expected to outweigh the public interest benefits of such
management. communication.
• Conclude on the appropriateness of management’s Report on Other Legal and Regulatory Requirements
use of the going concern basis of accounting and,
1. As required by Section 143 (3) of the Act, we report
based on the audit evidence obtained, whether
that:
a material uncertainty exists related to events or
conditions that may cast significant doubt on the (a)
We have sought and obtained all the
Company’s ability to continue as a going concern. information and explanations which to the best
If we conclude that a material uncertainty exists, we of our knowledge and belief were necessary
are required to draw attention in our auditor’s report for the purposes of our audit.
to the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, (b)
In our opinion, proper books of account
to modify our opinion. Our conclusions are based as required by law have been kept by the
on the audit evidence obtained up to the date of Company so far as it appears from our
our auditor’s report. However, future events or examination of those books.
conditions may cause the Company to cease to (c) The Balance Sheet, the Statement of Profit and
continue as a going concern. Loss (including other comprehensive loss),
•
Evaluate the overall presentation, structure and change in equity and Statement of Cash Flow
content of the standalone financial statements, dealt with by this Report are in agreement with
including the disclosures, and whether the the books of account
standalone financial statements represent the
(d)
In our opinion, the aforesaid financial
underlying transactions and events in a manner that
statements comply with the Accounting
achieves fair presentation.
Standards specified under Section 133 of
Materiality is the magnitude of misstatements in the the Act, read with Rule 7 of the Companies
standalone financial statements that, individually or (Accounts) Rules, 2014.
in aggregate, makes it probable that the economic
(e)
On the basis of the written representations
decisions of a reasonably knowledgeable user of the
received from the directors as on 31 March 2021
financial statements may be influenced. We consider
taken on record by the Board of Directors,
quantitative materiality and qualitative factors in
none of the directors is disqualified as on
(i) planning the scope of our audit work and in evaluating
31 March 2021 from being appointed as
the results of our work; and (ii) to evaluate the effect
a director in terms of Section 164 (2) of
of any identified misstatements in the financial
the Act.
statements.
(f) With respect to the adequacy of the internal
We communicate with those charged with governance
financial controls over financial reporting of the
regarding, among other matters, the planned scope
Company and the operative effectiveness of
and timing of the audit and significant audit findings,
such controls, refer to our separate Report in
including any significant deficiencies in internal control
“Annexure A”. Our report expresses an
that we identify during our audit.
unmodified opinion on the adequacy and
We also provide those charged with governance operating effectiveness of the Company’s
with a statement that we have complied with relevant internal financial controls over financial
ethical requirements regarding independence, and reporting.
15
(g)
Company has not paid any remuneration (iii) There are no amounts that are required to
to Directors (including Mg. Director and be transferred, to the Investor Education
Independent Directors) other than Sitting Fee. and Protection Fund by the Company.
this is with in limit of Companies Act 2013
2.
As required by the Companies (Auditor’s Report)
With respect to the other matters to be included
Order, 2016 (“the Order”) issued by the Central
in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Government in terms of section 143(11) of the Act,
Rules, 2014, in our opinion and to the best of our we give in “Annexure B” a statement on the matter
information and according to the explanations specified in the paragraph 3 and 4 of the Order.
given to us:
(i) The Company has disclosed the impact
of pending litigation on its financial For Arunkumar K. Shah & Co
position in its standalone Ind AS financial Chartered Accountants
statements refer note no (29) to the (FRN: 126935W)
financial statements.
Arunkumar K. Shah
(ii) The Company did not have any long term Proprietor
contracts including derivative contracts Place: Mumbai Membership No. 34606.
for which there were any material Dated: 19th June, 2021 UDIN: 21034606AAAACB1046
foreseeable losses.

16
STANROSE MAFATLAL
Annexure “A” to the Independent Auditor’s Report of even date on the

Standalone Financial Statements of STANDARD SALT WORKS LIMITED
Report on the Internal Financial Controls with Meaning of Internal Financial Controls over Financial
reference to Financial Statements under Clause (i) Reporting
of Sub-section 3 of Section 143 of the Companies A company’s internal financial control over financial reporting
Act, 2013 (“the Act”) is a process designed to provide reasonable assurance
I have audited the internal financial controls over financial regarding the reliability of financial reporting and the
reporting of STANDARD SALT WORKS LIMITED (“the preparation of financial statements for external purposes in
Company”) as of March 31, 2021 in conjunction with my accordance with generally accepted accounting principles.
audit of the financial statements of the Company for the A company’s internal financial control over financial
year ended on that date. reporting includes those policies and procedures that
Management’s Responsibility for Internal Financial (1)
pertain to the maintenance of records that, in
Controls reasonable detail, accurately and fairly reflect the
The Company’s management is responsible for establishing transactions and dispositions of the assets of the
and maintaining internal financial controls based on the company;
internal control over financial reporting criteria established (2)
provide reasonable assurance that transactions
by the Company considering the essential components are recorded as necessary to permit preparation of
of internal control stated in the Guidance Note on Audit financial statements in accordance with generally
of Internal Financial Controls over Financial Reporting accepted accounting principles, and that receipts and
issued by the Institute of Chartered Accountants of India. expenditures of the company are being made only in
These responsibilities include the design, implementation accordance with authorizations of management and
and maintenance of adequate internal financial controls directors of the company; and
that were operating effectively for ensuring the orderly
(3) provide reasonable assurance regarding prevention or
and efficient conduct of its business, including adherence
timely detection of unauthorized acquisition, use, or
to company’s policies, the safeguarding of its assets, the
disposition of the company’s assets that could have a
prevention and detection of frauds and errors, the accuracy
material effect on the financial statements.
and completeness of the accounting records, and the timely
preparation of reliable financial information, as required Inherent Limitations of Internal Financial Controls Over
under the Companies Act, 2013. Financial Reporting
Auditors’ Responsibility Because of the inherent limitations of internal financial
My responsibility is to express an opinion on the Company’s controls over financial reporting, including the possibility
internal financial controls over Financial reporting based of collusion or improper management override of controls,
on my audit. I conducted our audit in accordance with material misstatements due to error or fraud may occur and
the Guidance Note on Audit of Internal Financial Controls not be detected. Also, projections of any evaluation of the
over Financial Reporting (the “Guidance Note”) and the internal financial controls over financial reporting to future
Standards on Auditing, to the extent applicable to an audit periods are subject to the risk that the internal financial
of internal financial controls, both issued by the Institute control over financial reporting may become inadequate
of Chartered Accountants of India. Those Standards because of changes in conditions, or that the degree of
and the Guidance Note require that I comply with ethical compliance with the policies or procedures may deteriorate.
requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal Opinion
financial controls over financial reporting was established In my opinion, the Company has, in all material respects,
and maintained and if such controls operated effectively in an adequate internal financial controls system over financial
all material respects. reporting and such internal financial controls over financial
My audit involves performing procedures to obtain audit reporting were operating effectively as at March 31, 2021
evidence about the adequacy of the internal financial based on the internal control over financial reporting criteria
controls system over financial reporting and their operating established by the company considering the essential
effectiveness. components of internal control stated in the Guidance
My audit of internal financial controls over financial reporting Note on Audit of Internal Financial Controls Over Financial
included obtaining an understanding of internal financial Reporting issued by the Institute of Chartered Accountant
controls over financial reporting, assessing the risk that a of India.
material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based In terms of our report attached.
on the assessed risk. The procedures selected depend on For Arunkumar K. Shah & Co
the auditor’s judgement, including the assessment of the Chartered Accountants
risks of material misstatement of the financial statements, FRN: 126935W
whether due to fraud or error.
I believe that the audit evidence I have obtained is sufficient (Arunkumar K. Shah)
and appropriate to provide a basis for my audit opinion Proprietor
on the Company’s internal financial controls system over Place: Mumbai Membership No: 034606
financial reporting. Dated: 19th June, 2021 UDIN: 21034606AAAACB1046
17
Annexure “B” to the Independent Auditor’s Report

Re: Standard Salt Works Limited 6. The Central Government has not prescribed the
maintenance of cost records under sub-section
The Annexure referred to in our Independent
(1) of section 148 of the Companies Act for any
Auditor’s Report to the members of the company on
activities of the Company.
the standalone Ind AS financial statements for the
year ended 31st March 2021, we report that:- 7. (a) In our opinion and according to explanation
given to us the company is regular in
1. (a) The Company has maintained proper records depositing undisputed statutory dues including
to show full particulars including quantitative provident fund, employees’ state insurance,
details and situation of its fixed assets. income-tax, sales-tax, wealth tax, service tax,
(b) The fixed assets of the Company have been duty of customs, duty of excise, value added
physically verified by the Management during tax, cess, GST and any other statutory dues
the year and no material discrepancies with the appropriate authorities. There is no
between the book records and the physical arrears of outstanding statutory dues as at the
inventory have been noticed. In our opinion, last day of the financial year concerned for a
this periodicity of physical verification is period of more than six months from the date
reasonable having regard to the size of the they became payable.
company and the nature of its assets. (b) Details of cases for non-deposit with
(c) According to the information and explanations appropriate authorities of disputed dues of
given to us and on the basis of our examination income tax or sales tax or wealth tax or service
of the records of the Company, the title deeds tax or duty of customs or duty of excise or
of immovable properties are held in the name value added tax or Cess as follows :-
of the Company. Nature of Nature of Amount Period to Forum where
2. (a) As per information & explanation given to Statue Dues which amount the dispute is
related pending
us, the physical verification of inventory is
conducted at reasonable intervals. Notification Amount 36,17,260/- 1995 to 2008 Gujarat High
as per Land claimed Court
(b) The procedure of physical verification Revenue by taluka
of inventory followed by management is Laws development
reasonable & adequate in relation to the size officer
towards
of the company & its nature of business. Local Cess
(c) The company is maintaining proper records & Education
Cess
of inventory. The discrepancies noted on
verification between physical & book record Notification Amount 2,11,08,930/- 2009 to 2015 Taluka
where not material. as per Land claimed Development
Revenue by taluka Officer.
3. The Company has not granted any loans, secured Laws development
or unsecured, to companies, firms or other parties officer
towards
covered in the register maintained under Section Local Cess
189 of the Companies Act. Hence, the requirements & Education
of sub clause (a), (b), & (c) to clause (iii) of Cess
paragraph 3 of the said Order are not applicable to Notification Amount 86,89,920/- 2016-2021 Taluka
the Company. as per Land claimed Development
Revenue by taluka Officer.
4. According to the information and explanations Laws development
given to us and on the basis of our examination officer
of the records of the Company, the company has towards
Local Cess
not granted any Loan to Directors neither given any & Education
loans to any person or other body corporate, or Cess
guarantee given or security provided in connection
with a loan to any other body corporate or person. 8. As per the Information & explanation given to us,
Also not acquired securities of any other body the company has not borrowed money from banks/
corporate by way of subscription, purchase or financial institutions nor issued any debentures
otherwise. and hence the question of default in repayment of
5. The company has not accepted the deposits from dues does not arise. Accordingly, clause (viii) of
public as per the provisions of sections 73 to 76 or paragraph 3 of the Order is not applicable.
any other relevant provisions of the Companies Act 9. The Company did not raise any money by way of
and the rules framed there under. initial public offer or further public offer (including
18
STANROSE MAFATLAL
debt instruments) and term loans during the year. 14. According to the information and explanations give to
Accordingly, clause (ix) of paragraph 3 of the Order us and based on our examination of the records of the
is not applicable. Company, the Company has not made any preferential
allotment or private placement of shares or fully or
10.
According to the information and explanations partly convertible debentures during the year.
given to us, no material fraud by the Company or
on the Company by its officers or employees has 15.
According to the information and explanations given
been noticed or reported during the course of our to us and based on our examination of the records
audit. of the Company, the Company has not entered into
non-cash transactions with directors or persons
11.
According to the information and explanations connected with him. Accordingly, clause (xv) of
given to us and on the basis of our examination of paragraph 3 of the Order is not applicable.
the records of the Company, the company has not
paid/provided for managerial remuneration. 16. The Company is not required to be registered under
section 45-IA of the Reserve Bank of India Act 1934.
12. In our opinion and according to the information and
explanations given to us, the Company is not a nidhi
company. Accordingly, clause (xii) of paragraph 3 of
the Order is not applicable.
In terms of our report attached
13.
According to the information and explanations For Arunkumar K. Shah & Co
given to us and based on our examination of the Chartered Accountants
records of the Company, transactions with the FRN: 126935W
related parties are in compliance with sections 177
and 188 of the Act where applicable and details (Arunkumar K. Shah)
of such transactions have been disclosed in the Proprietor
financial statements as required by the applicable Place: Mumbai Membership No: 034606
accounting standards. Dated: 19th June, 2021 UDIN: 21034606AAAACB1046
19
BALANCE SHEET
AS AT MARCH 31, 2021
All amounts are ` in Lakhs unless otherwise stated
As at As at
Particulars Notes March 31, 2021 March 31, 2020
Assets
Non-current assets
a. Property, plant and equipment...................................................... 5 91.86 104.74
b. Financial assets
i. Other financial assets............................................................ 6 8.03 7.65
c. Non-current tax assets (net).......................................................... 7 6.30 5.64
d. Other non-current assets............................................................... 8 14.12 5.00
Total non-current assets................................................................... 120.31 123.03
Current assets
a. Inventories................................................................................... 9 54.02 52.39
b. Financial assets...........................................................................
i. Investments......................................................................... 10 1.09 1.09
ii. Trade receivables................................................................ 11 3.45 3.43
iii. Cash and cash equivalents................................................ 12 32.42 26.48
iv. Bank balances other than (iii) above................................. 12 363.88 190.37
v. Loans................................................................................... 13 0.66 0.51
c. Other current assets.................................................................... 8 6.74 4.94
Total current assets........................................................................... 462.26 279.21
Total assets......................................................................................... 582.57 402.24
Equity and liabilities
Equity
a. Equity share capital..................................................................... 14 584.00 584.00
b. Other equity................................................................................. 15 (104.95) (234.59)
Total equity......................................................................................... 479.05 349.41
Liabilities
Non-Current liabilities
a. Provisions 16 0.62 —
Total non-current liabilities 0.62 —
Liabilities
Current liabilities
a. Financial liabilities
i. Trade payables.................................................................... 17 15.15 29.68
ii. Other financial liabilities...................................................... 18 1.64 —
b. Provisions.................................................................................... 16 19.03 16.62
c. Other current liabilities................................................................ 19 67.08 6.53
Total current liabilities....................................................................... 102.90 52.83
Total liabilities..................................................................................... 103.52 52.83
Total equity and liabilities................................................................. 582.57 402.24
See accompanying notes to the financial statements

For, Arunkumar K. Shah & Co. D. H. PAREKH Chairman
}
FRN : 126935W
AZIZA A KHATRI
ARUNKUMAR K. SHAH D. M. NADKARNI Directors
Proprietor PRADEEPKUMAR TIWARI
Membership No : 034606 Company Secretary R. N. PATEL
Place : Mumbai Place : Mumbai

Date : 19th June, 2021 Date : 19th June, 2021
20
STANROSE MAFATLAL
STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED MARCH 31, 2021
For the For the

year ended year ended
Particulars Notes March 31, 2021 March 31, 2020
I Revenue from operations.............................................................. 20 440.94 445.57

II Other income................................................................................. 21 12.92 4.73
III Total income (I + II).................................................................... 453.86 450.30
IV Expenses
Purchases of stock-in-trade........................................................... — —
Changes in inventories of stock-in-trade...................................... 22 (1.63) 20.08
Employee benefits expense.......................................................... 23 31.21 32.61
Depreciation and amortisation expense....................................... 24 13.71 13.43
Other expenses.............................................................................. 25 279.82 303.99
Total expenses (IV)...................................................................... 323.11 370.11
V Profit/(Loss) before tax (III - IV)................................................. 130.75 80.19
VI Tax expenses
Current tax..................................................................................... — —
Deferred tax................................................................................... — —
— —
VII Profit/(Loss) for the year (V - VI)............................................... 130.75 80.19
VIII Other comprehensive income

Items that will not be reclassified to profit or loss
– Remeasurements of the defined benefit plans......................... (1.11) (0.73)
IX Total comprehensive income/(loss) for the year (VII + VIII). 129.64 79.46
Earnings per equity share
(1) Basic (in `)............................................................................. 27 22.20 13.61
(2) Diluted (in `).......................................................................... 27 22.20 13.61

}
FRN : 126935W
AZIZA A KHATRI

21
CASH FLOW STATEMENT

For the For the

March 31, 2021 March 31, 2020
A. Cash flow from operating activities:

Profit/(Loss) before taxes.............................................................................. 130.75 80.19
Adjustments for:
Depreciation................................................................................................... 13.71 13.43
Loss / (profit) on sale of property, plant and equipments........................... (0.24) —
Sundry credit balances written back............................................................ — —
Bonus to employees..................................................................................... 1.75 1.61
Interest Income on deposits......................................................................... (12.33) (4.73)
Operating profit / (loss) before working capital changes...................... 133.64 90.50
Decrease / (increase) in trade and other receivables.................................. (2.35) 47.83
(Increase) / decrease in inventories............................................................. (1.63) 20.08
(Decrease) / increase in trade and other payables..................................... 46.18 5.60
Cash generated from operations............................................................... 175.84 164.01
Income taxes paid......................................................................................... (0.66) (0.35)
Net cash generated by operating activities............................................. 175.18 163.66
B. Cash flows from investing activities
Purchase of property, plant and equipments............................................... (9.12) (1.97)
Sale of property, plant and equipments....................................................... 1.06 —
Bank deposits placed.................................................................................... (164.04) (148.97)
Interest income on fixed deposits with bank............................................... 2.86 4.73
Net cash (used in) / generated by investing activities........................... (169.24) (146.21)
C. Net cash used in financing activities — —
Net increase in cash and cash equivalents............................................. 5.94 17.45
Cash and cash equivalents at the beginning of the year...................... 26.48 9.03
Cash and cash equivalents at the end of the year (refer note 12A).... 32.42 26.48
Notes:
(a) The above Cash Flow Statement has been prepared under the “Indirect Method” as set out in the Indian
Accounting Standard (Ind AS-7) - Statement of Cash Flow.

}
FRN : 126935W
AZIZA A KHATRI

22
STATEMENT OF CHANGES IN EQUITY
a. Equity share capital

Amount
Balance at April 1, 2019............................................................................................................. 584.00
Changes in equity share capital during the year........................................................................ —
Balance at March 31, 2020........................................................................................................ 584.00
Changes in equity share capital during the year........................................................................ —
Balance at March 31, 2021........................................................................................................ 584.00
b. Other equity
Particulars Reserves & surplus
Deemed
Securities Capital reserve - contribution from Retained
premium reserve Cash Subsidy shareholders earnings Total
Balance at April 1, 2019.......................................................................... 4,833.00 4.14 506.30 (5,657.49) (314.05)
Addition on account of right issue of shares................................................ — — — — —
Profit for the year....................................................................................... — — — 80.19 80.19
Other comprehensive income for the year................................................... — — — (0.73) (0.73)
Balance at March 31, 2020..................................................................... 4,833.00 4.14 506.30 (5,578.03) (234.59)
Additions during the year.......................................................................... — — — — —
Profit for the year....................................................................................... — — — 130.75 130.75
Other comprehensive income for the year................................................... — — — (1.11) (1.11)
Balance at March 31, 2021..................................................................... 4,833.00 4.14 506.30 (5,448.39) (104.95)

Refer note 15 for nature of reserves.

FRN : 126935W
AZIZA A KHATRI
Proprietor PRADEEPKUMAR TIWARI }
23
STANROSE MAFATLAL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

1. General information
Corporate Identification Number: U24110GJ1979PLC003315
Standard Salt Works Limited (“the Company”) is a limited Company incorporated in India in 1979 under the
Indian Companies Act, 1882. Its parent and ultimate holding company is Standard Industries Limited. The
Company is engaged in manufacture of Common Salt and marketing through various Salt traders to different
Chemical Companies.
The addresses of its registered office and principal place of business are disclosed in the introduction to the
annual report for the principal activities of the Company.
The financial statements of the Company as on March 31, 2021 were approved and authorised for issue by the
Board of Directors on June 19, 2021.
2. Significant accounting policies:
2.1. Statement of Compliance
These financial statements have been prepared in accordance with the Indian Accounting Standards
(referred to as “Ind AS”) as prescribed under section 133 of the Companies Act, 2013 read with Companies
(Indian Accounting Standards) Rules as amended from time to time.
2.2. Basis of preparation and presentation
2.2.1 Historical cost convention
The financial statements have been prepared on the historical cost basis except for certain financial
instruments and defined benefit plans that are measured at fair values at the end of each reporting period.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and
services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date, regardless of whether that price is
directly observable or estimated using another valuation technique. In estimating the fair value of an asset
or a liability, the Company takes into account the characteristics of the asset or liability if market participants
would take those characteristics into account when pricing the asset or liability at the measurement date.
In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2,
or 3 based on the degree to which the inputs to the fair value measurements are observable and the
significance of the inputs to the fair value measurement in its entirety, which are described as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
that the entity can access at the measurement date;
• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable
for the asset or liability, either directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability.
2.2.2 Current non-current classification
All assets and liabilities have been classified as current or non-current as per the company’s normal
operating cycle (twelve months) and other criteria set out in the Schedule III to the Act and Ind AS 1
Presentation of financial statements.
Based on the nature of products and the time between the acquisition of assets for processing and their
realisation, the Company has ascertained its operating cycle as 12 months for the purpose of current /
non-current classification of assets and liabilities.
Assets:
An asset is classified as current when it satisfies any of the following criteria:
• it is expected to be realised in, or is intended for sale or consumption in, the Company’s normal
operating cycle;
• it is held primarily for the purpose of being traded;
• it is expected to be realised within twelve months after the reporting date; or
• it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability
for at least twelve months after the reporting date.
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Liabilities:
A liability is classified as current when it satisfies any of the following criteria:
• it is expected to be settled in the Company’s normal operating cycle;
• it is held primarily for the purpose of being traded;
• it is due to be settled within twelve months after the reporting date; or
• the Company does not have an unconditional right to defer settlement of the liability for at least twelve
months after the reporting date. Terms of a liability that could, at the option of the counterparty, result
in its settlement by the issue of equity instruments do not affect its classification.
All other assets/ liabilities are classified as non-current.
The aforesaid financial statement have been prepared in Indian Rupee (`) and denominated in Lakhs.
2.3. Revenue Recognition
Revenue is recognised upon transfer of control of promised products or services to customers in an
amount that reflects the consideration which the Company expects to receive in exchange for those
products or services.
Sale of goods:
Revenue from the sale of goods is recognised at the point in time when control is transferred to the
customer.
Revenue is measured at the fair value of the consideration received or receivable. The Company recognizes
revenues on sale of products, net of discounts, sales incentives, rebates granted, returns, sales taxes and
duties. Sale of products is presented gross of manufacturing taxes like excise duty wherever applicable.
Rendering of services:
Revenue from services is recognised (net of service tax/goods and services tax, as applicable) by reference
to the stage of completion of the contract.
Interest and dividend income:
Interest income from a financial asset is recognised when it is probable that the economic benefits will
flow to the Company and the amount of income can be measured reliably. Interest income is accrued on
a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which
is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to that asset’s net carrying amount on initial recognition.
Dividend income from investments is recognised when the shareholder’s right to receive payment has
been established (provided that it is probable that the economic benefits will flow to the Company and the
amount of income can be measured reliably).
2.4. Leasing
The Company as lessor:
Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the
terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract
is classified as a finance lease. All other leases are classified as operating leases.
For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.
The Company as lessee:
The Company’s lease asset class consist of leases for land. The Company assesses whether a contract
contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right
to control the use of an identified asset for a period of time in exchange for consideration. To assess whether
a contract conveys the right to control the use of an identified asset, the Company assesses whether:
(i) The contract involves the use of an identified asset
(ii) The Company has substantially all of the economic benefits from use of the asset through the period
of the lease and
(iii) The Company has the right to direct the use of the asset.
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At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and
a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a
term of twelve months or less (short-term leases) and low value leases. For these short-term and low value
leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over
the term of the lease.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the
lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they
will be exercised.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter
of the lease term and useful life of the underlying asset. Right-of-use assets are evaluated for recoverability
when ever events or changes in circumstances indicate that their carrying amounts may not be recoverable.
For the purpose of impairment testing, there coverable amount (i.e. the higher of the fair value less cost to
sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate
cash-flows that are largely independent of those from other assets. In such cases, the recoverable amount
is determined for the Cash Generating Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments.
The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are
remeasured with a corresponding adjustment to the related right-of-use asset if the Company changes
its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU
asset have been separately presented in the Balance Sheet and lease payments have been classified as
financing cash flows.
2.5. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
2.6. Government grants
Government grants are not recognised until there is reasonable assurance that the Company will comply
with the conditions attaching to them and that the grants will be received.
Government grants are recognised in profit or loss on a systematic basis over the periods in which the
Company recognises as expenses the related costs for which the grants are intended to compensate.
Specifically, government grants whose primary condition is that the Company should purchase, construct
or otherwise acquire non-current assets are recognised as deferred revenue in the balance sheet and
transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets,
Government grants that are receivable as compensation for expenses or losses already incurred or for the
purpose of giving immediate financial support to the Company with no future related costs are recognised
in profit or loss in the period in which they become receivable.
2.7. Employee benefits
Retirement benefit costs and termination benefits
Payments to defined contribution retirement benefit plans are recognised as an expense when employees
have rendered service entitling them to the contributions.
For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected
unit credit method, with actuarial valuations being carried out at the end of each annual reporting period.
Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling
(if applicable) and the return on plan assets (excluding interest), is reflected immediately in the balance
sheet with a charge or credit recognised in other comprehensive income in the period in which they occur.
Re-measurement recognised in other comprehensive income is reflected immediately in retained earnings
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STANROSE MAFATLAL

and will not be reclassified to profit or loss. Past service cost is recognised in profit or loss in the period of
a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period
to the net defined benefit liability or asset. Defined benefit costs are categorised as follows:
•
service cost (including current service cost, past service cost, as well as gains and losses on
curtailments and settlements);
• net interest expense or income; and
• re-measurement
The Company presents the first two components of defined benefit costs in profit or loss in the line item
‘Employee benefits expenses’. Curtailment gains and losses are accounted for as past service costs.
The retirement benefit obligation recognised in the balance sheet represents the actual deficit or surplus
in the Company’s defined benefit plans. Any surplus resulting from this calculation is limited to the present
value of any economic benefits available in the form of refunds from the plans or reductions in future
contributions to the plans.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw
the offer of the termination benefit and when the entity recognises any related restructuring costs.
Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave
and sick leave in the period the related service is rendered at the undiscounted amount of the benefits
expected to be paid in exchange for that service.
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount
of the benefits expected to be paid in exchange for the related service.
Liabilities recognised in respect of other long-term employee benefits are measured at the present value of
the estimated future cash outflows expected to be made by the Company in respect of services provided
by employees up to the reporting date.
2.8. Income Tax
The income tax expense or credit for the period is the tax payable on the current period’s taxable income
based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted
at the end of the reporting period in the countries where the company and its subsidiaries and associates
operate and generate taxable income. Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method on temporary differences arising between
the tax bases of assets and liabilities and their carrying amount in the financial statement. Deferred income
tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end
of the reporting period and are excepted to apply when the related deferred income tax assets is realized
or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it
is probable that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax
assets and tax liabilities are off set where the company has a legally enforceable right to offset and intends
either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the Statement of profit and loss, except to the extent that it
relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also
recognised in other comprehensive income or directly in equity, respectively.
Minimum alternate tax (MAT) paid in a year is charged to statement of profit and loss as current tax. The
Company recognizes MAT credit available as an asset only to the extent that there is convincing evidence
that the Company will pay normal income tax during the specified period i.e. the period for which MAT
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credit is allowed to be carried forward. In the year in which the Company recognizes MAT credit as an
asset in accordance with the Guidance note on Accounting for Credit available in respect of Minimum
Alternate Tax under the Income tax Act, 1961, the said asset is created by way of credit to the statement
of profit and loss and shown as “MAT Credit Entitlement” under the deferred tax assets. The Company
reviews the “MAT Credit Entitlement” asset at each reporting date and writes down the asset to the extent
the Company does not have convincing evidence that it will pay normal tax during the specified period.
2.9. Property, plant and equipment

All items of property, plant and equipment are stated at cost less accumulated depreciation and impairment,
if any. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance
with the Company’s accounting policy and includes all other expenditure that is directly attributable to the
acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to
the company and the cost of the item can be measured reliably. The carrying amount of any component
accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are
charged to the Statement of profit and loss during the reporting period in which they are incurred.
Stores and tools are acquired as and when required and treated as consumed in the year of acquisition.
An item of property, plant and equipment is derecognised upon disposal or when no future economic
benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal
or retirement of an item of property, plant and equipment is determined as the difference between the sales
proceeds and the carrying amount of the asset and is recognised in profit or loss.
2.10. Depreciation
Depreciation amount for assets is the cost of an asset, or other amount substituted for cost, less its
estimated residual value.
Depreciation has been provided on the straight line method as per the useful life prescribed in Schedule
II to the Companies act, 2013 except for computers (desktops, laptops, etc.) has been assessed for
6 years based on technical advice, taking in to account the nature of the assets, the estimated usage of the
asset, the operation condition of the asset, past history of replacement, anticipated technological changes,
manufacturers warranties and maintenance support etc.
Estimated useful lives of the assets are as follows
Buildings 30 - 60 years
Plant and machinery 6 - 15 years
Furniture and fixtures 10 years
Office equipments 5 years
Vehicles 8 - 10 years
Washery plant 10 years
Salt works- reservoirs, salt pans 10 years
The estimated useful lives, residual values and depreciation method are reviewed at the end of each
reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
2.11. Impairment of tangible assets
At the end of each reporting period, the Company reviews the carrying amounts of its tangible assets
to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount
of an individual asset, the Company estimates the recoverable amount of the cash-generating unit
to which the asset belongs. When a reasonable and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated
to the smallest group of cash-generating units for which a reasonable and consistent allocation basis
can be identified.
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Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable
amount. An impairment loss is recognised immediately in profit or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating
unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no impairment
loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment
loss is recognised immediately in profit or loss.
2.12. Inventories
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined
on the basis of adsorption costing method. Net realisable value represents the estimated selling price for
inventories less all estimated costs of completion and costs necessary to make the sale.
2.13. Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result
of a past event, it is probable that the Company will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the end of the reporting period, taking into account the risks and uncertainties
surrounding the obligation. When a provision is measured using the cash flows estimated to settle the
present obligation, its carrying amount is the present value of those cash flows (when the effect of the time
value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered
from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be
received and the amount of the receivable can be measured reliably.
2.14. Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the
contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets
and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of
the financial assets or financial liabilities, as appropriate, on initial recognition.
2.15. Financial assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date
basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of
assets within the time frame established by regulation or convention in the marketplace.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair
value, depending on the classification of the financial assets.
Classification of financial assets
The Company classifies its financial assets in the following measurement categories:
I. those to be measured subsequently at fair value (either through other comprehensive income, or
through the Statement of Profit and Loss), and
II. those measured at amortised cost.
The classification depends on the Company’s business model for managing the financial assets and the
contractual terms of the cash flows.
29

For assets measured at fair value, gains and losses will either be recorded in the profit and Loss or
in other comprehensive income. For investments in debt instruments, this will depend on the business
model in which the investment is held. For investments in equity instruments, this will depend on whether
the Company has made an irrevocable election at the time of initial recognition to account for the equity
investment at fair value through other comprehensive income.
Measurement
At initial recognition, the Company measures a financial asset at its fair value. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are
recognised immediately in profit or loss.
Debt instruments:
Subsequent measurement of debt instruments depends on the Company’s business model for managing
the asset and the cash flow characteristics of the asset. The Company classifies its debt instruments into
following categories:
• Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows
represent solely payments of principle and interest are measured at amortised cost. Interest income
from these financial assets is included in other income using the effective interest rate method.
• Fair value through profit and loss: Assets that do not meet the criteria for amortised cost are measured
at fair value through profit and loss. Interest income from these financial assets is included in other
income.
Equity instruments:
The Company subsequently measures all equity investments at fair value. Where the Company’s
management has elected to present fair value gains and losses on equity investments in other
comprehensive income, there is no subsequent reclassification of fair value gains and losses to the
Statement of profit and loss.
Impairment of financial assets
The Company assesses on a forward-looking basis the expected credit losses associated with its assets. The
impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables or any contractual right to receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 18, the Company always measures the loss allowance at an
amount equal to lifetime expected credit losses.
Derecognition of financial assets
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership
of the asset to another party. If the Company neither transfers nor retains substantially all the risks
and rewards of ownership and continues to control the transferred asset, the Company recognises its
retained interest in the asset and an associated liability for amounts it may have to pay. If the Company
retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company
continues to recognise the financial asset and recognises a collateralised borrowing for the proceeds
received.
On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount
and the sum of the consideration received and receivable and the cumulative gain or loss that had been
recognised in other comprehensive income and accumulated in equity is recognised in profit or loss if
such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial
asset.
On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an option
to repurchase part of a transferred asset), the Company allocates the previous carrying amount of the
financial asset between the part it continues to recognise under continuing involvement, and the part it
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STANROSE MAFATLAL

no longer recognises on the basis of the relative fair values of those parts on the date of the transfer.
The difference between the carrying amount allocated to the part that is no longer recognised and the
sum of the consideration received for the part no longer recognised and any cumulative gain or loss
allocated to it that had been recognised in other comprehensive income is recognised in profit or loss
if such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial
asset. A cumulative gain or loss that had been recognised in other comprehensive income is allocated
between the part that continues to be recognised and the part that is no longer recognised on the basis
of the relative fair values of those parts.
2.16. Financial liabilities and equity instruments
Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity
in accordance with the substance of the contractual arrangements and the definitions of a financial liability
and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds
received, net of direct issue costs.
Repurchase of the Company’s own equity instruments is recognised and deducted directly in equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company’s
own equity instruments.
Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest method or
at FVTPL.
However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition
or when the continuing involvement approach applies, financial guarantee contracts issued by the
Company, and commitments issued by the Company to provide a loan at below-market interest rate are
measured in accordance with the specific accounting policies set out below.
Financial liabilities are classified as at FVTPL when the financial liability is either contingent consideration
recognised by the Company as an acquirer in a business combination to which Ind AS 103 applies or is
held for trading or it is designated as at FVTPL.
A financial liability is classified as held for trading if:
• it has been incurred principally for the purpose of repurchasing it in the near term; or
• on initial recognition it is part of a portfolio of identified financial instruments that the Company
manages together and has a recent actual pattern of short-term profit-taking; or
• it is a derivative that is not designated and effective as a hedging instrument.
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on re-measurement
recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid
on the financial liability and is included in the ‘Other income’ line item.
Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the Company’s obligations are
discharged, cancelled or have expired, An exchange between with a lender of debt instruments with
substantially different terms is accounted for as an extinguishment of the original financial liability and
the recognition of a new financial liability, Similarly, a substantial modification of the terms of an existing
financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as an
extinguishment of the original financial liability and the recognition of a new financial liability. The difference
between the carrying amount of the financial liability derecognised and the consideration paid and payable
is recognised in profit or loss.
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2.17. Cash and Cash Equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes
cash on hand, overdrawn bank balances, bank overdraft, deposits held at call with financial institutions,
other short-term highly liquid investments with original maturities of three months or less that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes
in value.
2.18. Segment Reporting:
Operating segments are reported in a manner consistent with the internal reporting provided to the Board
of directors, they constitute as CODM.
2.19. Earnings Per Share
Basic earnings per share is computed by dividing the profit / (loss) after tax by the weighted average
number of equity shares outstanding during the year. The weighted average number of equity shares
outstanding during the year is adjusted for treasury shares, bonus issue, bonus element in a rights issue
to existing shareholders, share split and reverse share split (consolidation of shares).
Diluted earnings per share is computed by dividing the profit / (loss) after tax as adjusted for dividend,
interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive
potential equity shares, by the weighted average number of equity shares considered for deriving basic
earnings per share and the weighted average number of equity shares which could have been issued on
the conversion of all dilutive potential equity shares including the treasury shares held by the Company to
satisfy the exercise of the share options by the employees.
3. Critical estimates and judgements
In the course of applying the policies outlined in all notes under section 3 above, the Company is required
to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that
are not readily apparent from other sources. The estimates and associated assumptions are based on
historical experience and other factors that are considered to be relevant. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future period, if the revision affects current and future period.
A. Key sources of estimation uncertainty
i. Useful lives of property, plant and equipment
Management reviews the useful lives of property, plant and equipment at least once a year. Such
lives are dependent upon an assessment of both the technical lives of the assets and also their
likely economic lives based on various internal and external factors including relative efficiency and
operating costs. Accordingly depreciable lives are reviewed annually using the best information
available to the Management.
ii. Provisions and liabilities
Provisions and liabilities are recognized in the period when it becomes probable that there will be a
future outflow of funds resulting from past operations or events that can reasonably be estimated. The
timing of recognition requires application of judgement to existing facts and circumstances which may
be subject to change. The amounts are determined by discounting the expected future cash flows
at a pre-tax rate that reflects current market assessments of the time value of money and the risks
specific to the liability.
iii. Contingencies
In the normal course of business, contingent liabilities may arise from litigation and other claims
against the Company. Potential liabilities that are possible but not probable of crystallising or are very
difficult to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in the
notes but are not recognized.
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STANROSE MAFATLAL

iv. Leases
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS
116. Identification of a lease requires significant judgment. The Company uses significant judgement
in assessing the lease term (including anticipated renewals) and the applicable discount rate.
The Company determines the lease term as the non-cancellable period of a lease, together with
both periods covered by an option to extend the lease if the Company is reasonably certain to
exercise that option; and periods covered by an option to terminate the lease if the Company is
reasonably certain not to exercise that option. In assessing whether the Company is reasonably
certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it
considers all relevant facts and circumstances that create an economic incentive for the Company
to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The
Company revises the lease term if there is a change in the non-cancellable period of a lease.
v. Estimation of uncertainties relating to the global health pandemic from COVID-19 (COVID-19):
The Company has considered the possible effects that may result from the pandemic relating to
COVID-19 and subsequent second wave. There are no significant receivables in the Company and
therefore no material impact of COVID-19 and subsequent second wave is expected on the Company.
In developing the assumptions relating to the possible future uncertainties in the global economic
conditions because of this pandemic, the Company, as at the date of approval of these financial
statements has used internal and external sources of information including credit reports and related
information, economic forecasts. The impact of COVID-19 on the Company’s financial statements
may differ from that estimated as at the date of approval of these financial statements.
4. Recent Indian Accounting Standards (Ind AS)
On March 24, 2021, the Ministry of Corporate Affairs (“MCA”) through a notification, amended Schedule III of
the Companies Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from
April 1, 2021. Key amendments relating to Division II which relate to companies whose financial statements are
required to comply with Companies (Indian Accounting Standards) Rules 2015 are:
Balance Sheet:
a. Lease liabilities should be separately disclosed under the head ‘financial liabilities’, duly distinguished as
current or non-current.
b. Certain additional disclosures in the statement of changes in equity such as changes in equity share
capital due to prior period errors and restated balances at the beginning of the current reporting period.
c. Specified format for disclosure of shareholding of promoters.
d. Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and
intangible asset under development.
e. If a company has not used funds for the specific purpose for which it was borrowed from banks and
financial institutions, then disclosure of details of where it has been used.
f. Specific disclosure under ‘additional regulatory requirement’ such as compliance with approved schemes
of arrangements, compliance with number of layers of companies, title deeds of immovable property not
held in name of company, loans and advances to promoters, directors, key managerial personnel (KMP)
and related parties, details of benami property held etc.
Statement of profit and loss:
g. Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or
virtual currency specified under the head ‘additional information’ in the notes forming part of the standalone
financial statements.
The amendments are extensive, and the Company will evaluate the same to give effect to them as required
by law.
33
34
5. Property, plant and equipment and capital work-in-progress
Furniture Salt Works -

Freehold Plant and and Office Reservoirs, Washery
Description of assets land Equipment Fixtures Equipment Vehicles Building Salt Pans Plant Total
Cost
As at April 1, 2019 .............................. 1.40 20.70 0.12 0.22 18.86 10.02 14.26 76.73 142.31
Additions ............................................. — 1.97 — — — — — — 1.97
Disposals/ reclassifications ................ — — — — — — — — —
As at March 31, 2020 ....................... 1.40 22.67 0.12 0.22 18.86 10.02 14.26 76.73 144.28
Additions ............................................. — 1.64 — — — — — — 1.64
Disposals/ reclassifications ................ — (1.34) — — (1.09) — — — (2.43)
As at March 31, 2021 ....................... 1.40 22.97 0.12 0.22 17.77 10.02 14.26 76.73 143.49
Depreciation ......................................
As at April 1, 2019 .............................. — 5.35 0.09 0.15 3.48 1.08 4.08 11.88 26.11
Depreciation expense for the year...... — 1.91 0.01 0.01 2.48 0.37 1.36 7.29 13.43
Eliminated on disposal of assets/
reclassifications.................................... — — — — — — — — —
As at March 31, 2020........................ — 7.26 0.10 0.16 5.96 1.45 5.44 19.17 39.54
Depreciation expense for the year........ — 1.77 — 0.01 2.91 0.36 1.36 7.29 13.70
Eliminated on disposal of assets/
reclassifications.................................... — (0.74) — — (0.87) — — — (1.61)
As at March 31, 2021........................ — 8.29 0.10 0.17 8.00 1.81 6.80 26.46 51.63
As at March 31, 2021........................ 1.40 14.68 0.02 0.05 9.77 8.21 7.46 50.27 91.86
As at March 31, 2020........................ 1.40 15.41 0.02 0.06 12.90 8.57 8.82 57.56 104.74
5.1 Impairment losses recognised in the year

There are no impairment losses recognised during the year.
STANROSE MAFATLAL

6. Other financial assets
As at As at
March 31, 2021 March 31, 2020
Non-current
Security deposits................................................................................. 8.03 7.65
Total..................................................................................................... 8.03 7.65
7. Non-current tax assets (net)

Advance Tax (net of provisions).......................................................... 6.30 5.64
Total..................................................................................................... 6.30 5.64
8. Other assets
Non-current
Capital advances................................................................................. 9.12 —
Advances other than capital advances
Security deposits................................................................................. 5.00 5.00
Total..................................................................................................... 14.12 5.00
Current
Prepaid expenses................................................................................ 0.95 0.58
Advance to creditors .......................................................................... 3.69 4.06
Balance with Government authorities................................................. 2.10 0.30
Total..................................................................................................... 6.74 4.94
9 Inventories
Inventories (lower of cost and net realisable value)
– Finished Goods............................................................................. 6.96 15.19
– Stock-in-trade................................................................................ 47.06 37.20
Total..................................................................................................... 54.02 52.39

The mode of valuation of inventories has been stated in note 2.12
10. Other investments

Current
Unquoted investments carried at amortised cost
Investments in Government securities................................................ 1.09 1.09
Total current investments................................................................. 1.09 1.09
Aggregate book value of quoted investments................................... — —

Aggregate market value of quoted investments................................ — —
Aggregate carrying value of unquoted investments.......................... 1.09 1.09
Aggregate amount of impairment in value of investments................ — —
35

11. Trade Receivables
As at As at
March 31, 2021 March 31, 2020
Current
Unsecured, considered good
– Outstanding for a period exceeding six months............................ 0.29 —
– Outstanding for a period less than six months.............................. 3.16 3.43
Total........................................................................................................ 3.45 3.43
The average credit period on sales of goods is 45 days.
11.1 Trade Receivables

Age of receivables
Within the credit period.......................................................................... 3.16 3.43

1-30 days past due................................................................................. — —
31-60 days past due............................................................................... — —
61-90 days past due............................................................................... — —
More than 90 days past due.................................................................. 0.29 —
12. Cash and Cash Equivalents

A. Cash and cash equivalents
Balances with banks............................................................................... 32.21 26.46
Cash on hand......................................................................................... 0.21 0.02
Total........................................................................................................ 32.42 26.48
B. Bank balance other than cash and cash equivalent

Deposits with bank................................................................................. 363.88 190.37
Total........................................................................................................ 363.88 190.37
13. Loans
Current
Loans to employees
Unsecured considered good................................................................. 0.66 0.51
Total ...................................................................................................... 0.66 0.51
Further information about of these loans is set out in note 32.

14. Equity share capital
Equity share capital................................................................................ 584.00 584.00
Total........................................................................................................ 584.00 584.00
36
STANROSE MAFATLAL

As at As at
March 31, 2021 March 31, 2020
Authorised Share Capital
7,50,000 Equity Shares of ` 100/- each................................................ 750.00 750.00
Issued
5,84,000 Equity Shares of ` 100/- each................................................ 584.00 584.00
Subscribed
5,84,000 Equity Shares (Previous Year 5,84,000) of ` 100/- each 584.00 584.00
Total........................................................................................................ 584.00 584.00
14.1 Fully paid ordinary equity shares, which have a par value of ` 100, carry one vote per share and
carry a right to dividends.
14.2 Details of shares held by each shareholder holding more than 5% shares
As at March 31, 2021
Number of % holding of
shares held equity shares
Fully paid equity shares
Standard Industries Limited............................................................. 584,000 100%
As at March 31, 2020

Number of % holding of
shares held equity shares
Fully paid equity shares
Standard Industries Limited.............................................................. 584,000 100%
15. Other equity
As at As at
March 31, 2021 March 31, 2020
Capital reserve - cash subsidy................................................................ 4.14 4.14
Retained earnings.................................................................................... (5,448.39) (5,578.03)
Deemed contribution from shareholders................................................ 506.30 506.30
Securities premium account................................................................... 4,833.00 4,833.00
Total......................................................................................................... (104.95) (234.59)
15.1 Capital reserve - cash subsidy For the For the

March 31, 2021 March 31, 2020
Balance at the beginning of year.................................................... 4.14 4.14
Additions during the year................................................................. — —
Balance at end of year................................................................... 4.14 4.14
Capital Reserve of ` 4.14 Lakhs was created for cash subsidy received against property, plant and equipments
installed at Surat site in the financial year 1981-82.
37

15.2 Retained earnings For the For the
March 31, 2021 March 31, 2020
Balance at the beginning of year ..................................................... (5,578.03) (5,657.49)
Profit attributable to owners of the Company................................... 130.75 80.19
Remeasurement of defined benefits plan......................................... (1.11) (0.73)
Balance at end of year...................................................................... (5,448.39) (5,578.03)
Retained earnings represents the amount that can be distributed by the Company as dividends considering the
requirements of the Companies Act, 2013. No dividends are distributed given the accumulated losses incurred
by the Company.
15.3 Deemed contribution from shareholders For the For the

March 31, 2021 March 31, 2020
Balance at the beginning of year..................................................... 506.30 506.30

Addition during the year................................................................... — —
Balance at end of year...................................................................... 506.30 506.30
15.4 Securities premium account For the For the

March 31, 2021 March 31, 2020
Balance at the beginning of year...................................................... 4,833.00 4,833.00
Addition on account of right issue of shares..................................... — —
Balance at end of year...................................................................... 4,833.00 4,833.00
Securities premium reserve represents the premium received on issue of shares over and above the face value
of equity shares. The reserve is available for utilisation in accordance with the provisions of the Companies Act,
2013.
16 Provisions
As at As at
March 31, 2021 March 31, 2020
Non-Current
Employee benefits .....................................................................................
- for gratuity................................................................................................ 0.62 —
0.62 —
Current
Employee benefits .....................................................................................
- for gratuity................................................................................................ 19.03 16.62
Total............................................................................................................ 19.03 16.62
38
STANROSE MAFATLAL

17 Trade payables
As at As at
March 31, 2021 March 31, 2020
Trade payables........................................................................................ 15.15 29.68
Total......................................................................................................... 15.15 29.68
The average credit period on purchases is 90 days. No interest is charged on the trade payables.
Refer note 33 for Disclosures required under section 22 of the Micro, Small and Medium Enterprises Development
Act, 2006, (MSMED Act)
18 Other current financial liabilities

As at As at
March 31, 2021 March 31, 2020
Payable on account of property, plant and equipment......................... 1.64 —
Total......................................................................................................... 1.64 —
19 Other current liabilities

As at As at
March 31, 2021 March 31, 2020
Statutory Liabilities 0.75 0.59
Contract liabilities (Advance from customers) 64.58 4.33
Bonus payable......................................................................................... 1.75 1.61
Total......................................................................................................... 67.08 6.53
20 Revenue from operations

For the For the
March 31, 2021 March 31, 2020
(a). Sale of products
- Common salt................................................................................. 440.23 444.80
(b). Other operating revenues
Income from weighbridge/ quality Bonus..................................... 0.71 0.77
440.94 445.57
20.1 There are no impairment losses on trade receivable recognised in Statement of profit and loss for the year
ended March 31, 2021 and March 31, 2020 (refer note 11).
20.2 The Company presently recognises revenue on point in time basis. This is consistent with the revenue
information that is disclosed under segment information as per Ind AS 108. (Refer Note 26 on Segment
information disclosure).
39

20.3 Contract balances
The following table provides information about receivables from contracts with customers:
As at As at
March 31, 2021 March 31, 2020
Trade receivables...................................................................................... 3.45 3.43
Contract liabilities..................................................................................... 64.58 4.33
20.4 For the For the

March 31, 2021 March 31, 2020
Revenue recognized that was included in the contract liability 4.33 —
(advance from customers) balance at beginning of the reporting
period..........................................................................................................
4.33 —
20.5 The Company receives payments from customers based upon contractual billing schedules. Accounts
receivable are recorded when the right to consideration becomes unconditional. Contract liabilities
include payments received in advance of performance under the contract, and are realized with the
associated revenue recognized under the contract.
20.6 There are no performance obligations that are unsatisfied or partially unsatisfied during the year ended
March 31, 2021 and year ended March 31, 2020.
21 Other income
For the For the
March 31, 2021 March 31, 2020
(a). Interest Income
- On income-tax refund......................................................................... 0.02 0.01
- Interest Income on deposits............................................................... 12.31 4.72
12.33 4.73
(b). Other non-operating income (net of expenses directly attributable
to such income)
- Profit on disposal of property, plant and equipments....................... 0.24 —
- Sundry (Scrap Income)...................................................................... 0.35 —
0.59 —
Total................................................................................................................ 12.92 4.73
40
STANROSE MAFATLAL

22. Changes in inventories of stock-in-trade
For the For the
March 31, 2021 March 31, 2020
Opening stock:
Finished stock ........................................................................................ 15.19 31.49
Process stock.......................................................................................... 37.20 40.98
A 52.39 72.47
Closing stock:
Finished stock ........................................................................................ 6.96 15.19
Process stock.......................................................................................... 47.06 37.20
B 54.02 52.39
A-B (1.63) 20.08
23. Employee benefits expenses

For the For the
March 31, 2021 March 31, 2020
Salaries and wages....................................................................................... 24.84 23.55
Gratuity........................................................................................................... 1.92 1.96
Contribution to provident fund..................................................................... 2.51 2.39
Staff Welfare Expenses.................................................................................. 1.94 4.71
31.21 32.61
24. Depreciation and amortisation expense

For the For the
March 31, 2021 March 31, 2020
Depreciation of property, plant and equipments...................................... 13.71 13.43
Total depreciation and amortisation expenses..................................... 13.71 13.43
25. Other expenses

For the For the
March 31, 2021 March 31, 2020
Contract labour expenses............................................................................ 14.81 14.32
Directors' fees............................................................................................... 0.03 0.03
Insurance...................................................................................................... 0.04 0.29
Labour charges............................................................................................. 56.19 70.79
Legal and professional fees......................................................................... 15.25 3.28
Payment to auditors (refer note 25.1).......................................................... 1.05 0.90
Power and fuel.............................................................................................. 42.35 56.72
Printing and stationery, advertisement, postage and other expenses....... 1.33 0.83
Rates & taxes................................................................................................ 20.32 20.71
Rent............................................................................................................... 5.14 5.14
Repairs.......................................................................................................... 38.45 32.95
Salt - internal shifting expenses................................................................... 64.61 71.12
Stores and tools consumed......................................................................... — 0.05
41

25. Other expenses (contd.)

For the For the
March 31, 2021 March 31, 2020
Transport and freight charges...................................................................... 15.57 21.12
Travelling and conveyance expenses.......................................................... 0.54 0.63
Vehicle expenses.......................................................................................... 1.85 2.40
Miscellaneous expenses.............................................................................. 2.29 2.71
Total.............................................................................................................. 279.82 303.99
25.1 Payments to auditors

For the For the
March 31, 2021 March 31, 2020
For audit......................................................................................................... 0.50 0.50
For taxation matters....................................................................................... 0.25 0.25
For other services.......................................................................................... 0.30 0.15
Total................................................................................................................ 1.05 0.90
26. Segment information

The principal business of the Company is of manufacturing of common salt and marketing it through various salt
traders. All other activities of the Company revolve around its main business. The Board of directors, has been
identified as the chief operating decision maker (CODM). The CODM evaluates the Company’s performance,
allocates resources based on analysis of the various performance indicators of the Company as a single unit.
CODM have concluded that there is only one operating reportable segment as defined by Ind AS 108.
Information about geographical areas
The Company presently caters to only domestic market i.e. India and hence there is no revenue from external
customers outside India nor any of its non-current asset is located outside India.
Information about major customers
Revenue from operation includes of ` 253.75 Lakhs (year ended March 31, 2020: ` 287.74 Lakhs) which arose
from sales to its one (previous year: one) major customer which accounts for 57.64 percent (year ended
March 31, 2020: 64.63 percent) of the total revenue. No other single customer contributed 10% or more to the
Company’s revenue for both year ended March 31, 2021 and March 31, 2020.
27. Earnings per share

For the For the
Particulars March 31, 2021 March 31, 2020
Basic earnings per share.............................................................................. 22.20 13.61
Diluted earnings per share............................................................................ 22.20 13.61
42
STANROSE MAFATLAL

Notes:
i) Basic earnings per share
The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per
share are as follows:
For the For the

Profit / (loss) for the year attributable to owners of the Company............. 129.64 79.46
Less: Preference dividend and tax thereon................................................. — —
Earnings used in the calculation of basic earnings per share.................... 129.64 79.46
Weighted average number of equity shares................................................ 584,000 584,000
ii) Diluted Earnings Per Share

The diluted earnings per share has been computed by dividing the Net profit after tax available for equity
shareholders by the weighted average number of equity shares, after giving the effect of the dilutive potential
ordinary shares for the respective periods.
For the For the
Profit / (loss) for the year used in the calculation of basic earnings per
share.............................................................................................................. 129.64 79.46
Add: adjustments on account of dilutive potential equity shares............... — —
Earnings used in the calculation of diluted earnings per share ................ 129.64 79.46
Weighted average number of equity shares................................................ 584,000 584,000
iii) Reconciliation of weighted average number of equity shares

The weighted average number of equity shares for the purpose of diluted earnings per share reconciles to the
weighted average number of equity shares used in the calculation of basic earnings per share as follows:
For the For the
Weighted average number of equity shares used in the calculation
of Basic EPS................................................................................................ 584,000 584,000
Add: adjustments on account of dilutive potential equity shares............... — —
Weighted average number of equity shares used in the calculation
of Diluted EPS.............................................................................................. 584,000 584,000
28. Leases
The Company has applied for Lease renewal and has duly paid the lease renewal fees every year for operating
lease arrangement for land at Dandi and Lawcha (Surat). As per notification issued by the Land Revenue
Department of Government of Gujarat vide Notification no. 1597/1372A1 dated 9th October, 2017, the Company
is entitle to renew the leases for the period of 30 years from the last renewal date.
The Government has not yet processed the Company’s application for renewal of lease but the control of the
asset is with the Company. Therefore this lease is treated as a short term lease with renewals every year.
Rental expense recorded for short-term leases was ` 5.14 Lakhs for the year ended March 31, 2021
(Previous Year March 31, 2020 ` 5.14 Lakhs)
43

29. Contingent liabilities and commitments
As at As at
Contingent liabilities (to the extent not provided for)
Claims against the Company not acknowledged as debts:
Local cess (refer note (i) below)....................................................................... 334.16 252.26
(i) Amount claimed by Taluka Development Officer towards Local Cess. The Company has contested this claim and
has paid an amount of ` 5,00,000/- under protest with Gujarat High Court.
(ii) There are no capital commitments.
30. Employee benefits

i) Defined Contribution Plan
The Company’s contribution to Provident fund aggregating during the period ended March 31, 2021 is
` 2.51 Lakhs (and during the year ended March 31, 2020: ` 2.39 Lakhs) has been recognised in the
statement of profit or loss under the head employee benefits expense.
ii) Defined Benefit Plans:
Gratuity
The Company has a defined benefit gratuity plan in India (unfunded). The company’s defined benefit
gratuity plan is a final salary plan for employees. Gratuity is paid from company as and when it becomes
due and is paid as per company scheme for Gratuity.
During the previous year, the company has changed the benefit scheme in line with Payment of Gratuity
Act, 1972 by increasing monetary ceiling from 10 lakhs to 20 lakhs in respect of those employee who
are payable as per Act. Change in liability (if any) due to this scheme change is recognised as past
service cost.
Through its defined benefit plans the Company is exposed to a number of risks, the most significant of
which are detailed below:
(1) Salary risk:
The present value of the defined benefit plan liability is calculated by reference to the future salaries of
members. As such, an increase in the salary of the members more than assumed level will increase the
plan’s liability.
(2) Interest rate risk

A fall in the discount rate which is linked to the Government security rate will increase the present value of
the liability requiring higher provision.
The significant actuarial assumptions used for the purposes of the actuarial valuations were as follows:
Valuation as at
Particulars
March 31, 2021 March 31, 2020
(i) Financial assumptions
Discount rate (p.a.)...................................................................................... 6.57% 6.82%
Salary escalation rate (p.a.)........................................................................ 4.00% 4.00%
Rate of employee turnover (p.a.)................................................................ 2.00% 2.00%
(ii) Demographic assumptions
Indian assured Indian assured
lives mortality lives mortality
Mortality rate (2006-08) (2006-08)
44
STANROSE MAFATLAL

Amounts recognised in statement of profit and loss in respect of these defined benefit plans are as follows:
For the For the

March 31, 2021 March 31, 2020
Current service cost............................................................................................. 0.79 0.74
Past service cost and (gains)/losses from settlements...................................... — —
Net interest expense............................................................................................. 1.13 1.22
Components of defined benefit costs recognised in profit or loss............ 1.92 1.96
Remeasurement on the net defined benefit liability

Actuarial (gains)/loss arising from changes in financial assumptions......... 0.14 0.41
Actuarial (gains)/loss arising from changes in demographic assumptions... — —
Actuarial (gains)/loss arising from experience adjustments......................... 0.97 0.32
Return on plan assets (excluding amount included in net interest expense).... — —
Adjustment to recognise the effect of asset ceiling...................................... — —
Components of defined benefit costs recognised in other comprehensive

income................................................................................................................... 1.11 0.73
Total................................................................................................................... 3.03 2.69
Notes:
i) The Current service cost and the next interest expense for the period are included in the ‘Employee benefits
expense’ line item in the statement of profit and loss.
ii) The remeasurement of the net define benefits liability is included in other comprehensive income
The amount included in the balance sheet arising from the entity’s obligation in respect of its defined benefit
plans is as follows:
As at As at
March 31, 2021 March 31, 2020
Present value of benefit obligation at the end of the year.............................. (19.65) (16.62)
Fair value of plan assets at the end of the year.............................................. — —
Unfunded status Surplus/ (Deficit)................................................................ (19.65) (16.62)
Movement in the present value of the defined benefit obligation are as follows:
For the For the

Opening of defined benefit obligation................................................................. 16.62 16.31
Current service cost............................................................................................. 0.79 0.74
Past service cost................................................................................................... — —
Interest on defined benefit obligation.................................................................. 1.13 1.22
45

For the For the

Remeasurements due to:
Actuarial loss / (gain) arising from change in financial assumptions.......... 0.14 0.41
Actuarial loss / (gain) arising from change in demographic assumptions..... — —
Actuarial loss / (gain) arising on account of experience changes............... 0.97 0.32
Benefits paid directly by the Employer.............................................................. — (2.38)
Benefits paid from the fund................................................................................ — —
Liabilities extinguished on settlement................................................................. — —
Closing of defined benefit obligation............................................................ 19.65 16.62
Movement in the fair value of the plan assets are as follows:
For the For the

Opening fair value of plan assets........................................................................ — —

Employer contribution.......................................................................................... — —
Interest on plan assets......................................................................................... — —
Administration expenses...................................................................................... — —
Remeasurement due to:
Actual return on plan assets less interest on plan assets............................ — —
Benefits paid........................................................................................................ — —
Assets distributed on settlement......................................................................... — —
Closing of defined benefit obligation............................................................ — —
Major category of plan assets (as a percentage of total plan assets)

As at As at
Equity instruments............................................................................................... — —
Debt Instruments................................................................................................. — —
Insurer Managed Funds...................................................................................... — —
Total..................................................................................................................... — —
Sensitivity Analysis
The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the reporting period, while holding all other assumptions constant.
The following table summarizes the impact on the reported defined benefit obligation at the end of the reporting
period arising on account of an increase or decrease in the reported assumption by 1%.
46
STANROSE MAFATLAL

Impact on defined benefit

obligation
Increase in Decrease in
Principal assumption assumption assumption
(a) Discount rate
As at March 31, 2021................................................................................ (0.57) 0.62
As at March 31, 2020................................................................................ (0.62) 0.68
(b) Salary Escalation Rate

As at March 31, 2021................................................................................ 0.63 (0.59)
As at March 31, 2020................................................................................ 0.69 (0.64)
(c) Employee Turnover Rate

As at March 31, 2021................................................................................ 0.08 (0.08)
As at March 31, 2020................................................................................ 0.09 (0.10)

Notes:
i) The sensitivity analysis presented above may not be representative of the actual change in the projected benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated.
ii) Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation
has been calculated using the projected unit credit method at the end of the reporting period, which is the same
method as applied in calculating the projected benefit obligation as recognised in the balance sheet.
iii) There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
The Company expects to contribute ` Nil (as at March 31, 2020: ` Nil) to the gratuity trusts during the next
financial year.
Maturity profile of defined benefit obligation:
Maturity Analysis of the Benefit Payments: From the Employer
Projected benefits payable in future years from the date of reporting:
As at As at
1st following year...................................................................... 0.62 0.52
2 nd
following year................................................................... 12.49 0.54
3 following year...................................................................
rd
0.26 10.81
4 following year....................................................................
th
0.82 0.65
5th following year.................................................................... 0.26 0.23
Sum of years 6 to 10............................................................. 6.87 6.22
The weighted average duration of the defined benefit obligation as at March 2021: 4 years (March 2020: 5 years)
47

31. Related parties transactions
i) Names of the related parties and related party relationships
Relationship as at
Holding Holding
Standard Industries Limited company company
Key Management Personnel
D. H. Parekh Chairman Chairman
D. M. Nadkarni Director Director
R. N. Patel Director Director
K. J. Pardiwalla (upto 04.11.2020) Director Director
Aziza A Khatri (w.e.f. 01.02.2021) Director —
Company Company
Pradeepkumar Tiwari Secretary Secretary
ii) Details of related party transactions
For the For the

March 31, 2021 March 31, 2020
Standard Industries Limited
Transactions during the year
Advances received during the year..................................................................... 4.21 0.57
Advances repaid during the year........................................................................ 4.21 0.57
iii) Details of related party closing balances
As at As at
Standard Industries Limited
Unsecured loan................................................................................................... — —
Interest accrued but not due.............................................................................. — —
iv) Compensation of key managerial personnel

The remuneration of directors and other members of key managerial personnel during the year was as follows:
For the For the

Short-term employee benefits............................................................................. — —
Post-employment benefits................................................................................... — —
Other long-term benefits..................................................................................... — —
Termination benefits............................................................................................. — —
Total..................................................................................................................... — —
Sitting fee paid to Independent Directors...................................................... 0.03 0.03
As the liabilities for defined benefit plan are provided on actuarial basis for the Company as a whole, the amount
pertaining to key managerial persons are not included.
48
STANROSE MAFATLAL

32. Financial instruments
I. Capital management Policy
The Company manages its capital to ensure that it will be able to continue as going concern while maximising
the return to stakeholders. The Company does not have any significant borrowing.
The Company is not subject to any externally imposed capital requirements.
Gearing ratio:
The gearing ratio at end of the reporting period was as follows.
As at As at
Debt ................................................................................................................. — —
Cash and bank balances ................................................................................ 396.30 216.85
Net debt ........................................................................................................... (396.30) (216.85)
Total equity ...................................................................................................... 479.05 349.41
Net debt to equity ratio ................................................................................... (0.83) (0.62)
II. Categories of financial instruments:

As at As at
Financial assets
Measured at amortised cost
Investments ...................................................................................................... 1.09 1.09
Trade receivables ............................................................................................ 3.45 3.43
Cash and cash equivalent................................................................................ 32.42 26.48
Bank balances other than cash and cash equivalent ................................... 363.88 190.37
Loans................................................................................................................. 0.66 0.51
Other financial assets ...................................................................................... 8.03 7.65
Financial liabilities
Measured at amortised cost
Trade payables................................................................................................. 15.15 29.68
III. Financial risk management objectives

The Company monitors and manages the financial risks to the operations of the Company. These risks include
Credit risk, liquidity risk and market risk.
A. Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial
loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties, as
a means of mitigating the risk of financial loss from defaults. The Company uses its own trading records to rate
its major customers. The Company’s exposure to financial loss from defaults are continuously monitored.
Based on prior experience and as assessment of the current economic environment, management believes there
is no credit risk provision required. Also the Company does not have any significate concentration of credit risk.
B. Liquidity risk
Liquidity Risk refers to insufficiency of funds to meet the financial obligations. Liquidity Risk Management implies
maintenance of sufficient cash to meet obligations when due.
The Company continuously monitoring forecast and actual cash flows, and by assessing the maturity profiles of
financial assets and liabilities.
49

Maturities of financial liabilities
Table showing maturity profile of non-derivative financial liabilities:
Upto One year 1-3 years Total

March 31, 2021
Trade payables................................................................... 15.15 — 15.15
March 31, 2020

Trade Payables................................................................... 29.68 — 29.68
C. Market risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises of currency risk and interest rate risk.
i) Currency risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in foreign exchange rates. The Company is domiciled in India and has its revenues and other transactions
in its functional currency i.e. `. Accordingly the Company is not exposed to any currency risk.
ii) Interest rate risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company has not borrowed any funds from market and therefore is not exposed
to interest rate risk.
IV. Fair Value Measurement

Fair value of financial assets and financial liabilities that are measured at amortised cost:
The management believes the carrying amounts of financial assets and financial liabilities measured at amortised
cost approximate their fair values.
33. Disclosures required under section 22 of the Micro, Small and Medium Enterprises Development Act,
2006, (MSMED Act)
As at As at
(i) Principal amount remaining unpaid to any supplier as at the end of the
accounting year...................................................................................... — —
(ii) Interest due thereon remaining unpaid to any supplier as at the end of
the accounting year............................................................................... — —
(iii) The amount of interest paid along with the amounts of the payment
made to the supplier beyond the appointed day................................. — —
(iv)
The amount of interest due and payable for the period of delay in
making payment (which have been paid but beyond the appointed
day during the year) but without adding the interest specified under
the MSMED Act...................................................................................... — —
(v) The amount of interest accrued and remaining unpaid at the end of the
accounting year...................................................................................... — —
(vi) The amount of further interest due and payable even in the succeeding
year, until such date when the interest dues as above are actually paid
to the small enterprise, for the purpose of disallowance as a deductible
expenditure under section 23 ............................................................... — —
The Company has not received any intimation from the suppliers regarding their status under Micro, Small and
Medium Enterprises Development Act, 2006 and hence the disclosure required under the Act.
50
STANROSE MAFATLAL

34. Deferred tax asset / (liabilities)
Components of deferred tax assets/(liabilities) are as under:

As at As at
March 31, 2021 March 31, 2020
Particulars
Property, plant and equipments ................................................................... (6.01) (6.53)
Provision for Gratuity ..................................................................................... 5.11 0.68
Other Current Liabilities ................................................................................ 0.49 0.42
Carry forward business loss and depreciation ............................................ 1,310.18 1,310.70
Deferred Tax Assets (Net) ........................................................................ 1,309.77 1,305.27
The Company has not recognised deferred tax assets on all deductible temporary differences based on the certainty
and virtual certainty requirement as per Ind AS 12 Income taxes.
35. Other notes
35.1 No provision for income-tax / Minimum Alternate Tax (MAT) has been made in the accounts for the year as it is
estimated that there would be no taxable income under the provision of The Income Tax Act, 1961.
35.2 The accumulated losses of the Company as at the year end is more than 50% of the Shareholders’ Funds.
However, the accounts of the Company have been prepared on a going concern basis in view of the continued
availability of finance / financial support from the Holding Company and expected improvement in the economic
conditions/scenario. Also the Company is in process of developing more Salt Kyaras which will result in
substantial increase in the production of salt.
35.3 There have been no events after the reporting date that require disclosure in these financial statements.

}
FRN : 126935W
Aziza A Khatri

51
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PROXY FORM
(Pursuant to Section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies
(Management and Administration) Rules, 2014)

Registered Office:
912, Alishan Awaas, Diwali Baug, Athwa Lines, Nanpura, Surat–395001.
Tele: 0261 2462287.• E mail : tanaz@stansec.com • CIN : U24110GJ1979PLC003315
41ST ANNUAL GENERAL MEETING
Name of the Member(s) :
Registered address :

Email ID :
Folio No. :
I/We, being the member(s) of Standard Salt Works Limited, holding..................................., shares of the above named
company, hereby appoint
Name:.................................................................................. E-mail Id: ..................................................................................
Address:....................................................................................................................................................................................................
........................................................................................................................ Signature:.......................................................................
or failing him/her
Name:.................................................................................. E-mail Id: ..................................................................................
Address:....................................................................................................................................................................................................
........................................................................................................................ Signature:.......................................................................
or failing him/her
Name:.................................................................................. E-mail Id: ..................................................................................
Address:....................................................................................................................................................................................................
........................................................................................................................ Signature:.......................................................................
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 41st Annual General Meeting
of the Company, to be held on Friday, 03rd September, 2021 at 10.00 A.M. at 912, Alishan Awaas, Diwali Baug,
Athwa Lines, Nanpura, Surat – 395 001 at any adjournment thereof in respect of such resolutions as are
indicated below:
Resolution Resolution
Number
ORDINARY BUSINESS
1. Adoption of Directors’ Report, Audited Financial Statements for the year ended 31st March, 2021 &
Auditors’ Report thereon
2. Re-appointment of Shri D. M. Nadkarni who retires by rotation
SPECIAL BUSINESS
3. Consent of the Members of the Company be and is hereby accorded for appointment of
Ms. Aziza A. Khatri (DIN 03470976) as the Director of the Company to fill in the casual vacancy
caused by the sad demise of Shri K.J. Pardiwalla, Director of the Company, and she shall be liable
to retire by rotation
Affix
Signed this .............................day of............................................... 2021. Revenue
Stamp
Signature of the member Signature of the proxy holder(s)
Notes:
1. This form of proxy in order to be effective should be duly completed and deposited at 912, Alishan Awaas,
Diwali Baug, Athwa Lines, Nanpura, Surat – 395 001, not less than 48 hours before the commencement
of the Meeting.
2. For the Resolutions, Explanatory Statements & Notes please refer to the Notice of the 41st Annual General Meeting.
ATTENDANCE SLIP

Registered Office:
912, Alishan Awaas, Diwali Baug, Athwa Lines, Nanpura, Surat–395001.
Tele: 0261 2462287.• E mail : tanaz@stansec.com • CIN : U24110GJ1979PLC003315
41ST ANNUAL GENERAL MEETING
Folio No. :
No. of shares held :
I certify that I am a member / proxy of the Company.
I hereby record my presence at the 41st Annual General Meeting of the Company, to be held on Friday,
03rd September, 2021 at 10.00 A.M. at 912, Alishan Awaas, Diwali Baug, Athwa Lines, Nanpura, Surat – 395 001
Member’s / Proxy’s Signature

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Standard Salt Works Limited: 41st ANNUAL REPORT 2020-2021

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STANDARD SALT WORKS LIMITED

41st ANNUAL REPORT 2020-2021

ANNEXURE TO THE NOTICE

Name of Director D. M. Nadkarni Aziza A. Khatri

By Order of the Board

DIRECTORATE AND BOARD MEETINGS MATERIAL CHANGES AND COMMITMENTS

ANNEXURE A TO THE DIRECTORS’ REPORT

B. TECHNOLOGY ABSORPTION For and on behalf of the Board

ANNEXURE B TO THE DIRECTOR REPORT

For Kaushik M. Jhaveri & Co.,

ANNEXURE - A TO SECRETARIAL AUDIT REPORT OF

List of other Acts/Laws as amended time to time applicable to the Company:

For Kaushik M. Jhaveri & Co.,

INDEPENDENT AUDITORS’ REPORT

Annexure “A” to the Independent Auditor’s Report of even date on the

Annexure “B” to the Independent Auditor’s Report

See accompanying notes to the financial statements

In terms of our report attached

Place : Mumbai Place : Mumbai

STATEMENT OF PROFIT AND LOSS

For the For the

I Revenue from operations.............................................................. 20 440.94 445.57

VIII Other comprehensive income

See accompanying notes to the financial statements

In terms of our report attached

Place : Mumbai Place : Mumbai

CASH FLOW STATEMENT

For the For the

A. Cash flow from operating activities:

In terms of our report attached

Place : Mumbai Place : Mumbai

a. Equity share capital

Balance at March 31, 2021..................................................................... 4,833.00 4.14 506.30 (5,448.39) (104.95)

In terms of our report attached

Place : Mumbai Place : Mumbai

Date : 19th June, 2021 Date : 19th June, 2021

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

2.9. Property, plant and equipment

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Furniture Salt Works -

5.1 Impairment losses recognised in the year

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Total..................................................................................................... 8.03 7.65

7. Non-current tax assets (net)

Total..................................................................................................... 6.30 5.64

Total..................................................................................................... 14.12 5.00

Total..................................................................................................... 6.74 4.94

Total..................................................................................................... 54.02 52.39

10. Other investments

Total current investments................................................................. 1.09 1.09