(Rs. in lacs)
 
                                                    2011          2010
 
 1) CONTINGENT LIABILITIES
 
 i) In respect of Income Tax matters 
 contested by the company                          59.31        122.50
 
 i) In respect of Sales Tax Matters                 0.00          0.85
 
 iii) In respect of Custom Duty matter              4.51          4.51 
 
 iv) Estimated Amount of Contracts 
 remaining to be executed on Capital
 Accounts and not provided for in the accounts.    46.44           NIL
 
 2) Figures of previous year has been regrouped and rearranged wherever
 necessary.
 
 3) Details of dues to Micro, Small and Medium Enterprises as per MSMED
 Act, 2006; There are no outstanding dues payable to parties covered
 under the Micro, Small and Medium Enterprises as per MSMED Act, 2006.
 This information has been determined to the extent such parties have
 been identified on the basis of information available with the company.
 
 During the year, Company have not paid any interest to such suppliers
 and no interest was accrued and remaining unpaid at the year end. This
 has been relied upon by the auditors.
 
 4) DIRECTORS REMUNERATION
 
 vi) The above figures do not include contribution to Gratuity Fund for
 Directors, as separate figures could not be ascertained.
 
 5) The Profit & Loss A/c includes aggregate exchange difference (Net)
 of Rs. 37.55 Lacs (Credit) Previous Year Rs. 38.75 lacs (Debit)
 including Rs. 6.20 lacs on outstanding Forward Exchange Contract.
 
 6) RELATED PARTY TRANSACTIONS
 
 AS PER ANNEXURE ATTACHED
 
 7) SEGMENT REPORTING
 
 Company is exclusively engaged in the Gems & Jewellery Business, which
 as per Accounting Standard AS-17 is considered the only primary
 reportable business segment.
 
 8) LEASE DISCLOSURES
 
 The Company has entered into Four Lease Agreements and had given
 premises on lease for 33 Months to others, which are in the nature of
 operating lease. Leased Asset i.e., premises is shown as Fixed Assets.
 Gross value Rs. 257.33 Lacs and accumulated depreciation Rs. 154.43
 Lacs. Lease income Rs. 55.46 Lacs is recognised on straight-line basis
 in the Profit & Loss Account. Depreciation Rs. 11.43 Lacs provided
 during the year at rates for which similar Assets are depreciated.
 Future lease rental receivable within the period of one year Rs. 60.75
 Lacs (Previous Year Rs. 35.22 Lacs).
 
 9) ACCOUNTING FOR DEFERRED TAX
 
 The deferred Tax Liability has arisen mainly on account of timing
 difference between Depreciation admissible under Income Tax Rules and
 Depreciation in Books.
 
 10) There were no amount due and outstanding to be credited to Investor
 Education and Protection Fund.
 
 11) FINANCIAL AND DERIVATIVE INSTRUMENT : -
 
 1) Forward exchange contract entered into by the company for hedging
 currency related risks and outstanding as on 31-03-2011 Rs. 276.44 Lacs
 US $ 600000 (Previous Year Rs. NIL)
 
 2) The Company uses Foreign Currency forward contracts to hedge its
 risks against Foreign Currency.
 
 3) Foreign Currency exposure that is not hedged by forward exchange
 contract as on 31-03-2011 Rs. 22.35 Lacs on account of Imports & others
 (Pr. Yr 62.82 Lacs) and Rs. 1126.29 lacs on account of Export of goods.
 (Previous Year Rs. 1326.02 lacs)
 
 ANNEXURE
 
 ENCLOSURE FOR RELATED PARTY DISCLOSURE
 
 As required by Accounting Standard -AS 18 “ Related Parties
 Disclosures” issued by the Institute of Chartered Accountants of India
 are given below :
 
 A) Wholly owned Subsidiary Companies
 
 i) Shantivijay Jewels International Ltd., Mauritius
 
 ii) Shantvijay Impex DMCC (Subsidiary of Shantivijay Jewels
 International Ltd.)
 
 B) Associate Companies
 
 i) Precious Gems Pvt. Ltd.
 
 C) Key Management Personnel & Relatives
 
 Shri Pradeep Kumar Godha - Chairman & Managing Director 
 
 Shri Anurag Godha - Vice Chairman & Managing Director 
 
 Smt Rajrani Godha }
 
 Smt Sudha Godha   } Relatives of Directors
 
 Smt Namita Godha  }