1.  Contingent Liabilities                   2011-12      2010-11
 
 a. Bank Guarantee                             50938000     21150000
 
 b. Income Tax/ Sales tax / Excise Duty demand  4508361      5105014
 disputed in appeal (Net of amount paid )
 
 c. Estimated amount of contracts remaining 
 to be                                            --        60753329
 executed capital commitment (Net of Advance) 
 
 d. Corporate guarantee given on behalf 
 of others                                    100000000         --
 
 2.  In the opinion of the Board of Directors, Current Assets Loans &
 Advances have value on realization in the ordinary course of business
 at least equal to the amount at which they are stated in the Balance
 Sheet and that the provision for known liabilities is adequate and
 reasonable.
 
 3.  Trade Payable include bills payable for purchase of goods
 Rs.5695.30 Lacs (Pre. Year Rs. 2305.20 Lacs).
 
 4.  Disclosures required under Section 22 of the Micro, Small and
 Medium Enterprises Development Act, 2006
 
 a.  Trade Payables includes Rs. Nil (Previous Year Rs. Nil) amount due
 to micro and small enterprises registered under the Micro, Small and
 Medium Enterprises Development Act, 2006 (MSME).
 
 b.  No interest is paid / payable during the year to any enterprise
 registered under MSME.
 
 c.  The information has been determined to the extent such parties have
 been identified on the basis of informa- tion available with the
 Company. This has been relied upon by the Auditors.
 
 5.  Consequent upon action u/s 132(1) of the Income Tax Act, 1961 was
 carried out during the year at company''s premises, factory, residential
 premises of its directors and its associates the company offered
 additional income of Rs. 996 lacs in the form of stock of chick peas
 agricommodity, for taxation to avoid protracted litigation with revenue
 authorities and included proceeds thereof amounting to Rs. 1045 lacs
 under the head  Revenue from operation.
 
 6.  Leases (Where company is Lessee)
 
 The Company has taken various premises under operating leases with no
 restrictions and are renewable / cancelable at the option of either
 parties. There is no escalation clause in the lease agreement. There is
 no sub- leases. There are no restrictions imposed by lease
 arrangements. The aggregate amount of operating lease payments
 recognized in the statement of profit and loss is Rs. 5445692 (Pre.
 Year Rs.4472440). The company has not recognized any contingent rent as
 expense in the statement of profit and loss.
 
 7.  Related Party Disclosure
 
 A.  Relationships
 
 Key Management Personnel
 
 Shri Mukesh Sangla - Managing Director
 
 Shri Saurabh Sangla - Director
 
 B.  Relative of Key Managerial Personnel
 
 Smt. Monika Sangla - Wife of M.D.
 
 8.  The financial statements have been prepared in line with the
 requirements of Revised Schedule VI of Companies Act, 1956 as
 introduced by the Ministry of Corporate Affairs from the financial year
 ended on 31st March 2012.  Accordingly, assets and liabilities are
 classified between current and non-current considering 12 month period
 as operating cycle. Consequently, the company has re-classified
 previous year figures to confirm to this year''s classification.
 
 COMPANY INFORMATION
 
 Signet Industries Limited was incorporated on January 29, 1985 under
 the Companies Act 1956, having its registered office in Mumbai. Company
 is engaged in Manufacturing of Micro Irrigation System (DRIP),
 Sprinkler Pipe / PVC Pipe & Agro fittings and its Allied Products, all
 type of House Hold & Plastic Moulded Furniture. The Company''s shares
 listed on The Stock Exchange Mumbai, and Madhya Pradesh Stock Exchange,
 Indore. The equity shares of the Company have been permitted for
 trading on the National Stock Exchange of India Ltd. w.e.f. May 30,
 2012, pursuant to circular No.  460/2012 dated May 28, 2012, issued by
 National Stock Exchange and same also traded on Bombay Stock Exchange.