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
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
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.
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.