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Signet Industries Ltd.

BSE: 512131 | NSE: SIGIND |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE529F01035 | SECTOR: Finance - Investments

BSE Live

Jan 21, 13:07
57.65 2.35 (4.25%)
Volume
AVERAGE VOLUME
5-Day
83,360
10-Day
51,419
30-Day
29,753
183,502
  • Prev. Close

    55.30

  • Open Price

    59.00

  • Bid Price (Qty.)

    57.25 (32)

  • Offer Price (Qty.)

    57.60 (10)

NSE Live

Jan 21, 13:07
57.55 2.20 (3.97%)
Volume
AVERAGE VOLUME
5-Day
241,644
10-Day
157,750
30-Day
94,864
781,637
  • Prev. Close

    55.35

  • Open Price

    57.70

  • Bid Price (Qty.)

    57.50 (426)

  • Offer Price (Qty.)

    57.55 (76)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Signet Industries Limited (The Company) which comprises the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1955 (the Act''). This responsibility includes the design, implementation and mainte- nance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibi lity Cur responsibility is to express an opinion on these financial statements based on our audit. We conducted cur audit in accordance with Standards en Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depends on the auditor''s Judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company''s preparation and fair presentation of the financial statements in order to design audit procedires that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for oir audit opinion. Basis for Qualified Opinion The company has shown interest expense of Rs. 20,95,15,382/-(in Note 23 finance costs) after netting off Rs. 6,50,34,992/-being the interest income. As per the requirements of Revised Schedule VI the interest income and interest expenses should have been shown at gross on income and expense side respectively. However this disclosire has no impact on the profit of the company. Qualified Opinion In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified opinion paragraph, the financial statements give the information required by the Act in the manners so required and give a true and fair view in conformity with accounting principles generally accepted in India: i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March, 2013; ii. in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and iii. in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Crder 2003 (as amended), issued by the Central Government of India in terms of Sub Section (4A) of Section 227 of the Companies Act, 1955, we give in the Annexire a statement on the matters specified in paragraphs 4 and 5 of the said Crder. 2. As required by section 227 (3) of the Act, we report that: a) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; b) in our opinion, proper books of account as required by law have been kept by the Company, so far as appears from oir examination of those books and proper returns adequate for the pirposes of our audit have been received from the branches not visited by us; c) the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account and with the returns received from the branches not visited by us; d) in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting standards referred to in Section 211 (3C) of the Companies Act, 1956; e) on the basis of written representations received from the directors, as on 31st March, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2013 from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1955; Annexure To Independent Auditor''s Report (Referred to h paragraph (1) under the heading of Report on Other Legal and Regulatory Requirements of our report of even date) i. In respect of its Fixed Assets : a. The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. b. The fixed assets have been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification. c. During the year, the Company has not disposed off a substantial part of fixed assets and we are of the opinion that the going concern status of the company is not affected. ii. In respect of its Inventories: a. The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b. In our ophion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. c. In our opinion and according to the information and explanations given to us, the Companyhasmain- tained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verificatcn of inventory as compared to the book records. iii. a. According to the information and explanations given to us, the Company has not granted any loans secured or unsecured to companies, frms or other parties covered in the register maintained under 301 of the Companies Act, 1956. Hence the provisions of clauses iii (b), iii(c) and iii (d) of the Order are not applicable to the company. b. According to the information and explanations given to us, the Company has not taken any ban secured or unsecured from companies, frms or other parties covered in the register maintained under section 301 of the Companies Act,1956. Hence the provisions of clauses iii (f) and iii (g) of the Order are not applicable to the company. iv. In our opinbn and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness in internal control system in respect of these areas. v. In respect of transactions covered U/s 301 of the Companies Act, 1956. a. According to the information and explanations given to us, we are of the opinion that the particulars of contract or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 has been so entered. b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of the rupees five lakhs in respect of each party dur rig the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. vi. In our opinion and according to the information and explanatbns given to us, the Company has not accepted any deposits from public to which the provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 apply. vii. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. viii. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules 2011 prescribed by the Central Government under Section 209 (l)(d)of the Compa- nies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detained examination of the cost records with a view to determine whether they are accurate or complete. ix. In respect of Statutory dues : a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employee % state insurance, income tax, sales tax, service tax, wealth tax, custom duty, excise duty, cess and other statutory dues applicable to it. There were no undisputed statutory dues in arrears, as at 31sl March, 2013 for a period of more than six months from the date they became payable. x. In our opinion, the Company has no accumulated losses as at 31st March 2013 and it has not hcurred any cash losses during the financial year covered by our audit and the immediately preceding financial year. xi. In our opinion and according to the hformation and explanations given to us, the Company has not defaulted in repayment of dues to a Financial Institutions or Banks. The Company has not issued any debenture. xii. In our opinion, according to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company. xiv. In our opinion, the Company is not dealing in or trading in shares,securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditor Report) Order, 2003 are not applicable to the Company. xv. The Company has given guarantee for loans taken by Others from Bank. In our opinion and according to the information and explanations given to us the terms and condition of the guarantee given are not prima facie prejudicial to the interest of the company. xvi. In our opinion, the company has not raised any term loan during the year. xvii. According to the hformation and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment. xviii. The Company has not made preferential allotment of shares to parties or Companies covered in the register maintained under section 301 of the Act. xix. The Company has not issued any debentures. xx. The Company has not raised money by public issues during the year under audit. xxi. During the course of our examination of the books of account and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and expla- nations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. For ASHOKKHASGIWALA & CO. CHARTERED ACCOUNTANTS. (Firm Reg. No. 0743C) CAAvinash Baxi Place : Lndore Partner Date : 30 May, 2013 M.No. 79722