1.  Operating Lease Arrangements:
 
 a.  As lessee:
 
 Rental expenses of Rs. 1,13,56,240/- (P.Y. Rs.3,50,65,735) in respect
 of obligation under operating leases have been recognized in the profit
 and loss account.
 
 The above figures include:
 
 i.  Lease rentals calculated based on estimated date of commencement of
 lease in cases where the agreements / MOU''s have been entered into but
 the date of commencement of lease is dependent on the date of
 construction/renovation of premises and based on the commitment for
 delivery by lessors.
 
 ii.  Lease rentals do not include common maintenance charges, tax
 payable, if any.
 
 iii. The Company has not entered under any operating lease agreement
 which is not-cancelable more than five years.
 
 b.  As lessor:
 
 Rental Income recognized in the profit & Loss account during the year
 Rs. 1,32,53,130/- (Previous Year Rs.1,31,43,600) relating lease
 arrangements.
 
 2.  Employee benefit plan:
 
 The Company has recognized Rs. 10,42,745 (PY Rs. 4,34,633/-) in the
 Profit and Loss Account for the year ended 31st March 2012 under
 defined contribution plans.
 
 3.  Contingent Liabilities 
 
 Particulars                     31.03.2012        31.03.2011
 
 Bank Guarantees                  17,65,000         16,30,000
 
 Letter of credit               6,68,72,722       7,16,68,684
 
 Export Obligation              3,65,71,097       3,52,21,146
 
 Corporate Guarantee           10,00,00,000      10,00,00,000
 
 Total                         20,52,08,819      20,85,19,830
 
 4.  Details of Deferred Tax assets and liabilities:
 
 In view of the Accounting Standard 22 issued by Institute of Chartered
 Accountants of India, the significant component and classification of
 deferred tax liability/ asset on account of timing difference comprises
 of the following:
 
 5.  In the opinion of the Board, sundry debtors, loans and advances
 and other current assets and unsecured loans are approximately of the
 value stated if realized in the ordinary course of business. The
 provisions for all known liabilities is adequate and not in excess of
 the amount reasonably necessary. Balances are subject to confirmation
 and reconciliation.
 
 Debtors outstanding includes
 
 (1) Amount of Rs.18,50,24,149 recoverable from Koutons Retail India Ltd
 (KRIL). Some creditors are reported to have approached the Delhi High
 Court to recover their dues.
 
 (2) Amount of Rs. 1,47,43,932/- receivable from Liverpool Retail India
 Ltd. The Company has filed a legal case in the Metropolitan Magistrate
 Court, Bombay
 
 However, the Company is negotiating with the management of the above
 party for recovery of its dues.
 
 The Company is hopeful of being able to realize its entire outstanding
 and therefore no provision in regard thereto has been made in the
 accounts.
 
 6.  The Company has not received any intimation from suppliers
 regarding their status under the Micro, Small and Medium Enterprises
 Development Act, 2006 and hence disclosures, if any, relating to
 amounts unpaid as the year end together with interest paid / payable as
 required under the said Act have not been given.
 
 7.  Previous year figure has been regrouped, rearranged and restated
 whenever necessary.
 
 8.  Segment Reporting:
 
 a.  Primary Segment:
 
 The company is primarily engaged in single business segment of
 manufacturing and marketing of textile and textile products and is
 managed as one business unit.
 
 (Figures in bracket indicate previous year''s figures)
 
 *Segment Assets from outside India represents receivables from Export
 Sales. In view of the interwoven / intermix nature of business and
 manufacturing facility, other information is not ascertainable.
 
 9.  Demerger of Retail Division
 
 The Company filed a Scheme of arrangement under section 391 to 394 of
 the Companies Act, 1956 (the scheme) to demerge the Retail Division
 into a new Company, Thomas Scott India Ltd on going concern basis. The
 appointed date of the Scheme was 1 April 2011. The Hon''ble High Court
 of Judicature of Bombay vide its order dated 22 July 2011, had
 sanctioned the Scheme.
 
 Consequent to the transfer of the Retail Division of the Company, the
 financial statements of the Company for the year ended 31 March 2012
 does not include the operations of the Retail Division business and is
 therefore not strictly comparable with the figures of the previous year
 ended 31 March 2011.  All the assets and liabilities of the Retail
 Division as on the appointed date of 1 April 2011 have been transferred
 to Thomas Scott India Ltd and excess of assets over liabilities
 relating to the Retail Business has been adjusted against the Reserves
 in accordance with the terms of the Scheme. Further the investment in
 Thomas Scott India Ltd existing prior to the date of Demerger was
 cancelled in accordance with the Scheme.
 
 10.  Information on Related Party Disclosure
 
 A.  Enterprises where control exists.
 
 Subsidiaries Vedanta Creations Ltd.
 
 Bang Europa SRO Bang HK Limited
 
 Thomas Scott India Ltd. (Subsidiary till 31.03.2011)
 
 B.  Key Managerial Persons (KMP) Venugopal Bang (Chairman)
 
 Brijgopal Bang (Managing Director)
 
 C.  Relatives of Key Managerial Persons Balaram Bang
 
 Radhadevi Bang Girdhargopal Bang Rajgopal Bang Nandgopal Bang
 
 D.  Enterprises owned or significantly influenced by key management
 personnel or their relatives
 
 1) Bang Data Forms Pvt. Ltd.
 
 2) Thomas Scott India Ltd. (from 01.04.2011)