1.  Employee benefits
 
 i. Retirement benefits in the form of Provident Fund is a defined
 contribution scheme and the contributions are charged to the Profit and
 Loss Account of the year when the contributions to the statutory
 authority are due.
 
 ii. Gratuity liability are defined benefit obligations and are provided
 for on the basis of an actuarial valuation on projected unit credit
 method made at the end of each financial year.
 
 2.  Current Tax and Deferred Tax
 
 (i) Provision for current tax is made after taking into consideration
 benefits admissible under the provision of the IncomeTax Act, 1961.
 
 b.  As lessor:
 
 Rental Income recognized in the Profit & Loss account during the year
 Rs.  131,43,600/- (Previous Year Rs. 121,10,1 83/-) relating lease
 arrangements..
 
 3.  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 amount of Rs. 1860.24 lacs recoverable
 from Koutons Retail India Ltd (KRIL). Some creditors are reported to
 have approached the Delhi High Court to recover their dues. However,
 the Company is negotiating with the management of KRIL 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.
 
 4.  The Company has not received any intimation from suppliers
 regarding their status under the Micro, Small and Medium Enterprises
 DevelopmentAct, 2006 and hencedisclosures, if any, relating to amounts
 unpaid as the yearend together with interest paid / payable as required
 underthe said Act have not been given.
 
 5.  Derivative Instruments
 
 There are no outstanding forward contracts entered into the Company as
 on 31 March 2011.
 
 6.  Exceptional Item
 
 During the year the Company has sold shares of joint venture company
 Aquarelle India Pvt. Ltd. The total gain on sale of said shares Rs.
 5,50,00,000/- has been disclosed as exceptional items.
 
 7.  Demerger of Retail Division
 
 The Hon''ble High Court of judicature of Bombay has approved the Scheme
 of Demerger of the Retail Division of Bang Overseas Ltd. (The Demerged
 Company) into M/s. Thomas Scott (India) Limited (the Resulting
 Company) vide its Order dated July 22,2011 and the same has been filed
 with the Registrar of Companies, Maharashtra on August 05, 2011.
 Pursuant to which, Allotment of 33, 90,000 Equity Shares of Rs. 10/-
 each fully paid up of the Resulting Company has been considered and
 approved by the Board of Directors of the Resulting Company on August
 29, 2011 as per the Share Exchange Ratio as mentioned in the Scheme (1
 Equity Shares of the Resulting Company of Rs. 10/- against every 4
 Equity Shares of Rs. 10/- each fully paid up of the Demerged Company).
 The Company is in process of completing furtherformalities with
 respectto the same.
 
 8.  Information on Related Party Disclosure
 
 A.  Enterprises where control exists.  Subsidiaries
 
 VedantaCreations Ltd.  Thomas Scott India Ltd.  BangEuropaSRO
 BangHKLimited
 
 B.  Key Managerial Persons (KMP)
 
 Venugopal Bang (Chairman) Brijgopal Bang (Managing Director)
 
 C.  Relatives of Key Managerial Persons
 
 BalaramBang Radhadevi Bang RaghavendraBang GirdhargopalBang Rajgopal
 Bang NandgopalBang
 
 D.  Enterprises owned or significantly influenced by key mangement
 perosnnel ortheir relatives
 
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