1.  Based on the valuation report by a Chartered Engineer, an external
 valuer, the Company''s freehold land had been revalued on appraisal
 method at Rs 6,257.10 on 31st March, 2008 resulting in increase in the
 net book value of the assets of Rs 3,075.24 by a corresponding credit to
 revaluation reserve account.
 
 2.  Capital commitments not provided for at the date of this balance
 sheet are estimated at Rs 116.32 (Previous year Rs 521.12) after netting
 of advances paid.
 
 3.  Based on the information available with the Company, the principal
 amount due to Micro and Small Enterprises, as defined under the Micro,
 Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is
 Rs Nil (Previous year Rs Nil). Further, no interest during the year has
 been paid or payable under the terms of the MSMED Act, 2006.
 
 4.  Total stores and spare parts consumed during the year are Rs
 2,150.21(Previous year Rs 1,943.04) and include Rs 251.22 (Previous year
 Rs 198.63) debited to relevant expense heads.
 
 5.  Consignment sales expenses, disclosed in Note 28, comprise of
 cess, rent, rates and taxes, insurance, delivery charges, brokerage and
 commission and miscellaneous expenses, the amount of rent being Rs 0.52
 (Previous year Rs 0.12), rates and taxes being Rs 0.30 (Previous year Rs
 3.67 ) and insurance being Rs 0.29 (Previous year Rs 0.29).
 
 6. Forward cover for foreign currency receivables outstanding at year
 end is Rs Nil (Previous year Rs 94.88). Foreign currency exposure (net)
 at year end that are not hedged by derivative instruments or otherwise
 is Rs 1,628.78 (Previous year Rs 777.82).
 
 7.  EXCHANGE DIFFERENCE ON FOREIGN CURRENCY IN ACCORDANCE WITH AS - 11
 
 Exchange difference (net), other than finance cost, amounting to Rs
 340.45 (Previous year Rs 196.17) have been credited to respective
 revenue heads in the Statement of Profit and Loss. Such difference
 includes premium received amounting to Rs Nil (Previous year Rs 0.43) and
 exchange loss amounting to Rs Nil (Previous year Rs 0.16) in respect of
 outstanding forward contracts. Premium on outstanding forward exchange
 rate contracts to be recognised in the subsequent year amounts to Rs Nil
 (Previous year Rs 0.82).
 
 8.  ACCOUNTING OF GOVERNMENT GRANTS IN ACCORDANCE WITH AS - 12
 
 Government grants received by the company comprise of capital subsidy
 of Rs 55.52 (Previous year Rs 27.21), export incentives of Rs 209.51
 (Previous year Rs 499.77) and other revenue grants of Rs 72.79 (Previous
 year Rs 32.30).
 
 9.  EMPLOYEE BENEFITS DISCLOSURES IN ACCORDANCE WITH AS - 15 (REVISED)
 
 i.  Defined Contribution Plans
 
 The Company has during the year recognised an expense of Rs 436.94
 (Previous year Rs 399.55) towards defined contribution plans.
 
 Out of the total contribution, made for employees'' provident fund, a sum
 ofRs 60.48 (Previous year Rs 53.24) has been made to Cheviot Company
 Limited Employees'' Provident Fund while the remaining contribution has
 been made to the provident fund plan operated by the Regional Provident
 Fund Commissioner. Further, considering the past track and fair value
 of the plan assets of the Trust, the Company does not envisage any
 shortfall in liability towards the interest payable by the Trust at the
 notified interest rate.
 
 Expected rate of return on plan assets is based on the average
 long-term rate of return expected on investments of the funds during
 the estimated term of the obligations.
 
 The estimates of future salary increases considered in actuarial
 valuation, take account of inflation, seniority, promotion and other
 relevant factors, such as supply and demand in the employment.
 
 a.  General description of the defined plans :
 
 i.  Gratuity Plan
 
 This is a funded defined benefit plan for qualifying employees. The
 Company makes contributions to the Cheviot Company Limited Employees''
 Gratuity Trust Fund. Gratuity is payable to all eligible employees of
 the Company on superannuation, death, permanent disablement and on
 resignation/termination of employment in terms of the Provisions of the
 Payment of Gratuity Act or as per the Company''s rule, whichever is more
 beneficial to the employee.
 
 ii.  Leave Plan
 
 Eligible employees can carry forward and encash leave on
 superannuation, death, permanent disablement and on
 resignation/termination of employment in accordance with the Company''s
 scheme subject to a maximum of 45 days depending on the grade/category
 of employee.
 
 10.  SEGMENT REPORTING IN ACCORDANCE WITH AS - 17
 
 The Company operates through two business segments namely, a) Jute
 goods and b) Captive power generation. However, Captive power
 generation is not a reportable segment in terms of the criteria laid
 down in paragraph 27 of the Accounting Standard -17, as the
 revenue/results/assets of this segment are not more than the threshold
 limit of 10% of the total segment revenue/results/assets and as such
 the disclosure requirements as required by Accounting Standard -17 are
 not applicable in respect of business segment. However, the
 geographical segments considered for disclosure are as under:
 
 11.  PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS IN
 ACCORDANCE WITH AS - 29
 
 a.  In accordance with Accounting Standard 29 - Provisions, Contingent
 Liabilities and Contingent Assets, the Company as a prudent measure,
 has made following provisions in the books :
 
                                         Year ended           Year ended
 
                                      31st March, 2012     31stMarch,2011
 
 PROVISIONFORCONTINGENCIES              Indirect taxes      Indirect taxes
 
 Balance at the beginning of the year           396.94             163.48
 
 Additional provision during the year            93.55             233.46
 
 Provision used during the year                   5.94                  -
 
 Provision reversed during the year             213.13                  -
 
 Balance at the end of the year                 271.42             396.94
 
 
 Provision for contingencies represents estimates made mainly for
 probable claims arising out of disputes pending with the authorities
 under various statutes (i.e. Excise and Sales Tax). The probability and
 timing of the outflow with regard to these matters depend on the
 ultimate settlement / conclusion with the relevant authorities.
 
 b.  Contingent liabilities not provided for:
 
 i.  Sales Tax in dispute - Rs 5.06 (Previous year Rs 6.58) under appeal
 and not acknowledged as debt.
 
 ii.  Income Tax in dispute - Rs 145.82 (Previous year Rs 236.65) pending
 revision and not acknowledged as debt.
 
 iii. Employees'' state insurance in dispute Rs Nil (Previous year Rs
 14.38) being contested in view of liability foreseen of Rs Nil (Previous
 year Rs 5.26). Provision has thus been made of Rs Nil (Previous year Rs
 5.26), and against which a sum of Rs Nil (Previous year Rs 5.20) has been
 deposited.
 
 12.  The Company is maintaining separate books of account for its
 different undertakings viz, DTA, Captive Power Plant at Budge Budge and
 EOU at Falta, SEZ.
 
 13.  The Board of Directors recommend payment of dividend of Rs 13/-
 (Previous year Rs 12/-) per Ordinary share of the face value of Rs 10/-
 each for the year ended 31st March, 2012.
 
 14.  In view of the revision to the Schedule VI as per notification
 issued by the Central Government, the financial statements for the year
 ended 31st March, 2012 have been prepared as per the requirements of
 the revised Schedule VI to the Companies Act, 1956. The previous year''s
 figures have been accordingly re-grouped / re-classified to conform to
 the current year''s classification.