1. SIGNIFICANT JUDGEMENTS AND KEY SOURCES OF ESTIMATION IN APPLYING ACCOUNTING POLICIES

Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the Company and that are believed to be reasonable under the circumstances. Information about Significant judgments and Key sources of estimation made in applying accounting policies that have the most significant effects on the amounts recognized in the financial statements is included in the following notes:

- Recognition of Deferred Tax Assets: The extent to which deferred tax assets can be recognized is based on an assessment of the probability of the Company's future taxable income against which the deferred tax assets can be utilized. In addition, significant judgment is required in assessing the impact of any legal or economic limits.

- Classification of Leases: The Company enters into leasing arrangements for various assets. The classification of the leasing arrangement as a finance lease or operating lease is based on an assessment of several factors, including, but not limited to, transfer of ownership of leased asset at end of lease term, lessee's option to purchase and estimated certainty of exercise of such option, proportion of lease term to the asset's economic life, proportion of present value of minimum lease payments to fair value of leased asset and extent of specialized nature of the leased asset.

- Defined Benefit Obligation (DBO): Employee benefit obligations are measured on the basis of actuarial assumptions which include mortality and withdrawal rates as well as assumptions concerning future developments in discount rates, medical cost trends, anticipation of future salary increases and the inflation rate. The Company considers that the assumptions used to measure its obligations are appropriate. However, any changes in these assumptions may have a material impact on the resulting calculations.

- Provisions and Contingencies: The assessments undertaken in recognizing provisions and contingencies have been made in accordance with Indian Accounting Standards (Ind AS] 37, 'Provisions, Contingent Liabilities and Contingent Assets'. The evaluation of the likelihood of the contingent events is applied best judgment by management regarding the probability of exposure to potential loss.

- Impairment of Financial Assets: The Company reviews its carrying value of investments carried at amortized cost annually, or more frequently when there is indication of impairment. If recoverable amount is less than its carrying amount, the impairment loss is accounted for.

- Allowances for Doubtful Debts: The Company makes allowances for doubtful debts through appropriate estimations of irrecoverable amount. The identification of doubtful debts requires use of judgment and estimates. Where the expectation is different from the original estimate, such difference will impact the carrying value of the trade and other receivables and doubtful debts expenses in the period in which such estimate has been changed.

- Fair value measurement of financial Instruments: When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow model. The input to these models are taken from observable markets where possible, but where this not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility.

- Sales Return: The Company accounts for sales returns accrual by recording an allowance for sales returns concurrent with the recognition of revenue at the time of a product sale. This allowance is based on the Company's estimate of expected sales returns. The Company deals in various products and operates in various markets. Accordingly, the estimate of sales returns is determined primarily by the Company's historical experience in the markets in which the Company operates.

Mr.SM Palia

Dr.G Goswami

Mr.N Das(Up to 21.09.2017)

Dr.B Sen(Up to 21.09.2017)

Mr.B Wadhwa Ms.Ramya Hariharan (O)Others (Entities under significant influence) AIC Properties LTD Landale & Clerk Ltd G Jerambhai Exports Ltd Gunny Dealers ltd Libra Exporters Ltd Libra Transport Ltd Macgregor & Balfour India Ltd.

Jessor Industries (India) Ltd.

Naffar Chandra Jute Mills Ltd.

Eastern Services ltd.

Baidyabati Industries Ltd.

West Bengal Multifibre Jute Park Ltd. Jerambhai Seva Trust V.B.Seva Trust

Circus Avenue Properties Pvt. Ltd.

Sibir India Ltd.(Up to 31.12.2017)

Amar Investments Ltd.(Up to 31.12.2017) Rishra Investments Ltd.(Up to 31.12.2017) Gojer Brothers Pvt. Ltd.

West Range Properties Pvt.Ltd.

Coopers Commodities Ltd.

9 Mandatory Exceptions

a Estimates

As per para 14 of Ind AS 101, an entity's estimates in accordance with Ind AS at the date of transition to Ind AS at the end of the comparative period presented in the entity's first Ind AS financial statements, as the case may be, should be consistent with estimates made for the same date in accordance with the previous GAAP unless there is objective evidence that those estimates were in error. However, the estimates should be adjusted to reflect any differences in accounting policies.

As per para 16 of the standard, where application ofInd AS requires an entity to make certain estimates that were not required under previous GAAP, those estimates should be made to reflect conditions that existed at the date of transition or at the end of the comparative period.

The Company's estimates under Ind AS are consistent with the above requirement. Key estimates considered in preparation of the financial statement that were not required under the previous GAAP are listed below:

-Fair Valuation of financial instruments carried at FVTPL and/ or FVOCI.

-Impairment of financial assets based on the expected credit loss model.

-Determination of the discounted value for financial instruments carried at amortized cost.

9.1 Impact of Transition to Ind AS

The following is a summary of the effects of the differences between IND AS and Indian GAAP on the Company's total equity shareholders' funds and profit and loss for the financial periods previously reported under Indian GAAP following the date of transition to IND AS.

2. Notes to First Time Adoption

a Expected Credit Loss Model

Under Ind A She allowance for doubtful debts has been determined based on expected credit loss model. b Provision for Expected Sales Return

The Company has recognized provision for expected sales return on account of breakage and expiry of goods. The same has resulted in decrease in revenue and increase in provisions. c Deferred Tax

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP.

In addition, the various transitional adjustments lead to different temporary differences. According to the accounting policies, the company has to account for such differences. Deferred tax adjustments are recognized in correlation to the underlying transaction either in retained earnings or a separate component of equity. d Remeasurements of post-employment benefit obligations

Under the previous GAAP, these remeasurements were forming part of the profit or loss for the year. Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of profit or loss. e Reclassification between Previous GAAP and Ind AS

i. Excise duty has been reclassified from revenue to other expenses.

ii. Trade discounts to customers has been reclassified from other expenses to revenue. f Retained Earnings

Retained earnings as at April 1, 2016 has been adjusted consequent to the above Ind AS transition adjustments.

H Categories of Financial Assets & Financial Liabilities

As at 31st March 2018 and 31st March 2017____

3. Joint Arrangement under IND AS-111

Operational Income in others Column includes Rs.1305.34 lacs (previous year - nil) being the consideration of transfer of right in inventories of landed property, forming part of current assets, placed under joint arrangement (within the meaning of clause 5(a) of IND AS-111) the company has entered into with a participant under contractual arrangement, to set-up jute diversified project including land development. Respective share therein being 40% and 60%.

Relevant arrangement being of the nature of joint operation as defined in clause 15 of IND AS-111, company's interest in said arrangement is recognized in application of clause-20 in said standard. Inventories include Rs.43.73 lacs (previous year - nil) pertaining to beneficial right of the company therein.

4.Previ our GAA P figures have been reclassified/ regrouped to co infirm the presentation requirements under IND AS and the requirements laid down in Division II of the schedule III of the Companies Act 2013.