a) Basis of preparation
 
 These financial statements have been prepared in accordance with the
 generally accepted accounting principles in India under the historical
 cost convention on accrual basis. These financial statements have been
 prepared to comply in all material aspects with the accounting
 standards notified under Section 211(3C) [Companies (Accounting
 Standards) Rules, 2006, as amended] and the other relevant provisions
 of the Companies Act, 1956.
 
 All assets and liabilities have been classified as current or
 non-current as per the Company''s normal operating cycle and other
 criteria set out in the Schedule VI to the Companies Act, 1956. Based
 on the nature of products and the time between the acquisition of
 assets for processing and their realisation in cash and cash
 equivalents, the Company has ascertained its operating cycle as 12
 months for the purpose of current and non-current classification of
 assets and liabilities.
 
 b) Fixed assets Tangible Assets
 
 Tangible Assets are stated at acquisition cost, net of accumulated
 depreciation and accumulated impairment losses, if any.
 
 Subsequent expenditures related to an item of fixed asset are added to
 its book value only if they increase the future benefits from the
 existing asset beyond its previously assessed standard of performance.
 
 Items of fixed assets that have been retired from active use and are
 held for disposal are stated at the lower of their net book value and
 net realisable value and are shown separately in the financial
 statements. Any expected loss is recognised immediately in the
 Statement of Profit and Loss.
 
 Losses arising from the retirement of, and gains or losses arising from
 disposal of fixed assets which are carried at cost are recognised in
 the Statement of Profit and Loss.
 
 Assets individually costing less than Rs.5,000 are fully depreciated in
 the year of addition.
 
 Leasehold improvements are amortized over the period of lease as
 estimated by the management.
 
 Cost of Leasehold land (including stamp duty) is amortised over the
 period of lease.
 
 Assets taken on finance leases are depreciated over the estimated
 useful life or the lease term, whichever is lower.
 
 Intangible Assets
 
 Intangible Assets are stated at acquisition cost, net of accumulated
 amortization and accumulated impairment losses, if any. Intangible
 assets are amortized on a straight line basis over their estimated
 useful lives.
 
 Gains or losses arising from the retirement or disposal of an
 intangible asset are determined as the difference between the net
 disposal proceeds and the carrying amount of the asset and recognised
 as income or expense in the Statement of Profit and Loss.
 
 c) Impairment
 
 At the Balance Sheet date, the Company assesses whether there is any
 indication that an asset may be materially impaired.  If such an
 indication exists, the Company estimates the recoverable amount. If the
 carrying amount of the asset exceeds its recoverable amount, an
 impairment loss is recognised in the Statement of Profit and Loss to
 the extent carrying amount exceeds the recoverable amount.
 
 d) Inventories
 
 Inventories are valued at the lower of cost and estimated net
 realizable value, after providing for cost of obsolescence and other
 anticipated losses, wherever considered necessary. The costs of raw
 materials and traded goods are ascertained on FIFO basis, whereas
 manufactured work-in-progress and finished goods are ascertained on
 weighted average method.
 
 Finished goods and work-in-progress include costs of conversion and
 other costs incurred in bringing the inventories to their present
 location and condition.
 
 Net realisable value is the estimated selling price in the ordinary
 course of business, less the estimated costs of completion and the
 estimated costs necessary to make the sale.
 
 e) Foreign Currency Transactions
 
 Foreign currency transactions are recorded at the rates of exchange
 prevailing on the dates of the transactions. At the period end all
 monetary foreign assets and liabilities are restated at the rates
 ruling at the period end and all exchange gains / losses arising there
 from are adjusted to the Statement of Profit and Loss.
 
 f) Revenue Recognition
 
 Sales are recognised when goods are despatched in accordance with the
 terms of sale when significant risks and rewards are transferred and
 are recorded net of sales returns, trade discount, rebates and sales
 tax collected but includes excise duty, where applicable.
 
 Income from services rendered is booked based on agreements/
 arrangements with concerned parties.
 
 Income from duty drawback, contract research and management support
 services is recognised on an accrual basis.
 
 g) Other Income
 
 Interest income is recognised on a time proportion basis taking into
 account the amount outstanding and the rate applicable. Income from
 sub-lease is recognised on an accrual basis.
 
 h) Employee Benefits
 
 Provident Fund
 
 Contribution towards provident fund for certain employees is made to
 the regulatory authorities, where the Company has no further
 obligations. Such benefits are classified as Defined Contribution
 Schemes as the Company does not carry any further obligations, apart
 from the contributions made on a monthly basis (refer note 32).
 
 Gratuity
 
 The Company has an obligation towards Gratuity, a defined benefit
 retirement plan covering eligible employees. The Company has an
 Employees Gratuity Fund where the investments are administered by a
 Fund Manager. The Company accounts for the liability of Gratuity
 Benefits payable in future based on an independent actuarial valuation.
 
 Superannuation
 
 The Company makes contribution to the Superannuation Scheme, a defined
 contribution scheme, administered by fund manager, based on a specified
 percentage of eligible employee''s salary. The Company''s obligation to
 the scheme is restricted to the contributions to the scheme.
 
 Leave Encashment/ Compensated Absences
 
 The Company provides for the encashment of leave with pay subject to
 certain rules. The employees are entitled to accumulate leave subject
 to certain limits, for future encashment/ availment. The liability is
 provided based on the number of days of unutilized leave at each
 Balance Sheet date on the basis of an independent actuarial valuation.
 
 i) Current tax and Deferred tax
 
 Taxes on income for the current year are determined on the basis of
 provisions of Income Tax Act, 1961.
 
 Tax expense for the period, comprising current tax and deferred tax,
 are included in the determination of the net profit or loss for the
 period. Current tax is measured at the amount expected to be paid to
 the tax authorities in accordance with the taxation laws prevailing in
 the respective jurisdictions.
 
 Deferred tax is recognised for all the timing differences, subject to
 the consideration of prudence in respect of deferred tax assets.
 Deferred tax assets are recognised and carried forward only to the
 extent that there is a reasonable certainty that sufficient future
 taxable income will be available against which such deferred tax assets
 can be realised. Deferred tax assets and liabilities are measured using
 the tax rates and tax laws that have been enacted or substantively
 enacted by the Balance Sheet date. At each Balance Sheet date, the
 Company reassesses unrecognised deferred tax assets, if any.
 
 Current tax assets and current tax liabilities are offset when there is
 a legally enforceable right to set off the recognised amounts and there
 is an intention to settle the asset and the liability on a net basis.
 Deferred tax assets and deferred tax liabilities are offset when there
 is a legally enforceable right to set off assets against liabilities
 representing current tax and where the deferred tax assets and the
 deferred tax liabilities relate to taxes on income levied by the same
 governing taxation laws.
 
 j) Provisions and Contingent Liabilities
 
 Provisions
 
 Provisions are recognised when there is a present obligation as a
 result of a past event, it is probable that an outflow of resources
 embodying economic benefits will be required to settle the obligation
 and there is a reliable estimate of the amount of the obligation.
 
 Provisions are measured at the best estimate of the expenditure
 required to settle the present obligation at the Balance Sheet date and
 are not discounted to its present value.
 
 Where the Company expects a provision to be reimbursed, the
 reimbursement is recognised as a separate asset but only when
 reimbursement is virtually certain.
 
 Contingent Liabilities
 
 Contingent liabilities are disclosed when there is a possible
 obligation arising from past events, the existence of which will be
 confirmed only by the occurrence or non-occurrence of one or more
 uncertain future events not wholly within the control of the Company or
 a present obligation that arises from past events where it is either
 not probable that an outflow of resources will be required to settle or
 a reliable estimate of the amount cannot be made, is termed as a
 contingent liability.
 
 k) Leases
 
 Finance Leases:
 
 The Company leases certain tangible assets and such leases where the
 Company has substantially all the risks and rewards of ownership are
 classified as finance leases. Finance leases are capitalised at the
 inception of the lease at the lower of the fair value of the leased
 asset and the present value of the minimum lease payments.
 
 Each lease payment is apportioned between the finance charge and the
 reduction of the outstanding liability. The out- standing liability is
 included in long-term borrowings and other current liabilities as
 appropriate. The finance charge is charged to the Statement of Profit
 and Loss over the lease period so as to produce a constant periodic
 rate of interest on the remaining balance of the liability for each
 period.
 
 Operating Leases:
 
 Leases in which a significant portion of the risks and rewards of
 ownership are retained by the lessor are classified as operating
 leases. Payments made under operating leases are charged to the
 Statement of Profit and Loss on a straight-line basis over the period
 of the lease.
 
 l) Segment Reporting
 
 The accounting policies adopted for segment reporting are in conformity
 with the accounting policies adopted for the Company. Revenue and
 expenses have been identified to segments on the basis of their
 relationship to the operating activities of the segment. Revenue and
 expenses, which relate to the Company as a whole and are not allocable
 to segments on a reasonable basis, have been included under
 Unallocated income/ expenses.
 
 m) Cash and Cash Equivalents
 
 In the cash flow statement, cash and cash equivalents includes cash in
 hand, demand deposits with banks with original maturities of three
 months or less.
 
 n) Earnings per share
 
 Basic earnings per share is calculated by dividing the net profit or
 loss for the period attributable to equity shareholders by the weighted
 average number of equity shares outstanding during the period.
 
 o) Expenditure
 
 Expenses are accounted for, on accrual basis and provision is made for
 all known losses and liabilities.
 
 Excise duty and customs duty are accrued on the goods lying at the
 factory premises and at the bonded warehouse as at the period end,
 respectively.
 
 Revenue expenditure on Research and Development is charged against the
 profit for the period in which it is incurred.  Capital expenditure on
 research and development is shown as an addition to fixed assets.
 
 p) Use of estimates
 
 The preparation of financial statements in conformity with Generally
 Accepted Accounting Principles (GAAP) requires management to make
 estimates and assumptions that affect the reported amounts of assets
 and liabilities, the disclosure of contingent assets and liabilities at
 the date of financial statements and the reported amounts of revenues
 and expenses during the period reported. Actual results could differ
 from those estimates; a revision to accounting estimates is recog-
 nized prospectively in the current and future periods.