FOR THE YEAR ENDED MARCH 31, 2011
 
 Notes:
 
 1 Figures in brackets relate to year ended March 31, 2010.
 
 2 Contingent liabilities, incurred in relation to interest in joint
 ventures as on March 31, 2011 is Rs. Nil (2010: Rs. Nil)
 
 3 Share in contingent liabilities of joint ventures themselves for
 which the company is contingently liable as on March 31, 2011 Rs.
 979.15 lakhs (2010: Rs. 203.17 lakhs)
 
 4 Capital commitments, in relation to interests in joint ventures as on
 March 31, 2011 Rs. Nil (2010: Rs. Nil)
 
 5 Share in Capital commitments of joint ventures themselves as on March
 31, 2011 Rs. 2,422.60 lakhs (2010: Rs. 3,188.49 Lakhs)
 
 6 The information furnished above in regard to the current year is
 based on unaudited figures made available to the company.
 
 7 Figures given above in expenses are excluding taxes.
 
 10. Derivatives
 
 The Company uses derivative financial instruments such as forward
 contracts, currency swap to hedge certain currency exposures, present
 and anticipated, denominated mostly in US dollars, EURO, Japanese YEN
 and Great Britain Pounds. Generally such contracts are taken for
 exposures materialising in the next twelve months. The company actively
 manages its currency / interest rate exposures through a centralized
 treasury division and uses derivatives to mitigate the risk from such
 exposures. The use of derivative instruments is subject to limits and
 regular monitoring by appropriate levels of management. The limits and
 monitoring systems are periodically reviewed by management and the
 Board. The market risk on derivatives is mitigated by changes in the
 valuation of underlying assets, liabilities or transactions, as
 derivatives are used only for risk management.
 
 11. Accounting for long term monetary items in foreign currency and
 forward contracts designated as cash flow hedge
 
 11.1 Exchange difference in Long term monetary items in foreign
 currency
 
 Pursuant to the notification G.S.R.225 (E) dated March 31, 2009 issued
 by Ministry of Corporate Affairs, the Company during the earlier year,
 exercised its option irrevocably to account for exchange difference on
 Long term monetary items in foreign currency (i.e. whose term of
 settlement exceeds twelve months from date of its origination) as
 directed in the said notification. Accordingly, all long term assets
 and liabilities outstanding in foreign currency are translated at
 closing rates.
 
 Exchange difference on translation or settlement of long term foreign
 currency monetary items at rates different from those at which they
 were initially recorded or April 1, 2007, in so far as it relates to
 acquisition of depreciable assets are adjusted to the cost of the
 assets. In other cases, such exchange differences are accumulated in
 Foreign currency monetary item translation difference account and
 amortised by recognition as income or expense in each year over the
 balance term till settlement occurs but not beyond March 31, 2011.
 
 11.2 Forward contracts designated as cash flow hedges
 
 The Company had adopted the principles of Accounting Standard 30 -
 Financial instruments: Recognition and measurement, issued by the
 Institute of Chartered Accountants of India, with effect from April 1,
 2008, in respect of forward contracts for firm commitments and highly
 probable forecast transactions meeting necessary criteria for
 designation as Cash flow hedges. The gains and losses on effective
 Cash flow hedges are recognized in Hedge Reserve Account till the
 underlying forecasted transaction occurs.
 
 b) Gratuity is administered through Group gratuity scheme with Life
 insurance corporation of India. the expected return on plan assets is
 based on market expectation at the beginning of the year, for the
 returns over the entire life of the related obligation.
 
 c) during the year the company has recognised the following amounts in
 the profit and Loss Account in schedule 2.3 B -
 
 - salaries and wages includes compensated absences Rs. 1,728.36 lakhs
 (2010: Rs. 133.70 lakhs).
 
 - contribution to provident, gratuity and other funds includes
 provident fund and family pension Rs. 4,111.61 lakhs (2010: Rs.
 3,017.66 lakhs), super annuation Rs. 1,175.93 lakhs (2010: Rs.755.39
 lakhs), gratuity Rs. 2,085.39 lakhs (2010: Rs. 808.26 lakhs) and other
 funds Rs. 1,088.14 lakhs (2010: Rs. 817.51 lakhs).
 
 - Welfare expenses includes contribution to employee state insurance
 plan Rs. 76.02 lakhs (2010: Rs. (42.47 lakhs)), retirement benefits Rs.
 139.27 lakhs (2010: Rs. 43.33 lakhs) and other defined employee
 benefits Rs. 74.85 lakhs (2010: Rs. 36.69 lakhs).
 
 13 a) the information required to be disclosed under the Micro, small
 and Medium enterprises development Act, 2006 has been determined to the
 extent such parties have been identified on the basis of information
 available with the company. there are no over dues to parties on
 account of principal amount and / or interest and accordingly no
 additional disclosures have been made.
 
 b) deferred liability of Rs. 8,992.67 lakhs (2010: Rs. nil) is due
 within 12 months.
 
 14 details of expenditure incurred on in-house Research and development
 (R & d) facilities approved by department of scientific and industrial
 Research, Ministry of science and technology, Government of India under
 section 35 (2AB) of income tax Act, 1961.
 
 15.  current tax expense for the year is after considering credit of
 Minimum Alternate tax (MAT) of Rs. 4,855.90 lakhs (2010: Rs. 9,215.46
 lakhs) under section 115 JAA (1A) of the income-tax Act, 1961.
 
 16.  figures for the previous year have been regrouped / amended
 wherever necessary.