Basis of preparation
 
 The financial statements have been prepared to comply in all material
 respects with the Accounting Standards notified by Companies
 (Accounting Standards) Rules, 2006 (as amended) and the relevant
 provisions of the Companies Act, 1956. The financial statements have
 been prepared under the historical cost convention on an accrual basis
 except in case of assets for which revaluation is carried out. The
 accounting policies have been consistently applied by the Company and
 are consistent with those used in the previous year.
 
 Use of estimates
 
 The preparation of financial statements in conformity with generally
 accepted accounting principles requires management to make estimates
 and assumptions that affect the reported amounts of assets and
 liabilities and disclosure of contingent liabilities at the date of the
 financial statements and the results of operations during the reporting
 year. Although these estimates are based upon management''s best
 knowledge of current events and actions, actual results could
 differ from these estimates.
 
 Fixed assets
 
 Fixed assets are stated at cost (or revalued amounts, as the case may
 be) less accumulated depreciation/amortisation and impairment losses,
 if any. Cost comprises the purchase price and any attributable cost of
 bringing the asset to its working condition for its intended use.
 Freehold land and buildings are recorded at revalued amounts and the
 incremental values are shown as capital reserve and revaluation reserve
 respectively. Capital and revaluation reserves are adjusted to the
 extent of revalued assets disposed off.
 
 Depreciation/amortisation
 
 Depreciation is provided on all fixed assets, considering the useful
 life estimated by the management at rates not lower than those
 prescribed in Schedule XIV of the Companies Act 1956, on straight line
 method (SLM) at the following rates per annum on the cost/ enhanced
 cost.
 
 Goodwill on acquisition of business is not amortized. It is tested for
 impairment at each year end.
 
 The incremental depreciation on revalued amount is transferred to
 Profit and Loss Account from revaluation reserve. Fixed assets costing
 Rs. 5,000 or less are fully depreciated in a year from acquisition.
 
 Research and development cost
 
 Research costs are expensed as incurred.
 
 Development expenditure incurred on an individual project is
 capitalized when the recognition criteria are met. Development
 expenditure capitalised is amortised over the period of expected future
 sales from the related project, not exceeding future sales.
 
 Impairment
 
 The carrying amounts of assets are reviewed at each balance sheet date
 if there is any indication of impairment based on internal/external
 factors. An impairment loss is recognized wherever the carrying amount
 of an asset exceeds its recoverable amount.  The recoverable amount is
 the greater of the asset''s net selling price and value in use. In
 assessing value in use, the estimated future cash flows are discounted
 to their present value using a pre-tax discount rate that reflects
 current market assessments of the time value of money and risks specific
 to the asset.
 
 Leases
 
 Company is the Lessee
 
 Lease where the lessor effectively retains substantially all the risks
 and benefits of ownership of the lease term, are classified as
 operating leases. In respect of operating lease, rentals and all other
 expenses are treated as revenue expenditure. Operating lease payments
 are recognised as an expense in the Profit and Loss Account on a
 straight line basis over the lease term.
 
 Company is the Lessor
 
 Assets subject to operating leases are included in fixed assets. Lease
 income is treated as revenue and the same is credited to the Profit and
 Loss Account on a straight-line basis over the lease term. Costs
 including depreciation are recognised as an expense in the Profit and
 Loss Account. Initial direct costs such as legal costs, brokerage etc
 are recognised immediately in the Profit and Loss Account.
 
 Investments
 
 Investments that are readily realisable and intended to be held for not
 more than a year are classified as current investments. All other
 investments are classified as long-term investments. Long-term
 investments are carried at cost. However, provision is made for any
 diminution in value, other than temporary.
 
 Inventories
 
 Inventories are valued as follows:
 
 Raw Material and Packing Material
 
 Lower of cost and net realizable value. However, materials and other
 items held for use in the production of inventories are not written
 down below cost if the finished products in which they will be
 incorporated are expected to be sold at or above cost. Cost is
 determined using standard cost method adjusted for variances, which
 approximates actual cost based on weighted cost formula.
 
 Work-in-proaress and finished goods
 
 Lower of cost and net reglizgble value. Cost includes direct moterigls
 and labour And a proportion of manufacturing overheads based on normal
 operating capacity. Cost of finished goods includes excise duty. Cost
 is determined using standard cost method adjusted for variances, which
 approximates actual cost based on weighted cost formula.
 
 Net realizable value is the estimated selling price in the ordinary
 course of business, less estimated costs of completion and estimated
 costs necessary to make the sale.
 
 Cash and Cash equivalents
 
 Cash and cash equivalents for the purpose of Cash flow statement
 comprise of cash at bank and in hand and short term investments with an
 original maturity of three months or less.
 
 Foreign currency transactions
 
 Foreign currency transactions during the year are recorded at rates of
 exchange prevailing on the date of transactions. Foreign currency
 monetary items are translated into rupees at the rate of exchange
 prevailing on the date of the balance sheet. Exchange differences
 arising on the settlement of monetary items or on reporting monetary
 items of Company at rates different from those at which they were
 initially recorded during the year or reported in the previous
 financial statements, are recognised as income or as expenses in the
 year in which they arise.
 
 Forward exchange contracts not intended for trading orspeculation
 purposes
 
 The premium or discounts orising Of the inception of forword exchange
 contract is amortised as expense or income over the life of the
 contract. Exchange differences on such contracts are recognised in the
 statement of profit and loss in the year in which the exchange rate
 changes. Any profit or loss arising on cancellation or renewal of
 forward exchange contract is recognised as income or expense for the
 year.
 
 Revenue Recognition
 
 Revenue is recognised to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 Sale of Goods
 
 Revenue is recognised when the significant risks and rewards of
 ownership of the goods have passed to the buyer. Sales (product and
 material) are stated net of sales tax, VAT, Excise duty and returns.
 
 Service Income
 
 Income from service rendered is recognised based on the terms of the
 agreements as and when services are rendered and are net of service
 tax.
 
 Interest
 
 Interest Income is recognised on a time proportion basis taking into
 account the amount outstanding and the rate applicable.
 
 Dividend
 
 Dividend Income is recognised when the shareholders'' right to receive
 payment is established by the balance sheet date.
 
 Retirement & Other employee benefits
 
 (i) Long-term Employee Benefits
 
 (a) Defined Contribution Plans
 
 The Company has defined contribution plans for post employment benefits
 in the form of Superannuation Fund which is recognised by the
 Income-tax authorities and administered through trustees and/or Life
 Insurance Corporation of India (LIC). Further, the Company also has a
 defined contribution plan in the form of a provident fund scheme for
 its staff and workmen at the Ankleshwar unit & Nepal and pension scheme
 under the Employee''s Pension Scheme, 1995 for all its employees, which
 are administered by the Provident Fund Commissioner.
 
 All the above mentioned schemes are classified as defined contribution
 plans as the Company has no further obligation beyond making the
 contributions. The Company''s contributions to Defined Contribution
 Plans are charged to the Profit and Loss Account as incurred.
 
 (b) Defined Benefit Plans
 
 The Company has for all employees other than Ankleshwar Staff &
 Workmen, defined benefit plans for post employment benefits in the form
 of Provident Fund which is administered through trustees (treated as a
 defined benefit plan on account of guaranteed interest benefit).
 Further, the Company has defined benefit plan for post retirement
 benefit in the form of Gratuity which is administered through trustees
 and/or LIC for all its employees and pension for certain employees.
 Schemes of Provident Fund and Gratuity are recognised by the
 Income-tax authorities. Liability for Defined Benefit Plans is provided
 on the basis of valuation, as at the balance sheet date, carried out by
 an independent actuary. The actuarial valuation method used by
 independent actuary for measuring the liability is the Projected Unit
 Credit method.
 
 (c) Other Long-term Employee Benefit
 
 The Company has for all employees other long-term benefits in the form
 of Long Service Award and Leave Encashment as per the policy of the
 Company. Liabilities for such benefits are provided on the basis of
 valuation, as at the balance sheet date, carried out by an independent
 actuary. The actuarial valuation method used by an independent actuary
 for measuring the liability is the Projected Unit Credit method.
 
 (ii) Actuarial gains and losses (for defined benefit and other long
 term benefit) comprise experience adjustments and the effects of
 changes in actuarial assumptions and are recognised immediately in the
 Profit and Loss Account as income or expense.
 
 (iii) Termination benefits are recognised as an expense as and when
 incurred.
 
 Taxation
 
 Tax expense comprises of current and deferred tax. Provision for Income
 tax is made on the basis of the estimated taxable income as per the
 provisions of Income Tax Act, 1961 and the relevant Finance Act, after
 taking into consideration judicial pronouncements and opinions of the
 Company''s tax advisors. Tax payments are setoff against provisions.
 
 Deferred income taxes reflect the impact of current year timing
 differences between taxable income and accounting income for the year
 and reversal of timing differences of earlier years. Deferred tax is
 measured based on the tax rates and the tax laws enacted or
 substantively enacted at the Balance Sheet date. Deferred tax assets
 and deferred tax liabilities are offset, if a legally enforceable right
 exists to setoff current tax assets against current tax liabilities and
 the deferred tax assets and deferred tax liabilities relate to the
 taxes on income levied by the same governing taxation laws. Deferred
 tax assets are recognised only to the extent that there is reasonable
 certainty that sufficient future taxable income will be available
 against which such deferred tax assets can be realised. The carrying
 amount of deferred tax assets are reviewed at each balance sheet date.
 
 Earnings per Share
 
 Basic earnings per share is calculated by dividing the net profit or
 loss for the period attributable to equity shareholders (after
 deducting attributable taxes) by the weighted average number of equity
 shares outstanding during the period.
 
 For the purpose of calculating diluted earnings per share, the net
 profit or loss for the period attributable to equity shareholders and
 the weighted average number of shares outstanding during the period are
 adjusted for the effects of all dilutive potential equity shares.
 
 Provisions and contingent liabilities
 
 A provision is recognised when the Company has a present obligation as
 a result of past event, for which it is probable that outflow of
 resources will be required and a reliable estimate can be made of the
 amount of the obligation. Provisions are not discounted to their
 present value and are determined based on best estimate required to
 settle the obligation at the balance sheet date. These are reviewed at
 each balance sheet date and adjusted to reflect the current best
 estimates.
 
 Contingent liabilities are disclosed when the Company has a possible
 obligation and it is not probable that an outflow of resources
 embodying economic benefits will be required to settle the obligation.