(i) Change in accounting policy
 
 Presentation and disclosure of financial statements
 
 During the year ended 31st March, 2012, the revised Schedule VI
 notified under the Companies Act, 1956, has become applicable to the
 company, for preparation and presentation of its financial statements.
 The adoption of revised Schedule VI does not impact the recognition and
 measurement principles followed for preparation of financial
 statements. However, it has significant impact on presentation and
 disclosures made in the financial statements. The Company has also
 reclassified the previous year figures in accordance with the
 requirements of revised Schedule VI applicable in the current year.
 
 (ii) Use of Estimates
 
 The preparation of financial statements in conformity with Indian GAAP
 requires the management to make judgments, estimates and assumptions
 that affect the reported amounts of revenues, expenses, assets and
 liabilities and the disclosure of contingent liabilities, at the end of
 the reporting period. Although these estimates are based on the
 management''s best knowledge of current events and actions, uncertainty
 about these assumptions and estimates could result in the outcomes
 requiring a material adjustment to the carrying amounts of assets or
 liabilities in future periods.
 
 (iii) Revenue Recognition
 
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the company and the revenue can be
 reliably measured.
 
 (a) Revenue from sale of goods and services rendered is recognized upon
 passage of title which generally coincides with delivery of materials
 and rendering of services to the customers. The Company collects sales
 taxes and value added taxes (VAT) on behalf of the government and,
 therefore, these are not economic benefits flowing to the Company.
 
 Hence, they are excluded from revenues. Excise duty deducted from
 revenue (Gross) is the amount that is included in the revenue (Gross)
 and not the entire amount of liability arising during the year.
 
 Sales are net of rebates and discounts.
 
 (b) Dividend Income is recognized when the shareholders'' right to
 receive the payment is established by the balance sheet date.
 
 (c) Interest Income is recognized on a time proportion basis taking
 into account the amount outstanding and rate applicable.
 
 (iv) Fixed Assets
 
 Fixed Assets are stated at cost or revalued amount, as the case may be,
 less accumulated depreciation /amortisation and impairment if any. Cost
 comprises the purchase price inclusive of duties (net of CENVAT/VAT),
 taxes, incidental expenses and erection/commissioning expenses etc. up
 to the date, the asset is ready for its intended use. In case of
 revaluation of fixed assets, the original cost as written-up by the
 valuer, is considered in the accounts and the differential amount is
 transferred to revaluation reserve.
 
 Machinery spares which can be used only in connection with an item of
 fixed assets and whose use as per technical assessment is expected to
 be irregular, are capitalized and depreciated over the residual life of
 the respective assets.
 
 (v) Impairment of Assets
 
 The carrying amounts of assets are reviewed at each balance sheet date
 to determine if there is any indication of impairment based on
 external/internal factors. An impairment loss is recognized wherever
 the carrying amount of an asset exceeds its recoverable amount which
 represents the greater of the net selling price and Value in Use'' of
 the assets. In assessing the 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.
 
 (vi) Depreciation/Amortization
 
 (a) The classification of plant and machinery into continuous and
 non-continuous process is done as per technical certification and
 depreciation thereon is provided accordingly.
 
 (b) Depreciation on fixed assets is provided under Written Down Value
 method at the rates prescribed in Schedule XIV of the Companies Act,
 1956, or at rates determined based on useful lives of the respective
 assets, as estimated by the management, whichever is higher.
 
 (c) Depreciation on revalued assets is provided at the rates specified
 under section 205 (2)(b) of the Companies Act, 1956. However, in case
 of fixed assets whose life is determined by the valuer to be less than
 their useful life under Section 205, depreciation is provided at higher
 rate, to ensure the write off of these assets over their useful life.
 
 (d) Depreciation on fixed assets added/disposed of during the year is
 provided on pro-rata basis with reference to the date of
 addition/disposal.
 
 (e) Leasehold properties are depreciated over the primary period of
 lease or their respective useful lives, whichever is shorter.
 
 (f) Intangible Assets are amortized on a Written Down Value method over
 a period of 5 years.
 
 (g) In case of impairment, depreciation is provided on the revised
 carrying amount of the assets over its remaining useful life.
 
 (vii) Foreign Currency Transactions
 
 (a) Initial Recognition:
 
 Foreign Currency Transactions are recorded in the reporting currency,
 by applying to the foreign currency amount, the exchange rate between
 the reporting currency and the foreign currency at the date of the
 transaction.
 
 (b) Conversion:
 
 Foreign currency monetary items are reported using the closing rate.
 Non-monetary items which are carried in terms of historical cost
 denominated in a foreign currency are reported using the exchange rate
 at the date of the transaction, and non-monetary items which are
 carried at fair value or other similar valuation denominated in a
 foreign currency are reported using the exchange rates that existed
 when the values were determined.
 
 (c) Exchange Differences:
 
 Exchange differences arising on the settlement/conversion of monetary
 items are recognized as income or expense in the year in which they
 arise.
 
 (d) Forward Exchange Contracts not entered for trading or speculation
 purpose :
 
 The premium or discount arising at the inception of forward exchange
 contracts is amortized as expense or income over the life of the
 respective contracts. Exchange differences on such contracts are
 recognized in the statement of profit and loss in the period in which
 the exchange rates change. Any profit or loss arising on cancellation
 or renewal of forward exchange contracts is recognized as income or
 expense for the year.
 
 (viii) 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. Current
 Investments are carried at lower of cost and market value on individual
 investment basis. Long Term Investments are considered at cost, unless
 there is an other than temporary decline in value, in which case
 adequate provision is made for the diminution in the value of
 Investments.
 
 (ix) Inventories
 
 Raw Materials, Stores and Spares are valued at lower of cost and net
 realizable value. However, these items are considered to be realizable
 at cost if the finished products, in which they will be used, are
 expected to be sold at or above cost.
 
 Work in Progress and finished goods are valued at lower of cost and net
 realisable value. Cost includes direct materials & labour and a part of
 manufacturing overheads based on normal operating capacity. Cost of
 finished goods includes excise duty.
 
 Cost of Inventories is computed on Weighted Average/FIFO basis.
 
 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.
 
 (x) Government Grants and Subsidies
 
 Grants and subsidies from the government are recognized when there is
 reasonable assurance that the grant/subsidy will be received and all
 attaching conditions will be complied with.
 
 When the grant or subsidy relates to an expense item, it is recognized
 as income over the periods necessary to match them on a systematic
 basis to the costs, which it is intended to compensate.
 
 When the grant or subsidy relates to an asset it is deducted from the
 gross value of the asset concerned in arriving at the carrying amount
 of related asset.
 
 Government grants of the nature of promoter''s contribution are credited
 to capital reserve and treated as a part of the shareholders funds.
 
 (xi) Retirement and other employee benefits
 
 (a) Retirement benefit in the form of Provident Fund is a defined
 contribution scheme and is charged to the Statement of Profit and Loss
 of the year when the contributions to the respective funds are due. The
 Company has no obligations other than the contribution payable to the
 respective funds.
 
 (b) Gratuity Liability, being a defined benefit obligation, is provided
 for on the basis of an actuarial valuation on projected unit credit
 method made at the end of each financial year.
 
 (c) Short Term compensated absences are provided for based on
 estimates. Long Term compensated absences are provided for based on
 actuarial valuation which is done as per projected unit credit method
 at the end of each financial year.
 
 (d) Actuarial gains/losses are immediately taken to the statement of
 profit and loss and are not deferred.
 
 (xii) Earning Per Share
 
 Basic Earning Per Share is calculated by dividing the net profit or
 loss for the year attributable to equity shareholders (after deductible
 preference dividend and attributable taxes) by the weighted number of
 equity shares outstanding during the year.
 
 For the purpose of calculating diluted earning per share, net profit or
 loss for the year attributable to equity share holders and the weighted
 average number of shares outstanding during the year are adjusted for
 the effect of all dilutive potential equity shares.
 
 (xiii)Exclse Duty and Custom Duty
 
 Excise Duty on finished goods stock lying at the factories is accounted
 for at the point of manufacture of goods and accordingly, is considered
 for valuation of finished goods stock lying in the factories as on the
 balance sheet date. Similarly, customs duty on imported material in
 transit/lying in bonded warehouse is accounted for at the time of
 import/bonding of materials.
 
 (xiv)Borrowing Costs
 
 Borrowing Costs includes interest, amortization of ancillary costs
 incurred in connection with the arrangements of borrowings and exchange
 differences arising from foreign currency borrowings to the extent they
 are regarded as an adjustment to the interest cost.
 
 Borrowing Cost directly attributable to the acquisition, construction
 of an asset that necessarily takes a substantial period of time to get
 ready for its intended use are capitalized as part of the cost of the
 respective assets. All other borrowing costs are expensed in the period
 they occur.
 
 (xv) Taxation
 
 Tax expenses comprises of current and deferred tax. Current income tax
 is measured at the amount expected to be paid to the tax authorities in
 accordance with the Indian Income Tax Act, 1961. Deferred income taxes
 reflect the impact of current year timing differences between taxable
 income for the year and reversal of timing differences of earlier
 years.
 
 The deferred tax for timing differences between the book and tax
 profits for the year is accounted for using the tax rates and laws that
 have been substantively enacted as of the Balance Sheet date. Deferred
 Tax Assets and Deferred Tax Liabilities are offset, if a legally
 enforceable right exists to set off current tax assets against current
 tax liabilities and the deferred tax assets and deferred tax
 liabilities relate to the taxes on income levied by same governing
 taxation laws. Deferred Tax Assets are recognized 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
 realized. If the Company has carry forward unabsorbed depreciation and
 tax losses, deferred tax assets are recognized only to the extent there
 is virtual certainty supported by convincing evidence that sufficient
 taxable income will be available against which such deferred tax asset
 can be realized.
 
 The carrying amounts of deferred tax assets are reviewed at each
 Balance Sheet date. The Company writes-down the carrying amount of
 deferred tax assets to the extent that it is no longer reasonably
 certain or virtually certain, as the case may be, that sufficient
 future taxable income will be available against which deferred tax
 asset can be realized. Any such write-down is reversed to the extent
 that it becomes reasonably certain or virtually certain, as the case
 may be, that sufficient future taxable income will be available.
 
 Minimum Alternative Tax (MAT) credit is recognized as an asset only
 when and to the extent there is convincing evidence that the company
 will pay normal income tax during the specified period. In the year in
 which the Minimum Alternative Tax (MAT) credit becomes eligible to be
 recognized as an asset in accordance with the recommendation contained
 in guidance note issued by the Institute of Chartered Accountants of
 India, the said assets is created by way of a credit to the Statement
 of Profit and Loss and shown as MAT credit entitlement. The Company
 reviews the carrying amount of MAT at each Balance Sheet date and
 writes down MAT credit entitlement to the extent there is no longer
 convincing evidence to the effect that the Company will pay normal
 income-tax during specified period.
 
 (xvi)Segment Reporting
 
 a) Identification of segments:
 
 The Company has identified that its business segments are the primary
 segments. The Company''s business are organized and managed separately
 according to the nature of products/services, with each segment
 representing a strategic business unit that offers different
 product/services and serves different markets. The analysis of
 geographical segments is based on the areas in which major operating
 divisions of the company operate.
 
 b) Inter segment transfers:
 
 The Company generally accounts for inter segment sales and transfers at
 current market prices.
 
 c) Allocation of Common Costs:
 
 Common allocable costs are allocated to each segment on case to case
 basis applying the ratio, appropriate to each relevant case. Revenue
 and expenses, which relate to the enterprise as a whole and are not
 allocable to segment on a reasonable basis, have been included under
 the head Unallocated.
 
 The accounting policies adopted for segment reporting are in line with
 those of the Company''s accounting policies.
 
 (xvii) Fixed Assets acquired under Lease
 
 (a) Finance Lease:
 
 Assets acquired under lease agreements which effectively transfer to
 the company substantially all the risk and benefits incidental to
 ownership of the leased items, are capitalized at the lower of the fair
 value and present value of minimum lease payment at the inception of
 the lease term and disclosed as leased assets.  Lease payments are
 apportioned between the finance charges and the reduction of the lease
 liability so as to achieve a constant rate of interest on the remaining
 balance of their liability. Finance charges are charged directly to the
 expenses account.
 
 (b) Operating Lease:
 
 Leases where the lessor effectively retains substantially all the risks
 and benefits of the ownership of the leased assets are classified as
 operating leases. Operating lease payments are recognized as an expense
 in the statement of profit& loss.
 
 (xviii) Derivative Instruments
 
 In accordance with the ICAI announcement derivative contracts, other
 than foreign currency forward contracts covered under AS 11, are marked
 to market on a portfolio basis, and the net loss, if any, after
 considering the offsetting affect of gain on the underlying hedged
 item, is charged to the statement of profit and loss. Net gains, are
 ignored as a matter of prudence.
 
 (xix) Cash and Cash Equivalents
 
 Cash and Cash Equivalents in the cash flow statement comprise of cash
 at bank and in hand and short term investments with an original
 maturity of three months or less.
 
 (xx) Provision
 
 A provision is recognized when an enterprise has a present obligation
 as a result of past event and it is probable that an outflow of
 resources will be required to settle the obligation, in respect of
 which a reliable estimate can be made. Provisions made in terms of
 Accounting Standard 29 are not discounted to their present value and
 are determined based on best estimates 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.
 
 (xxi) Contingent Liabilities
 
 A contingent liability is a possible obligation that arises from past
 events whose existence will be confirmed by the occurrence or
 non-occurrence of one or more uncertain future events beyond the
 control of the Company or a present obligation that is not recognized
 because it is not probable that an outflow of resources will be
 required to settle the obligation. A contingent liability also arises
 in extremely rare cases where there is a liability that cannot be
 recognized because it cannot be measured reliably. The Company does not
 recognize a contingent liability but discloses its existence in the
 financial statements.