(i) Accounting Convention
 
 These financial statements have been prepared under the historical cost
 convention, on the accrual basis of accounting and in accordance with
 the Generally Accepted Accounting Principles (GAAP) in India and
 comply with the accounting standards prescribed by the Companies
 (Accounting Standards) Rules, 2006 to the extent applicable and in
 accordance with the provisions of the Companies Act, 1956, as adopted
 consistently by the Company.
 
 (ii) Use of Estimates
 
 The preparation of financial statements requires the management of the
 Company to make estimates and assumptions that affect the reported
 balances of assets and liabilities and disclosures relating to the
 contingent liabilities as at the date of the financial statements and
 reported amounts of income and expenses during the period. Example of
 such estimates include provisions for doubtful debts, employee
 retirement benefit plans, provision for income taxes, accounting for
 contract costs expected to be incurred to complete construction and the
 useful lives of fixed assets.
 
 (iii) Fixed Assets and Depreciation
 
 Fixed assets are stated at cost less accumulated depreciation. Cost
 includes purchase price and all other attributable costs of bringing
 the assets to working condition for intended use.
 
 Depreciation on assets is charged proportionately from the month of
 acquisition/ installation on a straight line basis on rates prescribed
 by Schedule XIV of the Companies Act, 1956 other than for the following
 assets, where higher rates are used based on the useful life of the
 assets as determined by the Company:
 
 Leasehold land and improvements are amortised over the term of the
 lease.
 
 Technical know-how is amortised over the term of the agreement.
 Computer software is amortised over a period of 3 years.
 
 Assets acquired under finance lease are recognised at the lower of the
 fair value of the leased assets at inception and the present value of
 minimum lease payments and are depreciated over the lease term or
 useful life, whichever is shorter. Lease payments are apportioned
 between the finance charges and the reduction of the outstanding
 liability. The finance charge is allocated to periods during the lease
 term at a constant periodic rate of interest on the remaining balance
 of the liability.
 
 (iv) Revenue Recognition
 
 Revenue from sale of products is recognised on dispatch of goods to
 customers which coincides with the transfer of risk and rewards
 associated with the ownership of goods. Sales are net of rebates and
 sales taxes, wherever applicable.
 
 Revenue from erection business on fixed price contracts is recognised
 in accordance with the percentage of completion method based on the
 work completed.
 
 (v) Investments
 
 Investments are stated at cost. Provision is made for other than
 temporary diminution in the value of investments.
 
 (vi) Inventories
 
 Inventories are valued at cost or net realisable value, whichever is
 lower and includes all applicable costs incurred in bringing goods to
 their present location and condition. The basis for determining cost
 for various categories of inventories is as follows:
 
 Stores and spare parts - Weighted average
 
 Raw materials          - Weighted average
 
 Materials in transit   - At cost
 
 Work in process and Finished goods - Material cost plus appropriate
 share of labour, manufacturing and other overheads.
 
 (vii) Research and Development Costs
 
 Research and development costs of revenue nature are charged to the
 profit and loss account when incurred. Expenditure of capital nature is
 capitalised and depreciated in accordance with the rates set out in
 paragraph 1 (iii) above.
 
 (viii) Employee Benefits (See also Note 6)
 
 a.  Short-term employee benefits
 
 The undiscounted amount of short-term employee benefits expected to be
 paid in exchange of services rendered by employees is recognised during
 the period when the employee renders the services. These benefits
 include compensated absences and performance incentives.
 
 b.  Post-employment benefit plans
 
 The Company has various schemes of retirement benefits namely provident
 fund, superannuation schemes and gratuity, which are administered by
 trustees of independently constituted trusts recognised by the
 Income-tax authorities.
 
 The Companys contributions towards provident fund are deposited in
 trusts formed by the Company under the Employees Provident Fund and
 Miscellaneous Provisions Act, 1952. Contributions to superannuation
 fund are deposited in a separate trust. These trusts are recognised by
 the Income Tax authorities. The contributions to the trusts are managed
 by the trustees of the respective trusts.
 
 The Companys superannuation scheme and the employees provident fund
 scheme are defined contribution schemes. The Companys contribution
 paid/ payable under these schemes are recognised as expenses in the
 profit and loss account during the period in which the employee renders
 the related service. The Provident Fund scheme additionally requires
 the Company to guarantee payment of interest at rates notified by the
 Central Government from time to time, for which shortfall as at the
 Balance Sheet date, if any, is provided for.
 
 The Companys gratuity scheme is a defined benefit scheme. For defined
 benefit schemes, the cost of providing benefits is determined using
 projected unit credit method, with actuarial valuation being carried
 out at each balance sheet date. Actuarial gains and losses are
 recognised in full in the profit & loss account for the period in which
 they occur. Past service cost is recognised to the extent the benefits
 are already vested, and otherwise is amortised on a straight-line
 method over the average period until the benefits become vested.
 
 The retirement benefit obligation recognised in the balance sheet
 represents the present value of the defined benefit obligations as
 adjusted for unrecognised past service cost, and as reduced by the fair
 value of scheme assets. Any asset resulting from this calculation is
 limited to past service cost, plus the present value of available
 refunds and reductions in future contributions to the scheme.
 
 Benefits comprising compensated absences constitute other long term
 employee benefits. The liability for compensated absences is provided
 on the basis of an actuarial valuation done by an independent actuary
 at the year end. Actuarial gains and losses are recognised immediately
 in the profit and loss account.
 
 (ix) Borrowing Costs
 
 Borrowing costs that are attributable to the acquisition, construction
 or production of qualifying assets are capitalised as part of the cost
 of such assets. A qualifying asset is one that necessarily takes
 substantial period of time to get ready for intended use. All other
 borrowing costs are charged to revenue.
 
 (x) Foreign Exchange Transactions
 
 Transactions in foreign currencies are recorded at the exchange rate
 prevailing on the date of the transaction. Monetary items denominated
 in foreign currency and outstanding at the balance sheet date are
 translated at the exchange rate ruling on that date. Exchange
 differences arising on foreign currency transactions are recorded as
 income or expense in the period in which they arise.
 
 In respect of forward contracts taken by the Company, the difference
 between the forward rate and the exchange rate at the date of the
 transaction is recognised as expense over the life of the forward
 contract.
 
 The Company had opted for accounting the exchange rate differences
 arising on reporting of Long term foreign currency monetary items in
 line with the Companies (Accounting Standard) Amendments Rules, 2009 on
 Accounting Standard AS11 – The Effects of Change in Foreign Exchange
 Rates (See also Note 15).
 
 (xi) Taxation (See also Note 7)
 
 Income tax comprises current tax and deferred tax. Deferred tax assets
 and liabilities are recognised for the future tax consequences of
 timing differences, subject to the consideration of prudence. Deferred
 tax assets and liabilities are measured using the tax rates enacted or
 substantively enacted at the balance sheet date.
 
 (xii) Earnings Per Share (See also Note 16)
 
 The Company reports basic and diluted earnings per equity share in
 accordance with Accounting Standard AS20 – Earning Per Share.  Basic
 earnings per equity share has been computed by dividing net profit
 after tax by the weighted average number of equity shares outstanding
 for the year. Diluted earnings per equity share is computed using the
 weighted average number of equity shares and dilutive potential equity
 shares outstanding during the year except where the result would be
 anti-dilutive.
 
 (xiii) Impairment of Assets
 
 At each balance sheet date, the Company reviews the carrying amount of
 its assets to determine whether there is any indication that those
 assets suffered an impairment loss. If any such indication exists, the
 recoverable amount of the asset is estimated in order to determine the
 extent of impairment loss. Recoverable amount is the higher of an
 assets net selling price and value in use. In assessing value in use
 the estimated future cash flows expected from the continuing use of the
 asset and from its disposal are discounted to their present value using
 a discount rate that refects the current market assessments of time
 value of money and the risks specific to the asset.
 
 Reversal of impairment loss is recognised as income in the profit and
 loss account.
 
 (xiv) Contingencies/ Provisions
 
 A provision is recognised when the Company has a present obligation as
 a result of past event; it is probable that an outflow of resources
 embodying economic benefits will be required to settle the obligation,
 in respect of which a reliable estimate can be made. Provisions are not
 discounted to its present value and are determined based on best
 estimate of the expenditure required to settle the obligation at the
 balance sheet date. These are reviewed at each balance sheet date and
 adjusted to refect the current best estimate. A contingent liability is
 disclosed, unless the possibility of an outflow of resources embodying
 the economic benefit is remote.
 
 (xv) Employee Stock Option Scheme (See also Note 22)
 
 Stock options granted to the employees under the stock options schemes
 are accounted as per the accounting treatment prescribed by the
 Employee Stock Option and Employees Stock Purchase Scheme Guidelines,
 1999 issued by Securities and Exchange Board of India.  Accordingly,
 the excess of average market value of the shares over the preceding two
 weeks of the date of grant of options over the exercise price of the
 options is recognised as deferred employee compensation and is charged
 to the profit and loss account on straight line basis over the vesting
 period of the options.
 
 (xvi) Leases (See also Note 14)
 
 Operating Lease
 
 Leases where the lessor effectively retains substantially all the risks
 and benefits of ownership of the leased asset are classified as
 operating leases. Operating lease charges are recognised as an expense
 in the profit and loss account on a straight – line basis over the
 lease term.
 
 Finance Lease
 
 Leases under which the Company assumes substantially all the risks and
 rewards of ownership are classified as finance leases. The lower of
 fair value of asset and present minimum lease rentals is capitalised as
 fixed assets with corresponding amount shown as lease liability. The
 principal component in the lease rentals is adjusted against the lease
 liability and interest component is charged to profit and loss account.