1.1 Change in accounting policy
 
 Presentation and disclosure of financial statements
 
 During the year ended 31 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 Company
 has also reclassified the previous year figures in accordance with the
 requirements applicable in the current year.
 
 1.2 Basis of preparation
 
 The accounts have been prepared and presented under the historical cost
 convention method on the accrual basis of accounting in accordance with
 the accounting principles generally accepted in India and comply with
 the Accounting Standards issued by Institute of Chartered Accountants
 of India (ICAI) to the extent applicable.
 
 1.3 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 outcome
 requiring a material adjustment to the carrying amounts of assets or
 liabilities in future periods.
 
 1.4 Tangible Fixed Assets:
 
 Fixed Assets are stated at cost less accumulated depreciation Cost is
 inclusive of duties & taxes (net of CENVAT / VAT), incidental expenses
 and erection / commissioning expenses.
 
 1.5 Depreciation on tangible fixed assets:
 
 Depreciation on fixed assets is provided on straight-line method atthe
 rates specified in Schedule XIV of the Companies Act, 1956. The
 depreciation on incremental value arising from the revaluation of the
 fixed assets is charged to revaluation reserve account.
 
 1.6 Expenditure during construction period:
 
 Expenditure (including finance cost relating to borrowed funds for
 construction or acquisition of fixed assets) incurred on projects under
 implementation are treated as Preoperative expenses pending allocation
 to the assets and are shown under Capital Work in Progress and the
 same are apportioned to fixed assets on commencement of commercial
 production.
 
 1.7 Intangible assets
 
 Intangible assets acquired separately are measured on initial
 recognition at cost. The cost of intangible assets acquired in an
 amalgamation in the nature of purchase is their fair value as at the
 date of amalgamation. Following initial recognition, intangible assets
 are carried at cost less accumulated amortization and accumulated
 impairment losses, if any.  Internally generated intangible assets,
 excluding capitalized development costs, are not capitalized and the
 expenditure is reflected in the statement of profit and loss in the
 year in which the expenditure is incurred.
 
 Intangible assets are amortized on a straight line basis over the
 estimated useful economic life. The Company uses a rebuttable
 presumption that the useful life of an intangible asset will not exceed
 ten years from the date when the asset is available for use. If the
 persuasive evidence exists to the affect that the useful life of an
 intangible asset exceeds ten years, the Company amortizes the
 intangible asset over the best estimate of its useful life. Such
 intangible assets and intangible assets not yet available for use are
 tested for impairment annually, either individually or atthe
 cash-generating unit level. All other intangible assets are assessed
 for impairment whenever there is an indication that the intangible
 asset may be impaired.
 
 The amortization period and the amortization method are reviewed
 periodically. If the expected useful life of the asset is significantly
 different from previous estimates, the amortization period is changed
 accordingly. If there has been a significant change in the expected
 pattern of economic benefits from the asset, the amortization method is
 changed to reflect the changed pattern. Such changes are accounted for
 in accordance with AS 5 Net Profit or Loss for the Period, Prior Period
 Items and Changes in Accounting Policies.
 
 Gains or losses arising from derecognition of an intangible asset are
 measured as the difference between the net disposal proceeds and the
 carrying amount of the asset and are recognized in the statement of
 profit and loss when the asset is derecognized.
 
 1.8 Investments:
 
 Long-term investments and investments in subsidiary companies are
 carried at cost. Provision for diminution in value is made whenever
 necessary in accordance with the Accounting Standards in force.
 
 1.9 Valuation of Inventories:
 
 a) Inventories are valued at the lower of cost or net realizable value.
 
 b) Inventories of raw material, consumables and stores and spares are
 valued at cost as per FIFO method. Cost does not include duties and
 taxes that are subsequently recoverable.
 
 c) Cost for the purpose of finished goods and material in process is
 computed on the basis of cost of material, labour and other related
 overheads.
 
 d) Goods in transit are stated at costs accrued up to the date of
 Balance Sheet.
 
 e) Stocks with consignment agents are stated at costs accrued up to the
 date of the Balance sheet.
 
 1.10 Government grants:
 
 Government grants received in the nature of promoter''s contribution and
 where no repayment is ordinarily expected are treated as capital
 reserve.
 
 1.11 Foreign Exchange:
 
 Foreign exchange transactions are recorded at the exchange rates
 prevailing at the time of transactions or at contracted rates. Current
 assets and current liabilities are translated at values prevailing at
 the Balance Sheet date. Gains/Losses, if any, arising thereby are
 recognized in the respective revenue or expense account.
 
 The foreign exchange variances resulting on account of loans used to
 acquire fixed assets are accounted as part of fixed assets.
 
 1.12 Revenue Recognition:
 
 a) Revenue from sales is recognized when significant risk and rewards
 in respect of ownership of the products are transferred.
 
 b) Revenue from domestic sales is recognized on dispatch of products
 from the factory of the Company and in case of consignment sale, on
 further sale made by the agents.
 
 c) Revenue from export sales is recognized on the basis of dates of
 Bill of Lading.
 
 1.13 Export Benefits:
 
 Advance licenses are issued to the Company under the Advance License
 Scheme [Duty Exemption Entitlement Certificate (DEEC Scheme)] / duty
 entitlement credited under the Duty Entitlement Pass Book Scheme (DEPB
 Scheme) on the export of the goods manufactured by it. Whenever export
 sales are made by the Company, pending receipt of imported duty- paid
 raw materials under the DEEC / DEPB Schemes, the cost of domestic raw
 materials actually consumed for the purpose of such exports is
 compensated and / or matched by accruing the value of the benefit under
 the DEEC / DEPB Scheme.
 
 1.14 Research and development expenses:
 
 1.14.1 Research costs not resulting in any tangible property/equipment
 are charged to revenue as and when incurred.
 
 1.14.2 Know-how / product development costs incurred on an individual
 project are carried forward when its future recoverability can
 reasonably be regarded as assured. Any expenditure carried forward is
 amortized over the period of expected future benefits from the related
 project, not exceeding ten years.
 
 1.14.3 The carrying value of know-how / product development costs are
 reviewed for impairment annually when the asset is not yet in use and
 otherwise when events or changes in circumstances indicate that the
 carrying value may not be recoverable.
 
 1.15 Employee Retirement Benefits:
 
 1.15.1 Defined Contributions Plan: Contributions paid/payable to the
 defined contribution plan of Provident Fund for certain employees
 covered under the scheme are recognized in the Profit and Loss account
 each year.
 
 The Company makes contributions to a State operated contribution scheme
 for certain employees at a specified percentage of the employees''
 salary. The Company has an obligation only to the extent of the defined
 contribution.
 
 1.15.2 Defined Benefit Plan: Gratuity for certain employees is covered
 under a scheme of Life Insurance Corporation of India (LIC) and
 contributions in respect of such scheme are recognized in the Profit
 and Loss account. The liability as at the Balance Sheet date is
 provided for based on the actuarial valuation carried out in accordance
 with revised Accounting Standard 15 as at the end of the year/period.
 
 1.15.3 Other long term employee benefits: Other long term employee
 benefits comprise of leave encashment which is provided on the
 actuarial valuation carried out in accordance with revised Accounting
 Standard 15 as at the end of the year/period.
 
 1.16 Borrowing costs:
 
 Borrowing costs incurred in relation to the acquisition and
 constructions of assets are capitalized as part of the cost of such
 assets up to the date when such assets are ready for intended use.
 Other borrowing costs are charged as an expense in the year in which
 they are incurred.
 
 1.17 Income tax expense:
 
 1.17.1 Current Tax Expense
 
 The Current charge for income tax is calculated in accordance with the
 tax regulations.
 
 1.17.2 Deferred Tax Expense
 
 Deferred income tax reflects the impact of timing difference between
 accounting income and tax income for the year / period. Deferred tax is
 measured based on the tax rates and the tax laws enacted at the Balance
 Sheet date.  Deferred tax asset is recognized only to the extent of
 certainty of realization of such asset.
 
 1.18 Measurement of EBITDA
 
 As permitted by the Guidance Note on the Revised Schedule VI to the
 Companies Act, 1056, the Company has elected to present earnings before
 interest, tax, depreciation and amortization (EBITDA) as a separate
 line item on the face of the statement of profit and loss. The Company
 measures EBITDA on the basis of profit/ (loss) from continuing
 operations. In its measurement, the Company does not include
 depreciation and amortization expense, finance costs and tax expense.