The accounts have been prepared to comply in all material aspects with
 applicable accounting principles in India, the applicable Accounting
 Standards notified under Section 211(3c) of the Companies Act, 1956 and
 the relevant provisions thereof.
 
 REVENUE RECOGNITION
 
 Sales are recognised when goods are supplied and are recorded net of
 trade discounts, rebates, sales taxes and excise duties (on goods
 manufactured and outsourced) but include, where applicable, export
 incentives such as duty drawbacks and premiums on sale of import
 licences. It does not include inter-divisional transfers.
 
 Income from Property Development Activity is recognised in terms of
 arrangements with developers, where applicable.
 
 Income from services rendered is booked based on agreements/
 arrangements with the concerned parties.
 
 Interest on investments is booked on a time proportion basis taking
 into account the amounts invested and the rate of interest.
 
 Dividend income on investments is accounted for when the right to
 receive the payment is established.
 
 EXPENDITURE
 
 Expenses are accounted for on accrual basis and provision is made for
 all known losses and liabilities. Advertising expenses are charged
 against the profit of the year to which the activities relate.
 
 Revenue expenditure on research and development is charged against the
 profit of the year in which it is incurred. Capital expenditure on
 research and development is shown as an addition to fixed assets.
 
 FIXED ASSETS
 
 Fixed assets are stated at cost less accumulated depreciation.
 Depreciation is provided (except in the case of leasehold land which is
 being amortised over the period of the lease) on the straight line
 method and at the rates and in the manner specified in Schedule XIV of
 the Companies Act, 1956. However,
 
 O certain employee perquisite - related assets are depreciated over
 four to six years, the period of the perquisite scheme computers and
 related assets are depreciated over four years
 
 O certain assets of the cold chain are depreciated over four / seven
 years; and
 
 O motor vehicles are depreciated over six years
 
 Assets identified and evaluated technically as obsolete and held for
 disposal are stated at their estimated net realisable values.
 
 GOODWILL AND OTHER INTANGIBLE ASSETS
 
 Intangible assets are stated at cost of acquisition less accumulated
 amortisation. Goodwill and other Intangible assets (except computer
 software) are amortised over the assets useful life not exceeding 10
 years. Computer software is amortised over a period of 5 years on the
 straight line method.
 
 IMPAIRMENT OF ASSETS
 
 Impairment loss, if any, is provided to the extent, the carrying amount
 of assets exceeds their recoverable amount. Recoverable amount is
 higher of an assets net selling price and its value in use.  Value in
 use is the present value of estimated future cash flows expected to
 arise from the continuing use of an asset and from its disposal at the
 end of its useful life.
 
 INVESTMENTS
 
 Investments are classified into current and long - term investments.
 Current investments are stated at the lower of cost and fair value.
 Long - term investments are stated at cost. A provision for diminution
 is made to recognise a decline, other than temporary, in the value of
 long - term investments.
 
 INVENTORIES
 
 Inventories are valued at the lower of cost, computed on a weighted
 average basis, and estimated net realisable value, after providing for
 cost of obsolescence and other anticipated losses, wherever considered
 necessary. Finished goods and work-in-progress include costs of
 conversion and other costs incurred in bringing the inventories to
 their present location and condition.
 
 SUNDRY DEBTORS AND LOANS AND ADVANCES
 
 Sundry debtors and Loans and Advances are stated after making adequate
 provisions for doubtful balances.
 
 PROVISIONS
 
 A provision is recognised when there is a present obligation as a
 result of a past event, it is probable that an outflow of resources
 will be required to settle the obligation and in respect of which
 reliable estimate can be made. Provision is not discounted to its
 present value and is determined based on the best estimate required to
 settle the obligation at the year end date. These are reviewed at each
 year end date and adjusted to reflect the best current estimate.
 
 RETIREMENT / POST RETIREMENT BENEFITS
 
 Contributions to Defined Contribution schemes such as Provident Fund,
 etc. are charged to the Profit and Loss account as incurred.  In
 respect of certain employees, Provident Fund contributions are made to
 a Trust administered by the Company. The interest rate payable to the
 members of the Trust shall not be lower than the statutory rate of
 interest declared by the Central Government under the Employees
 Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall,
 if any, shall be made good by the Company. The remaining contributions
 are made to a government administered Provident Fund towards which the
 Company has no further obligations beyond its monthly contributions.
 The Company also provides for retirement / post-retirement benefits in
 the form of gratuity, pensions, leave encashment and medical. Such
 benefits are provided for based on valuations, as at the balance sheet
 date, made by independent actuaries. Termination benefits are
 recognised as an expense as and when incurred.
 
 TAXES ON INCOME
 
 Current tax is determined as the amount of tax payable in respect of
 taxable income for the period.
 
 Deferred tax is recognised, subject to the consideration of prudence,
 on timing differences, being the difference between taxable income and
 accounting income that originate in one period and are capable of
 reversal in one or more subsequent periods. Deferred tax assets are not
 recognised on unabsorbed depreciation and carry forward of losses
 unless there is virtual certainty that sufficient future taxable income
 will be available against which such deferred tax assets can be
 realised.
 
 FOREIGN CURRENCY TRANSLATIONS
 
 Foreign currency transactions are accounted for at the exchange rates
 prevailing at the date of the transaction. Gains and losses resulting
 from the settlement of such transactions and from the translation of
 monetary assets and liabilities denominated in foreign currencies are
 recognised in the Profit and Loss account.
 
 Forward exchange contracts outstanding as at the year end on account of
 firm commitment / highly probable forecast transactions are marked to
 market and the resultant gain/loss is dealt in the Profit and Loss
 account.
 
 OPERATING LEASES
 
 Lease Payments under operating leases have been recognised as an
 expense in the Profit and Loss account on a straight line basis over
 the lease term.
 
 SEGMENT REPORTING
 
 The accounting policies adopted for segment reporting are in line with
 the accounting policies of the Company with the following additional
 policies for segment reporting :
 
 a) Inter segment revenue have been accounted for based on the
 transaction price agreed to between segments which is primarily market
 led.
 
 b) Revenue and expenses have been identified to segments on the basis
 of their relationship to the operating activities of the segment.
 Revenue and expenses, which relate to the enterprise as a whole and are
 not allocable to segments on a reasonable basis, have been included
 under “Unallocated corporate expenses”.
 
 6 Interest paid on bank and other accounts Rs. 0.24 Crores (2009-10:
 Rs. 6.98 Crores), including on fixed period loan Rs. Nil (2009-10: Rs.
 3.62 Crores)
 
 7 i) The net difference in foreign exchange (i.e. the difference
 between the spot rates on the dates of the transactions, and the actual
 rates at which the transactions are settled / appropriate rates
 applicable at the year end) credited to the Profit and Loss Account is
 Rs. 36.56 Crores (2009-10: debit Rs. 50.85 Crores).
 
 10 Pursuant to the Scheme of amalgamation of erstwhile subsidiary Bon
 Limited with the Company, as sanctioned by the Honourable High Court of
 Bombay on 16th April, 2010 the assets and liabilities of Bon Limited
 were transferred to and vested in the Company with effect from 1st
 April, 2009. The Scheme was accordingly given effect to, using the
 pooling of interest method in March 2010 accounts, in accordance with
 Accounting Standard (AS-14) issued by the Institute of Chartered
 Accountants of India.
 
 13 The Companys significant leasing arrangements are in respect of
 operating leases for premises (residential, office, stores, godown
 etc.) and computers. These leasing arrangements which are not
 non-cancellable range between 11 months and 10 years generally, or
 longer, and are usually renewable by mutual consent on mutually
 agreeable terms. The aggregate lease rentals payable are charged as
 Rent in the Profit and Loss account (refer Note 4).
 
 14 For information on Joint Venture refer Schedule 20 to the Balance
 Sheet.
 
 15 Taxation adjustments of previous years include interest, etc.
 
 16 Previous years figures have been regrouped/restated wherever
 necessary to conform to this years classification.
 
 14 Certain demands for increased wages, etc. received from workmen have
 been referred to adjudication. In the opinion of the Companys
 management, the ultimate liability to the Company, if any, with respect
 to such demands would not have a material effect on the accounts.