i 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 balances of assets and
 liabilities and the disclosure relating to contingent liabilities as at
 the date of financial statements and reported amounts of income and
 expenses during the period.  Although these estimates are based upon
 management''s best knowledge of current events and actions, actual
 results could differ from those estimates. Any revision to accounting
 estimates is recognised in the current and future periods.
 
 ii Revenue recognition Sale of goods
 
 Revenue from sale of goods is recognised when significant risks and
 rewards in respect of ownership of the goods are transferred to the
 customer and is stated inclusive of excise duty and net of trade
 discounts, sales return and sales tax wherever applicable.
 
 Other income
 
 1.  Interest income is recognised on a time proportion basis at the
 applicable rates.
 
 2.  Export incentives are recognised on actual realisation basis.
 
 3.  Dividend income is recognised when the right to receive the income
 is established.
 
 iii Export benefit / incentives
 
 Benefit under the advance license scheme and duty free replenishment
 certificate are accounted for at the time of purchase of imported raw
 material or sale of the license.
 
 iv Fixed assets 
 
 Tangible
 
 Tangible assets are stated at cost of acquisition less accumulated
 depreciation and impairment losses, if any. Cost comprises the purchase
 price (net of cenvat credit availed) and any attributable cost of
 bringing the asset to its working condition for its intended use.
 expenditure on account of restoration / modification / alteration in
 plant and machinery / building, which increases the future benefit from
 the existing asset beyond its previously assessed standard of
 performance / estimated useful life, is capitalised.
 
 Intangible
 
 intangible assets are recognised if and only if it is probable that the
 future economic benefits that are attributable to the assets will flow
 to the Company.
 
 v Depreciation and amortisation 
 
 A Tangible
 
 Depreciation on fixed assets has been provided on straight line method
 at the rates and in the manner prescribed under schedule XiV
 (schedule) to the Companies Act, 1956, except the following:
 
 i) On assets acquired and put to use on or before 1 July 1987 in the
 Glass Division, Sanathnagar, Andhra Pradesh of the Company and on
 vehicles acquired till date in all the divisions of the Company,
 depreciation is provided on written down value method at the rates and
 in the manner prescribed in the schedule;
 
 ii) On furnaces (included in plant and machinery) having a cost of Rs.
 12,054.82 lacs (previous year Rs. 11,604.27 lacs) used in the glass
 divisions, depreciation is provided on straight line method, as
 technically assessed from time to time, based on expected useful lives
 of the furnaces. The rate presently being 16.21% per annum which is the
 rate as prescribed in the schedule;
 
 iii) Leasehold improvements are amortised over the period of the lease
 or estimated useful life of the leasehold improvements, whichever is
 less.
 
 iv) Pre-operative expenditure including borrowing cost (net of revenue,
 where applicable) and foreign exchange differences on specific project
 loans incurred during the construction / trial run of the project is
 allocated on an appropriate basis to fixed assets upon commissioning.
 
 B Intangible
 
 i) Technical knowhow is being amortised over a period of ten years; and
 
 ii) Computer software (included in Computers in Note 13) are amortised
 over a period of six years The depreciation and amortisation rates are
 indicative of the expected useful lives of the assets.
 
 vi Borrowing cost
 
 Borrowing costs that are attributable to the acquisition and / or
 construction of qualifying assets are capitalised as part of the cost
 of such assets, in accordance with Accounting Standard 16 Borrowing
 Costs as notified by Companies (Accounting Standard) Rules, 2006. A
 qualifying asset is one that necessarily takes a substantial period of
 time to get ready for its intended use. Capitalisation of borrowing
 costs is suspended in the period during which the active development is
 delayed due to, other than temporary interruption. All other borrowing
 costs are charged to the statement of profit and loss as incurred.
 
 vii 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 valued at the lower of cost and fair value.
 Long-term investments are stated at cost.
 
 Provision is made for diminution in the value of long-term investments
 to recognise a decline, if any, other than temporary in nature.
 
 Profit / loss on sale of investments are computed with reference to
 their cost determined on first in first out basis
 
 viii Inventories
 
 a) Inventories are valued as follows:
 
 Raw materials including components, packing materials, stores and
 spares and goods in transit - At lower of cost and net realisable
 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.
 
 Work- in-process - At cost up to estimated stage of completion.
 
 Finished goods and goods purchased for resale - At lower of cost and
 net realisable value.
 
 b) Cost of inventories is ascertained on the following basis:
 
 Raw materials, stores and spare parts and packing materials - On
 weighted average basis.
 
 Finished goods purchased for resale - On weighted average basis.
 
 Cost of manufactured finished goods and stock in process comprises of
 material, labour and other related production overheads including
 depreciation.
 
 ix Foreign currency transactions
 
 Foreign currency transactions are recorded at the exchange rates
 prevailing on the date of transaction. Differences arising out of
 foreign currency transactions settled during the year are recognised in
 the statement of profit and loss.
 
 Monetary items outstanding at the balance sheet date and denominated in
 foreign currencies are restated at the exchange rates prevailing at the
 balance sheet date. Differences arising on such restatement are
 recognised in the statement of profit and loss except to the extent
 permitted by the transitional provisions contained in the Companies
 (Accounting Standards) Amendment Rules, 2009 in respect of long term
 foreign currency monetary items, in which case the cost of fixed assets
 are adjusted by the translation differences and amortised over the
 remaining useful life of the related asset.
 
 The premium or discount arising at the inception of forward exchange
 contracts 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 rates
 change. Any profit or loss arising on cancellation or renewal of
 forward exchange contract is recognised as income or as expense for the
 year.
 
 Forward exchange contracts and other currency derivative contacts that
 are not in principle forward contracts in accordance with Accounting
 Standard 11 ''Effect of change in Foreign Exchange Rates'' that are
 entered to hedge the foreign currency risk of highly probable forecast
 transactions and firm commitments are marked to market at the balance
 sheet date and exchange loss is recognised in the statement of profit
 and loss immediately. Any gain is ignored and not recognised in the
 financial statements, in accordance with the principles of prudence
 enunciated in Accounting Standard 1- Disclosure of Accounting Policies.
 
 x Taxes on income
 
 Tax expense comprises current income tax and deferred income tax.
 
 Current tax is determined as the amount of tax payable in respect of
 taxable income for the year, in accordance with the income tax Act,
 1961.
 
 Deferred income tax reflects 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
 are recognised only to the extent that there is reasonable / virtual
 certainty, depending on the nature of the timing differences, that
 sufficient future taxable income will be available against which such
 deferred tax assets can be realised.
 
 Minimum Alternate tax (''Mat'') credit is recognised 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 MAT credit becomes eligible to be recognised as an asset in
 accordance with the recommendations contained in guidance note issued
 by the institute of Chartered Accountants of india, the said asset is
 created by way of a credit to the statement of profit and loss and
 shown as MAT credit entitlement. the Company reviews the same at each
 balance sheet date and writes down the carrying amount of MAT credit
 entitlement to the extent it is not reasonably certain that the Company
 will pay normal income tax during the specified period.
 
 xi Research and development
 
 Research and development expenditure is charged to statement of profit
 and loss except capital expenditure, which is added to the cost of
 respective fixed assets in the year in which it is incurred.
 
 xii Leases
 
 a) Operating Lease
 
 Lease rentals in respect of assets taken on operating lease are charged
 to the statement of profit and loss on a straight- line basis over the
 term of the lease.
 
 b) Finance Lease
 
 Assets acquired on finance lease which transfer risk and rewards of
 ownership to the Company are capitalised as assets by the Company at
 the lower of fair value of the leased property or the present value of
 the related lease payments or where applicable, estimated fair value of
 such assets. Amortisation of capitalised leased assets is computed on
 the straight line method over the useful life of the assets. Lease
 rental payable is apportioned between principal and finance charge
 using the internal rate of return method. The finance charge is
 allocated over the lease term so as to produce a constant periodic rate
 of interest on the remaining balance of liability.
 
 xiii Employee benefits
 
 Expenses and liabilities in respect of employee benefits are recorded
 in accordance with Accounting Standard 15 Employee Benefits (Revised
 2005) Revised AS 15 as notified by Companies (Accounting Standards)
 Rules, 2006
 
 a) Provident fund
 
 the Company makes contributions to two independently constituted trusts
 recognised by income tax authorities and regional provident fund. in
 terms of the Guidance note on implementing the revised AS - 15, issued
 by the Accounting Standard Board of the institute of Chartered
 Accountants of india (the ''iCAi''), the provident fund set up by the
 Company is treated as a defined benefit plan since the Company has to
 meet the interest shortfall, if any. Accordingly, the contribution paid
 or payable and the interest shortfall, if any is recognised as an
 expense in the period in which services are rendered by the employee.
 
 b) Gratuity
 
 Gratuity is a post employment defined benefit plan. the liability
 recognised in respect of gratuity is the present value of the defined
 benefit obligation at the balance sheet date less the fair value of
 plan assets, together with adjustments for unrecognised actuarial gains
 or losses and past service costs. the defined benefit obligation is
 calculated annually by actuaries using the projected unit credit
 method.
 
 Actuarial gains and losses arising from experience adjustments and
 changes in actuarial assumptions are recorded as expense or income in
 the statement of profit and loss in the year in which such gains or
 losses arise.
 
 c) Compensated absence
 
 Liability in respect of compensated absences becoming due or expected
 to be availed within one year from the balance sheet date is recognised
 on the basis of undiscounted value of estimated amount required to be
 paid or estimated value of benefit expected to be availed by the
 employees. Liability in respect of compensated absences becoming due or
 expected to be availed more than one year after the balance sheet date
 is estimated on the basis of actuarial valuation performed by an
 independent Actuary using the projected unit credit method. Actuarial
 gains or losses are recognised in the statement of profit and loss in
 the year they arise.
 
 d) Other short term benefits
 
 Expenses relating to other short term benefits including performance
 bonus is recognised on the basis of amount paid or payable for the
 period during which services are rendered by the employee.
 
 xiv Earnings per share
 
 Basic earnings per share is calculated by dividing net profit or loss
 for the year attributable to equity shareholders by weighted average
 number of equity shares outstanding during the year. the weighted
 average number of equity shares outstanding during the year is adjusted
 for events of bonus issue, share split and any new equity issue
 
 For the purpose of calculating diluted earnings per share, the net
 profit or loss for the year attributable to equity shareholders and the
 weighted average number of shares outstanding during the year are
 adjusted for the effects of all dilutive potential equity shares.
 
 xv Impairment of assets
 
 the Company assesses at each balance sheet date whether there is any
 indication that an asset may be impaired. if any such indication
 exists, the Company estimates the recoverable amount of the asset. if
 such recoverable amount of the asset or the recoverable amount of the
 cash generating unit to which the asset belongs is less than its
 carrying amount, the carrying amount is reduced to its recoverable
 amount. the reduction is treated as an impairment loss and is
 recognised in the statement of profit and loss. if at the balance sheet
 date there is an indication that if a previously assessed impairment
 loss no longer exists, the recoverable amount is reassessed and the
 asset is reflected at the recoverable amount subject to a maximum of
 depreciated historical cost.
 
 xvi Contingent liabilities and provisions
 
 The Company makes a provision when there is a present obligation as a
 result of a past event where the outflow of economic resources is
 probable and a reliable estimate of the amount of the obligation can be
 made.
 
 A disclosure is made for a contingent liability when there is a:
 
 - Possible obligation, the existence of which will be confirmed by the
 occurrence / non-occurrence of one or more uncertain events, not fully
 with in the control of the Company;
 
 - Present obligation, where it is not probable that an outflow of
 resources embodying economic benefits will be required to settle the
 obligation;
 
 - Present obligation, where a reliable estimate cannot be made.