NOTE 1 BASIS OF PREPARATION
 
 The financial statements are prepared on accrual basis under the
 historical cost convention, as supplemented by revaluation of certain
 fixed assets, in accordance with the generally accepted accounting
 principles in india and to comply with the Accounting Standards
 referred to in sub section (3C) of section 211 of the Companies Act,
 1956 including the Rules framed there under, except as specifically
 stated in note 49 and also the Scheme of Arrangement as approved by the
 Hon''ble High Court of Calcutta.  the accounting policies have been
 consistently applied by the Company and are consistent with those used
 in the previous year.
 
 (a) Terms and rights attached to equity shares
 
 The Company has only one class of equity shares having par value of Rs.
 2 per share. Each holder of equity share is entitled to one vote per
 share. The Company declares and pays dividend in Indian Rupees. During
 the year ended 31 March 2012, the amount of per share dividend is
 recognised as distribution to equity shareholder was Rs. 3 per share
 (previous year Rs. 2.50 per share)
 
 In the event of liquidation of the Company, the holder of equity shares
 will be entitled to receive remaining assets of the Company, after
 distribution of all preferential amounts. The distribution will be in
 proportion to the number of equity shares held by the shareholders.
 
 (c) The above figure of subscribed and paid up capital includes
 application and allotment money received on forfeited shares amounting
 to Rs. 0.04 lacs (originally amount paid up: Rs. 0.04 lacs).
 
 (d) On 06 October 2010, the Company allotted 1,10,20,887 equity shares
 of Rs. 2 each at a price of Rs. 136.10 aggregating to Rs. 14,999.43
 lacs to Qualified institutional Buyers (QiBs) under a qualified
 institutional placement offer. The abovementioned shares have been
 listed on both BSE and NSE and trading permission were received on 08
 October 2010. Detail of utilisation of funds so raised is as follows:-
 
 * Central subsidy reserve was created for subsidy received from
 Government to install diesel generator sets ** Refer note 49
 
 There was no movement in capital reserve, capital redemption reserve
 and central subsidy reserve during the year.
 
 Notes:-
 
 1.  Foreign currency loans comprises of :
 
 a) External commercial borrowings (ECB) of USD 17 million from The
 Honkong and Shanghai Banking Corporation Limited carrying interest @ 6
 months LIBOR  200 bps, is repayable in 30 installments ranging from USD
 0.40 million to USD 1.00 million starting from September 2011 and are
 secured by way of hypothecation of the whole of fixed assets including
 movable plant and machinery, machine spares, tools and accessories
 (both present and future) pertaining to the glass divisions of Company
 located at Sanathnagar and Bhongir and further secured by first
 pari-passu charge by way of mortgage of deposit of title deeds of
 immovable properties of glass divisions of the Company situated at
 Sanathnagar and Bhongir in Andhra Pradesh.
 
 b) External commercial borrowings (ECB) of USD 16.75 million from
 Citibank N.A. carrying interest @ 6 months LIBOR  181 bps, is repayable
 in 10 installments ranging from USD 0. 299 million to USD 0.925 million
 starting from September 2011 and are secured by way of hypothecation of
 the whole of fixed assets including movable plant and machinery,
 machine spares, tools and accessories (both present and future)
 pertaining to the glass divisions of Company located at Sanathnagar and
 Bhongir and further secured by first pari-passu charge by way of
 mortgage of deposit of title deeds of immovable properties of glass
 divisions of the Company situated at Sanathnagar and Bhongir in Andhra
 Pradesh.
 
 c) External commercial borrowings (ECB) of USD 16 million from Standard
 Chartered Bank carrying interest @ 6 months LIBOR  177 bps, is
 repayable in 36 installments ranging from USD 0.12 million to USD 1.079
 million starting from September 2010 and are secured by way of
 hypothecation of the whole of fixed assets including movable plant and
 machinery, machine spares, tools and accessories (both present and
 future) pertaining to the glass divisions of Company located at
 Sanathnagar and Bhongir and further secured by first pari-passu charge
 by way of mortgage of deposit of title deeds of immovable properties of
 glass divisions of the Company situated at Sanathnagar and Bhongir in
 Andhra Pradesh.
 
 d) External commercial borrowings (ECB) of USD 8 million from Standard
 Chartered Bank carrying interest @ 6 months LIBOR   225bps, is
 repayable in 40 equal installments of USD 0.25 million starting from
 September 2012 and are secured by way of hypothecation of the whole of
 fixed assets including movable plant and machinery, furniture and
 fittings, equipments, computerhardware, computer software, machinery
 spares, tools and accessories (both present and future) pertaining to
 the glass divisions of Company located at Sanathnagar and Bhongir and
 further secured by first pari-passu charge by way of mortgage of
 deposit of title deeds of immovable properties of glass divisions of
 the Company situated at Sanathnagar and Bhongir in Andhra Pradesh.
 
 e) External commercial borrowings (ECB) of USD 20 million from Standard
 Chartered Bank carrying interest @ 6 months LiBOR   300 bps, is
 repayable in 50 installments ranging from USD 0.225 million to USD 0.90
 million starting from March 2014 and are secured by way of
 hypothecation of the whole of fixed assets including movable plant and
 machinery, furniture and fittings, equipments, computerhardware,
 computer software, machinery spares, tools and accessories (both
 present and future) pertaining to the glass divisions of Company
 located at Sanathnagar and Bhongir and further secured by first
 pari-passu charge by way of mortgage of deposit of title deeds of
 immovable properties of glass divisions of the Company situated at
 Sanathnagar and Bhongir in Andhra Pradesh.
 
 f) External commercial borrowings (ECB) of USD 25 million from DBS
 carrying interest @ 6 months LiBOR   260 bps, is repayable in 50
 installments ranging from USD 0.32 million to USD 0.72 million starting
 from March 2014 and are secured by way of hypothecation of the whole of
 fixed assets including movable plant and machinery, furniture and
 fittings, equipments, computerhardware, computer software, machinery
 spares, tools and accessories (both present and future) pertaining to
 the glass divisions of Company located at Sanathnagar and Bhongir and
 further secured by first pari-passu charge by way of mortgage of
 deposit of title deeds of immovable properties of glass divisions of
 the Company situated at Sanathnagar and Bhongir in Andhra Pradesh.
 
 g) External commercial borrowings (ECB) of USD 8.955 million from DBS
 Bank Limited carrying interest @ 3 months LiBOR   200 bps, is repayable
 in 32 equal installments of USD 0.281 million starting from October
 2012 and are secured by exclusive charge by way of mortgage of deposit
 of title deeds of the Company pertaining to vacant freehold land
 situated at Sitarampur, isnapur, PO Medak District, near Hyderabad,
 Andhra Pradesh.
 
 2) Rupee loans comprise of :
 
 a) DBS Bank Ltd : term loan of Rs. 4,000 lacs, carrying interest @
 11.26% p.a., is repayable in 16 equal quarterly installments of Rs. 250
 lacs starting from March 2011 and is secured by first pari-passu charge
 by way of mortgage of deposit of title deeds of the Company pertaining
 to vacant freehold land situated at Sitarampur, isnapur, PO Medak
 District, near Hyderabad, Andhra Pradesh.
 
 3) Car finance loans from iCiCi bank of Rs. 24.44 lacs, carrying
 interest @ 9.8% p.a., is repayable in 36 monthly installments of Rs.
 0.68 lacs starting from April 2011 and is secured by hypothecation of
 vehicles finance out of proceeds of such loans.
 
 4) Car finance loans from iCiCi bank of Rs. 94.06 lacs, carrying
 interest @ 9.25% p.a., is repayable in 36 monthly installments of Rs.
 2.17 lacs starting from January 2011 and is secured by hypothecation of
 vehicles finance out of proceeds of such loans.
 
 5) Deferred payment liabilities is in respect of value added tax and
 central sales tax liabilities pertaining to the year 1999-2000 to 201
 1-2012, is repayable by the end of financial year 31 March 2026 is
 secured against the moveable and immoveable properties of the Company.
 However, the charge is not yet been registered with the Registrar of
 Companies, West Bengal.  Also, the amount of deferred sales tax credit
 is subject to assessment by sales tax authorities.
 
 6) Current maturities of long-term borrowing amounting to Rs. 7,197.57
 lacs (previous year Rs. 5,030.41 lacs) are included under the head
 ''Other current liabilities''.
 
 Note:
 
 a) Buyer''s credit facilities from Citibank N.A., Standard Chartered
 Bank, Andhra Bank and The Hongkong and Shanghai Banking Corporation
 carrying rate of interest ranging between 2.50% - 3.52% p.a. are
 repayable within 6 months from the origination and is secured by
 hypothecation of stocks and book debts and further secured by second
 pari-passu charge on all the fixed assets of the Company situated at
 Bahadurgarh, Bibinagar, Sanathnagar and Bhongir.
 
 b) Cash credit facilities from Central Bank of india, Canara Bank and
 Standard Chartered Bank carrying rate of interest 13.75% p.a.  which is
 repayable on demand and is secured by hypothecation of stocks and book
 debts and further secured by second pari- passu charge on all the fixed
 assets of the Company situated at Bahadurgarh, Bibinagar, Sanathnagar
 and Bhongir.
 
 c) Cash credit facilities from Citibank N.A. carrying rate of interest
 14.00% p.a.which is repayable on demand and is secured by hypothecation
 of stocks and book debts and further secured by second pari-passu
 charge on all the fixed assets of the Company situated at Bahadurgarh,
 Bibinagar, Sanathnagar and Bhongir.
 
 d) Cash credit facilities from The Hongkong and Shangai Banking
 Corporation Limited carrying rate of interest 12.50% p.a.  which is
 repayable on demand and is secured by hypothecation of stocks and book
 debts and further secured by second pari- passu charge on all the fixed
 assets of the Company situated at Bahadurgarh, Bibinagar, Sanathnagar
 and Bhongir.
 
 e) Short term unsecured commercial paper outstanding as at the year end
 Rs. 16,000 lacs (previous year Rs. Nil) is issued against earmarking of
 working capital limit with banks and is repayable during the year ended
 31 March 2013.
 
 f) Short term unsecured loan from The Bank of Nova Scotia amounting to
 Rs. 500 lacs carrying interest rate of 11.75% p.a.  and is repayable on
 09 April 2012.
 
 g) Buyer''s credit unsecured facilities from iDBi Bank carrying rate of
 interest ranging between 1.93% - 3.94% p.a. are repayable within 6
 months from the origination.
 
 a) The borrowing cost capitalised during the year ended 31 March 2012
 is Rs. 29.18 lac (previous year Rs. Nil).
 
 b) The premium and foreign exchange loss amounting to Rs. 2,427.01 lacs
 has been capitalised during the year ended 31 March 2012 ( previous
 year foreign exchange gain Rs. 1,377.58 lacs).
 
 c) Pursuant to the Scheme (''BRR''), the Company has revalued its
 freehold land by crediting Rs. 22,500.00 lacs to the Business
 Reconstruction Reserve during the year ended 31 March 2012. (Refer note
 49)
 
                                                        Rs. in lacs
 
 Particulars                                    As at        As at
                                            31 March 2012  31 March 2011
 
 NOTE 2 CONTINGENT LIABILITIES AND 
 COMMITMENTS
 
 1) Contingent liabilities not provided 
 for in respect of:
 
 a) Demands raised by the excise 
 authorities against which appeals have         302.89       302.89 
 been filed
 
 b) Demands raised by the income tax 
 authorities against which appeals                   -         5.71 
 have been filed
 
 c) Demands made by the sales tax 
 authorities against which appeals have         244.59       219.91 
 been filed
 
 d) Duty availed on imports against 
 EPCG licenses                                3,098.05     2,569.82
 
 e) Bank guarantees outstanding               3,100.96     2,815.25
 
 f) Claims against the Company not 
 acknowledged as debts                        2,029.54     2,001.30
 
 2) Unfulfilled export obligation under 
 EPCG license of EXIM Policy                 24,784.42    20,558.57
 
 The management has identified enterprises which have provided goods and
 services to the Company and which qualify under the definition of micro
 and small enterprises, as defined under Micro, Small and Medium
 Enterprises Development Act, 2006 (MSMEDA). Accordingly, the disclosure
 in respect of the amounts payable to such enterprises as at 31 March
 2012 has been made in the financials statements based on information
 received and available with the Company. Further, no interest during
 the year has been paid or payable under the terms of the MSMED Act,
 2006.
 
 * included in contribution to provident and other funds (refer note 28)
 
 ** The Fund does not have any existing deficit or interest shortfall.
 in regard to any future obligation arising due to interest shortfall,
 pending the issuance of the Guidance Note from the Actuarial Society of
 india, the measurement of actuarial valuation liability towards
 Provident Fund is not feasible. Accordingly, other related disclosures
 in respect of provident fund have not been furnished.
 
 The Company made annual contribution to the Birla Sun Life insurance
 Company Limited (''BSL'') of an amount advised by the BSL.  the Company
 was not informed by BSL of the investment made or the break down of
 plan assets by investment type, accordingly related disclosures are not
 included in these financial statements.
 
 NOTE 3
 
 The Company vide ''Share Purchase Agreement'' dated 26 May 2011 acquired
 18,500 equity shares representing the entire paid up capital of Garden
 Polymers Private Limited (Garden Polymers) located in india for a
 total consideration of Rs. 8,686.97 lacs (including transaction costs).
 Details of the assets and liabilities as of the date of investment are
 as below:
 
 NOTE 4
 
 In May 2011, the Company noted misappropriation of cheque book,
 resulting in fraudulent withdrawal of funds aggregating to approx. Rs.
 127 lacs at its building products manufacturing unit in Hyderabad. The
 Company subsequently recovered approx Rs. 31 lacs, the remaining amount
 of Rs. 96 lacs is being provided as doubtful advance by the Company.
 
 NOTE 5
 
 In the opinion of the board of directors, current assets, loans and
 advances have a value on realisation in its ordinary course of the
 business at least equal to the amounts at which they are stated and
 provision for all known liabilities have been made.
 
 NOTE 6
 
 Segment information, as required under AS-17 Segment Reporting, has
 been provided in the consolidated financial statements of the Company
 and therefore no separate disclosure on segment information is given in
 these standalone financial statements.
 
 NOTE 7
 
 Lease payments under cancelable operating leases are recognised as an
 expense in the statement of profit and loss as rentals.
 
 NOTE 8
 
 Prior period item comprise of income tax adjustments of Rs. 19.75 lacs
 (previous year Rs. 19.02 lacs).
 
 NOTE 9
 
 The Hon''ble Calcutta High Court vide its order dated 26 March 2010
 approved a scheme of arrangement between the Company and its
 shareholders (the Scheme). The Scheme provides that with effect
 from 01 April 2009, the Appointed Date, all or such of the immovable
 properties in the form of land and buildings, as the Company considers
 relevant and appropriate, will be reinstated at their respective fair
 values as determined by recognised valuers. Consequently, any
 adjustments (debit / credit) on account of such revaluation would be
 reflected in Business Reconstruction Reserve Account (BRR) of the
 Company.
 
 The Scheme provides that in addition to the aforementioned revaluation,
 any or all of the immovable properties in the form of land and
 buildings, as the Company considers relevant and appropriate up to 31
 March 2012, may further be reinstated at their respective fair values
 as determined by recognised valuers with the consequent adjustments
 (debit / credit) on account of such revaluation being reflected in the
 Business Reconstruction Reserve Account of the Company.
 
 The Scheme further provides that the aggregate amount under the BRR
 created by way of revaluation of land and buildings would be utilised,
 to the extent considered necessary and appropriate by the Board of
 Directors of the Company from time to time, to adjust certain expenses
 as mentioned in the Scheme until the balance is available in the BRR
 account.
 
 In terms of the Scheme, during the year ended 31 March 2012, the
 Company revalued one of its freehold land at Sanath Nagar and Isnapur,
 Andhra Pradesh by crediting Rs. 22,500 lacs to the BRR. As per
 undertaking provided by the Company to the stock exchange, the amount
 already transferred to the General Reserve from the BRR shall not be
 utilised for either payment of dividends or issue of bonus shares in
 accordance with the provisions of the Companies Act, 1956.
 
 NOTE 10
 
 Till the year ended 31 March 2011 the Company was following pre-revised
 schedule VI to the Companies Act 1956, for preparation and presentation
 of its 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. The Company has reclassified previous year
 figures to confirm to this year''s classification. The adoption of
 revised schedule VI does not impact recognition and measurement
 principles followed for preparation of financial statements. However,
 it significantly impacts presentation and disclosure made in the
 financial statements, particularly presentation of balance sheet.