1.  Basis of accounting
 
 The accompanying financial statements have been prepared under the
 historical cost convention, in accordance with Indian Generally
 Accepted Accounting Principles (GAAP) and the provisions of the
 Companies Act, 1956 (The Act).
 
 The Ministry of Corporate Affairs revised Schedule VI to the Act for 
 financial years commencing on or after 1 April 2011. The balance sheet,
 profit and loss account and the comparative financial information for
 the previous year have accordingly been prepared and presented with
 disclosures as required under the Revised Schedule VI.
 
 2.  Use of estimates
 
 The preparation of financial statements in conformity with Generally
 Accepted Accounting Principles require estimates and assumptions to be
 made that affect the reported amounts of assets and liabilities and
 disclosure of contingent liabilities on the date of financial
 statements and the reported amounts of revenues and expenses during the
 reporting period. Actual results could differ from these estimates and
 differences between actual results and estimates are recognized in the
 periods in which the results are known/materialize.
 
 3.  Fixed assets and depreciation
 
 Fixed Assets are stated at their cost of acquisition or construction
 less accumulated depreciation and impairment losses.
 
 Costs of acquisition comprise all costs incurred to bring the assets to
 their location and working condition up to the date the assets are put
 to use. Costs of construction are composed of those costs that relate
 directly to specific assets and those that are attributable to the
 construction activity in general and can be allocated to specific
 assets up to the date the asset are put to use.
 
 Depreciation on assets is provided, pro-rata for the period of use, by
 the Straight Line Method (SLM) at the SLM rates prescribed in Schedule
 XIV to the Act.
 
 Leasehold land is amortized over the period of the lease, except where
 the lease is convertible to freehold land under lease agreements at
 future dates at no additional cost.
 
 The company capitalizes software where it is reasonably estimated that
 the software has an enduring useful life. Software is depreciated over
 an estimated useful life of 3 to 5 years.
 
 The carrying values of assets /cash generating units at each balance
 sheet date are reviewed for impairment in accordance with Accounting
 Standard 28 Impairment of Assets. If any indication of impairment
 exists, the recoverable amount of such assets is estimated and
 impairment is recognized, if the carrying amount of these assets
 exceeds their recoverable amount (i.e. the higher of the asset''s net
 selling price and value in use).
 
 4.  Investments
 
 Investments are classified as current or long-term in accordance with
 Accounting Standard 13 Accounting for Investments.
 
 Current investments are stated at lower of cost and fair value.  Any
 reduction in the carrying amount and any reversals of such reductions
 are charged or credited to the profit and loss account.
 
 Long term investments are stated at cost. Provision for diminution is
 made to recognize a decline, other than temporary, in the value of such
 investments.
 
 5.  Revenue recognition
 
 Revenue is recognized when it is earned and no significant uncertainty
 exists as to its realization or collection.
 
 Revenue from sale of goods is recognized on delivery of the products,
 when all significant contractual obligations have been satisfied, the
 property in the goods is transferred for a price, significant risks
 and rewards of ownership are transferred to the customers and no
 effective ownership is retained. Sales are net of sales tax/value added
 tax. Export turnover includes related export benefits. Excise duty
 recovered is presented as a reduction from gross turnover.
 
 6.  Inventories
 
 Inventories are valued at the lower of cost and net realizable value.
 Cost of inventories comprise all costs of purchase, costs of conversion
 and other costs incurred in bringing the inventories to their present
 location and condition. Cost is determined by the weighted average cost
 method.
 
 Excise duty related to finished goods stock is included under changes
 in inventories of finished goods, work-in-progress and stock-in-trade
 (Refer note 22).
 
 7.  Borrowing costs
 
 Borrowing costs attributable to the acquisition or construction of
 qualifying assets, as defined in Accounting Standard 16 Borrowing
 Costs are capitalized as part of the cost of such asset up to the date
 when the asset is ready for its intended use. Other borrowing costs are
 expensed as incurred.
 
 8.  Employee benefits
 
 Employee benefits such as salaries, allowances, non-monetary benefits
 and employee benefits under defined contribution plans such as
 provident and other funds, which fall due for payment within a period
 of twelve months after rendering service, are charged as expense to the
 profit and loss account in the period in which the service is
 rendered.
 
 Employee benefits under defined benefit plans, such as gratuity and
 compensated absences which fall due for payment after a period of
 twelve months from rendering service or after completion of employment,
 are measured by the projected unit credit method, on the basis of
 actuarial valuations carried out by third party actuaries at each
 balance sheet date. The company''s obligations recognized in the balance
 sheet represents the present value of obligations as reduced by the
 fair value of plan assets, where applicable.
 
 Actuarial gains and losses are recognized immediately in the profit
 and loss Account.
 
 9.  Foreign currency transactions
 
 Foreign currency transactions are recorded at the exchange rates
 prevailing on the date of the transaction.
 
 Monetary foreign currency assets and liabilities (monetary items) are
 reported at the exchange rate prevailing on the balance sheet date.
 Exchange differences relating to long term monetary items are dealt
 with in the following manner:
 
 i. Exchange differences relating to long-term monetary items, arising
 during the year, in so far as they relate to the acquisition of a
 depreciable capital asset are added to/deducted from the cost of the
 asset and depreciated over the balance life of the asset.
 
 ii. In other cases such differences are accumulated in a Foreign
 Currency Monetary Item Translation Difference Account and amortized to
 the profit and loss account over the balance life of the long-term
 monetary item, however that the period of amortization does not extend
 beyond 31 March 2020.
 
 All other exchange differences are dealt with in the profit and loss
 account.
 
 Non-monetary items such as investments are carried at historical cost
 using the exchange rates on the date of the transaction- also refer
 note 1-4.
 
 10.  Derivative financial instruments
 
 The Company enters into derivative financial instruments such as
 foreign exchange forward contracts, interest rate swaps and currency
 options to manage its exposure to interest rate and foreign exchange
 risks.
 
 Derivatives are initially recognized at fair value at the date a
 derivative contract is entered into and are subsequently re- measured
 to their fair value at each balance sheet date.
 
 The Company designates certain derivatives as either hedges of the fair
 value of recognized assets or liabilities (fair value hedges) or hedges
 of highly probable forecast transactions or hedges of foreign currency
 risk of firm commitments (cash flow hedges). The Company does not
 enter into derivative contracts for trading or speculative purposes.
 
 A derivative is presented under Short term loans and advances (Note14
 ) or Other Current Liabilities (Note 10).
 
 Changes in the fair value of derivatives that are designated and
 qualify as fair value hedges are recorded in the profit and loss
 account immediately, together with any changes in the fair value of the
 hedged item that are attributable to the hedged risk. The change in the
 fair value of the hedging instrument and the change in the hedged item
 attributable to the hedged risk are recognized in the same line of the
 profit and loss account relating to the hedged item.
 
 Changes in the fair value of derivatives that are designated and
 qualify as cash flow hedges are deferred in a Hedging Reserve
 Account. The gain or loss relating to the ineffective portion is
 recognized immediately in profit and loss account. Amounts deferred in
 the Hedging Reserve Account are recycled in the profit and loss
 account in the periods when the hedged item is recognized in the profit
 and loss account, in the same line as the hedged item.
 
 Hedge accounting is discontinued when the Company revokes the hedging
 relationship, the hedging instrument expires or is sold, terminated, or
 exercised, or no longer qualifies for hedge accounting. In case of
 fair value hedges the adjustment to the carrying amount of the hedged
 item arising from the hedged risk is amortized to the profit and loss
 account from that date. In case of cash flow hedges any cumulative
 gain or loss deferred in the Hedging Reserve Account at that time is
 retained and is recognized when the forecast transaction is ultimately
 recognized in the profit and loss account. When a forecast transaction
 is no longer expected to occur, the cumulative gain or loss that was
 deferred is recognized immediately in the profit and loss account.
 
 11.  Income taxes
 
 Income taxes are accounted for in accordance with Accounting Standard
 22 Accounting for Taxes on Income. Taxes comprise both current and
 deferred tax.
 
 Current tax is measured at the amount expected to be paid/ recovered
 from the revenue authorities, using the applicable tax rates and tax
 laws. Minimum Alternate Tax (MAT) credit entitlement available under
 the provisions of Section 115 JAA of the Income Tax Act, 1961 is
 recognized to the extent that the credit will be available for
 discharge of future normal tax liability.
 
 The tax effect of the timing differences that result between taxable
 income and accounting income and are capable of reversal in one or more
 subsequent periods are recorded as a deferred tax asset or a deferred
 tax liability. They are measured using the substantively enacted tax
 rates and tax laws.
 
 The carrying amount of MAT credit and deferred tax assets at each
 balance sheet date is reduced to the extent that it is no longer
 reasonably certain that sufficient future taxable income will be
 available against which the assets can be realized.
 
 Where certain expenses or credits which are otherwise required to be
 charged to the profit and loss account are adjusted directly to
 reserves in accordance with a court order or as permitted by law/
 accounting standards, the tax benefits or charge, arising from the
 admissibility or taxability of such expenses or income for tax purpose
 is also recognized in the reserves.
 
 Tax on distributed profits payable in accordance with the provisions
 of section 115O of the Income Tax Act, 1961 which is accounted for in
 accordance with the Guidance Note on Accounting for Corporate Dividend
 Tax is regarded as a tax on distribution of profits and is not
 considered in determination of profits for the year.
 
 12.  Earnings per share
 
 The Company reports basic and diluted earnings per share (EPS) in
 accordance with Accounting Standard 20 Earnings per Share.  Basic EPS
 is computed by dividing the net profit or loss for the year
 attributable to equity shareholders by the weighted average number of
 equity shares outstanding during the year. Diluted EPS is computed by
 dividing the net profit or loss for the year attributable to equity
 shareholders by the weighted average number of equity shares
 outstanding during the year as adjusted for the effects of all dilutive
 potential equity shares, except where the results are anti- dilutive.
 
 13.  Operating leases
 
 Operating lease receipts and payments are recognized as income or
 expense in the profit and loss account on a straight-line basis over
 the lease term.
 
 14.  Cash Flow Statement
 
 The cash flow statement is prepared using the indirect method set
 out in Accounting Standard 3 Cash Flow Statements and presents the
 cash flows by operating, investing and financing activities of the
 Company.
 
 Cash and cash equivalents presented in the cash flow statement consist
 of cash on hand and unencumbered, highly liquid bank balances.
 
 15.  Securities expenses
 
 Expenses on issue of securities are written off to the Securities
 Premium Account in accordance with Section 78 of the Act.
 
 Premium payable on redemption of bonds is provided for over the life of
 the bonds. The Securities Premium Account is applied in providing for
 premium on redemption in accordance with Section 78 of the Act. On
 conversion of the bonds to equity the provision for the redemption
 premium is reversed.
 
 16.  Stock based compensation
 
 The compensation cost of stock options granted to employees is
 calculated using the intrinsic value of the stock options. The
 compensation expense is amortized uniformly over the vesting period of
 the option.
 
 17.  Contingent liabilities
 
 Contingent liabilities as defined in Accounting Standard 29
 Provisions, Contingent Liabilities and Contingent Assets are
 disclosed by way of notes to the accounts. Disclosure is not made if
 the possibility of an outflow of future economic benefits is remote.
 Provision is made if it is probable that an outflow of future economic
 benefits will be required to settle the obligation.