a.  change in accounting Policy
 
 Presentation and Disclosure of financial Statements
 
 During the year ended the 31st 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 adoption of revised Schedule VI does not impact recognition and
 measurement principles followed for preparation of these financial
 statements. However, it has significant impact on presentation and
 disclosures made in the financial statements. The Company has also
 reclassified the previous year figures in accordance with the
 requirements applicable in the current year.
 
 b.  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 amounts of assets and
 liabilities and disclosure of contingent liabilities at the date of the
 financial statements and the results of operations during the reporting
 period. Although these estimates are based upon management''s best
 knowledge of current events and actions, actual results could differ
 from these estimates. Difference between the actual results and
 estimates are recognized in the period in which the results are known /
 materialized.
 
 c.  Revenue Recognition
 
 i) Income is accounted for on accrual basis in accordance with
 Accounting Standard (AS) -9 - Revenue Recognition”.
 
 ii) Sale is recognised on dispatch to customer.
 
 iii) Insurance and other claims are recognised in accounts on lodgment
 to the extent these are measurable with reasonable certainty of
 acceptance. Excess/shortfall is adjusted in the year of receipt.
 
 d.  inventories
 
 Inventories are valued at 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 in bringing the inventories to their present
 location and condition.
 
 e.  investments
 
 Long term investments are stated at cost. Provision for diminution in
 the value of long-term investments is made only if such a decline is
 other than temporary in the opinion of the management. The current
 investments are stated at lower of cost or quoted / fair value computed
 category wise.
 
 f.  fixed & intangible assets
 
 i) Fixed assets are stated at historical cost less provision for
 impairment losses, if any, depreciation and amortization.
 
 ii) Borrowing costs eligible for capitalisation incurred, in respect of
 acquisition / construction of a qualifying asset, till the asset is
 substantially ready for use are capitalised as part of the cost of that
 asset.
 
 iii) Pre-operative, trial run and incidental expenses relating to the
 projects are carried forward to be capitalised and apportioned to
 various assets on commissioning of the project.
 
 iv) Intangible assets are recognised on the basis of recognition
 criteria as set out in Accounting Standard (AS) -26 – Intangible
 Assets”.
 
 g.  Depreciation & amortisation
 
 Depreciation & Amortisation for the year has been accounted on the
 following basis:
 
 i) Plant & machinery, building, furniture & office equipment on
 straight line method at the rates specified in Schedule XIV to the
 Companies Act, 1956 (Also refer note no. 2.7.6 of this Schedule-Notes
 on Accounts).
 
 ii) Vehicles on written down value method at the rates specified in
 Schedule XIV to the Companies Act, 1956.
 
 iii) Leasehold land is amortised over the period of lease.
 
 iv) Free hold land and live stock are not depreciated.
 
 v) Assets costing upto Rs. 5,000 are fully depreciated in the year of
 purchase.
 
 vi) Software costs are amortised on straight line method, at the rate
 applicable for Computers specified in Schedule XIV to the Companies
 Act, 1956, which is a fair representation of the period of time over
 which the asset is expected to be used.
 
 vii) In the case of assets where an impairment loss is recognized, the
 revised carrying amount is depreciated over the remaining estimated
 useful life.
 
 h.  impairment of assets
 
 Assets are reviewed for impairment whenever events or changes in
 circumstances indicate that the carrying amount may not be recoverable.
 An impairment loss is recognised for the amount by which the asset''s
 carrying amount exceeds its recoverable amount being the higher of the
 asset''s net selling price and its value in use. Value in use is based
 on the present value of the estimated future cash flows relating to the
 asset. For the purposes of assessing impairment, assets are grouped at
 the lowest levels for which there are separately identifiable cash
 flows (i.e. cash generating units).
 
 Previously recognised impairment losses are reversed where the
 recoverable amount increases because of a favourable change in the
 estimates used to determine the recoverable amount since the last
 impairment was recognised. A reversal of an asset''s impairment loss is
 limited to its carrying amount that would have been determined (net of
 depreciation or amortization), had no impairment loss been recognised
 in prior years.
 
 i.  foreign currency transactions
 
 Foreign exchange transactions are recorded at the rates of exchange
 prevailing on the dates of the respective transactions. Exchange
 differences arising on foreign exchange transactions settled during the
 period are recognised in the Statement of Profit and Loss of the
 period.
 
 Monetary assets and liabilities denominated in foreign currencies,
 which are outstanding as at the year end are translated at exchange
 rates prevailing on the last working day of the accounting year. The
 resultant exchange differences are recognized in the Statement of
 Profit & Loss.
 
 Forward contracts are entered into, to hedge the foreign currency risk
 of the underlying outstanding at the balance sheet date as well as
 future transactions in respect of which either firm commitments have
 been made or which are highly probable forecast transactions. Any
 profit or loss arising on cancellation or renewal of forward exchange
 contract is recognized as income or as expense for the period.
 
 In relation to the forward contracts entered into, to hedge the foreign
 currency risk of the underlying outstanding at the balance sheet date,
 the exchange difference is calculated and recorded in accordance with
 AS-11. The exchange difference on such a forward exchange contract is
 calculated as the difference between the foreign currency amount of the
 contract translated at the exchange rate at the reporting date or the
 settlement date where the transaction is settled during the reporting
 period, and the corresponding foreign currency amount translated at the
 later of the date of inception of the forward exchange contract and the
 last reporting date. Such exchange differences are recognised in the
 Statement of Profit and Loss in the reporting period in which the
 exchange rates change.
 
 Derivative financial instruments not covered by AS-11, relating to a
 firm commitment or a highly probable forecast transaction, which
 qualify for hedge accounting and where Company has met all the
 conditions of AS-30, are fair valued at balance sheet date and
 resultant exchange gain / loss accounted for in the balance sheet as
 per provisions of AS-30. This gain / loss would be recorded in
 Statement of Profit and Loss when the underlying transactions affect
 earnings. Other derivative instruments that relate to a firm commitment
 or a highly probable forecast transaction and that do not qualify for
 hedge accounting are recorded at fair value at the reporting date and
 the resultant exchange gain / loss credited / debited to Statement of
 Profit and Loss for the period.
 
 j.  government grants
 
 Government grants, where reasonable certainty exists that the ultimate
 collection will be made, are recognized as follows:
 
 i) Grants of the nature of promoter''s contribution are credited to
 Capital Reserve.
 
 ii) Grants related to specific depreciable fixed assets are deducted
 from gross values of the related fixed assets in arriving at their book
 value.
 
 iii) Grants related to revenue are recognised on a systematic basis in
 the Statement of Profit and Loss, either as income or deducted from
 related expenses, over the periods necessary to match them with their
 related costs.
 
 k.  Miscellaneous expenditure
 
 Share issue expenses are amortised over a period of five years or
 earlier on annual appraisal.
 
 l.  employee Benefits
 
 The Company''s employee benefits primarily cover provident fund,
 superannuation, gratuity and compensated absences.
 
 Provident fund and Superannuation fund are defined contribution schemes
 and the Company has no further obligation beyond the contributions made
 to the fund. Contributions are charged to Statement of Profit and Loss
 in the year in which they accrue.
 
 Gratuity liability is a defined benefit obligation and is recorded
 based on actuarial valuation made at the end of the year. The gratuity
 liability and net periodic gratuity cost is actuarially determined
 after considering discount rates, expected long term return on plan
 assets and increase in compensation levels. All actuarial gains and
 losses are immediately recorded to the profit and loss account and are
 not deferred.
 
 The undiscounted amount of short-term employee benefits expected to be
 paid in exchange for the services rendered by employees is recognised
 during the period when the employee renders the service. Accumulating
 compensated absences are provided for based on actuarial valuation.
 
 m.  tax on income
 
 i) Current corporate tax is provided on the results for the year after
 considering applicable tax rates and laws.
 
 ii) Deferred tax is provided on timing differences between tax and
 accounting treatments that originate in one period and are expected to
 be reversed or settled in subsequent periods. Deferred tax assets and
 liabilities are measured using the enacted / substantively enacted tax
 rates and laws for continuing operations.
 
 Deferred tax assets in the event of unabsorbed depreciation and carry
 forward losses under tax laws, that exceed the deferred tax liability
 are recognized only where there is virtual certainty of realization.
 
 Deferred tax assets on other accounts are recognized only to the extent
 there is reasonable certainty of realization.
 
 The carrying amount of deferred tax assets is reviewed at each balance
 sheet date to reassess realization.
 
 n.  Provisions and contingent liabilities
 
 Provisions are recognized for present obligations, of uncertain timing
 or amount, arising as a result of a past event where a reliable
 estimate can be made and it is probable that an outflow of resources
 embodying economic benefits will be required to settle the obligation.
 Where it is not probable that an outflow of resources embodying
 economic benefits will be required or the amount cannot be estimated
 reliably, the obligation is disclosed as a contingent liability unless
 the possibility of outflow of resources embodying economic benefits is
 remote.
 
 Possible obligations, whose existence will only be confirmed by the
 occurrence or non-occurrence of one or more uncertain future events,
 are also disclosed as contingent liabilities unless the possibility of
 outflow of resources embodying economic benefits is remote.
 
 o.  earnings Per Share
 
 Basic earnings per share is computed by dividing the net profit after
 tax for the period attributable to equity shareholders (after deducting
 preference dividends and attributable taxes) by the weighted average
 number of equity shares outstanding during the period. The weighted
 average number of equity shares outstanding during the period is
 adjusted for events such as bonus issue, bonus element in a rights
 issue, share split and reverse share split (consolidation of shares)
 that have changed the number of equity shares outstanding without a
 corresponding change in resources.
 
 For the purpose of calculating diluted earnings per share, the net
 profit or loss for the period attributable to equity shareholders and
 the weighted average number of shares outstanding during the period are
 adjusted for the effects of all dilutive potential equity shares.
 
 p.  cash and cash equivalents
 
 Cash and cash equivalents comprise cash and cash on deposit with banks
 and corporations. The Company considers all highly liquid investments
 with a remaining maturity at the date of purchase of three months or
 less and that are readily convertible to known amounts of cash to be
 cash equivalents.