i) Basis of Preparation
 
 The financial statements have been prepared to comply in all material
 respects with the Notified Accounting Standards by Companies Accounting
 Standards Rules, 2006 (as amended) and the relevant provisions of the
 Companies Act, 1956. The financial statements have been prepared under
 the historical cost convention on an accrual basis. The accounting
 policies have been consistently applied by the Company and are
 consistent with those used in the previous year.
 
 ii) 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
 year end. Although these estimates are based upon management best
 knowledge of current events and actions, actual results could differ
 from these estimates.
 
 iii) Revenue Recognition
 
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 a) Revenue from sale of goods is recognised upon passage of title to
 the customers which generally coincides with delivery thereof.
 
 b) Dividend income is recognized when the shareholders right to
 receive payment is established by the Balance Sheet date.
 
 c) Interest income is recognized on a time proportion basis taking into
 account the amount outstanding and the rate applicable.
 
 d) Income from certified emission reduction (CER) credits is recognized
 at estimated realisable value on confirmation of CERs by the concerned
 authorities.
 
 e) Insurance & other claims/ refunds, due to uncertainty in
 realisation, are accounted for on acceptance/actual receipt basis.
 
 iv) Fixed Assets
 
 Fixed Assets are stated at cost or revalued amount, as the case may be,
 less accumulated depreciation/amortisation and impairment losses if
 any. Cost comprises the purchase price inclusive of duties (net of
 cenvat / VAT), taxes, incidental expenses and erection / commissioning
 expenses etc. upto the date the asset is ready for its intended use.
 
 In case of revaluation of fixed assets, the original cost as written-up
 by the valuer is considered in the accounts and the differential amount
 is transferred to revaluation reserve.
 
 Machinery spares which can be used only in connection with an item of
 fixed asset and whose use as per technical assessment is expected to be
 irregular, are capitalised and depreciated over the residual life of
 the respective assets.
 
 v) Impairment of Assets
 
 The carrying amounts of assets are reviewed at each balance sheet date
 to determine if there is any indication of impairment based on
 external/internal factors. An impairment loss is recognized wherever
 the carrying amount of an asset exceeds its recoverable amount which
 represents the greater of the net selling price and Value in use of
 the asset. The estimated future cash flows are discounted to their
 present value using a pre-tax discount rate that reflects current
 market assessments of the time value of money and risks specific to the
 asset.
 
 vi) Foreign Currency Transactions Initial Recognition
 
 Foreign currency transactions are recorded in the reporting currency,
 by applying to the foreign currency amount the exchange rate between
 the reporting currency and the foreign currency at the date of the
 transaction.
 
 Conversion
 
 Foreign currency monetary items are reported using the closing rate.
 Non-monetary items which are carried in terms of historical cost
 denominated in a foreign currency are reported using the exchange rate
 at the date of the transaction; and non-monetary items which are
 carried at fair value or other similar valuation denominated in a
 foreign currency, are reported using the exchange rates that existed
 when the values were determined. Investment in foreign companies are
 considered at the exchange rates prevailing on the date of their
 acquisition.
 
 Exchange Differences
 
 Exchange differences arising on the settlement/conversion of monetary
 items are recognized as income or expenses in the year in which they
 arise.
 
 Forward Exchange Contracts not intended for trading or speculation
 purposes
 
 The premium or discount arising at the inception of forward exchange
 contracts is amortized as expense or income over the life of the
 respective contracts. Exchange differences on such contracts are
 recognized 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 contracts is recognized as income or
 expense for the year.
 
 vii) Depreciation
 
 a) The classification of plant and machinery into continuous and
 non-continuous process is done as per technical certification and
 depreciation thereon is provided accordingly.
 
 b) Depreciation on fixed assets is provided under Straight Line Method
 (except for furniture, fixtures and vehicles valuing Rs. 1304.94 lacs
 (Rs. 1338 lacs) where Written Down Value method is followed) at the
 rates prescribed in Schedule XIV of the Companies Act, 1956 or at the
 rates based on the useful lives of the assets estimated by the
 management, whichever is higher.
 
 c) Depreciation on revalued assets is provided at the rates specified
 under section 205 (2)(b) of the Companies Act, 1956 or at the rates
 based on the useful lives of the assets estimated by the management,
 whichever is higher.
 
 d) Depreciation on fixed assets added / disposed off during the period
 is provided on pro-rata basis with reference to the date of
 addition/disposal.
 
 e) Leasehold properties are depreciated over the primary period of
 lease or their respective useful lives, whichever is shorter.
 
 f) Intangible assets being Specialized Software and Mining Rights are
 amortised on a straight line basis over a period of 3 years and 10
 years respectively.
 
 g) In case of impairment, depreciation is provided on the revised
 carrying amount of the asset over its remaining useful life.
 
 viii) Investments
 
 a) Investments that are readily realizable 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 carried at lower of cost and fair value determined on
 individual investment basis. Long term investments are carried at cost.
 However, provision for diminution in value is made to recognize a
 decline other than temporary in the value of the investments.
 
 b) Investment property being long-term investment is considered at cost
 less accumulated depreciation, unless there is a decline in the value
 other than temporary, in which case, adequate provision is made against
 the diminution.  Depreciation is provided under Straight Line Method at
 the rates prescribed in Schedule XIV of the Companies Act, 1956 or at
 the rates based on the useful lives of the assets estimated by the
 management, whichever is higher.
 
 ix) Inventories
 
 Raw Materials and stores and spares are valued at lower of cost and net
 realizable value. However, these items are considered to be realizable
 at cost if the finished products in which they will be used, are
 expected to be sold at or above cost.
 
 Work-in-progress and finished goods are valued at lower of cost and net
 realisable value. Finished goods and work in progress include cost of
 conversion and other costs incurred in bringing the inventories to
 their present location and condition.
 
 By-Products are valued at net realizable value.
 
 Cost of inventories is computed on annual weighted average/ transaction
 moving weighted average method.
 
 Saleable scrap, whose cost is not identifiable, is valued at net
 realisable value.
 
 Net realizable value is the estimated selling price in the ordinary
 course of business less estimated costs of completion and estimated
 costs necessary to make the sale.
 
 x) Retirement and other employee benefits
 
 a) Provident Fund and Superannuation Schemes are defined contribution
 schemes and the contributions are charged to the Profit & Loss Account
 of the year when the contributions to the respective funds are due. The
 Company has no obligations other than the contributions payable to the
 respective PF & Pension authorities / funds.
 
 b) Gratuity liability is defined benefit obligation and is provided for
 on the basis of actuarial valuation done on projected unit credit
 method at the end of each financial year.
 
 c) Short term compensated absences are provided for based on estimates.
 Long term compensated absences are provided for based on actuarial
 valuation. The actuarial valuation is done as per the projected unit
 credit method at the end of each financial year.
 
 d) Actuarial gain/losses are immediately taken to profit & loss account
 and are not deferred.
 
 e) Future monthly installments payable under Voluntary Early Retirement
 Scheme in respect of the employees who opted for the said scheme and
 due beyond 12 months, are discounted to its net present value.
 
 xi) Earning per Share
 
 Basic earning per share is calculated by dividing the net Profit or
 Loss for the period attributable to equity shareholders (after
 deducting preference dividend and attributable taxes) by the weighted
 average number of equity shares outstanding during the period. Partly
 paid equity shares are treated as a fraction of an equity share to the
 extent that they were entitled to participate in dividend relative to
 fully paid equity share during the reporting period.
 
 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.
 
 xii) Excise Duty & Custom Duty
 
 Excise duty on Finished goods stock lying at the factories is accounted
 for at the point of manufacture of goods and accordingly, is considered
 for valuation of finished goods stock lying in the factories as on the
 Balance Sheet date.  Similarly, customs duty on imported materials in
 transit / lying in bonded warehouse is accounted for at the time of
 import / bonding of materials.
 
 xiii) Shares/ Debentures Issue Expenses
 
 Shares/Debentures issue expenses (net of tax) including redemption
 premium are adjusted against Securities Premium Account.
 
 xiv) Borrowing Costs
 
 Borrowing costs relating to acquisition / construction of qualifying
 assets are capitalized until the time all substantial activities
 necessary to prepare the qualifying assets for their intended use are
 complete. A qualifying asset is one that necessarily takes substantial
 period of time to get ready for its intended use. All other borrowing
 costs are charged to revenue.
 
 xv) Taxation
 
 Tax expense comprises of current and deferred tax. Current income tax
 is measured at the amount expected to be paid to the tax authorities in
 accordance with the Indian Income Tax Act, 1961. Deferred income taxes
 reflects the impact of current year timing differences between taxable
 income for the year and reversal of timing differences of earlier
 years.
 
 The deferred tax for timing differences between the book and tax
 profits for the year is accounted for using the tax rates and laws that
 have been substantively enacted as of the Balance Sheet date. Deferred
 tax assets are recognised only to the extent that there is reasonable
 certainty that sufficient future taxable income will be available
 against which such deferred tax assets can be realised. If the Company
 has carry forward unabsorbed depreciation and tax losses, deferred tax
 assets are recognized only to the extent there is virtual certainty
 supported by convincing evidence that sufficient taxable income will be
 available against which such deferred tax assets can be realized.
 
 At each Balance Sheet date, the Company re-assesses unrecognized
 deferred tax assets. It recognizes unrecognized deferred tax assets to
 the extent that it has become reasonably certain or virtually certain,
 as the case may be, that sufficient future taxable income will be
 available against which such deferred tax assets can be realized.
 
 The carrying amount of deferred tax assets are reviewed at each Balance
 Sheet date. The Company writes-down the carrying amount of a deferred
 tax asset to the extent that it is no longer reasonably certain or
 virtually certain, as the case may be, that sufficient future taxable
 income will be available against which deferred tax asset can be
 realized.  Any such write- down is reversed to the extent that it
 becomes reasonably certain or virtually certain, as the case may be,
 that sufficient future taxable income will be available.
 
 Minimum Alternative Tax (MAT) credit is recognized 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 the MAT credit becomes eligible to be recognized 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 Profit & Loss Account 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 there is no longer convincing evidence to the
 effect that the Company will pay normal income-tax during the specified
 period.
 
 xvi) Derivative Instruments
 
 As per the announcement made by the Institute of Chartered Accountants
 of India, Derivative contracts, other than those covered under AS-II,
 are marked to market on a portfolio basis, and the net loss after
 considering the offsetting effect on an underlying hedge item, is
 charged to the Income statement. Net gains are ignored as a matter of
 prudence.
 
 xvii) Segment Reporting
 
 a) Identification of segments :
 
 The Company has identified that its business segments are the primary
 segments. The Companys businesses are organized and managed separately
 according to the nature of products/services, with each segment
 representing a strategic business unit that offers different
 product/services and serves different markets. The analysis of
 geographical segments is based on the areas in which the customers of
 the Company are located.
 
 b) Allocation of Common Costs :
 
 Common allocable costs are allocated to each segment on a case to case
 basis applying the ratio, appropriate to each relevant case. Revenue
 and expenses, which relate to the enterprise as a whole and are not
 allocable to segment on a reasonable basis, have been included under
 the head Unallocated.
 
 The accounting policies adopted for segment reporting are in line with
 those of the Company.
 
 xviii)Leases
 
 Operating Lease:
 
 Where the Company is Lessor
 
 Assets subject to operating leases are included in fixed assets. Lease
 income is recognized in the Profit & Loss Account on a Straight Line
 basis over the lease term. Costs including depreciation are recognized
 as expenses in the Profit & Loss Account. Initial direct costs such as
 legal costs, brokerage costs etc. are recognized immediately in the
 Profit & Loss Account.
 
 Where the Company is a lessee
 
 Leases where the lessor effectively retains substantially all the risks
 and benefits of the ownership of the leased assets are classified as
 operating leases. Operating lease payments are recognized as an expense
 in the Profit & Loss Account on a straight-line basis over the lease
 term.
 
 xix) Government Grants and Subsidies
 
 Grants and subsidies from the government are recognized when there is
 reasonable assurance that the grant/subsidy will be received and all
 the attaching conditions will be complied with.
 
 When the grant or subsidy relates to an expense item, it is recognized
 as income over the period necessary to match them on a systematic basis
 to the costs , which it is intended to compensate. Where the grant or
 subsidy relates to an asset, its value is deducted in arriving at the
 carrying amount of the related asset.
 
 Government grants of the nature of promoters contribution are credited
 to Capital Reserve and treated as a part of Shareholders fund.
 
 xx) Provisions
 
 A provision is recognized when an enterprise has a present obligation
 as a result of past event and it is probable that an outflow of
 resources will be required to settle the obligation, in respect of
 which a reliable estimate can be made.
 
 Provisions made in terms of Accounting Standard 29 are not discounted
 to its present value and are determined based on best estimate required
 to settle the obligation at the balance sheet date. These are reviewed
 at each balance sheet date and adjusted to reflect the current best
 estimates.
 
 xxi) Cash & Cash Equivalents
 
 Cash & Cash equivalents in the cash flow statement comprise cash at
 bank and in hand and short term investments with an original maturity
 of three months or less.