1. Contingent Liabilities Not Provided For
 
 a) Claims against the Company not acknowledged as debts:
 
                          As at March 31, 2012    As at March 31, 2011
                              (Rs lakhs)                (Rs lakhs)
 
 Excise duty, customs duty 
 and service tax* @                 5924.08              5865.44
 
 Sales Tax** @                      1225.28               925.42
 
 Income Tax                          356.82               976.37
 
 Stamp Duty****                     2881.55              2881.55
 
 Others ***                          474.33                94.43
 
 * Amount deposited Rs 315.92 lakhs (Previous year - Rs 315.92 lakhs)
 
 ** Amount deposited Rs 7.16 lakhs (Previous Year - Rs 7.16 lakhs)
 
 *** Amount deposited Rs 8.00 lakhs (Previous Year – Rs 8.00 lakhs)
 
 **** In the matter of acquisition of the Tyrecord Division at Malanpur
 from Ceat Limited the Collector of Stamps, Bhind (Madhya Pradesh) has
 by his order dated 07.11.2001 assessed the value of the subject matter
 of the Deed of Conveyance dated 13.06.1996 at Rs 30300 lakhs and levied
 a stamp duty of Rs 2372.50 lakhs and imposed a penalty of Rs 509.05
 lakhs. The said demand was challenged before the High Court of Madhya
 Pradesh Bench at Gwalior. The High Court accepted the case of the
 Company that the subject matter of the Deed of Conveyance dated
 13.06.1996 is only the superstructures valued at Rs 2776.18 lakhs and
 not the entire undertaking valued at Rs 30300.00 lakhs as claimed by
 the State. Consequently, the High Court of Madhya Pradesh quashed the
 order and demands issued by the Collector of Stamps, Bhind (Madhya
 Pradesh) and allowed the writ petition by an order dated 29th November
 2004. Against the said order, the State of Madhya Pradesh preferred a
 Special Leave Petition before the Hon''ble Supreme Court which the State
 of Madhya Pradesh has withdrawn to enable it to approach the Hon''ble
 High Court of Madhya Pradesh at Gwalior in view of the change in law in
 the State of Madhya Pradesh relating to Letters Patent Appeal.
 
 @ As per Business Transfer Agreement with KAMA Holdings Limited, the
 liabilities of Rs 1793.81 lakhs (Previous Year - Rs 1793.81
 
 lakhs) and Rs 38.00 lakhs (Previous Year - Rs 38.00 lakhs) respectively
 towards Excise Duty and Sales tax are covered under Representations and
 Warranties.
 
 All the above matters are subject to legal proceedings in the ordinary
 course of business. In the opinion of the management, the legal
 proceedings, when ultimately concluded, will not have a material effect
 on the results of the operations or financial position of the Company.
 
 b) Liability on account of Bank Guarantees Rs 1260.26 lakhs (Previous
 Year – Rs 1137.53 lakhs)
 
 c) Guarantees given to banks for repayment of financial facilities
 availed by wholly owned subsidiaries:
 
 (i) USD 20.00 million (Previous Year – USD 20.00 million). Outstanding
 amount as at the year-end is USD 20.00 million (Previous Year – USD
 20.00 million)
 
 (ii) Nil (Previous Year – AED 10.35 million) and Nil (Previous Year –
 Euro 0.20 million). Outstanding amount as at the year-end is Nil
 (Previous Year – Nil)
 
 (iii) USD 15.00 million (Previous Year – Nil). Outstanding amount as at
 the year-end is USD 13.00 million (Previous Year – Nil).
 
 (iv) USD 16.00 million (Previous Year – Nil). Outstanding amount as at
 year end is EURO 11.25 million (Previous Year – Nil).
 
 (v) EURO 3.50 million (Previous Year – Nil). Outstanding amount as at
 year end is EURO 3.50 million (Previous Year – Nil)
 
 d) Guarantees given to banks for repayment of financial facilities
 availed by others – Rs 250.00 lakhs (Previous Year – Nil).  Outstanding
 amount as at the year-end is Nil (Previous Year – Nil).
 
 e) The Company has been served with show cause notices regarding
 certain transactions as to why additional customs / excise duty
 amounting to Rs 72.24 lakhs (Previous year - Rs 76.04 lakhs) should not
 be levied. The Company has been advised that the contention of the
 department is not tenable and hence the show cause notice may not be
 sustainable.
 
 2. Capital and other commitments
 
 The estimated amount of contracts remaining to be executed on capital
 account and not provided for (net of advances) amounts to Rs 10233.03
 lakhs (Previous Year - Rs 12965.89 lakhs).
 
 Further, the Company is to make the following investments:
 
 i) Capital expenditure projects for Packaging Films Business in South
 Africa and Thailand – USD 89.50 million (equivalent to Rs 45528.65
 lakhs) (Previous Year – Nil).
 
 ii) SRF Holiday Home Limited – Rs 309.00 lakhs (Previous Year – Rs
 353.00 lakhs)
 
 The Company has other commitments, for purchase / sales orders which
 are issued after considering requirements per operating cycle for
 purchase / sale of goods and services, employee benefits including
 union agreements in normal course of business. The Company does not
 have any other long term commitments or material non-cancellable
 contractual commitments / contracts, which might have material impact
 on the financial statements.
 
 3. Employee Benefits
 
 The Company has classified various benefits provided to employees as
 under: i) Defined contribution plans
 
 a) Superannuation fund
 
 b) Provident fund administered through Regional Provident Fund
 Commissioner
 
 c) Employees'' State Insurance Corporation
 
 The expenses incurred on account of the above benefits have been
 included in Note 25 Employee Benefits Expenses under the head
 Contribution to provident and other funds
 
 ii) Defined benefit plans
 
 a) Gratuity
 
 b) Compensated absences – earned leaves
 
 c) Provident fund for certain category of employees administered
 through a recognized provident fund trust
 
 Long Term Retention Pay
 
 The Company has a Long Term Retention Pay Plan extending over 3 years.
 The plan covers employees selected on the basis of their current band
 and their long term value to the Company. The incentive is payable in
 three years starting from financial year 2010-11 subject to achievement
 of certain performance ratings. Based on the management estimate, the
 Company has accrued Rs 259.39 lakhs (Previous Year – Rs 295.52 lakhs)
 towards this plan till March 31, 2012.
 
 Superannuation - Defined Contribution Plan where contributions are made
 to a Trust which in turn contributes to ICICI Prudential Life Insurance
 Co. Limited
 
 Apart from being covered under the Gratuity Plan described above, the
 employees of the Company also participate in a defined contribution
 superannuation plan maintained by the Company. The Company has no
 further obligations under the plan except making annual contributions
 based on a specified percentage of each covered employee''s salary. From
 1st November, 2006, the Company provided an option to the employees to
 receive the said benefit as cash compensation along with salary in lieu
 of the superannuation benefit. Thus, no contribution is required to be
 made for the category of employees who opted to receive the benefit in
 cash.
 
 Provident Fund - Defined Contribution Plan
 
 In addition to the above benefits, all employees are entitled to
 Provident Fund benefits as per the law. For certain category of
 employees the Company administers the benefits through a recognized
 Provident fund trust. For other employees contributions are made to the
 regional Provident Fund Commissioners as per law. The Government
 mandates the annual yield to be provided to the employees on their
 corpus. For the first category of employees (covered by the Trust), the
 Company has an obligation to make good the shortfall, if any, between
 the yield on the investments of the trust and the yield mandated by the
 Government.
 
 4. Segment Reporting
 
 A.  Business Segments
 
 Based on the guiding principles laid down in Accounting Standard (AS) -
 17 Segment Reporting, the Company''s business segments include:
 
 - Technical Textiles Business: includes nylon tyre cord fabric, belting
 fabric, coated fabric, laminated fabric, polyester tyre cord fabric and
 industrial yarns and its research and development
 
 - Chemicals and Polymers Business: includes refrigerant gases,
 chloromethanes, pharmaceuticals, Certified Emissions Reductions &
 Allied products, Engineering Plastics business and its research and
 development.
 
 - Packaging Film Business includes Polyester Films.
 
 Segment revenue, Results and Capital Employed include the respective
 amounts identifiable to each of the segments. Other unallocable
 expenditure includes expenses incurred on common services provided to
 the segments, which are not directly identifiable.
 
 In addition to the significant accounting policies applicable to the
 business segments as set out in note 1 above, the accounting policies
 in relation to segment accounting are as under: -
 
 a) Segment revenue and expenses
 
 Joint revenue and expenses of segments are allocated amongst them on a
 reasonable basis. All other segment revenue and expenses are directly
 attributable to the segments.
 
 b) Segment assets and liabilities
 
 Segment assets include all operating assets used by a segment and
 consist principally of operating cash, debtors, inventories and fixed
 assets, net of allowances and provisions, which are reported as direct
 offsets in the balance sheet. Segment liabilities include all operating
 liabilities and consist principally of creditors and accrued
 liabilities and do not include deferred income taxes. While most of the
 assets / liabilities can be directly attributed to individual segments,
 the carrying amount of certain assets / liabilities pertaining to two
 or more segments are allocated to the segments on a reasonable basis.
 
 5. The Revised Schedule VI has become effective from April 1, 2011 for
 the preparation of financial statements. This has significantly
 impacted the disclosure and presentation made in the financial
 statements. Previous year''s figures have been regrouped / reclassified,
 wherever necessary, to correspond with the current year''s
 classification / disclosure.