(a) Basis of Preparation of Financial Statements
 
 The financial statements have been prepared to comply in all material
 respects with the Accounting Standards notified by the Companies
 (Accounting Standard) Rules, 2006 (as amended)(the Rules) and the
 relevant provisions of the Companies Act, 1956. The financial
 statements have been prepared under the historical cost convention on
 an accrual basis of accounting except in case of assets which have been
 impaired. The accounting policies have been consistently applied by the
 Company and except for the changes in accounting policy discussed more
 fully below, are consistent with those used in the previous year.
 
 (b) Use of Estimates
 
 The preparation of the financial statements in conformity with the
 generally accepted accounting principles requires management to make
 estimates and assumptions that affect the reported amount of assets and
 liabilities and disclosure of contingent liabilities at the date of the
 financial statements and the reported amount of revenues and expenses
 during the reporting year. Difference between the actual result and
 estimates are recognised in the year in which the results are known /
 materialised. Although these estimates are based upon management''s best
 knowledge of current events and actions, actual results could differ
 from these estimates.
 
 (c) Change in Accounting Policies
 
 In the current year, the Company changed its method of valuation of
 cost of raw materials, work-in-progress and finished goods for
 aluminium conductors used in the power transmission business, from the
 weighted average method to specific identification method. The
 management believes that such change will result in a more appropriate
 presentation of consumption charge commensurate with the nature of
 operations of the power transmission business.
 
 Had the Company continued to use the weighted average method of
 inventory valuation, the profit before tax and profit after tax would
 have been lower by Rs. 1.58 crores and the value of inventories would
 correspondingly have been lower by Rs. 1.58 crores.
 
 (d) Fixed Assets and Intangible Assets
 
 Fixed Assets are stated at cost (net of Cenvat) less accumulated
 depreciation and impairment.  Cost comprises of the purchase price and
 any attributable cost of bringing the asset to its working condition
 for its intended use. Capital work-in-progress comprises of advances
 paid to acquire fixed assets and the cost of fixed assets that are not
 yet ready for their intended use as at the balance sheet date.
 
 Expenditure during the construction period incurred on projects under
 implementation are treated as Pre-operative expenses, pending
 allocation to the assets, and are included under Capital Work in
 Progress.
 
 Cost of an internally generated asset comprises all expenditure that
 can be directly attributed, or allocated on a reasonable and consistent
 basis, to create, produce and make the asset ready for its intended
 use.
 
 Intangible assets are recorded at the consideration paid for their
 acquisition.
 
 (e) Depreciation and Amortisation
 
 (i) Depreciation on Fixed Assets is provided on straight line method,
 unless otherwise stated, pro-rata to the period of use of assets at the
 rates specified in Schedule XIV of the Companies Act, 1956 which
 represents the useful life of these assets.
 
 (ii) Cost of leasehold land is amortised over the period of lease.
 
 (iii) Cost of acquired intangible assets is amortised over a period of
 five years.
 
 (iv) Cost of capital and insurance spares is amortised over a period of
 four years.
 
 (f) Impairment of Assets
 
 (i) The carrying amounts of assets are reviewed at each balance sheet
 date if there is any indication of impairment based on
 internal/external factors. An impairment loss is recognized wherever
 the carrying amount of an asset exceeds its recoverable amount.  The
 recoverable amount is the greater of the asset''s net selling price and
 value in use. In assessing value in use, 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.
 
 (ii) After impairment, depreciation is provided on the revised carrying
 amount of the asset over its remaining useful life.
 
 (iii) A previously recognised impairment loss is increased or reversed
 depending on changes in circumstances. However, the carrying value
 after reversal is not increased beyond the carrying value that would
 have prevailed by charging usual depreciation if there was no
 impairment.
 
 (g) Investments
 
 Investments that are readily realisable 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 an individual investment basis.
 
 Long-term investments are carried at cost. However, provision for
 diminution in value is made to recognise a decline other than temporary
 in the value of investments.
 
 (h) Inventories
 
 Inventories of stores, spares, raw material, packing material,
 work-in-progress and finished goods are valued at cost or net
 realisable value, whichever is lower, except for scrap which is valued
 at net realisable value. Cost is ascertained on a weighted average cost
 basis, except in case of inventory for aluminium conductors in the
 power transmission business, wherein the cost is determined on specific
 identification method based on costing details of each project.
 
 The cost of work-in-progress and finished goods includes direct
 materials, labor and a proportion of manufacturing overhead based on
 normal operating capacity. Cost of finished goods includes excise duty.
 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.
 
 (i) Foreign Currency Transactions
 
 (i) 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.
 
 (ii) 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.
 
 (iii) Exchange differences arising on the settlement of monetary items
 or on reporting company''s monetary items at rates different from those
 at which they were initially recorded during the year, or reported in
 previous financial statements, are recognised as income or as expenses
 in the year in which they arise.
 
 (iv) The premium or discount arising at the inception of forward
 exchange contracts is amortised as expense or income over the life of
 the contract. Exchange differences on such contracts are recognised 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 recognised as income or as expense for
 the year. None of the forward exchange contracts are taken for trading
 or speculation purpose.
 
 (j) Borrowing Costs
 
 Borrowing costs that are directly attributable to the acquisition or
 construction of qualifying assets are capitalised as part of the cost
 of such assets. A qualifying asset is one that necessarily takes
 substantial period of time to get ready for intended use. All other
 borrowing costs are charged to profit and loss account in the period
 they occur. Borrowing cost consists of interest and other costs that an
 entity incurs in connection with borrowing of funds.
 
 (k) Revenue Recognition
 
 Revenue is recognised to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 Sale of Goods
 
 Revenue from sale of goods is recognised when significant risks and
 rewards of ownership of the goods have passed to the buyer. Sales
 include excise duty, sale of scrap and are net of sales tax and
 quantity discount. Freight charged on sales and recovered is included
 as part of revenue.
 
 Income from Services
 
 Income from services is recognised on pro-rata basis as and when
 services are rendered.
 
 Interest
 
 Revenue is recognised on a time proportion basis taking into account
 the amount outstanding and the rate applicable.
 
 Dividend
 
 Revenue is recognised when the shareholders'' right to receive payment
 is established by the balance sheet date.
 
 (l) Retirement and other Employee Benefits
 
 (i) Retirement benefits in the form of Provident Fund and
 Superannuation Fund are defined contribution schemes and the
 contributions are charged to the Profit and Loss Account of the year
 when the contributions to the respective funds are due. The company has
 no other obligation other than the contributions payable.
 
 (ii) Gratuity liability is a defined benefit obligation and is provided
 for on the basis of an actuarial valuation on Projected Unit Credit
 Method made at the end of each financial year.
 
 (iii) Short term compensated absences are provided for based on
 estimates. Long term compensated absences are provided for based on
 actuarial valuation done as per Projected Unit Credit Method made at
 the end of each financial year.
 
 (iv) Actuarial gains/losses are immediately taken to profit and loss
 account and are not deferred.
 
 (m) Employee Stock Option
 
 Measurement and disclosure of the employee share-based payment plans is
 done in accordance with SEBI (Employee Stock Option Scheme and Employee
 Stock Purchase Scheme) Guidelines, 1999 and the Guidance Note on
 Accounting for Employee Share-based Payments, issued by the Institute
 of Chartered Accountants of India (''ICAI''). The Company measures
 compensation cost relating to employee stock options using the fair
 value method. Compensation expense is amortised over the vesting period
 of the option on a straight line basis.
 
 (n) Research and Development
 
 Revenue expenditure on research and development is expensed as
 incurred.
 
 (o) Export Incentives
 
 Export incentive benefits are recognised as income on the basis of
 receipt of proof of export.
 
 (p) Taxes on Income
 
 Tax expense comprises of current and deferred tax. Current income tax
 is determined as the amount of tax payable in respect of taxable income
 for the year based on provisions of Income Tax Act, 1961. Deferred
 income tax reflects the impact of current year timing differences
 between taxable income and accounting income for the year and reversal
 of timing differences of earlier years.
 
 Deferred tax is measured based on the tax rates and the tax laws
 enacted or substantively enacted at the balance sheet date. Deferred
 tax assets and deferred tax liabilities are offset, if legally and
 enforceable right exist to set off current tax asset against current
 tax liabilities and the deferred tax assets and deferred tax
 liabilities relate to the taxes on income levied by same governing
 taxation laws. 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. In case of unabsorbed depreciation and carry forward tax
 losses, all deferred tax assets are recognised only if there is virtual
 certainty supported by convincing evidence that they can be realised
 against future taxable profits.
 
 At each balance sheet date the Company re-assesses unrecognised
 deferred tax assets. It recognises 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 realised.
 
 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
 realised. 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 alternate tax (''MAT'') credit is recognised as an asset only
 when and to the extent there is convincing evidence that the company
 will pay normal income tax during the specified future period. In the
 year in which the MAT credit becomes eligible to be recognised as an
 asset in accordance with the recommendations contained in Guidance Note
 issued by ICAI, the said asset is created by way of a credit to the
 profit and 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 that the MAT credit will be utilised during
 the specified future period.
 
 (q) Expenditure on new projects and substantial expansion
 
 Expenditure directly relating to construction activity is capitalised.
 Indirect expenditure incurred during construction period is capitalised
 as part of the construction costs to the extent the expenditure can be
 attributable to construction activity or is incidental thereto. Income
 earned during construction period is deducted from the total of the
 indirect expenditure.
 
 (r) Operating Leases
 
 Assets taken on lease under which all significant risks and rewards of
 ownership are effectively retained by the lessor are classified as
 Operating Leases. Lease payments under Operating Leases are recognised
 on straight line basis over the lease period unless another systematic
 basis is more representative of the time pattern of the users benefit.
 
 (s) Earnings Per Share
 
 The Company reports basic and diluted earnings per share in accordance
 with Accounting Standard (''AS'')-20, Earnings per share issued by ICAI
 and notified under the Rules. Basic earning per share is computed by
 dividing the net profit or loss for the period attributable to equity
 shareholders by the weighted average number of equity shares
 outstanding during the period. The weighted average number of shares
 outstanding during the period is adjusted for any bonus shares issued
 during the period. Diluted earnings per share is computed by dividing
 the net profit or loss for the period by the weighted average number of
 equity shares outstanding during the period.
 
 For computing diluted earnings per share both profit and loss for the
 period and weighted average number of shares are adjusted for the
 effects of all dilutive potential equity shares.
 
 (t) Cash and Cash equivalents
 
 Cash and Cash equivalents for the purposes of cash flow statement
 comprise cash at bank and in hand and short-term investments with an
 original maturity of three months or less.
 
 (u) Segment Reporting Policies
 
 The Company''s operating businesses are organised and managed separately
 according to the nature of products and services provided, with each
 segment representing a strategic business unit that offers different
 products and serves different markets. The analysis of geographical
 segment is based on the areas in which major operating divisions of the
 Company operate.
 
 Inter segment transfers
 
 The Company accounts for intersegment sales and transfers as if the
 sales or transfers were to third parties at current market prices.
 
 Allocation of common costs
 
 Common allocable costs are allocated to each segment according to the
 relative contribution of each segment to the total common costs.
 
 Unallocated items
 
 The corporate and other segment includes general corporate income and
 expense items which are not allocated to any business segment.
 
 Segment policies
 
 The company prepares its segment information in conformity with the
 accounting policies adopted for preparing and presenting the financials
 statement of the Company as a whole.
 
 (v) Provisions, Contingent Liabilities and Contingent Assets
 
 A provision is recognized when an enterprise has a present obligation
 as a result of past event; 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 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. Contingent assets are neither recognised nor disclosed in
 the financial statements.
 
 (w) Derivative Instruments
 
 As per ICAI announcements, accounting for derivative contracts, other
 than those covered under AS 11, Effects of Changes in Foreign Exchange
 Rates, are marked to market on a portfolio basis, and the net loss
 after considering the offsetting effect on the underlying hedge items
 is charged to the income statement. Net gains are ignored.
 
 The Company enters into Commodity Futures Contracts (Aluminium
 Contracts) against future sales transactions. These Commodity future
 contracts are rolled over in case the period of the contracts is less
 than the period of future sales transactions. On roll over, the Company
 has to pay/receive the differential amount, in case aluminum prices
 have gone down/up (loss/profit).  The Company carries the loss/profit
 in the balance sheet till the future sales transactions take place.
 This loss/profit is transferred to profit and loss account on
 conclusion of the future sales transactions.