1.  GENERAL :
 
 The financial statements are prepared on the basis of historical cost
 convention, and on the accounting principles of a going concern.
 
 Accounting Policies not specifically referred to otherwise are
 consistent and in consonance with the applicable Accounting Standards
 prescribed by the Companies [Accounting Standards] Rules, 2006 to the
 extent applicable.
 
 All expenses and income to the extent ascertainable with reasonable
 certainty are accounted for on accrual basis.
 
 2.  USE OF ESTIMATES :
 
 The preparation of financial statements in conformity with Generally
 Accepted Accounting Principles [GAAP] requires management to make
 estimates and assumptions that affect the reported amounts of assets,
 liabilities and the disclosures of contingent liabilities on the date
 of financial statements and reported amounts of revenue and expenses
 for that year.  Actual results could differ from these estimates. Any
 revision to accounting estimates is recognized prospectively.
 
 3.  Fixed ASSETS :
 
 [a] Leasehold Land, Buildings, Plant and Machinery and Electrical
 Installations are stated at revalued amounts less depreciation.
 
 [b] Other Assets are stated at cost less depreciation.
 
 4.  IMPAIRMENT OF ASSETS :
 
 In accordance with AS-28 on ''Impairment of Assets'' issued by the
 Institute of Chartered Accountants of India, where there is an
 indication of impairment of the Company''s assets related to cash
 generating units, the carrying amounts of such assets are reviewed at
 each Balance Sheet date to determine whether there is any impairment.
 The recoverable amount of such assets is estimated as the higher of its
 net selling price and its value in use. An impairment loss is
 recognized whenever the carrying amount of such assets exceeds its
 recoverable amount. Impairment loss is recognized in the Statement of
 Profit and Loss.
 
 5. INVESTMENTS :
 
 Long term investments are stated at cost.
 
 6.  VALUATION OF INVENTORIES :
 
 [a] Inventories are valued at the lower of the cost and net realizable
 value. Cost is assigned on FIFO basis. Obsolete, defective and
 unserviceable stocks are provided for.
 
 [b] Finished goods and work-in-process include cost of conversion and
 other costs incurred in bringing the inventories to their present
 location and condition excluding aluminum scrap which is valued at
 estimated cost.
 
 [c] Dies being a specialized item [included in stores & spares
 inventories] are valued on the basis of valuation of such stocks at the
 year end carried out by a government approved valuer considering its
 residual useful life and replacement value.
 
 7.  DEPRECIATION/AMORTISATION :
 
 [a] Value of Leasehold Land is amortized over the period of lease i.e.
 95 years.
 
 [b] On vehicles, Furniture and Fixtures and Office Equipments,
 depreciation is provided on written down value method at the rate and
 in the manner specified in Schedule XIV to the Companies Act, 1956.
 
 [c] On Buildings, Plant and Machinery and Electrical Installation,
 depreciation is provided on straight line method in the manner referred
 in the note [d] below:
 
 [i] in respect of assets acquired up to April 01, 1987, depreciation has
 been provided at the rate corresponding to the rate applicable under
 the Income Tax Rules as in force at the time of acquisition of such
 assets;
 
 [ii] in respect of addition/deletions made on or after April 02, 1987,
 at the rate and in the manner specified in the Schedule XIV to the
 Companies Act, 1956.
 
 [iii] in respect of addition made by way of revaluation of certain
 fixed assets, on the basis of future estimated life to this assets.
 
 8.  ACCOUNTING FOR TAXES ON INCOME :
 
 [a] Provision for Income Tax is made on the basis of the estimated
 taxable income for the current accounting period in accordance with the
 Income Tax Act, 1961.
 
 [b] Provision for Fringe Benefit Tax has been made in respect of
 employee benefits and other specified expenses as determined under the
 Income Tax Act, 1961.
 
 [c] Deferred tax resulting from timing difference between book and tax
 profits is accounted for under the liability method, at the current
 rate of tax, to the extent that the timing differences are expected to
 reverse. Deferred tax assets are recognized and carried forward only if
 there is a reasonable certainty that they will be realized and are
 reviewed for the appropriateness of their respective carrying values at
 each Balance Sheet date. Credit Entitlement in respect of Minimum
 Alternate Tax [MAT] is considered on management estimation of regular
 taxation in future.
 
 9.  SALES AND OTHER OPERATING INCOME :
 
 Revenue from sale of goods is recognized when significant risks and
 rewards of ownership are transferred to the customers. Sales are
 inclusive of packing charges recovered and conversion job income is
 accounted for on the completion of the job.
 
 10.  TRANSLATION OF FOREIGN CURRENCY :
 
 [a] Transactions in foreign currency are recorded at the rate of
 exchange in force at the date of transaction.
 
 [b] Foreign currency assets and liabilities except those for
 acquisition of fixed assets as at the end of the year are translated at
 the exchange rates prevailing at the date of the Balance Sheet and
 resultant gains/losses are recognized in the Statement of Profit and
 Loss.
 
 [c] Foreign currency liability relating to acquisition of fixed assets
 is stated at the prevailing rate of exchange at the year end and the
 resultant gains/losses are adjusted to the cost of assets.
 
 11.  EMPLOYEE BENEFITS :
 
 [a] Contributions towards provident fund are made under defined
 contribution retirement benefit plans for qualifying employees. The
 provident fund plan is operated by the Regional Provident Fund
 Commissioner. The contributions are charged to Profit and Loss account
 in the respective year.
 
 [b] Gratuity liability under the Payment of Gratuity Act, 1972 is a
 defined benefit obligation which is not funded and is provided for on
 the basis of the actuarial valuation made 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 made at the end of each financial year.
 
 [d] Actuarial gains/losses are immediately taken to Statement of Profit
 and Loss and are not deferred.
 
 12.  BORROWING COSTS :
 
 Borrowing costs attributable to acquisition and construction of
 qualifying assets are capitalized as a part of the cost of such asset
 up to the date when such asset is ready for its intended use. Other
 borrowing costs are charged to Statement of Profit and Loss.
 
 13.  PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS :
 
 The Company recognizes a provision when there is a present obligation
 as a result of a past event that probably requires an outflow of
 resources and a reliable estimate can be made of the amount of the
 obligation. A disclosure for a contingent liability is made when there
 is a possible obligation or a present obligation that made, but
 probably will not, require an outflow of resources. Where there is
 possible obligation or a present obligation that the likelihood of
 outflow resources is remote, no provision or disclosure is made.
 
 14.  GOVERNMENT GRANTS :
 
 Grants and subsidies from the government are recognized if the
 following conditions are satisfied :
 
 There is reasonable assurance that the Company will comply with the
 conditions attached to it.
 
 Such benefits are earned and reasonable certainty exists of the
 collection.
 
 Government grants or subsidies given with reference to the total
 investment in an undertaking or setting up of new industrial
 undertaking is treated as capital receipt and credited to capital
 reserve. The said capital reserve will not be available for
 distribution of dividend nor is considered as deferred income.