1) Basis of preparation of financial statements
 
 The financial statements have been prepared under the historical cost
 convention, on the accrual basis of accounting in accordance with the
 Generally Accepted Accounting Principles (GAAP) in India and comply
 with the mandatory accounting standards as specified in Rule 3 of the
 Companies (Accounting Standards) Rules, 2006, and in accordance with
 the provisions of the Companies Act, 1956, to the extent applicable.
 
 Background for preparation of amended financial statements
 
 The Board of Directors had adopted the financial statements for the
 year ended 31 March 2011 in their meeting held on 30 May 2011 and the
 statutory auditors'' had issued their report dated 30 May 2011 on those
 financial statements. However, complete/correct information and
 documents in relation to term loan and packing credit loan taken from
 IFCI Limited and in respect of certain guarantees given by the Company
 were not provided to the auditors. Further, the representations
 provided by the management to the auditors'' with respect to the above
 matters were not appropriate. In accordance with the provisions of
 Standard on Auditing 560 (Revised) ''Subsequent Events'' issued by The
 Institute of Chartered Accountants of India, previously issued
 financial statements are required to be amended in case additional
 facts become known subsequent to the balance sheet date that may
 necessitate a amendment to the financial statements. Further, the
 management has asked the auditors to carry out audit procedures
 necessary in the circumstances on the amendment and issue an amended
 audit report on the amended financial statements. Also refer to note
 15,16,17 and 18 of schedule 19 for detailed explanation for the above
 matters.
 
 2) Use of estimates
 
 The preparation of 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, the disclosure of contingent liabilities as at the date of
 the financial statements and the reported amount of revenue and
 expenses.  Examples of such estimates include provisions of future
 obligation under employee retirement benefit plans, the useful lives of
 fixed assets etc.
 
 Actual results could differ from those estimates. Any revisions to
 accounting estimates are recognised prospectively in current and future
 periods. Contingencies are recorded when it is probable that a
 liability will be incurred and the amount can be reasonably estimated.
 
 3) Fixed Assets
 
 Fixed assets are stated at acquisition cost less accumulated
 depreciation. Cost includes inward freight, duties, taxes and
 incidental expenses related to acquisition and installation incurred up
 to the date of commissioning of the assets.
 
 4) Depreciation
 
 Depreciation is provided under the straight-line method based on the
 estimated useful lives of the assets which are equal to the rates
 specified in Schedule XIV to the Companies Act, 1956. Assets costing
 below Rs. 5,000 are depreciated fully in the year of purchase.
 
 5) Inventories
 
 Inventories are valued as follows:
 
 Raw materials, stores and spares and Lower of cost and net realisable
 value. However, materials and other packing materials items held for
 use in the production of inventories are not written down below cost if
 the finished products in which they will be incorporated are expected
 to be sold at or above cost. Cost is determined on a weighted average
 basis.
 
 Work in progress and finished goods Lower of cost and net realisable
 value. Cost includes direct materials and labour and a proportion of
 manufacturing overheads.
 
 Net realisable value is the estimated selling price in the ordinary
 course of business, less estimated costs of completion and to make the
 sale.
 
 6) 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 the significant risks and
 rewards of ownership of the goods are transferred to the customer. In
 case of export sales this coincides with shipment of goods.
 
 Revenue in case of sale of domestic products is recognised at the point
 of despatch which coincides with the transfer of risks and rewards of
 ownership.
 
 7) Employee benefits
 
 Short-term employee benefits
 
 All employee benefits payable wholly within twelve months of rendering
 the service are classified as short-term employee benefits. Benefits
 such as salaries, wages, and bonus etc. are recognised in the Profit
 and Loss Account in the period in which the employee renders the
 related service.
 
 Defined contribution plans
 
 The employee''s provident fund scheme is a defined contribution plan.
 The Company''s contribution paid / payable under the scheme is
 recognised as an expense in the Profit and Loss Account during the
 period in which the employee renders the related service.
 
 Defined benefit plans
 
 The Company''s gratuity plan is a defined benefit plan. The present
 value of the obligation under such defined benefit plan is determined
 based on an actuarial valuation carried out by an independent actuary
 using the Projected Unit Credit Method, which recognizes each period of
 service as giving rise to additional unit of employee benefit
 entitlement and measures each unit separately to build up the final
 obligation. The obligation is measured at the present value of the
 estimated future cash flows. The discount rate used for determining the
 present value of the obligation under defined benefit plans, is based
 on the market yields on Government securities as at the Balance Sheet
 date. Actuarial gains and losses are recognised immediately in the
 Profit and Loss Account.
 
 8) Foreign exchange transactions
 
 Foreign exchange transactions are recorded at the exchange rates
 prevailing at the date of transaction. Foreign currency assets and
 liabilities remaining unsettled at the Balance Sheet date are
 translated at the rates of exchange prevailing on that date. Gains/
 losses arising on account of realisation/ settlement of foreign
 exchange transactions and on translation of foreign currency assets and
 liabilities are recognised in the Profit and Loss Account.
 
 9) Taxation
 
 Income tax expense comprises current tax, (that is amount of tax for
 the period determined in accordance with the Income tax laws) and
 deferred tax charge or credit (reflecting the tax effects of timing
 difference between accounting income and taxable income for the
 period).
 
 The deferred tax charge or credit and the corresponding deferred tax
 liability and/ or deferred tax assets is recognised using the tax rates
 that have been enacted or substantively enacted by the Balance Sheet
 date. Deferred tax assets are recognised only to the extent that there
 is reasonable certainty that the assets can be realised in future.
 However, where there is unabsorbed depreciation or carried forward loss
 under taxation laws, deferred tax assets are recognised only if there
 is virtual certainty of realisation of such assets. Deferred tax assets
 are reviewed as at each balance sheet date and are written down or
 written up to reflect the amount that is reasonably/ virtually certain
 (as the case may be) to be realised.
 
 In accordance with the provisions of Section 115JAA of the Income-tax
 Act, 1961, the Company is allowed to avail credit equal to the excess
 of Minimum Alternate Tax (MAT) over normal income tax for the
 assessment year for which MAT is paid. MAT credit so determined can be
 carried forward for set-off for ten succeeding assessment years from
 the year in which such credit becomes allowable. MAT credit can be
 set-off only in the year in which the Company is liable to pay tax as
 per the normal provisions of the Income-tax Act, 1961 and such tax is
 in excess of MAT for that year. Accordingly, MAT credit entitlement is
 recognised only to the extent there is convincing evidence that the
 Company will pay normal tax during the specified period.
 
 10) Contingencies
 
 A provision is created 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 may, but probably will not,
 require an outflow of resources. When there is a possible obligation or
 a present obligation in respect of which the likelihood of outflow of
 resources is remote, no provision or disclosure is made.
 
 11) Impairment of assets
 
 Management reviews the carrying amount of all assets at each Balance
 Sheet date using internal and external sources of information to
 determine whether there is any indication of impairment. If any such
 indication exists, the recoverable amount of the assets or its cash
 generating unit is estimated. Impairment occurs where the carrying
 value of the assets or its cash generating unit exceeds the present
 value of future cash flows expected to arise from the continuing use of
 the asset or its cash generating unit and its eventual disposal. An
 impairment loss is recognized in the Profit and Loss Account whenever
 the carrying amount of an asset or its cash generating unit exceeds its
 recoverable amount and is determined as the excess of the carrying
 amount over the higher of the asset''s net sales price or present value
 as determined above.  An impairment loss is reversed if there has been
 a change in the estimates used to determine the recoverable amount. An
 impairment loss is reversed only to the extent that the assets carrying
 amount does not exceed the carrying amount that would have been
 determined net of depreciation or amortisation, if no impairment loss
 had been recognised.
 
 12) Borrowing costs
 
 Borrowing costs directly attributable to the acquisition, construction
 or productions of qualifying assets is capitalised as part of assets.
 Other borrowing costs are recognized as an expense in the period in
 which they are incurred.
 
 13) Research cost
 
 Revenue expenditure incurred on research is charged to Profit and Loss
 Account in the year it is incurred.
 
 14) Earnings per share
 
 Basic earnings per share are computed using the weighted average number
 of equity shares outstanding during the year.  Diluted earnings per
 share are computed using the weighted average number of equity and
 dilutive equity equivalent shares outstanding during the year, except
 where results would be anti-dilutive.