2.8 Provisions and contingencies

Provisions (excluding retirement benefits) are not discounted to their present value and are determined
based on the 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
liabilities are disclosed on the basis of information available with the Company.

2.9 Insurance claims

Insurance Claims are accounted for on the basis of actual loss assessed, as and when finally settled and
received.

2.10 Balances with third parties

Balances of Sundry Debtors, Creditors, Loans, Deposits, Advances are subject to confirmation
reconciliation and adjustments, if any.

2.11 The Revised Schedule VI has become effective from 1 April, 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.