a) Basis of Preparation
 
 The financial statements have been prepared to comply in all material
 respects with the Accounting Standards notified by Companies
 (Accounting Standards) Rules, 2006 (as amended) and the relevant
 provisions of the Companies Act, 1956. The financial statements have
 been prepared under the historical cost convention on an accrual basis.
 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 financial statements in conformity with generally
 accepted accounting principles requires management to make estimates
 and assumptions that affect the reported amounts of assets and
 liabilities and disclosure of contingent liabilities at the date of the
 financial statements and the results of operations during the reporting
 period. Although these estimates are based upon managements best
 knowledge of current events and actions, actual results could differ
 from these estimates.
 
 c) Changes in Accounting Policies:
 
 (i) Pursuant to The Institute of Chartered Accountants of India (ICAI)
 issue of Technical Guide on Accounting for Special Economic Zones
 (SEZs) Development Activities, the Company, with respect to accounting
 of leases/ sub-leases of land, has decided to apply the accounting
 principles of Accounting Standard - 19 Leases. Accordingly, in case
 of lease/ sub-lease transaction, where at the inception of the lease/
 sub-lease, the present value of the minimum lease payment over the
 lease period (including non-refundable premium) amounts to
 substantially the fair value of land leased / sub-leased, the
 transaction is accounted on the principles of finance lease and
 otherwise as the operating lease. Hitherto, the Company had been
 recognizing non- refundable upfront premium as income in the year in
 which the lease / sub-lease agreement / Memorandum of Understanding
 takes effect and annual lease rental on accrual basis on leased/
 sub-leased land. As per the revised policy, where the land lease/
 sub-lease transaction is in the nature of finance lease, the revenue
 amount is recognized equal to present value of the future lease payment
 at the inception of the lease and where land lease/ sub-lease
 transaction is in the nature of operating lease, the land lease income
 is recognized on a systematic proportionate basis over the lease term.
 As a result of this change, the net credit taken to Profit and Loss
 Account on account of such land lease transactions is higher by Rs.
 8,397.87 Lacs for the year (including Rs. 7,726.90 Lacs in respect of
 land lease/ sub-lease agreements entered in earlier years).
 
 (ii) Based on the principles of finance leases, the Company has
 expensed proportionate cost of land / rights of use in leased land
 which have been leased / sub-leased along with the recognition of
 income.
 
 d) Fixed Assets
 
 i) Fixed assets are stated at cost less accumulated depreciation and
 impairment losses, if any. Cost comprises the purchase price and any
 attributable cost of bringing the asset to its working condition for
 its intended use. Borrowing cost relating to acquisition / construction
 of fixed assets which take substantial period of time to get ready for
 its intended use are also included to the extent they relate to the
 period till such assets are ready to be put to use.
 
 ii) Exchange differences arising on reporting of the long-term foreign
 currency monetary items at rates different from those at which they
 were initially recorded during the period, or reported in the previous
 financial statements are added to or deducted from the cost of the
 asset and are depreciated over the balance life of the asset, if these
 monetary items pertain to the acquisition of a depreciable fixed asset.
 
 iii) Insurance spares / standby equipments are capitalized as part of
 mother assets.
 
 e) Expenditure on new projects and substantial expansion
 
 Expenditure directly relating to construction activity (net of income,
 if any) is capitalized. Indirect expenditure incurred during
 construction period is capitalized as part of the indirect construction
 cost to the extent to which the expenditure is indirectly related to
 construction or is incidental thereto. Other indirect expenditure
 (including borrowing costs) incurred during the construction period
 which is not related to the construction activity nor is incidental
 thereto, is charged to the Profit and Loss Account.
 
 f) Depreciation
 
 i) Depreciation on Fixed Assets, except for those stated in para (ii)
 to (iv) below, is provided on Straight Line Method (SLM) at the rates
 prescribed under Schedule XIV of the Companies Act, 1956, or the rates
 determined on the basis of useful lives of the respective assets,
 whichever is higher.
 
 iii) Depreciation on individual assets costing up to Rs. 5,000 and mobile
 phones, included under office equipments are provided at the rate of
 100% in the month of purchase.
 
 iv) Insurance spares / standby equipments are depreciated prospectively
 over the remaining useful lives of the respective mother assets.
 
 h) Impairment
 
 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 assets 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 assessment 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.
 
 i) Borrowing Costs
 
 Borrowing costs that are attributable to the acquisition or
 construction of qualifying assets are capitalized as part of the cost
 of such assets to the extent they relate to the period till such assets
 are ready to be put to use. A qualifying asset is one that necessarily
 takes substantial period of time to get ready for its intended use. All
 other borrowing costs are charged to revenue. Borrowing costs consist
 of interest and other costs that an entity incurs in connection with
 the borrowing of funds.
 
 j) Leases
 
 Where the Company is the lessee
 
 Finance leases including rights of use in Leased Land, which
 effectively transfer to the Company substantially all the risks and
 benefits incidental to ownership of the leased item, are capitalized at
 the lower of the fair value and present value of the minimum lease
 payments at the inception of the lease term and disclosed as leased
 assets. Lease payments are apportioned between the fnance charges and
 reduction of the lease liability based on the implicit rate of return.
 Finance charges are charged as expense.
 
 If there is no reasonable certainty that the Company will obtain the
 ownership by the end of the lease term, capitalized leased assets are
 depreciated over the shorter of the estimated useful life of the asset
 or the lease term.
 
 Leases, wherein the lessor effectively retains substantially all the
 risks and benefits of ownership of the leased item, are classified as
 operating leases. Operating lease payments are recognized as an expense
 in the Profit and Loss Account on a straight-line basis over the lease
 term.
 
 Where the Company is the lessor
 
 Assets given under a finance lease including lease / sub-lease of land
 are recognized as a receivable at an amount equal to the net investment
 in the lease. Lease rentals are apportioned between principal and
 interest on the Internal Rate of Return method. The principal amount
 received reduces the net investment in the lease and interest is
 recognized as revenue. Initial direct costs such as legal costs,
 brokerage costs, etc. are recognized immediately in the Profit and Loss
 Account.
 
 Assets subject to operating leases are included in fixed assets. Lease
 income is recognized in the Profit and Loss Account on a
 
 straight-line basis over the lease term. Costs, including depreciation
 are recognized as an expense in the Profit and Loss Account.  Initial
 direct costs such as legal costs, brokerage costs, etc. are recognized
 immediately in the Profit and Loss Account.
 
 k) Investments
 
 Investments that are readily realizable 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 recognize a
 decline other than temporary in the value of investments.
 
 l) Inventories
 
 Stores and Spares: Valued at lower of cost and net realizable value.
 Cost is determined on a moving weighted average basis. Cost of stores
 and spares lying in bonded warehouse includes custom duty accounted for
 on an accrual basis.
 
 Net Realizable Value is the estimated current procurement price in the
 ordinary course of the business.
 
 m) Revenue Recognition
 
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 i) Port Operation Services
 
 Revenue from port operation services including rail infrastructure is
 recognized on proportionate completion method basis based on service
 rendered.
 
 Income in the nature of license fees / royalty are recognised as and
 when the right to receive such income is established as per terms and
 conditions of relevant agreement.
 
 ii) Income from Long Term Leases
 
 As a part of its business activity, the Company leases/ sub-leases land
 on long term basis to its customers. In some cases, the Company enters
 into cancellable lease / sub-lease transaction, while in other cases,
 it enters into non-cancellable lease / sub-lease transaction. The
 Company recognises the income based on the principles of leases as per
 Accounting Standard - 19 Leases and accordingly in cases the land lease
 / sub-lease transaction are cancellable in nature, the income as
 regards to upfront premium received / receivable is recognised on
 operating lease basis i.e.pro-rata over the period of lease / sub-lease
 agreement / Memorandum of Understanding takes effect and annual lease
 rentals are recognised on an accrual basis. In cases where land lease /
 sub-lease transaction are non-cancellable in nature, the income is
 recognised on finance lease basis i.e. at the inception of lease /
 sub-lease agreement / Memorandum of Understanding takes effect, the
 income recognised is equal to the present value of the minimum lease
 payment over the lease period (including non-refundable upfront
 premium) which is substantially equal to the fair value of land leased
 / sub-leased. In respect of land given on finance lease basis, the
 corresponding cost of the land is expensed off in the Profit and Loss
 Account.
 
 iii) Contract Revenue
 
 Revenue from construction contracts is recognized on a percentage
 completion method, in proportion that the contract costs incurred for
 work performed up to the reporting date stand to the estimated total
 contract costs indicating the stage of completion of the project.
 Contract revenue earned in excess of billing has been reflected under
 the head Other Current Assets and billing in excess of contract
 revenue has been reflected under the head Current Liabilities in the
 Balance Sheet.  Full provision is made for any loss in the year in
 which it is first foreseen.
 
 iv) Interest
 
 Revenue is recognized on a time proportion basis taking into account
 the amount outstanding and the rate applicable.
 
 v) Dividends
 
 Revenue is recognized when the shareholders right to receive payment
 is established by the balance sheet date.
 
 n) Foreign Currency Translation
 
 i) Initial Recognition
 
 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) Conversion
 
 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.
 
 iii) Exchange Differences
 
 Exchange differences, in respect of accounting periods commencing on or
 after December 7, 2006, arising on reporting of long-term foreign
 currency monetary items at rates different from those at which they
 were initially recorded during the period, or reported in previous
 financial statements, in so far as they relate to the acquisition of a
 depreciable capital asset, are added to or deducted from the cost of
 the asset and are depreciated over the balance life of the asset, and
 in other cases, are accumulated in a Foreign Currency Monetary Item
 Translation Difference Account in the enterprises financial
 statements and amortized over the balance period of such long-term
 asset/liability but not beyond accounting period ending on or before
 March 31, 2011.
 
 Exchange differences arising on the settlement of monetary items not
 covered above, or on reporting such monetary items of company at rates
 different from those at which they were initially recorded during the
 year, or reported in previous financial statements, are recognized as
 income or as expenses in the year in which they arise.
 
 iv) Forward Exchange Contracts not intended for trading or speculation
 purposes
 
 The premium or discount arising at the inception of forward exchange
 contracts is amortized as expense or income over the life of the
 contract. Exchange differences on such contracts are recognized 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 contract is recognized as income or as expense for the
 year.
 
 v) Derivative transactions
 
 The Company enters into various foreign currency option contracts and
 options to hedge its risks with respect to foreign currency
 fluctuations. These foreign exchange forward contracts and options are
 not used for trading or speculation purpose.  At every period end, all
 outstanding derivative contracts are fair valued on a marked-to-market
 basis and any loss on valuation is recognized in the Profit and Loss
 Account. Any gain on marked-to-market valuation of respective contracts
 is only recognized to the extent of the loss on foreign currency
 re-instatement of the underlying transaction, keeping in view the
 principle of prudence as enunciated in AS 1, Disclosure of Accounting
 Policies. Any subsequent change in fair values, occurring after
 Balance Sheet date, is accounted for in subsequent period.
 
 o) Retirement and Other Employee Benefits
 
 i) Provident fund and superannuation fund
 
 Retirement benefits in the form of Provident Fund and Superannuation
 Fund Schemes 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.  There are no other
 obligations other than the contribution payable to the respective
 funds.
 
 ii) Gratuity
 
 Gratuity liability is 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. The Company has taken an
 insurance policy under the Group Gratuity Scheme with the Life
 Insurance Corporation of India (LIC) to cover the gratuity liability of
 the employees and amount paid/payable in respect of the present value
 of liability for past services is charged to the Profit and Loss
 account every year. The difference, if any, between the actuarial
 valuation of the gratuity of employees at the year end and the balance
 of funds with LIC is provided for as liability in the books.
 
 iii) Leave Benefits
 
 Short term compensated absences are provided for based on estimates.
 Long term compensated absences are provided for based on actuarial
 valuation as at the end of the period. The actuarial valuation is done
 as per projected unit credit method.
 
 iv) Actuarial Gains/ Losses
 
 Actuarial gains/losses are immediately taken to the Profit and Loss
 Account and are not deferred.
 
 p) Income Taxes
 
 Tax expense comprises of current and deferred tax. Current income tax
 is measured at the amount expected to be paid to the tax authorities in
 accordance with the Income-Tax Act, 1961 enacted in India. Deferred
 income taxes 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.  The Company is eligible and
 claims tax deductions available under section 80IAB of the Income Tax
 Act, 1961, in respect of income attributable to Special Economic Zone
 activities (including notified port area).
 
 Deferred tax is measured based on the tax rates and the tax laws
 enacted or substantively enacted at the Balance Sheet date. In view of
 Company availing tax deduction under Section 80IAB of the Income Tax
 Act, 1961, deferred tax has been recognized in respect of timing
 difference, which originates during the tax holiday period but reverse
 after the tax holiday period. Deferred tax assets are recognized 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 situations where the company has carry forward
 unabsorbed depreciation or carry forward tax losses, all deferred tax
 assets are recognized only if there is virtual certainty supported by
 convincing evidence that they can be realised against future taxable
 profits. At each Balance Sheet date unrecognized deferred tax assets of
 earlier years are re-assessed and recognized to the extent that it has
 become reasonably certain that future taxable income will be available
 against which such deferred tax assets can be realised.
 
 q) Earnings Per Share
 
 Basic earnings per share are calculated by dividing the net profit or
 loss for the period attributable to equity shareholders (after
 deducting preference share dividends) by the weighted average number of
 equity shares outstanding during the period.
 
 For the purpose of calculating diluted earnings per share, the net
 profit or loss for the period attributable to equity shareholders and
 the weighted average number of shares outstanding during the period are
 adjusted for the effects of all dilutive potential equity shares.
 
 r) Provisions
 
 A provision is recognized when an enterprise has a present obligation
 as a result of past event and 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 management 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 management estimates.
 
 s) Segment Reporting Policies
 
 The Companys operating businesses are organized and managed separately
 according to the nature of services provided, with each segment
 representing a strategic business unit that offers different services
 and serves different category of customers. The analysis of
 geographical segments is based on the geographical location of the
 customers.
 
 t) Cash and Cash equivalents
 
 Cash and cash equivalents for the purpose of Cash Flow Statement
 comprise of cash at bank and in hand and short-term investments with an
 original maturity of three months or less.
 
 u) Miscellaneous Expenditure
 
 Miscellaneous Expenditure represents the expenses incurred during
 Initial Public Offer which stands adjusted against Securities Premium
 Account as permitted under Section 78 of the Companies Act, 1956.