1.  (Note No. 3 of Sechedule 23)
 
 Segment Information
 
 The Company is primarily engaged in the business of developing,
 operating and maintaining the Mundra Port and Port based related
 infrastructure facilities including Multi product Special Economic
 Zone. The entire business has been considered as a single segment in
 terms of Accounting Standard-17 on Segment Reporting issued by the
 Institute of Chartered Accountants of India (ICAI). There being no
 business outside India, the entire business has been considered as
 single geographic segment.
 
 2.  (Note No. 7 of Schedule 23)
 
 Information required to be furnished as per Section 22 of the Micro,
 Small and Medium Enterprises Development Act, 2006 (MSMED Act) for the
 year ended March 31, 2011. This information has been determined to the
 extent such parties have been identified on the basis of information
 available with the Company. This has been relied upon by the auditors.
 
 3.  (Note No. 8 of Schedule 23)
 
 Prior period item includes reversal of Income from Lease /
 Infrastructure Usage Rs. Nil (Previous Year Rs. 2,215.66 Lacs)
 
 4.  (Note No. 9 of Schedule 23)
 
 The Government of India (GOI) has, vide its letter dated April 12,
 2006, granted approval to the Companys proposal for development,
 operation and maintenance of a Multi-product Special Economic Zone
 (SEZ) at Mundra, Gujarat. Subsequently through a Notification dated
 June 23, 2006, the Ministry of Commerce & Industry (Department of
 Commerce) has included Mundra Port and Port Limits in notified Special
 Economic Zone.
 
 Based on the opinion obtained by the Company, the Company has been
 availing benefit u/s 80IAB of the Income Tax Act, 1961 on the taxable
 income of the Company including Special Economic Zone operations w.e.f.
 accounting year 2007-08, and tax provision is made in accordance,
 therewith.
 
 Accordingly, the Company has made provision of Rs. 2,234.74 Lacs for
 current taxation based on its profit excluding SEZ (including notified
 port area) profit for the year ended March 31, 2011. Provision for
 dividend distribution tax has not been made as Company is not liable to
 pay dividend distribution tax in terms of section 115-O (6) of the
 Income Tax Act, 1961.
 
 As per the assessment order for the financial year 2007-08, the tax
 authorities have passed order accepting Companys claim under section
 80 -IAB of Income Tax Act, 1961.
 
 5.  (Note No. 10 of Schedule 23)
 
 Details of employee benefits
 
 1.  The company has recognised, in the Profit and Loss Account for the
 current year, an amount of Rs. 274.26 Lacs (Previous Year Rs. 223.96 Lacs)
 as expenses under the following defined contribution plan.
 
 2. The Company has a defined benefit gratuity plan. Every employee gets
 a gratuity on departure at 15 days salary (last drawn salary) for each
 completed year of service. The scheme is funded with Life Insurance
 Company of India (LIC) in the form of a qualifying insurance policy.
 
 The following tables summarise the components of net benefit expense
 recognised in the Profit and Loss Account and the funded status and
 amounts recognised in the Balance Sheet for the respective plans.
 
 6.  Operating Expenses includes Handling and Storage Expenses of Rs.
 16,489.97 Lacs (Previous Year Rs. 10,026.17 Lacs).
 
 7.  (Note No. 12 of Schedule 23)
 
 a) For the purpose of recognition of income on lease / sub-lease
 transactions relating to land and related infrastructure, the Company
 has applied the principles of finance leases and operating leases as
 per Accounting Standard - 19 Leases. However, no disclosure has been
 made in terms of said Accounting Standard as lease arrangements to use
 land have been scoped out of the Standard. The future receivables on
 land transactions are disclosed under Other Current Assets. The
 liability relating to Lease Land is disclosed under Current
 Liabilities.
 
 The cost of leased / sub-leased land is expensed under Operating
 expenses and annual income on land given on finance lease basis have
 been recognised under Income from operations. Annual discounting on GMB
 Land is expensed as rent as a part of Administrative and Other
 Expenses.
 
 b) Assets taken under Operating Leases - office space and residential
 houses for staff accommodation are obtained on operating leases. The
 lease rent terms are generally for eleven months period and are
 renewable by mutual agreement. There are no sub- leases and leases are
 cancelable in nature. There are no restrictions imposed by the lease
 arrangements. There is no contingent rent in the lease agreements and
 there is no escalation clause in the lease agreements. Expenses of Rs.
 168.52 Lacs (Previous Year Rs. 126.90 Lacs) incurred under such leases
 have been expensed in the Profit & Loss Account.
 
 B) Contract revenue accrued in excess of billing amounting Rs. 593.30
 Lacs (Previous Year Rs. 4,080.24 Lacs) has been reflected under the head
 Other Current Assets and billing in excess of contract revenue
 amounting to Rs. 1,044.00 Lacs (Previous Year Rs. Nil) has been reflected
 under the head Current Liabilities.
 
 8.  (Note No. 16 of Schedule 23)
 
 Contingent Liabilities not provided for              (Rs. in Lacs)
 
 Particulars                                   As at           As at
                                      March 31, 2011   March 31,2010
 
 Corporate Guarantees given to banks 
 and financial institutions against
 credit facilities availed                26,372.00        26,328.32
 by the subsidiaries and an associate 
 entity- Amount outstanding there 
 against Rs. 16,411.14
 Lacs (Previous Year Rs. 22,157.75 Lacs).
 Total amount of Contigent Liabilities 
 not provided for                          9,455.46         8,867.70
 
 9.  (Note No. 20 of Schedule 23)
 
 The Company has 2,811,037 outstanding 0.01 % Non-Cumulative Redeemable
 Preference Shares of Rs. 10/- each issued at a premium of Rs. 990 per
 share. These shares are to be redeemed on March 28, 2024 at an
 aggregate premium of Rs. 27,829.27 Lacs. The Company credits the
 redemption premium on proportionate basis every year to Preference
 Share Capital, Redemption Premium Reserve (in earlier year termed as
 Preference Share Capital Redemption Reserve) and debits the same to
 Securities Premium Account as permitted by Section 78 of the Companies
 Act, 1956.
 
 10.  (Note No. 21 of Schedule 23)
 
 Miscellaneous Expenditure - Share Issue Expenses
 
 The Company reversed excess provision of Rs. Nil (Previous Year: Expenses
 of Rs. 228.73 Lacs) during the year, in connection with its Initial
 Public Offer (IPO). In terms of Section 78 of the Companies Act, 1956
 the Company has adjusted the said share issue expense against the
 Securities Premium received from the said IPO.
 
 11.  (Note No. 22 of Schedule 23) Previous Year Comparative
 
 Previous years figures have been regrouped where necessary to conform
 to this years classification.
 
 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.