a.  Basis of preparation of financial statements
 
 The financial statements are prepared in accordance with Indian
 Generally Accepted Accounting Principles (GAAP) under the historical
 cost convention on an accrual basis and are in conformity with
 mandatory accounting standards, as specified in the Companies
 (Accounting Standards) Rules, 2006.
 
 b.  Use of Estimates
 
 The preparation of financial statements requires the management to make
 estimates and assumptions that affect the reported amounts of assets
 and liabilities, as of the date of financial statements and the
 reported amount of revenue and expenses of the year. Actual results
 could differ from these estimates. The difference between the actual
 results and estimates are recognized in the period in which the results
 are known / materialized.
 
 c.  Fixed Assets
 
 i) Fixed assets are stated at original cost of acquisition /
 installation (net of cenvat credit availed) net off accumulated
 depreciation, amortization and impairment losses except land which is
 carried at cost including lease premium.  The cost of fixed assets
 includes taxes, duties, freight and other incidental expenses related
 to the acquisition and installation of the respective assets.
 
 ii) Capital work-in-progress is stated at the amount expended upto the
 date of Balance Sheet including advances for capital expenditure.
 
 iii) The capitalized cost of software includes license fees, cost of
 implementation and system integration services. These costs are
 capitalized as intangible assets in the year in which related software
 is implemented.
 
 d.  Borrowing Costs
 
 Borrowing costs attributable to the acquisition or construction of
 qualifying assets are capitalized as part of cost of such assets. All
 other borrowing costs are charged to revenue.
 
 e.  Depreciation and Amortization
 
 i) Depreciation on fixed assets is provided on straight-line method at
 the rates and manner prescribed under Schedule XIV to the Companies
 Act, 1956. During the current year, the company has revised its
 accounting policy of providing for depreciation from written down value
 method to straight line method [Refer Note 10 (a)].
 
 ii) Software (intangible asset other than (iii) below), is amortized on
 a straight-line basis over a period of three to six years from the date
 of its implementation based on management''s estimate of useful life
 over which economic benefits will be derived from its use.
 
 iii) Cost of Enterprise Resource Planning (ERP) software (intangible
 asset) including expenditure on implementation is amortized over a
 period of ten years based on management''s estimate of useful life over
 which economic benefits will be derived from its use.
 
 iv) Leasehold improvements are amortized over period of lease.
 
 f.  Leases
 
 Finance lease
 
 Assets taken on finance lease are accounted for as fixed assets at the
 lower of the fair value or the present value of minimum lease payments
 at the inception of the lease. Lease payments are apportioned between
 finance charge and reduction of outstanding liability.
 
 Operating lease
 
 Assets taken on lease under which all risks and rewards of ownership
 are effectively retained by the lessor are classified as operating
 leases. Lease payments under operating leases are recognized as
 expenses on accrual basis in accordance with the respective lease
 agreements.
 
 g.  Investments
 
 i) Investment intended to be held for more than a year, from the date
 of acquisition are classified as long term and are valued at cost.
 Provision for diminution, if any, in the value of long term investments
 is made to recognize a decline, other than temporary.
 
 ii) Current investments are valued at lower of cost and fair value,
 computed individually for each investment. In case of investments in
 mutual funds which are unquoted, net asset value is taken as fair
 value.
 
 h.  Revenue recognition
 
 i) Revenue from logistic operations is accounted on the basis of date
 of departure of the vessel/aircraft for jobs related to export
 shipments and date of arrival of the vessel/ aircraft for jobs related
 to import shipments, considering substantial completion of contracted
 services.
 
 ii) Revenue from allotment of warehousing space and open yard area to
 units is accounted on accrual basis as per agreed terms.
 
 iii) Revenue from value added services and other activities is
 recognized based on completion of agreed contracted services.
 
 iv) Interest and other income is accounted on accrual basis except
 where the receipt of income is uncertain in which case it is accounted
 for on receipt basis.
 
 i.  Employee benefits
 
 i) Contributions to defined contribution scheme such as provident fund
 and State Plans viz Employees'' State Insurance Fund are charged to the
 Profit and Loss Account as and when incurred.
 
 ii) The Company''s defined benefit plan comprises of gratuity. The
 gratuity plan is administered by Life Insurance Corporation of India.
 Liability for the gratuity fund is determined on the basis of an
 independent actuarial valuation.
 
 iii) Liability for leave encashment entitlements is provided on the
 basis of independent actuarial valuation.
 
 j.  Foreign currency transactions
 
 i) Transactions in foreign currencies are recognized at the prevailing
 exchange rates on the date of the transaction.  Realised gains and
 losses on settlement of foreign currency transactions are recognized in
 the Profit and Loss Account.
 
 ii) Foreign currency monetary assets and liabilities at the year end
 are translated at the year end exchange rates and the resultant
 exchange difference is recognized in the Profit and Loss Account.
 
 iii) Non-monetary foreign currency items are carried at cost and
 accordingly the investments in shares of foreign subsidiaries are
 expressed in Indian currency at the rate of exchange prevailing at the
 time when the original investments are made.
 
 k.  Accounting for Taxes on Income
 
 i) Provision for current tax is made, based on the tax payable under
 the Income-tax Act, 1961.
 
 ii) Deferred tax is recognised, subject to the consideration of
 prudence, on timing differences, being the difference between taxable
 income and accounting income that originate in one period and are
 capable of reversal in one or more subsequent periods and measured
 using relevant enacted tax rates
 
 l.  Impairment
 
 The Company reviews the carrying values of tangible and intangible
 assets for any possible impairment at each balance sheet date. An
 impairment loss is recognized when the carrying amount of an asset
 exceeds its recoverable amount. In assessing the recoverable amount,
 the estimated future cash flows are discounted to their present value
 at appropriate discount rates.
 
 m.  Employee stock options
 
 The Company calculates the employee stock compensation expense based on
 the intrinsic value method wherein the excess of market price of
 underlying equity shares as on the date of the grant of options over
 the exercise price of the options given to employees under the Employee
 Stock Option Scheme of the Company, is recognized as deferred stock
 compensation expense and is amortized over the vesting period.
 
 n.  Contingent Liabilities
 
 Contingent Liabilities are disclosed in respect of possible obligations
 that arise from past events but their existence will be confirmed by
 the occurrence or non occurrence of one or more uncertain future events
 not wholly within the control of the Company. A provision is made based
 on a reliable estimate when it is probable that an outflow of resources
 embodying economic benefits will be required to settle an obligation
 and in respect of which a reliable estimate can be made. Provision is
 not discounted and is determined based on best estimate required to
 settle the obligation at the year end date. Contingent Assets are not
 recognized or disclosed in the financial statements.
 
 o.  Earnings per Share
 
 Basic earnings per share is computed and disclosed using the weighted
 average number of common shares outstanding during the year. Dilutive
 earnings per share is computed and disclosed using the weighted average
 number of common and dilutive common equivalent shares outstanding
 during the year, except when the results would be anti-dilutive.
 
 p.  Miscellaneous Expenditure
 
 Ancillary costs incurred in connection with the arrangement of long
 term borrowings are amortized over the tenure of borrowings.