1.Contingent Liabilities not provided for
 
                                    As at 31.03.2011 As at 31.03.2010
 
                                               (Rs.)            (Rs.)
 
 i) Bills Discounted with banks          689,538,265      243,961,947
 
 ii) Bank Guarantees given by Banks    1,229,922,189      343,929,658
 
 iii) Claims contested by the company        500,000          500,000
 
 iv) Claims by Customs & Income Tax              NIL              NIL
 
 v) Claims by Sales Tax Authorities 
 – contested by the company               33,891,667              NIL
 
 3. Share capital
 
 The company has during the financial year 2009-10 issued 7,679,410
 equity shares of 10/- each at a premium of Rs. 238/- per share pursuant
 to companies Initial Public Offering.
 
 4. Security Premium
 
 The paid up capital of the company stands increased in the financial
 year 2009-10 consequent to Issue and allotment of Shares under the
 Initial Public Offering of the company at Rs 248/- per share of Rs 10/-
 each at a premium of Rs 238/- per share.
 
 Consequent to the above the security premium account under Reserves &
 Surplus stands at Rs.1,987,404,580/- for the financial year 2009-10.
 
 5. Secured Loans Term Loans
 
 a) Term Loans from IDBI Bank, Axis Bank and Punjab National Bank are
 secured by:
 
 o first equitable mortgage and charge on all fixed assets, both present
 and future of the company situated at Survey No. 82,83, 92 - 95 & 107,
 Athvelly Village,
 
 Medchal Mandal, R.R.Dist.  o first equitable mortgage and charge on all
 fixed assets, both present and future of the company situated at Suvrey
 No. 41, Majidpally Village, Toopran Mandal, Medak District. Andhra.
 
 o further secured by second paripassu charge on entire current assets
 of the company.
 
 b) Term Loan from Tata Capital Limited (TCL) taken on 30th Oct 2009 to
 fund the long term working capital requirement of the company. The loan
 is secured by unconditional and Irrevocable Personal Guarantees of Mr.
 Rajesh Agarwal and Mr. Mukesh Agarwal. Promoters have also pledged
 shares held by them in the company to the tune of 2.0 times of the loan
 amount till the time of satisfactory clearance of security
 documentation as prescribed by TCL. Post this, the 0.5 times of such
 shares pledged would be revoked back by TCL.
 
 Further the above loan is secured by a charge on Land situated at
 Sy.No. 119, 120, 121 and 122 at athvelly village, Medchal Mandal, Ranga
 Reddy District admeasuring Ac.3.10 guntas.
 
 Term Loan from Tata Capital Limited (TCL) has been paid back during the
 year.
 
 Working Capital loans
 
 Working Capital loans from Syndicate Bank, Axis Bank, Punjab National
 Bank, State Bank of India and State Bank of Mysore & State Bank of
 Hyderabad is under a working capital consortium with State Bank of
 India being the consortium Leader.  The working capital loans are
 secured by first exclusive charge on stocks, receivables, spares,
 consumables and other current assets of the Company, present and
 future. Collateral security of equitable mortage of property situated
 at Plot No. 42 (part) in Survey No. 258/1 & 259 situated at Jeedimetla
 Industrial Area, Shapurnagar, RR District, AP admeasuring appx
 22,439.26 sq.  yrds in the name of Agarwal Developers and Residential
 Flat No: 103, 2nd Floor Block D, Trendset Valley View Apartments at
 Banjara Hills, Road Number 6, Hyderabad in the name of Mr Rakesh
 Agarwal & Mr Mukesh Agarwal. The above loans are further secured by
 Pari passu second charge on the entire fixed assets of our Company,
 both present and future.  All Term Loan (except Tata Capital Limited) &
 Working Capital Loans are further secured by: o 30% pledge of equity
 shares of promoters holding as collateral security ranking paripasu 
 
 o Exclusive 10.48% pledge of shares of the Promoters in favour of State
 Bank of India
 
 o Corporate guarantee of i-Vantage India Private Ltd,
 
 o Personal guarantees of Shri Rajesh Agrawal (Managing Director), Shri
 Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole
 time Director) of the company
 
 6. Un-Secured Loans
 
 Short Term Loan from Punjab National Bank taken on 31st Dec 2009 to
 build up the Net working capital and for meeting the deficit on account
 of cash flow mismatches.
 
 Mr. Rajesh Agarwal, Mr Rakesh Agarwal and Mr. Mukesh Agarwal have given
 personal security for the above loan by way of postdated cheque.
 
 This loan has been paid back during the current year.
 
 8. Micro, Small and Medium Enterprises Development Act The Company has
 not received intimation from vendors regarding their status under the
 Micro, Small and Medium Enterprises Development Act, 2006 and hence
 names of Micro, Small and Medium Enterprises to whom the company owes
 any sum together with interest unpaid as on the date of balance sheet
 is not ascertainable.
 
 11. Related Party Disclosures :
 
 I) List of Related parties with whom transactions have taken place and
 nature of relationship:
 
 i) Subsidiary : BS InfraTel Ltd
 
 : Sugan Automatics Private Limited
 
 ii) Key management personnel : Mr. Rajesh Agrawal
 
 : Mr. Rakesh Agarwal
 
 : Mr. Mukesh Agarwal
 
 : Mr. D G Sohony
 
 (Executive Director till Feb 2011)
 
 iii) Relatives of Key management personnel : Mrs. Reema Agarwal
 
 : Mrs. Rakhee Agarwal
 
 : Mrs. Shalini Agarwal
 
 : Mrs. Shakuntala Devi Agarwal
 
 iv) Concerns in which Key management personnel have substantial
 interest - (significant interest entities)
 
 : Shivganga Infrastructures Ltd.
 
 : Agarwal Developers
 
 : I-Vantage India Pvt. Ltd.
 
 : I-Vantage Apac Pvt. Ltd.
 
 17. Employee stock purchase plan (ESPP)
 
 During the year 2008-09 the company announced an Employee Stock
 Purchase Plan (ESPP) to its eligible employees as defined in Employee
 Stock Purchase Plan Scheme approved by the Shareholders at the
 Extraordinary General Meeting of the Company held on 20th May 2008. On
 7th June 2008, 64,250 equity shares of Rs.10/- each at a price of
 Rs.50/- per share including premium of Rs.40/- per share were allocated
 to the eligible employees in terms of the Scheme. The fair value of
 share as valued by the merchant banker as on 31st March 2008 is
 Rs.33.13 per share. Since, the fair value of the share is less than the
 allotted price; no disclosure is made for Employee Stock compensation
 as per the Employee stock option scheme and Employee Stock Purchase
 Scheme Guidelines 1999 (as amended) issued by Securities and Exchange
 Board of India.
 
 18. Segment Reporting
 
 The Company is primarily engaged in the business of Engineering,
 Procurement and Construction business (EPC). As such there is no other
 separate reportable segment as defined by Accounting Standard - 17
 Segmental Reporting.
 
 19. Misc. Expenditure Share issue expenses:
 
 Expenditure related to the public issue of shares amounting to Rs.
 95,044,740/- will be written off / adjusted commencing with the current
 year and as such an amount of Rs. 19,008,948/- is charged to Profit &
 Loss account in the current financial year.
 
 20. Balances relating to Debtors, Creditors, Loans and Advances are
 subject to reconciliation & confirmation.
 
 21. During the year the Company has made an investment of Rs 166,650/-
 by acquiring 1/3rd share in SPV for BOOM Project awarded by Rural
 Electrification Corporation.
 
 23. Figures for the previous year have been rearranged/ regrouped /
 recast wherever necessary to conform to the current year presentation/
 classification.
 
 24. Figures are rounded off to the nearest rupee.