1.  Contingent Liabilities not provided for :
 
 i) In respect of guarantees and letter of credits issued by Banks,
 outstanding as at 31st March, 2011 Rs. 41,366.55 Lacs net of margin (P.Y.
 Rs. 30,256.21 Lacs net of margin).
 
 ii) In respect of Sales Tax and Entry Tax Rs. 95.10 Lacs (P.Y. Rs. 71.42
 Lacs). The demand is being contested before appellate authorities.
 
 iii) The Company has received show cause notices in respect of Royalty
 amounting to Rs. 314.71 Lacs (P.Y. Rs. 271.84 Lacs). Appropriate
 representation is being submitted to respective offices.
 
 iv) The Company has received show cause notices in respect of Service
 Tax amounting to ''Rs. 3,891.47 Lacs (P.Y. Rs. 3,745.25 Lacs). Appropriate
 representations have been submitted to respective offices.
 
 v) The Company has received show cause notices in respect of Custom
 Duty amounting to Rs. 221.04 Lacs (P.Y. Rs. 221.04 Lacs). Appropriate
 representations have been submitted to respective offices.
 
 vi) In respect of other legal cases Rs. 537.14 Lacs (P.Y. Rs. 272.50 Lacs).
 Appropriate representations have been filed in respect of these matters
 with the authorities concerned.
 
 vii) In respect of Labour Welfare Cess Rs. 85.61 Lacs (P.Y. Rs. 85.61
 Lacs). Writ petition has been filed before Hon''ble Supreme Court.
 
 viii) The Company has given Corporate Guarantees amounting to Rs.
 96,271.00 Lacs (P.Y. Rs. 94,346.00 Lacs) in favour of banks for loans
 taken by Subsidiary / Associate Companies including Corporate
 Guarantees amounting to Rs. 48,400.00 Lacs (P.Y. Rs. 48,400.00 Lacs) for
 meeting the shortfall in repayment of the loan amount in the event of
 termination of the Concession Agreement.
 
 2.  Estimated amount of Contracts remaining to be executed on Capital
 Account (Net of Advances) Rs. 5, 947.33 Lacs (P.Y. Rs. 4,309.20 Lacs).
 
 3.  In the opinion of Board of Directors, all the Current Assets, Loans
 and Advances have a value on realization in the ordinary course of
 business at least equal to the amount at which they are stated and all
 the known liabilities as at the end of year have been provided for.
 
 4.  a) The company had raised 750 Nos. Zero Coupon Foreign Currency
 Convertible Bonds due 2012 (FCCB''s) of USD 100,000/- each aggregating
 USD 75 million at par on January 24, 2007. These Bonds have a maturity
 period of 5 years 1 day. The Bonds are convertible into equity shares
 of Rs. 2/- each fully paid at the option of the Bondholders at any time
 on or after January 24, 2009 and prior to the close of business (at the
 place where the Bonds are deposited for conversion) on January 10,
 2012. The initial conversion price of Rs.158.60 per share has been
 decided on January 24, 2009 as per the terms of the offer circular
 dated 17th January 2007.
 
 The Bonds constitute the Company''s direct, unconditional,
 unsubordinated and unsecured obligations and at all-time rank pari
 passu and without any preference or priority among themselves. The
 Company''s payment obligations under the Bonds , save for such
 exceptions as may be provided by mandatory provisions of applicable
 law, at all times rank at least equally with all of its other present
 and future direct, unconditional, unsubordinated and unsecured
 obligations. Unless previously converted, redeemed or repurchased and
 cancelled, the Bonds shall be redeemed on January 25, 2012 at 148.95%
 of their principal amount giving an annual yield of 8.125% per annum
 calculated on semi-annual basis.
 
 The bonds are redeemable only if there is no conversion of the bonds
 prior to maturity date. The payment of premium on redemption therefore,
 is contingent in nature, the outcome of which is dependent on uncertain
 future events Hence no provision is considered necessary nor has been
 made in the accounts in respect of such premium for the current year
 which may amount to Rs. 17.44 Crores (Previous YearRs. 22.02 Crores)
 Cumulative till 31st March, 2011 is Rs. 72.95 Crores (Previous Year Rs.
 70.10 Crores).
 
 5.  In respect of Derivatives Contracts, gain / loss is recognised and
 charged to Profit & Loss Account on settlement of transactions.
 
 6. Segment Reporting :
 
 (a) Business Segments:
 
 Business segments have been identified in line with Accounting
 Standards on Segment Reporting ''AS-17''. Contracts, Energy, Ready Mix
 Concrete (RMC), Trading and Equipment Hiring & Management (EHM) are the
 primary business segments of the company.
 
 7. Related Party Disclosures
 
 A) Direct Subsidiary Companies:
 
 Victor Buildwel Private Limited, Style & Smile Buildwell Private
 Limited, Era IT- Zone Private Limited, Era Infrastructure (I) Limited,
 Era T& D Limited, Golden Annum Holdings Limited, Boconero Limited,
 Bragi Developers Private Limited, Zedek Realtors Private Limited, Douce
 Realtors Private Limited, Paulo Realtech Private Limited, Yarikh
 Realtors Private Limited, Dehradun Highways Project Limited, Haridwar
 Highways Project Limited, Bareilly Highways Project Limited, Era
 Khandwa Power Limited, Kepi Constructions Limited (upto 30.04.2010),
 Quillet Constructions Limited (upto 30.04.2010)
 
 B) Step Subsidiary Companies:
 
 ARK Transmission & Distribution Limited and ARK Vidhyut Urja Limited
 
 C) Names of related parties with whom transactions have taken place
 during the year:
 
 i.  Joint Ventures & Associates
 
 Era -Patel –Advance- Kiran Joint Venture, Era -Patel –Advance Joint
 Venture, Induni - Era - Joint Venture, KMB – ERA Joint Venture, Rani –
 Era Joint Venture, Optima - Era Infra Joint Venture, Era Infra –
 Buildsys Joint Venture, Gwalior Bypass Project Limited, Hyderabad Ring
 Road Project Pvt. Ltd., West Haryana Highways Projects Pvt. Ltd., Era
 Energy Limited, Era Buildsys Limited.
 
 ii. Individual owing directly or indirectly, an interest in the voting
 power of the reporting enterprises and relatives of any such
 individual:
 
 Mr. H.S. Bharana (CMD), H.S. Bharana HUF (Karta is CMD), Mrs Rekha
 Bharana (Wife of CMD), Ms Rashmi Bharana (D/o CMD) , Mr. Vaibhav
 Bharana (S/o CMD), Mr. Dheeraj Singh (Brother of CMD), Mr. Brij Singh
 (Brother of CMD).
 
 iii.  Key Management Personnel:
 
 Mr. H.S. Bharana, Chairman & Managing Director and Mr. J.L. Khushu,
 Whole Time Director
 
 iv Enterprises over which key Management personnel/ individual owing
 directly or indirectly, an interest in the voting power of the
 reporting enterprises that give them control or significant influence
 over the enterprises have significant influence:
 
 Hi-Point Investment & Finance Pvt. Limited, Era E-Zone (India) Limited,
 Era Housing & Developers (India) Limited, Atop Infrastructure &
 Infotech Pvt. Ltd., Era Agritech (India) Pvt. Ltd., Era Logistics
 (India) Pvt. Limited, Era Landmarks Limited (upto 05.01.2011), Black
 Stone Mines & Minerals Pvt. Limited, Goglet Infotech Pvt Limited, Xema
 Infrastructure Pvt. Limited, Xebec Hospitality Pvt. Limited, Angraj
 Trading Pvt. Limited, SRC Buildwell Private Limited, Era Securitas
 Private Limited.
 
 8. The Company is in the process of identifying suppliers who are
 micro enterprises or small enterprises under the Micro, Small and
 Medium Enterprises Development Act, 2006. The company has not received
 any written confirmation from any suppliers regarding their status as
 Micro, Small and Medium Enterprises. Therefore, disclosures under
 section 22 of the said act are not necessary.
 
 9. Fixed Deposits with scheduled banks include FDR''s pledged with
 banks / government authorities.
 
 E.  Loan / Investment made in Foreign Currency in Foreign Subsidiaries
 ''Rs.7.41 Lacs (P.Y. Rs. 4.92 Lacs).
 
 10. Previous Year''s figures have been regrouped and/or rearranged to
 conform to those of current year''s figures, wherever necessary.
 
 11.  Figures are nearest rupees In Lacs.
 
 22.  Schedule A to O are integral part of Balance Sheet and Profit
 and Loss Account.