1. CONTINGENT LIABILITIES
 
 Particulars                            2010-2011           2009-2010
 
 Bank Guarantees and Continuity
 Bonds issued                        6,083,984,801       5,322,800,000
 in favour of The President of 
 India through the Commissioners 
 of Customs and in favour of 
 Sales Tax Authorities.
 
 Bank Guarantee and Continuity 
 Bonds issued                        2,170,000,000          58,000,000
 in favour of Punjab State 
 Container and Warehousing 
 Corporation Limited
 with respect to Operations 
 and Management Contract of 
 their CFS at Dronagiri Node, 
 Nhava Sheva.
 
 Counter indemnity for guarantees 
 issued by                           1,141,225,586       2,734,621,437
 bank for bans taken by 
 subsidiaries and for
 guarantees given by banks 
 to Commissioner of Customs and 
 to State Pollution Control Board
 for Subsidiaries.
 
 Claims made by the Party not 
 acknowledged as debts
 -  Container Corporation of 
 India Limited                       Not Ascertainable  Not Ascertainable
 (Refer Note a below)
 
 -  Others                               9,357,714           9,757,714
 
 Disputed Service Tax 
 Claims (including Interest
 and Penalty to the extent 
 ascertainable) not                     32,581,255          32,581,255
 acknowledged as debts
 
 Disputed Income Tax Claims 
 (including interest
 and Penalty to the extent a 
 scerta inable) not                    686,700,971             Nil
 acknowledged as debts
 
 Disputed Income Tax Deducted 
 at Source Claims (including 
 Interest and Penalty to the
 extent ascertainable) not 
 acknowledged as debts                   4,854,380             Nil
 
 Total                             10, 128,704,707        8,157,760,406
 
 Notes:
 
 (a) The Company (GDL) and its subsidiary company, Gateway Rail
 fireight Limited (GRFL) are involved in an arbitration proceeding with
 Container Corporation of India Limited (Concor) with respect to
 agreements entered into by the parties for operation of container
 trains from the Inland Container Depot and Rail Siding of the Company
 at Garhi Harsaru, Gurgaon. Concor has raised claims on GDL and GRFL on
 various issues in respect to the aforesaid agreements. Based on legal
 opinion, the Management has taken a view that these claims are at a
 preliminary stage and the question of maintainability of the alleged
 disputes as raised by Concor under the aforesaid agreements is yet to
 be determined and are not sustainable. Pending conclusion of the
 arbitration, the parties are maintaining status quo with respect to
 the operations at Garhi Harsaru, Gurgaon.
 
 (b) There was a fire at one of the warehouses of Punjab Conware
 Container fireight Station for which the Company is the Operations and
 Management Operator for 15 years with effect from February 1, 2007.
 The extent of damage / loss to the warehouses and the cargo stored in
 the warehouse is being assessed by surveyors appointed by the Insurers.
 The Company is in the process of compiling the necessary information,
 assessing the situation and lodging insurance claims. Pending
 assessment of surveyor, the Company has written-off other equipments,
 furniture and fixtures aggregating Rs. 2,148,386 during the financial
 year 2009-2010. Further, loss of building and electrical installations
 aggregating Rs. 7,028,431 (Previous year: Rs.  7,028,431) has been
 disclosed as ‘Claim Recoverable'' under other current assets.
 
 2. CAPITAL COMMITMENTS:
 
 Estimated amount of contracts (net of advances of Rs. 2,557,393;
 Previous year: Rs. 3,809,156) remaining to be executed on capital
 account and not provided for is Rs. 1,033,907 (Previous year: Rs.
 83,889,241).
 
 3. Based on opinions obtained from lawyer and tax consultant, the
 Management has taken a view that provisions of Section 80-IA (4) (i) of
 the Income Tax Act, 1961, of India (the Income Tax Act) have been
 fulfilled and the Company is eligible for tax holiday under the Income
 Tax Act in respect of the Container fireight Station activities.
 Consequently, the income-tax liability for the year ended March 31,
 2011 has been determined under Minimum Alternate Taxation (MAT)
 pursuant to Section 115JB of the Income Tax Act.  Considering the
 balance term of Section 80-IA (4) (i) of the Income Tax Act and based
 on the assessment of future profitability, the Company has taken MAT
 credit of Rs. 107,400,000 (Previous Year: Rs. 190,000,000) during the
 current year, as MAT credit can be set-off against future tax
 liability. Accordingly, Rs. 297,400,000 (Previous Year: Rs.
 190,000,000) is carried as Loans and Advances as at March 31, 2011.
 
 During the year, Deputy Commissioner of Income Tax has issued an order
 under Section 143 (3) of the Income Tax Act, for the Assessment Year
 2008-2009, disallowing the claim of deduction by the Company under
 Section 80-IA (4) (i) of the Income Tax Act and issued notice of demand
 under Section 156 of the Income Tax Act for recovery of additional
 income tax and interest aggregating Rs. 240,666,597 and initiated
 proceedings to levy penalty. The Company has filed an appeal against the
 assessment order before Commissioner of Income Tax (Appeals). Pending
 conclusion of the appeal, the Company has agreed to deposit 30% of the
 demand before September 2011, of which Rs. 40,000,000 has been
 deposited till May 31, 2011.
 
 During the year, Deputy Commissioner of Income Tax has issued notices
 under Section 148 of the Income Tax Act, proposing to re-assess the
 Income for Assessment Years 2004-2005 to 2007-2008, disallowing the
 deduction under Section 80IA (4) (i) of the Income Tax Act. The Company
 expects tax payable aggregating Rs. 446,034,374 (excluding interest) on
 the amount disallowed.
 
 Based on Tax Consultant''s opinion, the Management is of the opinion
 that the Company is entitled to deduction under Section 80-IA (4) (i)
 of the Income Tax Act for the Assessment Years 2004-2005 to 2008- 2009
 and hence, no provision for the aforesaid demand / notices has been
 made for the year ended March 31, 2011.
 
 4. certificates for tax deducted at source aggregating Rs. 8,467,633
 (Previous Year: Rs. 11,135,127) are in the process of being collected
 from customers and banks. The Management expects to collect these
 certificates prior to fling of income-tax return and hence, no provision
 has been considered necessary by the Management.
 
 5. SEGMENT REPORTING
 
 Primary Segment:
 
 In accordance with Accounting Standard 17 – Segment Reporting notified
 under Section 211(3C) of the Act, the Company has determined its
 business segment as Container fireight Station. Since 100% of the
 Company''s business is from Container fireight Station, there are no
 other primary reportable segments. Thus, the segment revenue, segment
 results, total carrying amount of segment assets, total carrying amount
 of segment liabilities, total cost incurred to acquire segment assets,
 total amount of charge for depreciation during the year is as reflected
 in the Financial Statement as of and for the year April 1, 2010 to
 March 31, 2011.
 
 Secondary Segment:
 
 The Company''s operations are such that all activities are confined only
 to India and hence, there is no secondary reportable segment relating
 to the Company''s business.
 
 6. RELATED PARTY DISCLOSURES
 
 Related Party Disclosures, as required by Accounting Standard 18 –
 Related Party Disclosures, notified under Section 211(3C) of the Act
 are given below:
 
 Subsidiary Companies:
 
 i. Gateway East India Private Limited (GEIPL)
 
 ii. Gateway Distriparks (South) Private Limited (GDSPL)
 
 iii. GatewayRail fireight Limited (GRFL)
 
 iv. Gateway Distriparks (Kerala) Limited (GDKL)
 
 v. Snowman Logistics Limited (SLL) (Formerly known as Snowman Frozen
 Foods Limited)
 
 vi. Container Gateway Limited (CGL) (Subsidiary of GRFL)
 
 Key Management Personnel:
 
 Mr. Prem Kishan Gupta,
 
 Deputy Chairman and Managing Director
 
 15. DISCLOSURE FOR AS 15 (REVISED)
 
 The Company has classified various benefits provided to employees as
 under:-
 
 I. Defined Contribution Plans
 
 a. Provident Fund
 
 b. State Defined Contribution Plan
 
 - Employers'' Contribution to Employee''s Pension Scheme 1995
 
 During the year, the Company has recognised the following amounts in
 the profit and Loss Account:
 
 - Employers'' Contribution to Provident Fund * Rs. 4,619,848 (Previous
 year: Rs. 3,834,186)
 
 [Includes Employers'' Contribution to Employee''s Pension Scheme 1995] *
 Included in contribution to Provident and other Funds (Refer Schedule
 N)
 
 Other Employee benefit Plan:
 
 The liability for leave encashment and compensated absences as at year
 end is Rs. 6,684,008 (Previous year: Rs. 5,195,760).
 
 7. There are no Micro and Small Enterprises, to whom the Company owes
 dues, which are outstanding for more than 45 days at the Balance Sheet
 date. The information regarding Micro and Small enterprises have 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.
 
 8. GatewayRail fireight Limited (GRFL), subsidiary of the Company had
 entered into an agreement with Container Corporation of India Limited
 to form a Joint Venture Company (JV), to operate the Company''s Inland
 Container Depot at Garhi Harsaru. Pending formation of the JV, the
 Company has transferred the operations including receivables and
 payables under an Operations and Management arrangement to GRFL with
 effect from April 1, 2007.
 
 9. The Company has been legally advised that necessary prior approval
 of the Central Government of India is not necessary under Section 297
 of the Act with respect to providing Handling Income services to
 private limited companies where a Director of the Company is a
 Director.
 
 10. During the year, the Global Depository Receipts (GDR) of the
 Company were delisted on Luxembourg Stock Exchange and de-admitted from
 trading on London Stock Exchange.
 
 11. The information required on other matters pursuant to clauses 3, 4C
 and 4D of Part II of Schedule VI to the Act, are either nil or not
 applicable to the Company during the year.
 
 12. Previous year''s figures have been rearranged to conform with current
 year''s presentation, where applicable.
 
 Signatures to Schedules A to Q forming part of the Accounts.