1.1 Basis of preparation of financial statements
 
 The financial statements have been prepared and presented under the
 historical cost convention method, applying accrual basis of accounting
 in accordance with the Generally Accepted Accounting Principles (GAAP)
 in India and comply with the Accounting Standards (“AS”) prescribed in
 the Companies (Accounting Standards) Rules, 2006 read with relevant
 provisions of the Companies Act, 1956, to the extent applicable.
 
 2.2 Use of estimates
 
 Preparation of financial statements in accordance with GAAP requires
 management to make estimates and assumptions that affect reported
 balance of assets, liabilities, revenues and expense and disclosures
 relating to contingent liabilities as of the date of the financials.
 Examples of such estimates include estimate of useful life of assets,
 provision for doubtful debts, income taxes, unbilled revenue, etc.
 Actual results may differ from these estimates. Any revisions to
 accounting estimates are recognized prospectively in current and future
 periods.
 
 2.3 Revenue recognition and expenses
 
 Revenues are recognized on accrual basis.  Revenue from operations is
 accounted for on the basis of services rendered and billed to /
 accepted by clients.
 
 Unbilled revenue disclosed under Loans & Advances, represents amount
 recognized based on services performed in advance of billing in
 accordance with contract terms.  Excess of billing over revenue
 recognized is classified as unearned revenue.
 
 Interest income is recognized on accrual basis.  Dividend income is
 recognized as and when right to receive payment is established.
 
 Expenses are accounted for on accrual basis and provisions are made for
 all known liabilities and losses.
 
 2.4 Fixed Assets
 
 Fixed Assets are stated at cost of acquisition including directly
 attributable costs for bringing the assets to its present location and
 use, less accumulated depreciation. Advances paid, if any, towards the
 acquisition of fixed assets are disclosed under the head Capital
 Work-in-progress.
 
 2.5 Intangible Assets
 
 Purchased software and GIS data base are capitalized at the acquisition
 price including directly attributable costs for bringing the asset into
 use, less accumulated depreciation.  Direct expenditure, if any,
 incurred for internally developed intangibles from which future
 economic benefits are expected to flow over a period of time is treated
 as Intangible asset as per the Accounting Standard on Intangible Assets
 (AS – 26) issued by the Institute of Chartered Accountants of India.
 
 Depreciation/Amortization is charged on a pro- rata basis on assets
 purchased /sold during the year with reference to date of installation/
 disposal. Assets costing individually Rs. 5,000/- or less are fully
 depreciated in the year of purchase / installation.
 
 2.7 Borrowing Costs
 
 Borrowing costs, if any directly attributable to the acquisition of the
 fixed assets are capitalized for the period until the asset is ready
 for its intended use.
 
 Other borrowing costs are recognized as expense in the period in which
 they are incurred.
 
 2.8 Impairment of assets
 
 The carrying amounts of the Company''s assets including intangible
 assets are reviewed at each Balance Sheet date to determine whether
 there is any indication of impairment.  If any such indication exists,
 the assets recoverable amount is estimated, as the higher of the net
 selling price and the value in use. An impairment loss is recognized
 whenever the carrying amount of an asset or its cash generating units
 exceeds its recoverable amount. If at the Balance Sheet date, there is
 an indication that a previously assessed impairment loss no longer
 exists, the recoverable amount is reassessed and the asset is
 reinstated at the recoverable amount subject to a maximum of
 depreciable historical cost.
 
 2.9 Investments
 
 Investments are classified either as current or long term in accordance
 with Accounting Standard (AS) -13 on “Accounting for Investments”.
 
 Current investments are stated at lower of cost or fair value. Any
 reduction in the carrying amount and any reversal of such reductions
 are charged or credited to the Profit & Loss account.
 
 Long Term Investments are stated at cost.  Provision is made to
 recognize a decline, other than temporary, in the value of such
 
 2.10 Leases
 
 2.10.1 Finance Lease
 
 Assets taken on finance lease are accounted for as fixed assets in
 accordance with Accounting Standard 19 on leases, (AS 19) issued by The
 Institute of Chartered Accountants of India.
 
 2.10.2 Operating Lease
 
 Assets taken on lease under which all the risk and rewards of ownership
 are effectively retained by the lessor are classified as operating
 lease. Lease payments under operating lease are recognized as expenses
 on accrual basis in accordance with the respective lease agreement.
 
 2.11 Foreign Currency Transactions
 
 Transactions denominated in foreign currency are recorded at exchange
 rates prevailing on the date of the respective transaction.
 
 Exchange differences arising on foreign exchange transactions settled
 during the year are recognized in the Profit and Loss Account of the
 year. Monetary assets and liabilities in foreign currency, which are
 outstanding as at the year-end, are translated at the year end closing
 exchange rate and the resultant exchange differences are recognized in
 the Profit and Loss Account.
 
 The premium or discount arising at the inception of the forward
 exchange contracts related to underlying receivables and payables, if
 any, are amortized as an expense or income recognized over the period
 of the contracts.  Gains or losses on renewal or cancellation of
 foreign exchange forward contracts are recognized as income or expense
 for the period.
 
 Investments in overseas Subsidiary / other entities are recognized at
 the relevant exchange rates prevailing on the date of Investments.
 
 All transactions of the foreign branch during the year are included in
 the accounts at the rate of exchange prevailing at the end of the month
 in which the transactions took place. Net Gain / Loss in foreign
 currency transactions are recognized in the Profit & Loss Account.
 
 Monetary assets and liabilities are translated at the rates prevailing
 on the balance sheet date.
 
 2.12 Employee Benefits
 
 (a) Short-term employee benefits – Employee benefits payable wholly
 within twelve months of rendering the service are classified as short
 term employee benefits and are recognized in the period in which the
 employee renders the related service.
 
 (b) Post employment benefits (defined benefit plans) – The employees''
 gratuity scheme is a defined benefit plan. The present value of the
 obligation under such defined benefit plan is determined at each
 Balance Sheet date based on an actuarial valuation using projected unit
 credit method. Actuarial gains/losses and current plan costs are
 recognized in the Profit and Loss account.
 
 (c) Post employment benefits (defined contribution plans) –
 Contributions to the provident fund is defined contribution scheme and
 is recognized as an expense in the Profit and Loss account in the
 period in which the contribution is due.
 
 (d) Long-term employee benefits – Long- term employee benefits comprise
 of compensated absences and other employee incentives, if any. These
 are measured based on an actuarial valuation carried out by an
 independent actuary at each Balance Sheet date unless they are
 insignificant. Actuarial gains and losses and past service costs are
 recognized in the Profit and Loss account.
 
 2.13 Taxation
 
 2.13.1 Current Tax
 
 The provision for current tax is made on the basis of tax liability
 computed after considering the admissible deductions and exemptions
 under the provisions of the Income Tax Act, 1961.
 
 Minimum Alternate Tax (MAT) credit is recognized in the Balance Sheet
 where it is probable that it will be adjusted against the discharge of
 the tax liability in future under the Income Tax Act, 1961.
 
 2.13.2 Deferred Tax
 
 Deferred tax asset or liability is recognized for reversible timing
 differences between the profit as per financial statements and the
 profit offered for income taxes, based on tax rates that have been
 enacted or substantively enacted at the Balance Sheet date.  Deferred
 tax asset or liability is recognized only for those timing differences
 that originate during the tax holiday period but reverse after the tax
 holiday period.
 
 Deferred tax assets are recognized and carried forward to the extent
 there is a reasonable certainty that sufficient future taxable income
 will be available against which such deferred tax assets can be
 realized.
 
 Deferred tax assets on unabsorbed losses are not recognized unless
 there is virtual certainty that sufficient future taxable income will
 be available against which such deferred tax assets will be realized.
 
 Timing differences, which reverse within the tax holiday period, do not
 result in tax consequence and therefore no deferred taxes are
 recognized in respect of the same. For this purpose, the timing
 differences, which originate first, are considered to reverse first.
 
 Deferred Tax assets and liabilities are reviewed at each balance sheet
 date.
 
 2.14 Earning per Share (EPS)
 
 The earnings considered in ascertaining the Company''s EPS comprises the
 net profit after tax.  The number of shares used in computing basic EPS
 is the weighted average number of shares outstanding during the year.
 
 Dilutive potential equity shares are deemed to be converted at the
 beginning of the year, unless they have been issued at a later date.
 The number of shares used for computing the diluted EPS is the weighted
 average number of shares outstanding during the year after considering
 the dilutive potential equity shares.
 
 2.15 Provisions and Contingencies
 
 Provisions are recognized when the Company has a present obligation as
 a result of a past event, for
 
 which it is probable that an outflow of resources will be required to
 settle the obligation and a reliable estimate of the amount of the
 obligation can be made.
 
 Contingent liabilities are not provided for and are disclosed by way of
 notes to accounts, where there is an obligation that may, but probably
 will not, require outflow of resources.
 
 Where there is a possible obligation in respect of which the likelihood
 of outflow of resources is remote, no provision or disclosure is made.
 
 Provisions are reviewed at each balance sheet date and adjusted to
 reflect the current best estimate. If it is no longer probable that the
 outflow of resources would be required to settle the obligation, the
 provision is reversed.
 
 Contingent assets are neither recognized nor disclosed in the financial
 statements.
 
 3. Genesys Worldeye Limited – a wholly owned subsidiary of the Company
 has been amalgamated with the Company with effect from April 1, 2010 in
 terms of the scheme of amalgamation (‘scheme'') approved by the
 Honorable High Court of judicature at Mumbai, vide order dated December
 16, 2010.
 
 Genesys Worldeye Limited is in the business of state of the art
 terrestrial and 3D geo-content including location based and other
 computer based related services, information technologies services
 including Geographical Information Systems (GIS), systems, programs,
 data and word processing, multimedia, telecommunications, designing,
 technical, software development and data processing.
 
 The merger would result in greater integration and greater financial
 strength which would result in maximizing overall shareholder value and
 will improve the competitive position of the combined entity.
 
 Accordingly the Genesys Worldeye Limited stand dissolved without
 winding up and all assets and liabilities have been transferred to and
 vested with the Company with effect from April 1, 2010, the appointed
 date. As Genesys Worldeye Limited was wholly owned by the Company, no
 shares were exchanged to effect the amalgamation. The amalgamation was
 accounted as per the ‘pooling of interest'' method as prescribed in
 Accounting Standard “14” issued by the ICAI. All the assets and
 liabilities have been taken
 
 over at their respective book values as at the date of amalgamation.
 
 In accordance with the “Scheme” of amalgamation approved by the
 Honorable High Court, an amount equal to the balance lying to the
 credit of “ Profit & Loss Account” of the Genesys Worldeye Limited is
 credited to the “Profit & Loss Account” of the Company.
 
 4.  During the year under review the equity shares of the Company of Rs.
 10/- each is sub-divided into two equity shares of Rs. 5/- each.
 
 The authorized share capital of the Company is increased to Rs.
 25,00,00,000 comprising of 5,00,00,000 equity shares of Rs. 5/- each on
 14th June, 2010.
 
 Subsequently, as per the “Scheme” of amalgamation approved by the
 Honorable High Court, vide order dated 16th December, 2010 the
 Authorised share capital of the Company automatically stand increased
 without any further act, instrument or deed, by the Authorised share
 capital of Genesys Worldeye Limited, amounting to Rs. 50,00,000
 comprising of 10,00,000 equity shares of Rs. 5/- each. As such Authorised
 share capital of the Company is increased to Rs. 25,50,00,000/-
 comprising of 5,10,00,000 equity share of Rs. 5/- each.
 
 5.  During the year, Aerial Surveyor Limited, UK a step down wholly
 owned subsidiary company has been dissolved.
 
 6.  During the year, wholly owned subsidiary Genesys International (UK)
 Limited has acquired further equity stake of 19.88% in Geodc Limited,
 UK. Total shareholding in Geodc Limited is now 69.88%.