1.1 Basis of preparation of financial statements
 
 These financial statements are prepared and presented under the
 historical cost convention, except for certain fixed assets which were
 revalued (at fair value) during the year ended 31 March 2009, on the
 accrual basis of accounting, and in accordance with the relevant
 provisions of the Companies Act, 1956 (''the Act'') and the accounting
 principles generally accepted in India and comply with the Accounting
 Standards (AS) prescribed by the Companies (Accounting Standards)
 Rules, 2006 issued by the Central Government, in consultation with the
 National Advisory Committee on Accounting Standards (''NACAS'') and
 relevant pronouncements of the Institute of Chartered Accountants of
 India (''ICAI'') to the extent applicable. The financial statements are
 presented in Indian rupees.
 
 1.2 Going concern
 
 The Company''s net worth (excluding revaluation reserve) stands
 partially eroded as at 31 March 2011. However, the financial statements
 have been prepared on a going-concern basis based on a letter of
 support from its major shareholders stating that they will continue to
 provide such financial support to the Company as is necessary to
 maintain the Company as a going concern for the foreseeable future and
 to meet its debts and liabilities, both present as well as in the
 future, as and when they fall due for payment in the normal course of
 business, and the business plans reviewed by the management.
 
 Accordingly, these financial statements do not include any adjustments
 relating to the recoverability and classification of recorded assets,
 or to amounts and classification of liabilities that may be necessary
 if the entity is unable to continue as a going concern.
 
 1.3 Use of estimates
 
 The preparation of financial statements in conformity with the
 generally accepted accounting principles (GAAP) in India requires
 management to make estimates and assumptions that affect the reported
 amounts of assets and liabilities and the disclosure of contingent
 liabilities on the date of the financial statements and the reported
 amount of revenues expenses during the reporting period. The estimates
 and assumptions used in the accompanying financial statements are based
 upon management''s evaluation of the relevant facts and circumstances as
 of the date of the financial statement. Actual results could differ
 from those estimates. Any revision to accounting estimates is
 recognized prospectively in current and future periods.
 
 1.4 Fixed assets and depreciation
 
 Fixed assets are stated at cost of acquisition or revalued amounts, as
 the case may be, less accumulated depreciation/amortisation and
 impairment losses, if any. Cost comprises of purchase price and any
 other attributable costs such as freight, duties and taxes (to the
 extent not recoverable from tax authorities), borrowing costs and
 expenses incidental to acquisition, installation of the asset up to the
 time the assets are ready for their intended use.
 
 Advance paid/ expenditure incurred on acquisition/ construction of
 fixed assets which are not ready for their intended use at each balance
 sheet date are disclosed under capital work in progress.
 
 Depreciation on fixed assets except leasehold improvements is provided
 on straight line basis at the rates prescribed under Schedule XIV of
 the Act which in management''s opinion, reflects the estimated useful
 economic lives of fixed assets. Leasehold improvements in the nature of
 hangar and administrative building are amortised over the primary lease
 period or the useful life of the assets, whichever is shorter.
 
 Major component parts of a helicopter which require replacement at
 regular intervals are identified and depreciated separately over their
 respective estimated remaining useful life. Accordingly, rotor heads
 are segregated from the helicopters are depreciated over 5,000 hours,
 being their estimated useful life.
 
 Assets individually costing up to Rs 5,000 are depreciated fully in the
 year of their purchase.
 
 Where depreciable assets are revalued, the additional depreciation on
 the revalued amount is transferred from the revaluation reserve to the
 profit and loss account.
 
 1.5 Impairment of assets:
 
 Where there is an indication of impairment of the Company''s assets, the
 Company estimates the recoverable amount of the asset or a group of
 assets. The recoverable amount of the asset (or where applicable, that
 of the cash generating unit to which the asset belongs) is estimated as
 the higher of its net selling price and its value in use. In assessing
 value in use, the estimated future cash flows are discounted to the
 present values based on an appropriate discount factor. If such
 recoverable amount of the asset or the recoverable amount of the
 cash-generating unit to which the asset belongs is less than its
 carrying amount, the carrying amount is reduced to its recoverable
 amount. The reduction is treated as an impairment loss and is
 recognized in the profit and loss account. 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
 reflected at the recoverable amount subject to a maximum of depreciated
 historical cost.
 
 1.6 Maintenance expenditure
 
 Helicopter maintenance checks including overhaul and repairs and
 maintenance that are required to be performed at regular intervals as
 enforced by the Director General of Civil Aviation (DGCA) and in
 accordance with the maintenance programme laid down by the
 manufacturers are debited to the profit and loss account as and when
 incurred.
 
 1.7 Inventories
 
 Inventories comprising of consumables, spare and shop supplies, are
 valued at lower of cost and net realizable value. Cost is determined on
 the basis of weighted average method. Cost of inventory comprises of
 all cost of purchase and other incidental cost incurred in bringing the
 inventories to their present location and condition.
 
 1.8 Revenue recognition
 
 Service income, including income from operation and maintenance
 contracts and reimbursement of expenses is recognized as and when
 services are rendered in accordance with the terms of the specific
 contracts, net of all contractual deductions. Revenue is recognised net
 of all taxes and levies.
 
 Interest income is recognised on time proportion basis.
 
 1.9 Employee benefits
 
 (a) Short term employee benefits
 
 All employee benefits payable wholly within twelve months of rendering
 the service are classified as short-term employee benefits. Benefits
 such as salaries, wages and short term compensated absences, etc. and
 the expected cost of ex-gratia are recognized in the period in which
 the employee renders the related service.
 
 (b) Post employment benefits
 
 Defined contribution plans:
 
 The Company makes specified monthly contributions towards employee
 provident fund and employees'' state insurance corporation (''ESIC''). The
 Company''s contribution paid / payable under the scheme is recognised as
 an expense in the profit and loss account during the period in which
 the employee renders the related service.
 
 Defined benefit plan:
 
 The Company''s gratuity benefit scheme is a defined benefit plan. The
 Company''s net obligation in respect of the gratuity benefit scheme is
 calculated by estimating the amount of future benefit that employees
 have earned in return for their service in the current and prior
 periods; that benefit is discounted to determine its present value, and
 the fair value of any plan assets is deducted.
 
 The present value of the obligation under such defined benefit plan is
 determined based on actuarial valuation at the balance sheet date using
 the Projected Unit Credit Method, which recognizes each period of
 service as giving rise to additional unit of employee benefit
 entitlement and measures each unit separately to build up the final
 obligation.  The obligation is measured at the present value of the
 estimated future cash flows. The discount rates used for determining
 the present value of the obligation under defined benefit plan, are
 based on the market yields on Government securities as at the balance
 sheet date.
 
 Actuarial gains and losses are recognized immediately in the profit and
 loss account.
 
 (c) Long term employment benefits:
 
 The Company''s net obligation in respect of long-term employment
 benefits is the amount of future benefit that employees have earned in
 return for their service in the current and prior periods. The
 obligation is calculated using the projected unit credit method and is
 discounted to its present value and the fair value of any related
 assets is deducted. The discount rates used for determining the present
 value of the obligation under defined benefit plan, are based on the
 market yields on Government securities as at the balance sheet date.
 
 1.10 Foreign currency transactions
 
 Foreign exchange transactions are recorded at the spot rates on the
 date of the respective transactions. Exchange differences arising on
 foreign exchange transactions settled during the year are recognized in
 the profit and loss account of the year, except for exchange
 fluctuations arising on settlement of long term foreign currency
 monetary assets or liabilities.
 
 Exchange differences arising on settlement of long term foreign
 currency monetary assets or liabilities are adjusted to the cost of the
 specifically identifiable assets as per the option available under
 paragraph 46 of AS 11 The effect of changes in exchange rates'' inserted
 pursuant to notification GSR 225 (E) issued by the Ministry of
 Corporate Affairs dated 31 March 2009.
 
 Restatement at reporting date
 
 a) Short term foreign currency monetary assets and liabilities
 
 Short term foreign currency monetary assets and liabilities denominated
 in foreign currency are translated at the year end at the closing
 exchange rate and the resultant exchange differences are recognized in
 the profit and loss account.
 
 A monetary asset or liability denominated in foreign currency is
 designated as a short term monetary asset or liability if the original
 term at the time of origination of the asset or liability is less than
 12 months.
 
 b) Long term monetary assets and liabilities
 
 As per the option available under paragraph 46 of AS 11 ''The effect of
 changes in exchange rates'' inserted pursuant to notification GSR 225
 (E) issued by the Ministry of Corporate Affairs dated 31 March 2009 in
 so far as they relate to recognition of losses or gains arising on
 restatement of long term monetary items, the Company has availed the
 option of adjusting the exchange differences on restatement of long
 term foreign currency monetary assets or liabilities to the historical
 cost of the depreciable asset where specifically identifiable and
 depreciating the same over the remaining useful life of the asset. All
 long term monetary assets or liabilities denominated in foreign
 currency are specifically identifiable with depreciable assets and
 hence no accumulation of exchange differences is made in the foreign
 currency monetary item translation difference account.
 
 A monetary asset or liability denominated in foreign currency is
 designed as a long term monetary asset or liability if the original
 term at the time of origination of the asset or liability is more than
 12 months.
 
 1.11 Borrowing costs
 
 Borrowing costs that are attributable to the acquisition, construction
 or production of qualifying assets are treated as direct cost and are
 considered as part of cost of such assets. A qualifying asset is an
 asset that necessarily requires a substantial period of time to get
 ready for its intended use or sale. All other borrowing costs are
 recognised as an expense in the period in which they are incurred.
 Exchange fluctuations to the extent covered under paragraph 4 (e) of AS
 16 – ''Borrowing cost'' are classified as borrowing cost and disclosed
 accordingly.
 
 1.12Taxation
 
 Income tax comprises of current tax and deferred tax.
 
 Current taxes
 
 Current tax provision is made annually based on the tax liability
 computed in accordance with provisions of the Income tax Act, 1961 and
 is made annually based on the tax liability after taking credit for tax
 allowance and exemptions.
 
 Deferred taxes
 
 Deferred tax liability or asset is recognized for timing differences
 between the profits/losses offered for income taxes and profits/losses
 as per the financial statements. Deferred tax assets and liabilities
 are measured using the tax rates and tax laws that have been enacted or
 substantively enacted at the balance sheet date. Deferred tax assets
 are recognized only to the extent there is reasonable certainty that
 they will be realized in future; however, where there is unabsorbed
 depreciation or carry forward loss under taxation laws, deferred tax
 assets are recognized only if there is a virtual certainty of
 realization of such assets. Deferred tax assets are reassessed for the
 appropriateness of their respective carrying values as at each balance
 sheet date.
 
 1.13 Leases
 
 Lease rentals in respect of assets acquired under operating lease are
 charged off to the profit and loss account on a straight line basis
 with reference to the lease term and other contractual consideration as
 incurred. Leases under which the Company assumes substantially all the
 risks and rewards of ownership are classified as finance lease.  Such
 assets acquired on or after 1 April 2001 are capitalized at fair value
 of the assets or present value of the minimum lease payments at the
 inception of the lease, whichever is lower. A corresponding amount is
 recorded as a lease liability. The principal amount in the lease
 rentals paid is adjusted against the lease liability and the balance
 charged to the profit and loss account as finance cost.
 
 1.14 Earnings per share (''EPS'')
 
 Basic EPS is calculated by dividing the net profit or loss for the
 period attributable to equity shareholders by the weighted average
 number of equity shares outstanding during the year. Diluted EPS is
 computed using the weighted average number of equity and dilutive
 equity equivalent shares outstanding during the year except where the
 result would be anti dilutive.
 
 1.15 Provisions and contingencies
 
 The Company creates a provision where there is present obligation as a
 result of a past event that probably requires an outflow of resources
 and a reliable estimate can be made of the amount of the obligation. A
 disclosure for a contingent liability is made when there is a possible
 or a present obligation that may, but probably will not require an
 outflow of resources. When there is a possible obligation in respect of
 which the likelihood of outflow of resources is remote, no provision or
 disclosure is made.
 
 Loss contingencies arising from claims, litigation, assessment, fines,
 penalties, etc. are recorded when it is probable that a liability has
 been incurred and the amount can be reasonably estimated.
 
 1.16 Derivatives
 
 In compliance with the announcement dated 29th March, 2008 by ICAI
 regarding Accounting for Derivatives, the loss arising out of marking
 each class of derivative contracts to market price is recognised in the
 Profit and Loss Account. Income, if any, arising out of marking each
 class of derivative contracts to market price is not recognised in the
 Profit and Loss Account.