1 Segment reporting
 
 The Company is engaged in providing helicopter services in India, which
 is considered as one business segment. The segment reporting based on
 geographical risk factor which may be present in different countries is
 also not applicable, as the Company provides helicopter services only
 in the domestic market. Hence, there are no separate reportable
 segments, as required by the Accounting Standard 17 on Segment
 Reporting as prescribed by the Companies (Accounting Standards) Rules,
 2006 issued by the Central Government, in consultation with the
 National Advisory Committee on Accounting Standards.
 
 2 Disclosure pursuant to Accounting Standard – 15 ''Employee Benefits''
 
 i Contribution to provident fund and ESIC
 
 Amount of Rs 2,724,477 (previous year: Rs 2,922,189) is recognized as
 an expense and included in Personnel cost (refer schedule 17 to the
 financial statements).
 
 ii Leave Wages
 
 Amount of Rs 1,509,097 (previous year: Rs 365,372) is recognized as an
 expense and included in Personnel cost (refer schedule 17 to the
 financial statements).
 
 iii Defined benefit plan and long term employment benefit a General
 description
 
 Gratuity (Defined benefit plan)
 
 The Company has a defined benefit gratuity plan. Every employee who has
 completed five years or more of services gets a gratuity on death or
 resignation or retirement at 15 days salary (last drawn salary) for
 each completed year of service.
 
 Leave wages (Long term employment benefit)
 
 Eligible employees can carry forward leave with a maximum accumulation
 of thirty (30) days. All leave balances in excess of thirty (30) days
 at the end of the calender year are compulsorily encashed on the basis
 of basic salary last drawn. Leave wages are also payable to all
 eligible employees at the rate of daily basic salary on accumulated
 leave at the time of death / resignation / retirement or on attaining
 superannuation age.
 
 Sick leave (Long term employment benefit)
 
 The sick leave is not encashable and can be accumulated till 90 days
 for employees other than pilots, whose leave balance will lapse at the
 end of the year.
 
 3 Related parties
 
 As per Accounting Standard 18 on Related Party Disclosure prescribed
 by the Companies (Accounting Standards) Rules, 2006 issued by the
 Central Government, in consultation with the National Advisory
 Committee on Accounting Standards, the disclosure of transactions with
 the related parties as defined in Accounting Standard are given below:
 
 (a) Related parties where control exists
 
 Vectra Investment Private Limited Parent Company up to 19 October 2006
 and a Promoter Company holding 48 %.
 
 Azal Azerbaijan Aviation Limited Promoter Company.
 
 Ravinder Kumar Rishi Individual having control at any time during the
 year.
 
 (b) Other related parties with whom transactions have taken place
 during the year.
 
 Enterprises in which promoter has significant influence
 
 Vectra Limited UK
 
 Vectra Limited Hongkong
 
 Vectra Advanced Engineering Private Limited India
 
 Indocopters Private Limited
 
 (Earlier known as Vectra Aviation Pvt. Ltd. ) India
 
 Vectra I.T. Solutions Private Limited India
 
 Global Vectra Helicorp Ireland Limited Ireland
 
 Vectra Glosec Private Limited India
 
 (c) Key managerial personnel (''KMP'')
 
 Lt. Gen. (Retd.) S J S Saighal Chairman
 
 Eduard Van Dam Chief Executive Officer (with effect from 12 November
 2008)
 
 P. Rajkumar Menon Whole-time director
 
 Capt D.K. Chand Whole-time director (upto 31 January 2010)
 
 Mr. R.S.S.L.N. Bhaskurudu Non-executive director
 
 Dr. C.G.K. Nair Non-executive director
 
 Dr. Gautam Sen Non-executive director
 
 Maj. Gen. (Retd.) Gurdial Singh Hundal Non-executive director
 
 (B) The Company has taken certain helicopters and office/residential
 premises on non-cancellable operating lease. The tenure of such
 agreements ranges from 11 months to 120 months.
 
 4 Demand notice issued by the Customs authorities
 
 During the year ended 31 March 2009, the Office of the Commissioner of
 Customs (Preventive) has seized three helicopters for alleged non
 compliance of the duty waivers given to non-scheduled operators
 (passenger). The Company has received a Show Cause Cum Demand Notice
 (SCN) citing an amount of Rs 237,924,458 (previous year: Rs
 237,924,458) towards custom duty under Section 28 of the Customs Act,
 1962 and applicable interest and penalty thereon. Pursuant to the
 receipt of the said SCN, the Commissioner of Customs (Preventive) has
 confirmed a demand of Rs 262,195,030 (previous year: Rs 262,195,030)
 towards differential duty of customs and penalty there on for two
 helicopters. The management believes that the Company is in compliance
 with the relevant customs and other regulatory guidelines in this
 respect and the matter is being contested by the Company with the
 appellate tribunal. An amount aggregating Rs 53,826,044 (previous year:
 Rs 53,826,044) has been paid as duty under protest during the year
 ended 31 March 2010. The Auditor''s report has been modified in this
 respect.
 
 5 Remuneration paid in excess of the limits specified by the Companies
 Act, 1956
 
 The remuneration paid/payable to two whole time directors (previous
 year: two whole time directors and a CEO) exceeded the limits
 prescribed under the Companies Act, 1956 by Rs 12,242,128 (previous
 year Rs 11,078,330) as at 31 March 2011. The Company is yet to receive
 Central Government approval in respect of the same. Approval of the
 Centeral Government for excess remuneration of CEO is received on 17
 September 2010.
 
 6 Treatment of exchange fluctuation
 
 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 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.  The Company has
 adjusted the exchange differences arising of such long term foreign
 currency items (assets and liabilities) to the historical cost of the
 depreciable assets for all accounting periods commencing on or after 7
 December 2006.
 
 As a consequence, exchange gain on restatement of long term monetary
 liabilities at 31 March 2011 aggregating to Rs 14,132,813 (previous
 year Rs 343,445,115) (net of tax) has been de-capitalised by adjusting
 the historical cost of the specifically identifiable asset. The above
 adjustment to the historical cost of the specifically identifiable
 assets has resulted in reduction in depreciation charge aggregating to
 Rs 791,427 (previous year: Rs 2,117,961). The depreciation charge has
 been computed on the basis of the remaining useful life of the assets
 as at the date of the above adjustments.  The exchange fluctuation
 during the year is presumed to occur evenly throughout the reporting
 period.
 
 7 Reclassification of exchange fluctuation as borrowing cost
 
 Applicability of paragraph 4(e) of Accounting Standard 16'' Borrowing
 Cost has resulted in exchange differences on restatement of foreign
 currency monetary liabilities aggregating Rs 25,990,648 (previous year:
 Rs 10,935,680) to be reclassified as finance cost.
 
 8 Transfer Pricing
 
 The Company''s international transactions with related parties are at
 arms length as per the independent accountants report for the year
 ended 31 March 2010. Management believes that the Company''s
 international transactions with related parties post 31 March 2010
 continue to be at arm''s length and that the transfer pricing
 legislation will not have any impact on these financial statements,
 particularly on amount of tax expenses and that of provision of
 taxation. Management is in the process of obtaining the transfer
 pricicng study/report for the year ended 31 March 2011.
 
 9 Recoverables from customers
 
 As at 31 March 2011, certain customers of the Company have disputed
 taxes levied for the services rendered aggregating Rs 93,949,478. The
 Company has initiated proceedings for recoveries of these amounts and
 is confident of recovery of these sums.
 
 10 Liabilities written back
 
 Pursuant to the an application made by the Company to it''s lessors for
 two helicopters, the Company has obtained a wavier from payment of the
 helicopter lease rentals due but remaining unpaid for a substantial
 period. Accordingly liabilities due and remaining unpaid as at 31 March
 2009 with respect to equated monthly installments for VT AZL obtained
 from Venus Projects Limited aggregating Rs 112,467,849 and operating
 lease charges for VT GVC obtained from Global Vectra Helicorp Ireland
 Limited aggregating Rs 4,475,822 have been reversed in the books of
 account and passed through the profit and loss account. Further, the
 Company has as at the date of adoption of accounts by the Board of
 Directors returned the two helicopters to its respective lessors.
 
 11 Revaluation of assets
 
 During the year ended 31 March 2009, the Company has, in order to
 reflect the current reinstatement cost/market value of its assets,
 revalued all of its leased helicopters and owned helicopters. The
 revaluation for the helicopters has been carried out by international
 helicopters/aircraft valuers considering the total time of air frame
 (TTAF) (Cumulative time in Service). Accordingly, the resultant
 accretion to the value of the helicopters aggregating Rs 924,551,109
 has been adjusted (added) to the historical cost of the asset and a
 corresponding amount has been credited to Revaluation Reserve.
 Additional depreciation of the accretion to the historical cost of the
 asset on account of the revaluation aggregating Rs 39,507,034 (previous
 year: 66,818,352) has been passed through the profit and loss account
 with an equivalent withdrawal from the revaluation reserve to the
 profit and loss account.
 
 Further on account of the revaluation of assets during the year ended
 31 March 2009, an adjustment (reduction) aggregating Rs 26,891,368 has
 been made to the carrying value of two helicopters. The reduction in
 the carrying value of the assets has been charged to the profit and
 loss account.
 
 12 Prior year figures
 
 Previous year''s figures have been regrouped / rearranged wherever
 necessary to conform to current year''s presentation.