I.  Contingent Liabilities               As at         As at
                                        31.03.2011    31.03.2010 
                                        Rs. Crore     Rs. Crore
 
 (i) Counter Indemnities given to 
 Banks, in respect of contracts
 
 (a) For works in India
 (Secured on all the assets)              2,058.31       1,619.53
 
 (b) *For works abroad (secured by
 ECGC counter guarantees)                   225.77         202.93
 
 *(Converted in rupees at the 
 rate fixed by the Bank)
 
 (ii) Claims not acknowledged as debts
 by the Company.                             2.57            2.69
 
 (iii) Income Tax Liability (AY 2008-09) 
 that may arise in respect of
 which Company is in appeal                163.80               —
 
 (The Income Tax Officer has raised
 the demand which is mainly on
 claims raised in subsequent year 
 which are yet to be approved by the
 client.  As this is contrary to 
 Income Tax Appellate Tribunals
 decision in favour of the Company 
 on similar grounds, the Company has
 contested the matter in the appeal 
 & is confident of reversal of
 demand.)
 
 (iv) Sales Tax liability / Works
 Contract Tax liability that may arise
 in respect of matters in appeal            18.71           14.26
 (Net of an amount of Rs. 0.53 Crore 
 (previous year Rs. 0.53 crore)
 recoverable from Clients as per the 
 terms of contract)
 
 (v) Bills discounted and Retention
 receivable with banks                     107.27          165.98
 
 (vi) Corporate Guarantees:
 
 The Company has provided an 
 undertaking to pay in the 
 event of default
 on loan given by a bank to 
 subsidiary, fellow 
 subsidiary and Joint
 Ventures.
 
 a) Pune Paud Toll Road
 Company Limited                             9.77           14.36
 
 b) Lavasa Corporation Limited             606.55          555.44
 
 c) HCC Real Estate Limited                 65.00          423.93
 
 d) Nirmal BOT Limited                          —            6.18
 
 e) Charosa Wineries Limited                50.00           22.00
 
 f) HCC Concessions Limited (Formerly
 HCC Infrastructure Limited)               100.00               —
 
 vii) A client, New Tirupur Area Development Corporation Limited has
 wrongfully encashed performance Bank Guarantee amounting to Rs. 27.40
 crore in the year 2007-08 which is disputed by the Company. The Company
 has been legally advised that it has a good case on merits and
 therefore has invoked arbitration provisions of the contract. Pending
 resolution of the dispute the encashed Bank Guarantee is considered as
 a current asset.
 
 II.  Notes :
 
 1.  Advances from contractees of Rs. 1538.65 Crore (previous year Rs.
 736.28 Crore) have been guaranteed by Companys bankers to the extent
 of Rs. 1069.49 Crore (previous year Rs. 692.85 Crore).
 
 2.  Commitment for capital expenditure is Rs. 65.16 Crore (previous
 year Rs. 74.28 Crore).
 
 3.  (a) Sub-contract, transportation, hire etc. include insurance Rs.
 36.36 Crore (previous year Rs. 31.05 Crore), rates and taxes Rs. 165.31
 Crore (previous year Rs. 130.06 Crore) and lease rent Rs. 17.23 Crore
 (previous year Rs. 7.02 Crore).
 
 (b) Light vehicle expenses grouped under construction expenses include
 insurance Rs. 1.74 Crore (previous year Rs. 2.15 Crore) and taxes Rs.
 0.12 Crore (previous year Rs. 0.10 Crore). No allocation is made to it
 for petrol and maintenance at the sites.
 
 4. Loans and Advances include an amount due from an Officer of the
 Company Rs. 0.07 Crore (previous year Rs. 0.09 Crore). Maximum amount
 outstanding during the year Rs. 0.09 Crore (previous year Rs.  0.12
 Crore).
 
 5.  i) The Company has taken various construction equipments and
 vehicles under non cancelable operating leases.
 
 ii) The lease agreement provides for an option to the Company to renew
 the lease period at the end of the non cancelable period. There are no
 exceptional/restrictive covenants in the lease agreements.
 
 6. The Income-tax assessments of the Company have been completed upto
 the accounting year ended 31st March, 2008. Several appeals preferred
 by the Company are pending before appellate authorities.  Deferred Tax
 liability for the year ended 31st March, 2011 has been provided on the
 estimated tax computation for the year.
 
 7. The Company has a single segment namely Engineering &
 Construction. Therefore, the Companys business does not fall under
 different business segments as defined by AS 17- Segmental Reporting
 issued by ICAI.
 
 8.  (a) Contracts executed by the following Joint Ventures are
 accounted for as per accounting policy No. 12(a).
 
 i) HCC-Van Oord Joint Venture   ix) HCC - MEIL - CBE Joint Venture
 
 ii) Samsung - HCC Joint Venture x) HCC - MEIL - BHEL Joint Venture
 
 iii) L & T - HCC Joint Venture  xi) HCC - MEIL - SEW - AAG Joint Venture
 
 iv) HCC - KBL Joint Venture    xii) HCC - MEIL - SEW Joint Venture
  
 v) HCC - NCC Joint Venture    xiii) HCC - Halcrow Joint Venture
 
 vi) HCC - CEC Joint Venture    xiv) HCC - Laing-Sadbhav
 
 vii) HCC - NOVA Joint Venture   xv) HCC - MEIL - NCC- WPIL Joint Venture
 
 viii) HCC - CPPL Joint Venture xvi) MEIL - IVRCL - HCC - WPIL Joint
 Venture
 
 9.  In accordance with Accounting Standard 11 (Revised) the net
 exchange Gain credited to profit & loss account is Rs. 8.60 crore
 (previous year Loss Rs. 1.35 Crore).
 
 The Company had created Foreign Currency Monetary Items Translation
 Difference in (FCMT) account for accounting of long term monetary
 exchange fluctuations in terms of the Companies Accounting Standards
 Ammendment Rules 2009. During the current year the Company has fully
 charged off the balance lying in FCMT account of Rs. 2.17 crores in
 terms of these rules.
 
 10.  The Company issued at par 1,000 Zero Coupon Convertible Bonds due
 2011 of US ,00,000 each and 2,69,54,200 Global Depository Shares
 (GDSs) for an issue price of US $ 3.71 each aggregating to US $ 200
 million. (Rs. 891.60 Crore as on the date of issue) in the year 2005-06
 to finance capital expenditure, acquisitions, investment in Companys
 real estate subsidiary and any other use as may be
 permitted under applicable law or by relevant regulatory bodies from
 time to time . The Bondholders had an option of converting these Bonds
 into shares at an initial conversion price of Rs. 248.08 per share with
 a fixed rate of conversion of Rs. 44.58 = US  at any time on or after
 11th May, 2006 up to 18th February, 2011. The Bonds were also
 redeemable at the option of the Company at least at 130% of the early
 redemption amount at any time on or after 14th April, 2009 upto 18th
 February, 2011. Unless previously redeemed, converted or purchased and
 cancelled , the Bonds were to be redeemed on 1st April, 2011 at
 137.7139% of their principal amount.
 
 The Offering Circular provided for an adjustment to the conversion
 price of the FCCBs in the event of the Company making a fresh issue of
 its equity shares for a consideration that is less than the Current
 Market Value of the equity shares as on the date on which the Company
 fixes the consideration or in the event the Company makes bonus issue
 of its equity shares.
 
 Pursuant to the issuance of fresh equity shares to QIBs, the Company
 had revised the conversion price of the FCCBs from Rs. 248.08 to Rs.
 246.02 in July 2009. Further, pursuant to the issuance of bonus equity
 shares on 12th August, 2010 the Company revised the conversion price of
 the FCCBs from Rs. 246.02 to Rs. 123.01.
 
 In terms of the agreement with principal agent; the Company has
 unconditionally remitted the amount of Rs. 598.50 crores (including
 premium on redemption of the FCCB) to the Principal Agent on 31 March,
 2011, to discharge the FCCB maturing on April 1, 2011. The Companys
 Liability has accordingly been extinguished on remittance. The
 Principal Agent has confirmed discharge of the payment to the Bond
 Holders. Premium payable on redemption of FCCBs till 31st March, 2011
 has been adjusted net of tax to the Securities Premium Account. Tax
 Payable @ 12.4512% is proportionately adjusted against securities
 premium.
 
 11.  Intangible assets (ERP) includes compatible software Rs. 6.22
 Crore (previous year Rs. 0.94 Crore).
 
 12.  Disclosure as per Clause 32 of the Listing agreement and as per
 Schedule VI of the Companies Act, 1956.
 
 i) Inter Corporate Deposits are repayable on demand and interest is
 charged at market rates except interest free loan to the tune of Rs.
 25.50 crores to Pune Paud Toll Road Company Limited with effect from
 1st October, 2010.
 
 E.  Accumulated compensated absences (non vesting)
 
 Actuarial valuation of sick leave has been made on 31.03.2011.
 Provision in respect of this benefit amounts to Rs. 2.17 crore for the
 financial year ending 31.03.2011 (previous year Rs. 1.54 Crore).
 
 13.  Disclosure in accordance with Accounting Standard -18 Related
 Party Transactions
 
 A.  Names of Related Parties & Nature of Relationship a) Subsidiaries &
 its Subsidiaries:
 
 1) Hincon Technoconsult Ltd.
 
 2) Western Securities Ltd.
 
 3) Pune Paud Toll Road Company Ltd.
 
 4) HCC Real Estate Ltd.
 
 5) HCC Singapore Enterprises Pte Ltd.
 
 6) HCC Mauritius Enterprises Ltd.
 
 7) Nirmal BOT Ltd.
 
 8) HCC Aviation Ltd.
 
 9) Badarpur Faridabad Tollways Ltd.
 
 10) HCC Concessions Ltd.  (Previously HCC Infrastructure Ltd.)
 
 11) HCC Infrastructure Company Ltd.
 
 12) HCC Construction Ltd.
 
 13) Panchkutir Developers Ltd.
 
 14) Highbar Technologies Ltd.
 
 15) Baharampore-Farakka Highways Ltd.
 
 16) Farakka-Raiganj Highways Ltd.
 
 17) Raiganj-Dalkhola Highways Ltd.
 
 18) HRL Township Developers Ltd.
 
 19) HRL (Thane) Real Estate Ltd.
 
 20) Maan Township Developers Ltd.  
 (Previously Hinjewadi Township Ltd.)
 
 21) Nashik Township Developers Ltd.
 
 22) Charosa Wineries Ltd.
 
 23) Powai Real Estate Developers Ltd.
 
 24) Lavasa Corporation Ltd.
 
 25) HCC Realty Ltd.
 
 26) Lavasa Hotels Ltd.
 
 27) Osprey Hospitality Ltd.
 
 28) Mugaon Luxury Hotels Ltd.
 
 29) Appolo Lavasa Health Corporation Ltd.
 
 30) Our Home Services Apartments Ltd.
 
 31) Hill City Service Apartments Ltd.
 
 32) Kart Racers Ltd.
 
 33) Rosebay Hotels Limited
 
 34) Warasgaon Valley Hotels Limited
 
 35) Dasve Business Hotels Ltd.
 
 36) Dasve Convention Centre Ltd.
 
 37) Lakeshore Watersport Company Ltd.
 
 38) Lakeview Clubs Ltd.
 
 39) Dasve Hospitality Institutes Ltd.
 
 40) Dasve Retails Ltd.
 
 41) Spotless Laundry Services Ltd
 
 42) Lavasa Bamboocraft Ltd.
 
 43) Green Hill Residences Ltd.
 
 44) Future City Multiservices SEZ Ltd.  (Previously Minfur Interior
 Technologies Ltd.)
 
 45) Full Spectrum Adventure Ltd.
 
 46) My City Technology Ltd.
 
 47) Reasonable Housing Ltd.
 
 48) Starlit Resort Limited
 
 49) Rhapsody Commercial Space Ltd.  
 (Previously Rhapsody Hospitality Ltd.)
 
 50) Sirrah Palace Hotels Ltd.
 
 51) Andromeda Hotels Ltd.
 
 52) Valley View Entertainment Ltd.
 
 53) Whistling Thrush Facilities Services Ltd.
 
 54) Warasgaon Power Supply Ltd.
 
 55) Sahyadri City Management Ltd.
 
 56) Warasgaon Tourism Ltd.
 
 57) Klemanor Investments Ltd. (w.e.f. 24.3.2010)
 
 58) Karl Steiner AG, Switzerland
 
 59) Warasgaon Infrastructure Providers Ltd.
 
 60) Nature Lovers Retail Limited
 
 61) Steiner Promotions et Paricipations SA
 
 62) Eurohotel SA
 
 63) VM+ST AG
 
 64) Steiner (Deutschland) GmbH
 
 65) Steiner Léman SAS
 
 66) SNC Valleiry Route de Bloux
 
 67) Highbar Technologies FZLLC
 
 b) Integrated Joint Ventures:
 
 i) Nathpa Jhakri Joint Venture
 
 ii) HCC-Pati Joint Venture
 
 iii) Kumagai-Skanska-HCC-Itochu Group
 
 iv) HCC-L & T Purulia Joint Venture
 
 v) Alpine - Samsung - HCC Joint Venture
 
 vi) Alpine - HCC Joint Venture
 
 vii) Dhule Palesner Tollway Ltd.
 
 viii) ARGE Prime Tower, Zürich
 
 c) Other Related Parties:
 
 1) Hincon Holdings Ltd.
 
 2) Vikhroli Corporate Park (ceased to exist with effect from
 28.06.2010)
 
 3) Vikhroli Corporate Park Pvt. Ltd.(with effect from 22.7.2010)
 
 4) Knowledge Vista Ltd. (Previously GDXT Oxford International School
 Ltd.) (ceased to be subsidiary with effect from 23.04.2010)
 
 5) Gulabchand Foundation (formed under section 25 of Companies Act,
 1956)
 
 6) Hincon Finance Ltd.
 
 7) Warasgaon Lake View Hotels Limited (Previously known as Lavasa Star
 Hotel Limited)
 
 8) Verzon Hospitality Ltd.
 
 9) Evostate AG, Zürich
 
 10) MCR Managing Corp. Real Estate, Zürich
 
 11) Projektentwicklungsges. Parking Kunstmuseum AG, Basel
 
 B.  Key Management Personnel
 
 i) Shri Ajit Gulabchand Chairman & Managing Director
 
 ii) Shri Vinayak Deshpande President (EPC & Construction) iii) Shri
 Praveen Sood Group Chief Financial Officer
 
 iv) Shri V. P. Kulkarni Company Secretary
 
 22.  Employees Stock Option Scheme:
 
 a.  Options granted 
 
 i) The Company offered 44,58,800 Stock
 
 Options on April 25, 2008 (each option carrying entitlement for one
 equity share of the face value of Re.1/- each) at a price of Rs.132.50
 per equity share. Out of the total Stock Options offered, 8,98,180 have
 been lapsed on account of resignation / retirement by employees.  In
 accordance with the approval of the Board of Directors and the
 Shareholders of the Company, the ESOP Compensation Committee at its
 meeting held on July 20, 2009 had repriced 41,31,600 options at Rs.
 104.05 per equity share ii) The ESOP Compensation committee at its
 meeting held on 23rd October 2008 granted 1,93,750 options at an
 exercise price of Rs. 43.40 per equity share.  The ESOP Compensation
 Committee of the Company at its Meeting held on August 12, 2010 has
 decided to double the number of employee stock options (vested and
 unvested but not exercised and in-force as on the Record Date i.e.
 August 11, 2010) and halved the exercise price on account of issuance
 and allotment of Bonus Equity Shares in the proportion of 1:1
 
 Accordingly, 35,53,760 employee stock options in–force granted by the
 Company on April 25, 2008 have been doubled i.e.  71,07,520 and the
 exercise price in respect of the same has been halved i.e. it has been
 reduced from Rs. 104.05 to Rs. 52.03 and 1,93,750 employee stock
 options granted by the Company on October 23, 2008 have been doubled
 i.e. 3,87,500 and the exercise price in respect of the same has been
 halved i.e. it has been reduced from Rs. 43.40 to Rs. 21.70.
 
 b.  Settlement Through Equity Shares.
 
 25.  During the year, the Company has acquired 66% stake in Zurich-
 based Karl Steiner AG, which is engaged in the business of building
 construction after obtaining all regulatory approvals in India and in
 Switzerland, for a total consideration of Rs. 142.66 Crores, through
 its wholly owned subsidiary HCC Mauritius Enterprises Ltd.
 
 26.  (a) Lavasa Corporation Ltd., a subsidiary has issued Deep Discount
 
 Convertible Debentures (DDCD) & Compulsory Convertible Preference
 Shares (CCPS) convertible into ordinary shares. The particulars, terms
 of issue and the status of conversion as at March 31, 2011 are as
 under:
 
 i) Axis Bank has subscribed Rs. 225 crores in the form of Deep Discount
 Convertible Debentures (DDCD). This DDCD carry a coupon of 3.52% per
 annum on the face value of DDCD and have a maximum tenor of 5 years.
 The investor has an option to convert DDCD into equity shares of the
 Company at anytime within 5 years at an equity valuation of Rs. 10,000
 crores from the closing date or at the time of Initial Public Offer
 (IPO) whichever is earlier. This DDCD is compulsorily convertible at
 the end of 5 years at an equity valuation of Rs. 10,000 crores. The
 Investor and HCC Ltd. have a put/call option respectively to sell /
 purchase the DDCD from 36th months upto 60th months from the closing
 date. During the year, the above DDCD is sub-divided into 225 DDCDs of
 a face value of Rs. 1,72,17,777.78 each.
 
 ii) Bank of India has subscribed Rs. 150 crores in the form of Deep
 Discount Convertible Debentures (DDCD). This DDCD carry a coupon of
 6% per annum on the subscription amount and have a maximum tenor of 5
 years. The investor has an option to convert DDCD into equity shares at
 anytime within 5 years from the closing date at an equity valuation of
 Rs. 10,000 crores or at the time of Initial Public Offer (IPO)
 whichever is earlier.  DDCDs are compulsorily convertible at the end of
 5 years at an equity valuation of Rs. 10,000 crores. The Investor and
 HCC Ltd. have a put /call option respectively to sell / purchase the
 DDCD at the end of 39th, 48th and 60th month from the closing date.
 During the year, the above DDCD is sub-divided into 15 DDCDs of a face
 value of Rs. 15,66,10,153 each. on 15th November, 2010 the Company has
 pre-paid 9 DDCDs.
 
 iii) Allahabad Bank has subscribed Rs. 50 crores in the form of Deep
 Discount Convertible Debentures (DDCD). This DDCD carry a coupon of
 6% per annum on the subscription amount and have a maximum tenor of 5
 years. The investor has an option to convert DDCDs into equity shares
 at anytime within 5 years from the closing date at an equity valuation
 of Rs. 10,000 crores or at the time of Initial Public Offer (IPO)
 whichever is earlier.  DDCDs are compulsorily convertible at the end of
 5 years at an equity valuation of Rs. 10,000 crores. The Investor and
 HCC Ltd. have a put /call option respectively to sell / purchase the
 DDCD at the end of 39th, 48th and 60th month from the closing date.
 
 iv) IndusInd Bank has subscribed Rs. 50 crores in the form of Deep
 Discount Convertible Debentures (DDCD). This DDCD carry a coupon of
 6% per annum on the subscription amount and have a maximum tenor of 5
 years. The investor has an option to convert DDCD into equity shares of
 the Company at anytime within 5 years from the closing date at an
 equity valuation of Rs. 10,000 crores. The Investor and HCC Ltd. have a
 put/call option respectively to sell / purchase the DDCD at the end of
 36th, 48th and 60th month from the closing date.
 
 v) Andhra Bank had subscribed Rs. 25 crores in the form of Deep
 Discount Convertible Debentures (DDCD). This DDCD carried a coupon of
 6% per annum on the subscription amount and had a maximum tenor of 5
 years. The investor had an option to convert DDCD into equity shares at
 anytime within 5 years from the closing date at an equity valuation of
 Rs. 10,000 crores or at the time of Initial Public Offer (IPO)
 whichever is earlier. This DDCD was compulsorily convertible at the end
 of 5 years at an equity valuation of Rs. 10,000 crores. The Investor
 and HCC Ltd. had a put /call option respectively to sell / purchase the
 DDCD at the end of 39th, 48th and 60th month from the closing date. On
 3rd September, 2010 the Company has pre-paid the full outstanding
 amount of the said DDCD.
 
 vi) United Bank of India had subscribed Rs. 50 crores in the form of
 Deep Discount Convertible Debentures (DDCD).  This DDCD carried a
 coupon of 6% per annum on the subscription amount and had a maximum
 tenor of 5 years. The investor had an option to convert DDCD into
 equity shares at anytime within 5 years from the closing date at an
 equity valuation of Rs. 10,000 crores or at the time of Initial Public
 Offer (IPO) whichever is earlier. This DDCD was compulsorily
 convertible at the end of 5 years at an equity valuation of Rs. 10,000
 crores. The Investor and HCC Ltd. had a put /call option respectively
 to sell / purchase the DDCD at the end of 39th, 48th and 60th month
 from the closing date. On 23rd November, 2010
 
 the Company has pre-paid the full outstanding amount of the said DDCD.
 
 vii) Allahabad Bank has subscribed Rs. 50 crores in the form of Deep
 Discount Convertible Debentures (DDCD). This DDCD carry a coupon of
 6% per annum on the subscription amount and have a maximum tenor of 5
 years. The investor has an option to convert DDCDs into equity shares
 at anytime within 5 years from the closing date at an equity valuation
 of Rs. 10,000 crores or at the time of Initial Public Offer (IPO)
 whichever is earlier.  DDCDs are compulsorily convertible at the end of
 5 years at an equity valuation of Rs. 10,000 crores. The Investor and
 HCC Ltd. have a put /call option respectively to sell / purchase the
 DDCD at the end of 39th, 48th and 60th month from the closing date.
 
 viii) ICICI Bank Limited has subscribed Rs. 250 crores in the form of
 Deep Discount Convertible Debentures (DDCD).  This DDCD carry a
 coupon of 6% per annum on the subscription amount and have a maximum
 tenor of 5 years. The investor has an option to convert DDCDs into
 equity shares at anytime within 5 years from the closing date at an
 equity valuation of Rs. 10,000 crores or at the time of Initial Public
 Offer (IPO) whichever is earlier.  DDCDs are compulsorily convertible
 at the end of 5 years at an equity valuation of Rs. 10,000 crores. The
 Investor and HCC Ltd. have a put /call option respectively to sell /
 purchase the DDCD at the end of 36th, 48th and 60th month from the
 closing date.
 
 ix) Axis Bank has subscribed Rs. 25 crores in the form of Compulsory
 Convertible Preference Shares (CCPS). This CCPS carry a coupon of
 0.001% per annum on the subscription amount of CCPS. The CCPS have a
 maximum tenor of 5 years. The Investor has an option to convert the
 CCPS into equity shares of the Company at any time within 5 years from
 the Closing Date. Axis Bank and HCC Ltd. have the put /call option
 respectively to sell / purchase the CCPS at the end of 36th, 48th and
 60th month from the closing date.
 
 (b) Lavasa Corporation Ltd., a subsidiary has issued Non Convertible
 Debentures (NCD). The particulars, terms of issue as at March 31, 2011
 are given below:
 
 i) Jammu & Kashmir Bank Limited had subscribed Rs. 100 crores in the
 form of Deep Discount Convertible Debentures (DDCD). On 3rd September
 2010, vide supplementary agreement, bank has converted the existing
 DDCD into 1 (one) Non Convertible Debenture (NCD) aggregating Rs. 100
 crores for the tenor of 5 years.  This NCD carry a coupon rate of
 10.75% per annum, payable quarterly on subscription amount. The
 investor and HCC Ltd. have a put/call option respectively to sell/
 purchase the NCD at the end of 39th, 48th and 60th month from the
 closing date.
 
 ii) Bank of India has subscribed Rs. 105 crores in the form of 1050 Non
 Convertible Debentures (NCD) of face value Rs. 10,00,000 each on 19th
 November 2010 for the tenor of 3 years. These NCD carry a coupon rate
 of 12.50% per annum, payable yearly on subscription amount. The
 investor and HCC Ltd. have a put/call option respectively to sell/
 purchase the NCD at the end of 15th, 24th and 36th month from the
 closing date. The said NCD are listed on Bombay Stock Exchange (BSE) on
 13th January 2011.
 
 27. (i) The Company has invested Rs. 5.44 Crore in Pune Paud Toll Road
 Company Ltd. (PPTRCL), a subsidiary and has also given interest free
 loan of Rs. 25.5 Crore. The Networth of PPTRCL is negative as on 31st
 March 2011 as the accumulated losses of the Company at Rs. 29.75
 crores have exceeded the paid up
 
 share capital of the Company amounting to Rs. 6.06 Crores by Rs. 23.70
 Crores. Following are the positive developments:- a) Management is
 expecting that the toll collection would accelerate during the balance
 tenure part of the Concessions period due to the economic development
 of the area and in particular due to the large scale township
 development namely, LAVASA and the planned ring road development
 extending the municipal limits of city of Pune beyond present toll
 plaza.
 
 b) The Company has also taken up the matter with appropriate
 authorities, the issue of local peoples resistance to pay toll charges
 and frequent disturbance created including damage to the toll plaza
 resulting in significant impact on toll collection and requested them
 to arrive at remedial measures.
 
 c) The PPTRCL has also started discussion with the appropriate
 authorities to restructure Concession terms to compensate for the lower
 revenue.
 
 (ii) The Company has invested in HCC Aviation Limited (HAL), a wholely
 owned subsidiary Rs. 0.05 Crore and has given an advance of Rs. 11.29
 Carore. The Networth of HAL is negative as on 31st March, 2011 as the
 accumulated losses of the Company of Rs. 8.55 Crores have exceeded the
 paid up share capital of the Company amounting to Rs. 0.05 Crores by
 Rs. 8.50 Crores.
 
 On consideration of the long term business outlook and future growth
 plans, in the above subsidiaries, the management is of the opinion that
 losses in both the companies are temporary in nature and going concern
 nature of the business is not adversely affected. In view of the above,
 no diminution in the value of investment is required and the loans and
 advances given are fully recoverable.
 
 28.  Figures for the previous year have been regrouped/recast, wherever
 necessary.
 
 29.   *  represent amount less than Rs. 1,00,000.