The name of the Company has been changed to IL&FS Engineering and
 Construction Company Limited from Maytas Infra Limited with effect from
 January 7, 2011. Also, the Company has shifted its Registered Office
 from 6-3-1186/5/A, 3rd Floor, Amogh Plaza, Begumpet, Hyderabad - 500
 016 to 6-3-1186/1 &2, IL&FS Engineering House, Begumpet, Hyderabad -
 500 016 with effect from April 21, 2011.
 
 (2) Nature of Operations:
 
 IL&FS Engineering and Construction Company Limited (the ''Company'') is a
 Company registered under the Companies Act, 1956 providing
 infrastructure facilities. The Company is primarily engaged in the
 business of erection / construction of roads, irrigation projects,
 buildings, oil & gas infrastructure, railway infrastructure, power
 plants and power transmission & distribution lines including rural
 electrification and development of airports.
 
 (31 Statement of Significant Accounting Policies:
 
 (a) Basis of Preparation:
 
 The financial statements have been prepared to comply in all material
 respects with the Accounting Standards notified by Companies Accounting
 Standards Rules, 2006 (as amended) and the relevant provisions of the
 Companies Act, 1956. The financial statements have been prepared
 underthe historical cost convention on accrual basis. The accounting
 policies have been consistently applied by the Company and are
 consistent with those used in the previous year except as discussed
 below.
 
 (b) Use of Estimates:
 
 The preparation of financial statements in conformity with Generally
 Accepted Accounting Principles requires Managementto make estimates and
 assumptions that affect the reported amounts of assets and liabilities
 and disclosure of contingent liabilities atthe date ofthe financial
 statements and the results of operations during the reporting period.
 Although these estimates are based upon Management''s best knowledge of
 current events and actions, actual results could differfrom these
 estimates.
 
 (c) Change in Accounting Policies:
 
 Change in Revenue Recognition:
 
 In the current year, the Company has changed its accounting policy for
 recognition of revenue in case of long term construction contracts with
 respect to the computation of percentage of completion method as this
 would result in more appropriate presentation of contract revenue. The
 stage of completion of the project is determined by the proportion that
 contract costs incurred for work performed upto the balance sheet date
 bear to the estimated total contract costs wherein the percentage of
 completion method in the previous year was determined on the basis of
 Surveys performed.
 
 Had the Company continued to use the earlier policy, the revenueforthe
 year would have been lower by Rs. 171.79, the work in progress would
 have been lower by Rs. 146.56, the future loss provision would have
 been lower by Rs.  25.84 and profit after tax for the current year
 would have been higher by Rs. 0.61.
 
 (d) Revenue Recognition:
 
 Revenue is recognised to the extent that it is probable that the
 economic benefits will flow to the Company and revenue can be reliably
 measured.
 
 (i) Revenue from long term construction contracts is recognised on the
 percentage of completion method as mentioned in Accounting Standard (AS
 7) Construction Contracts notified by the Companies Accounting
 Standards Rules, 2006 (as amended). The percentage of completion is
 determined by the proportion that contract costs incurred for work
 performed up to the balance sheet date bear to the estimated total
 contract costs. However, profit is not recognized unless there is
 reasonable progress on the contract. If total cost of a contract, based
 on technical and other estimates, is estimated to exceed the total
 contract revenue, the foreseeable loss is provided for.  The effect of
 any adjustment arising from revision to estimates is included in the
 income statement of the year in which revisions are made. Contract
 revenue earned in excess of billing has been reflected under
 Inventories and billing in excess of contract revenue has been
 reflected under Current Liabilities in the balance sheet. The revenue
 on account of claims is accounted for based on Management''s estimate of
 the probability that such claims would be admitted either wholly or in
 part.
 
 (ii) Revenue from hire charges is accounted for in accordance with the
 terms of agreement with the customers.
 
 (iii) Interest income is recognised on a time proportion basis taking
 into account the amount outstanding and the rate applicable.
 
 (iv) Dividend is recognised as and when the right to receive payment is
 established by the balance sheet date.  Dividend from subsidiaries is
 recognised even if the same are declared after the Balance Sheet date
 but pertains to period on or before the date of balance sheet.
 
 (e) Fixed Assets and Depreciation:
 
 (i) Fixed assets are stated at cost less accumulated depreciation and
 impairment losses, if any. Cost comprises the purchase price, freight,
 duties, taxes and any attributable cost of bringing the asset to its
 working condition for its intended use. Finance costs relating to
 acquisition of fixed assets which take substantial period of time to
 get ready for use are included to the extent they relate to the period
 till such assets are ready for intended use.
 
 (ii) Assets retired from active use and held for disposal are stated at
 their estimated net realisable values or net book values, whichever is
 lower.
 
 (ill) Assets acquired under finance lease are depreciated on straight
 line basis over the lease term or useful life, whichever is lower.
 
 (iv) Depreciation on fixed assets otherthan those mentioned in S No (v)
 below, is provided on straight line method, based on useful life of the
 assets as estimated by the Management which coincides with rates
 prescribed under Schedule XIV to the Companies Act, 1956.
 
 (v) Depreciation on the following fixed assets is provided on
 astraight-line basis, at the rates that are higherthan those specified
 in Schedule XIV to the Companies Act, 1956 and are based on useful
 lives as estimated by Management:
 
 - Tools and implements are depreciated fully in the year of purchase.
 
 - Plantand Machinery-construction equipment at project sites consisting
 of shuttering/scaffolding material and equipments given on hire are
 depreciated over a period of six years. Plant and Machinery -
 construction equipment (other than earth moving equipments,
 shuttering/scaffolding material and equipments given on hire) are
 depreciated over a period of 15 years.
 
 - Temporary erections in the nature of site offices are depreciated
 over the period of the respective project.
 
 - Site infrastructure is depreciated over a period of six years.
 
 (vi) Assets costing five thousand rupees or less are fully depreciated
 in the year of purchase.
 
 (f) Intangible Assets - Computer Software:
 
 Computer software license cost is expensed in the year of purchase as
 there is no expected future economic benefit, except for enterprise
 wide/project based software license cost which is amortized over the
 period of license or six years, whichever is lower.
 
 (at Investments:
 
 Investments that are readily realisable and intended to be held for not
 more than a year are classified as current investments. All other
 investments are classified as long term investments. Current
 investments are carried at lower of cost and fairvalue determined on an
 individual investment basis. Long-term investments are carried at cost.
 However, provision for diminution in value is made to recognise a
 decline otherthan temporary inthe value of the investments.
 
 (h) Inventories:
 
 (i) Materials at site are valued at the lower of cost and estimated net
 realisable value. Cost is determined on a weighted average basis. Net
 realisable value is the estimated selling price in the ordinary course
 of business, reduced by the estimated costs of completion and costs to
 affect the sale.
 
 (ii) Amount due from customers (Project - Work-in- progress) represents
 contract revenue earned in excess of billing.
 
 (i) Retirement and Other Employee Benefits:
 
 (i) Retirement benefits in the form of provident fund, a defined
 contribution scheme is charged to the Profit and Loss Account of the
 year when the contributions to the respective funds are due. There are
 no obligations other than the contribution payable to the respective
 authorities.
 
 (ii) Gratuity liability is a defined benefit obligation and is provided
 for on the basis of an actuarial valuation on projected unit credit
 method made at the end of each financial year.
 
 (iii) Short term compensated absences are provided for based on
 estimates. Long Term compensated absences are provided for based on
 actuarial valuation on projected unit credit method made at the end of
 each financial year.
 
 (iv) Actuarial gains / losses are immediately taken to Profit and Loss
 Account and are not deferred.
 
 G) Income Taxes:
 
 Tax expense consists of current and deferred tax. Current income tax is
 measured at the amount expected to be paid to the tax authorities in
 accordance with the Indian Income Tax Act, 1961. Deferred income tax
 reflect the impact of current year timing differences between taxable
 income and accounting income forthe year and reversal of timing
 differences of earlier years.
 
 Deferred tax is measured based on the tax rates and the tax laws
 enacted or substantively enacted at the balance sheet date. Deferred
 tax assets are recognised only to the extentthatthere is reasonable
 certainty that sufficient future taxable income will be available
 against which such deferred tax assets can be realized. Insituations
 where theCompany has unabsorbed depreciation or carry forward tax
 losses, deferred tax asset is recognised only if there is virtual
 certainty supported by convincing evidence that they can be realized
 against future taxable profits.
 
 At each balance sheet date, the Company re-assesses unrecognized
 deferred tax assets. It recognizes unrecognized deferred tax assets to
 the extent that it has become reasonably certain or virtually certain,
 as the case may be, that sufficient future taxable income will be
 available against which such deferred tax assets can be realized.
 
 The carrying amount of deferred tax assets are reviewed at each balance
 sheet date. The Company writes-down the carrying amount of a deferred
 tax asset to the extent that it is no longer reasonably certain or
 virtually certain, as the case may be, that sufficient future taxable
 income will be available against which deferred tax asset can be
 realized. Any such write-down is reversed to the extentthat it becomes
 reasonably certain or virtually certain, as the case may be, that
 sufficient future taxable income will be available.
 
 (M) Foreign currency transactions:
 
 - Initial recognition:
 
 Foreign currency transactions are recorded in the reporting currency,
 by applying to the foreign currency amount the exchange rate between
 the reporting currency and the foreign currency at the date of the
 transaction.
 
 - Conversion:
 
 Foreign currency monetary items are reported using the closing rate.
 Non - monetary items which are carried in terms of historical cost
 denominated in a foreign currency are reported using the exchange rate
 at the date of the transaction; and non-monetary items which are
 carried at fair value or other similar valuation denominated in
 aforeign currency are reported using the exchange rates that existed
 when the values were determined.
 
 - Exchange differences:
 
 Exchange differences arising on the settlement of monetary items or on
 reporting such monetary items of the Company at rates different from
 those at which they were initially recorded during the year, or
 reported in previous financial statements, are recognized as income or
 as expenses in the year in which they arise.
 
 - Forward exchange contracts not intended for trading or speculation
 purposes:
 
 The premium or discount arising at the inception of forward exchange
 contracts is amortized as expense or income over the life of the
 contract. Exchange differences on such contracts are recognised in the
 statement of profit and loss in the year in which the exchange rates
 change. Any profit or loss arising on cancellation or renewal of
 forward exchange contract is recognised as income or as expense for the
 year.
 
 - Accounting for Derivative Instruments:
 
 As perthe announcement of the Institute of Chartered Accountants of
 India (ICAI) on accounting for derivative contracts, derivative
 contracts, other than those covered under AS-1f, are marked to market
 on a transaction basis, and the net loss after considering the
 offsetting effect on the underlying hedge item is charged to the income
 statement. Net gains are ignored.
 
 (I) Leases:
 
 - Where the Company is a Lessee:
 
 Finance leases, which effectively transfer to the Company substantially
 all the risks and benefits incidental to ownership of the leased item,
 are capitalized at the lower of the fair value and present value of the
 minimum lease payments at the inception of the lease term and disclosed
 as leased assets. Lease payments are apportioned between the finance
 charges and reduction of the lease liability based on the implicit rate
 of return. Finance charges are charged directly against income. Lease
 management fees, legal charges and other initial direct costs are
 capitalized.
 
 If there is no reasonable certainty that the Company will obtain the
 ownership by the end of the lease term, capitalized leased assets are
 depreciated over the shorter of the estimated useful life of the asset
 or the lease term.
 
 Leases where the lessor effectively retains substantially all the risks
 and benefits of ownership of the leased item, are classified as
 operating leases. Operating lease payments are recognized as an expense
 in the Profit and Loss account on a straight-line basis overthe lease
 term.
 
 - Where the Company is a Lessor:
 
 Assets under operating leases are included in fixed assets. Lease
 income is recognised in the Profit and Loss Account on a straight-line
 basis over the lease term. Costs, including depreciation are recognised
 as an expense in the Profit and Loss Account. Initial direct costs such
 as legal costs, brokerage costs, etc. are recognised immediately in the
 Profit and Loss Account.
 
 (m) Accounting for Joint Ventures:
 
 Accounting for joint ventures undertaken by the Company has been done
 in accordance with the requirements of AS - 27 Financial Reporting of
 Interests in Joint Venture notified by the Companies Accounting
 Standards Rules, 2006 (as amended) as follows:
 
 - Jointly Controlled Operations:
 
 In respect of joint venture contracts which are executed under work
 sharing arrangements, the Company''s share of revenues, expenses, assets
 and liabilities are included in the financial statements as revenues,
 expenses, assets and liabilities respectively. In case of certain
 construction contracts in the irrigation sector, the revenue has been
 recognized based on share of work certified by the lead partner.
 
 - Jointly Controlled Entities:
 
 Investments made in unincorporated integrated joint ventures registered
 in the form of partnership firms or Association of Persons (AoPs) are
 classified as Jointly Controlled Entities in terms of Accounting
 Standard (AS) - 27 Financial Reporting of Interest in Joint Ventures
 notified by Companies Accounting Standards Rules, 2006 (as amended) and
 Company''s share in profit/losses of the respective entities is
 recognized in the financial statements. The net investment in the joint
 ventures is reflected as investment or loans and advances. Company''s
 share in profits of the incorporated joint ventures is accounted when
 the dividends are declared by the respective joint venture companies.
 
 (n) Earnings per Share:
 
 Basic earnings per share are calculated by dividing the net profit or
 loss for the year attributable to equity shareholders (after deducting
 preference dividends and attributable taxes) by the weighted average
 number of equity shares outstanding during the period. The weighted
 average number of equity shares outstanding during the period are
 adjusted for events of bonus issue.
 
 Forthe purpose of calculating diluted earnings pershare, the net profit
 or loss for the year attributable to equity shareholders and the
 weighted average number of shares outstanding during the period are
 adjusted for the effects of all dilutive potential equity shares.
 
 (o) Impairment:
 
 The carrying amounts of assets are reviewed at each balance sheet date
 if there is any indication of impairment based on internal/external
 factors. An impairment loss is recognized wherever the carrying amount
 of an asset exceeds its recoverable amount. The recoverable amount is
 the greater of the asset''s net selling price and its value in use. In
 assessing value in use, the estimated future cash flows are discounted
 to their present value at the weighted average cost of capital.
 
 After impairment, depreciation is provided on the revised carrying
 amount of the asset over its remaining useful life.
 
 (a) Provisions:
 
 A provision is recognised when the Company has a present obligation as
 a result of past event i.e., it is probable that an outflow of
 resources will be required to settle the obligation
 in respect of which a reliable estimate can be made.  Provisions are
 not discounted to its present value and are determined based on best
 estimate required to settle the obligation at the balance sheet date.
 These are reviewed at each balance sheet date and adjusted to reflect
 the current best estimates.
 
 (t) Cash and Cash Equivalents:
 
 Cash and cash equivalents in the cash flow statement comprise cash at
 bank and in hand and short-term investments with an original maturity
 of three months or less.
 
 (r) Employee Stock Compensation Cost:
 
 Measurement and disclosure of the employee share-based payment plans is
 done in accordance with SEBI (Employee Stock Option Scheme and Employee
 Stock Purchase Scheme) Guidelines, f 999 and the Guidance Note on
 Accounting for Employee Share-based Payments, issued by the ICAI. The
 Company measures compensation cost relating to employee stock options
 using the intrinsic value method. Compensation expense, if any, is
 amortized over the vesting period of the option on a straight line
 basis.