I BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
 
 The financial statements have been prepared under the historical cost
 convention in accordance with the generally accepted accounting
 principles in India, and the applicable accounting standards issued
 pursuant to the Companies (Accounting Standards) Rules, 2006. All
 income and expenditure having a material bearing on the financial
 statements are recognized on an accrual basis
 
 II USE OF ESTIMATES
 
 The preparation of financial statements requires the Management to make
 estimates and assumptions considered in the reported amounts of Assets
 and Liabilities (including Contingent Liabilities) as of the date of
 the Financial Statements and the reported income and Expenses during
 the reporting period. Management believes that the estimates used in
 the preparation of the financial statements are prudent and reasonable.
 Actual results could differ from these estimates
 
 iii fixed assets and depreciation/amortization (a) Tangible assets and
 depreciation
 
 Tangible fixed assets acquired by the Company are reported at
 acquisition cost, with deductions for accumulated depreciation and
 impairment losses, if any
 
 The acquisition cost includes the purchase price (excluding refundable
 taxes) and expenses such as delivery and handling costs, installation,
 legal services and consultancy services, directly attributable to
 bringing the asset to the site and in working condition for its
 intended use
 
 Where the construction or development of any asset requiring a
 substantial period of time to set up for its intended use is funded by
 borrowings, the corresponding borrowing costs are capitalised up to the
 date when the asset is ready for its intended use
 
 Depreciation on tangible fixed assets is computed as under:
 
 (i) in respect of premises, depreciation is computed on the Straight
 Line Method at the rates provided under Schedule XiV of the Companies
 Act, 1956
 
 (ii) the Company has adopted the Straight Line Method of depreciation
 so as to depreciate 100% of the cost of the following type of assets at
 rates higher than those prescribed under Schedule XiV to the Companies
 Act, 1956, based on the Management''s estimate of useful life of such
 assets:
 
 (iii) Depreciation on fixed assets, other than on assets specified in
 Notes iii(a) (i) and (ii) above, is provided for on the Written Down
 Value Method at the rates provided under Schedule XiV to the Companies
 Act, 1956.  Depreciation is computed pro-rata from the date of
 acquisition of and up to the date of disposal
 
 (iv) Leasehold improvement costs are capitalized and amortized on a
 straight-line basis over the period of lease agreement unless the
 corresponding rates under Schedule XiV are higher, in which case such
 higher rates are used
 
 (v) All categories of assets costing less than Rs 5,000 each, mobile
 phones and items of soft furnishings are fully depreciated in the year
 of purchase
 
 (b) Intangible assets and amortization intangible assets comprise of
 software and amounts paid for acquisition of commercial rights under an
 Operation and Maintenance agreement of a toll road project intangible
 assets are reported at acquisition cost with deductions for accumulated
 amortization and impairment losses, if any Acquired intangible assets
 are reported separately from goodwill if they fulfill the criteria for
 qualifying as an asset, implying they can be separated or they are
 based on contractual or other legal rights and that their market value
 can be established in a reliable manner
 
 An impairment test of intangible assets is conducted annually or more
 often if there is an indication of a decrease in value. The impairment
 loss, if any, is reported in the Statement of Profit and Loss
 intangible assets are amortized on a straight line basis over their
 estimated useful lives. The estimated useful life of software is four
 years. The amount paid for acquisition of the rights under the
 Operations and Maintenance agreement, is mortised over the minimum
 balance period of the concession agreement relating to the
 corresponding toll road project as it existed at the time of
 acquisition
 
 IV IMPAIRMENT OF ASSETS
 
 The carrying values of assets of the Company''s cash-generating unit are
 reviewed for impairment annually or more often if there is an
 indication of decline in value. if any indication of such impairment
 exists, the recoverable amounts of those assets are estimated and
 impairment loss is recognized, if the carrying amount of those assets
 exceeds their recoverable amount. The recoverable amount is the greater
 of the net selling price and their value in use.  Value in use is
 arrived at by discounting the estimated future cash flows to their
 present value based on appropriate discount factor
 
 v investments
 
 (a) investments are capitalized at actual cost including costs
 incidental to acquisition
 
 (b) investments are classified as long term or current at the time of
 making such investments
 
 (c) Long-term investments are individually valued at cost, less
 provision for diminution that is other than temporary.
 
 (d) Current investments are valued at the lower of cost and market
 value
 
 vi revenue recognition
 
 The Company''s service offerings include advisory and management
 services, supervisory services (including as lenders'' engineers),
 operation and maintenance services, toll collection services for toll
 road projects and rendering assistance to applicant for toll road
 concessions with the bidding process
 
 Revenue is recognized when it is realized or realizable and earned.
 Revenue is considered as realized or realizable and earned when it has
 persuasive evidence of an arrangement, delivery has occurred, the sales
 price is fixed or determinable and collectability is reasonably assured
 
 Revenue in respect of arrangements made for rendering services is
 recognised over the contractual term of the arrangement. in respect of
 arrangements, which provide for an upfront payment followed by
 additional payments as certain conditions are met (milestone payments),
 the amount of revenue recognized is based on the services delivered in
 the period as stated in the contract. in respect of arrangements where
 fees for services rendered are success based (contingent fees), revenue
 is recognized only when the factor(s) on which the contingent fees is
 based, actually occur
 
 Revenue from development projects under fixed - price contracts, where
 there is no uncertainty as to measurement or collectability of
 consideration is recognized based on the milestones reached under the
 contracts
 
 contract revenue and costs associated with the construction of roads is
 recognized as by reference to the stage of completion of the projects
 at the Balance Sheet date. the stage of completion of a project is
 determined by the proportion that the contract cost incurred for work
 performed up to the Balance Sheet date bears to the estimated total
 contract costs any excess revenue recognised in accordance with the
 stage of completion of the project, in comparison to the amounts billed
 to the clients in accordance with the milestones completed as per the
 respective development agreements, is carried forward as unearned
 revenue any short revenue recognized in accordance with the stage of
 completion of the project, in comparison to the amounts billed to the
 clients in accordance with the milestones completed as per the
 respective development agreements, is carried forward as Unbilled
 Revenue interest income is accrued evenly over the period of the
 corresponding instrument
 
 Dividend income is recognized when the unconditional right to receive
 the payment is established
 
 VII FOREIGN CURRENCY TRANSACTIONS
 
 transactions in foreign currencies are translated to the reporting
 currency based on the exchange rate on the date of the transaction.
 Exchange difference arising on settlement thereof during the period is
 recognized as income or expense in the Statement of Profit and Loss
 
 Foreign currency denominated cash and bank balances, receivables (other
 than those that are in substance the company''s net investment in a non
 integral foreign operation), and liabilities (monetary items)
 outstanding as at the period end are valued at closing-date rates, and
 unrealized translation differences are included in the Statement of
 profit and Loss
 
 Non monetary items (such as equity investments) denominated in foreign
 currencies are reported using the exchange rate as at the date of the
 transaction. where such items are carried at fair value, these are
 reported using exchange rates that existed on dates when the fair
 values were determined intercompany receivables or payables for which
 settlement is neither planned nor likely to occur in the foreseeable
 future and are in substance an extension to or a deduction from the
 company''s net investments in a non - integral foreign operations are
 also translated at closing rates but the exchange differences arising
 are accumulated in the foreign currency translation reserve until
 disposal of the net investment, at which time they are recognized as
 income or expense in the Statement of Profit and Loss. Any repayment of
 receivables or payables forming part of net investment in foreign
 operations is not considered as partial disposal of investments in
 foreign operations and amounts previously recognized in the foreign
 currency translation reserve are not adjusted until the disposal of the
 ownership interest occurs
 
 VIII EMPLOYEE BENEFITS
 
 (a) Short term
 
 Short term employee benefits are recognized as an expense at the
 undiscounted amount expected to be paid over the period of services
 rendered by the employees to the company
 
 (b) Long term
 
 the company has both defined-contribution and defined-benefit plans, of
 which some have assets in special funds or securities. the plans are
 financed by the company and in the case of some defined contribution
 plans by the company along with its employees
 
 (i) Defined-contribution plans
 
 these are plans in which the company pays pre-defined amounts to
 separate funds and does not have any legal or informal obligation to
 pay additional sums. these comprise of contributions to the employees''
 
 provident fund, family pension fund and superannuation fund. The
 Company''s payments to the defined- contribution plans are reported as
 expenses in period in which the employees perform the services that the
 payment covers
 
 (ii) Defined-benefit plans
 
 Expenses for defined-benefit gratuity plans are calculated as at the
 balance sheet date by independent actuaries in a manner that
 distributes expenses over the employee''s working life. These
 commitments are valued at the present value of expected future
 payments, with consideration for calculated future salary increases,
 using a discount rate corresponding to the interest rate estimated by
 the actuary having regard to the interest rate on government bonds with
 a remaining term that is almost equivalent to the average balance
 working period of employees
 
 The actuarial gains and losses are recognized immediately in the
 Statement of Profit and Loss
 
 (c) Others
 
 Compensated absences which accrue to employees and which can be carried
 to future periods but are expected to be encased or availed in twelve
 months immediately following the year end are reported as expenses in
 the year in which the employees perform the services that the benefit
 covers at the undiscounted amount of the benefits after deducting
 amounts already paid. Where there are restrictions on a ailment or
 encashment of such accrued benefit or where the a ailment or encashment
 is otherwise not expected to wholly occur in the next twelve months,
 the liability on account of the benefit is actuarially determined using
 the projected unit credit method
 
 ix taxes ON INCOME
 
 Taxes include taxes on the Company''s taxable profits, adjustment
 attributable to earlier periods and changes in deferred taxes. Taxes
 are determined in accordance with enacted tax regulations and tax rates
 in force and in the case of deferred taxes at rates that have been
 substantively enacted
 
 Deferred tax is calculated to correspond to the tax effect arising when
 final tax is determined. Deferred tax corresponds to the net effect of
 tax on all timing differences which occur as a result of items being
 allowed for income tax purposes during a period different from when
 they are recognized in the financial statements
 
 Deferred tax assets are recognized with regard to all deductible timing
 differences to the extent that it is probable that taxable profit will
 be available in future against which deductible timing differences can
 be utilized
 
 When the Company carries forward unused tax losses and unabsorbed
 depreciation, deferred tax assets are recognized only to the extent
 there is virtual certainty backed by convincing evidence that
 sufficient future taxable income will be available against which
 deferred tax assets can be realized
 
 The carrying amount of deferred tax assets is reviewed at each balance
 sheet date and reduced by the extent that it is no longer probable that
 sufficient taxable profit will be available to allow all or a part of
 the aggregate deferred tax asset to be utilized
 
 x LEASE ACCOUNTING
 
 Leases of assets where the lessor retains substantially all the risks
 and benefits of ownership of the assets are classified as operating
 leases. Operating lease payments are recognized as an expense in the
 Statement of Profit and Loss on a straight line basis over the lease
 term. Any compensation, according to agreement, that the lessee is
 obliged to pay to the lessor if the leasing contract is terminated
 prematurely is expensed during the period in which the contract is
 terminated
 
 xi provisions, contingent liabilities and contingent assets
 
 A provision is recognized when the Company has a present obligation as
 a result of a past event and 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 (excluding employee
 benefits) are not discounted to their present value and are determined
 based on best estimates 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. Contingent liabilities
 are not recognized but are disclosed in the notes to the financial
 statement. A contingent asset is neither recognized nor disclosed
 
 xii segment reporting
 
 The accounting policies adopted for segment reporting are in accordance
 with the accounting policy of the Company.  Segment revenue, expenses,
 assets and liabilities have been identified to segments on the basis of
 their relationship to the operating activities of the Segment.
 Revenues, expenses, assets and liabilities, which relate to the
 enterprise as a whole and are not allocable to segments on a reasonable
 basis, have been included under Unallocated Revenue / Expenses /
 Assets / Liabilities
 
 xiii borrowing costs
 
 Borrowing costs are recognized in the period to which they relate,
 regardless of how the funds have been utilized, except where it relates
 to the financing of construction or development of assets requiring a
 substantial period of time to prepare for their intended future use.
 Borrowing Costs are capitalized up to the date when the asset is ready
 for its intended use. The amount of borrowing costs capitalized (gross
 of tax) for the period is determined by applying the interest rate
 applicable to appropriate borrowings outstanding during the period to
 the average amount of accumulated expenditure for the assets during the
 period
 
 xiv cash and cash equivalents
 
 Cash comprises of Cash on Hand, Cheques on Hand and demand deposits
 with Banks. Cash Equivalents are short term, highly liquid investments
 that are readily convertible into known amounts of cash and which are
 subject to insignificant risks of changes in value
 
 xv cash flow statement
 
 The Cash Flow Statement is prepared in accordance with the indirect
 Method as explained in the Accounting Standard (AS) 3 on Cash Flow
 Statements
 
 xvi earnings per share
 
 Basic earnings per share is calculated by dividing the net profit after
 tax for the period attributable to equity shareholders of the Company
 by the weighted average number of equity shares in issue during the
 period
 
 Diluted earnings per share is calculated by dividing the net profit
 after tax for the period attributable to equity shareholders of the
 Company by the weighted average number of equity shares determined by
 assuming conversion on exercise of conversion rights for all potential
 dilutive securities
 
 xvi derivative transactions
 
 Premium paid on option contracts acquired is treated as an asset until
 maturity. Premium received on option contracts written is treated as
 liability until maturity. in case of Forward exchange contracts which
 are not intended for trading or speculation purposes, the premium or
 discount arising at the inception of such a forward exchange contract
 is mortised as expense or income over the life of the contract.
 Exchange differences on such a contract are recognized in the Statement
 of Profit and Loss in the reporting period in which the exchange rates
 change. Any profit or loss arising on cancellation or renewal of such a
 forward exchange contract is recognized as income or as expense for the
 period