1.  SEGMENT INFORMATION
 
 (a) The Company has disclosed Business Segment as the primary segment.
 Segments have been identified taking into account the nature of the
 products, the differing risks and returns, the organization structure
 and internal reporting system.
 
 (b) The Company''s operations predominantly relate to Road
 Infrastructure Projects. Other business segments reported are real
 estate development sector.
 
 (c) The Company''s activities are restricted within India and hence no
 separate geographical segment disclosure is considered necessary.
 
 (d) For the purpose of reporting, business segment are primary segment
 and the geographic segment is a secondary segment.
 
 (e) Segment Revenue, Segment Results, Segment Assets and Segment
 Liabilities include the respective amounts identifiable to each of the
 segments as also amounts allocated on a reasonable basis.
 
 (f) The net expenses, which are not directly attributable to the
 Business Segment, are shown as unallocated corporate cost.
 
 (g) Assets and Liabilities that cannot be allocated between the
 segments are shown as a part of unallocated corporate assets and
 liabilities respectively.
 
 Footnotes:- 1.  Segment Assets exclude the following:- (a) Advance
 payment of income tax (net of tax provisions) Rs. 25,789,526/- (Previous
 year
 
 Rs. 109,344,256/-) (b) Miscellaneous Expenditure (to the extent not
 written off or adjusted) Rs. 9,098,031/- (Previous year Rs. 9,102,368/-) 2.
 Segment Liabilities exclude the following:- (a) Provision for fringe
 benefit tax (net of advance tax payments) – Rs. 1,034,634/- (Previous
 year Rs. 1,034,079/-)
 
 (b) Deferred Tax Liabilities (net) Rs. 232,079,314/- (Previous year Rs.
 267,230,591/-)
 
 2.  RELATED PARTY DISCLOSURES I.  Names of Related Parties
 
 (a) Enterprises owned or significantly influenced by key management
 personnel or their relatives (Enterprises)
 
 A. J. Tolls Private Limited, Anuya Enterprises, Aryan Construction,
 D.S. Enterprises, Deepali Construction, Dattakrupa Enterprises, Global
 Safety Vision Private Limited, Ideal Inflow are Private Limited, Ideal
 Softtech Park Private Limited, JDV Finlease Private Limited, Ideal Toll
 and Infrastructure Private Limited, J.D. Mhaiskar (HUF), Jan Transport,
 Jayant Construction Company, JDV Udyog, MEP Toll Road Private Limited,
 Mhaiskar Udyog, Rideema Enterprises, Rideema Toll Private Limited, V.D.
 Mhaiskar (HUF), VCR Toll Services Private Limited, Virendra Builders,
 D.P. Mhaiskar (HUF), Ideal Energy Projects Limited, Ideal Hospitality
 Private Limited, Raima Ventures Private Limited, Sudha Productions.
 
 (b) Key Management Personnel Mr. V. D. Mhaiskar and Mrs. D. V.
 Mhaiskar.  Mr. D. P. Mhaiskar and Mr. J.D. Mhaiskar were key management
 personnel''s till 31 March, 2010.
 
 (c) Relatives of Key Management Personnel Mr. D. P. Mhaiskar (Father of
 Mr. V. D. Mhaiskar), Mr. J. D. Mhaiskar (Brother of Mr. V. D.
 Mhaiskar), Mr. S.G. Kelkar (Father in law of Mr. V. D. Mhaiskar), Mrs.
 S.D. Mhaiskar (Wife of Mr. D. P. Mhaiskar)
 
 3.  Contingent Liabilities not provided for
 
 Particulars                               March 31, 2011  March 31, 2010
 
                                                    Rs.              Rs.
 
 a) Claims against the Company not a
 cknowledged as debts
 For Service Tax, ESIC, Customs Duty a
 nd Stamp Duty matters                       120,153,962    120,153,962
 
 for Others                                  174,432,000    174,432,000
 
 b) Guarantees and Counter Guarantees 
 given by the Company on                   4,925,547,177  3,737,578,945 
 behalf of subsidiaries to suppliers, 
 Govt.bodies and Performance Guarantee
 
 c) Corporate Guarantee given by the 
 Company for Subsidiaries                         NIL       400,000,000
 
 Total                                     5,220,133,139  4,432,164,907
 
 In respect of (a), future cash outflows in respect of contingent
 liabilities are determinable on only receipt of judgement pending at
 various forums/authorities.
 
 4.  Derivative Instruments and Unhedged Foreign Currency Exposure:
 
 In respect of outstanding derivative contracts of Interest rate swaps
 which are stated below, there is a net unrealized loss/(provision
 reversal) as on March 31, 2011 which has been recognised in the books
 for Rs. 467,817,392/- (including provision for derivative losses of Rs.
 549,708,235/-) (Previous year : Rs. 6,379,503/-), considering the
 principles of prudence as enunciated in AS-1 ‘‘Disclosure of Accounting
 Policies'''' notified in the Companies (Accounting Standards) Rules,
 2006. Derivative contracts entered into by the Company for hedging
 interest rate related risks and are for hedging purpose only.
 
 5.  Intra-group Turnover and Profits on BOT Construction Contracts
 
 The BOT contracts are governed by Service concession agreements with
 government authorities (grantor). Under these agreements, the operator
 does not own the road, but gets toll collection rights against the
 construction services incurred. Since the construction revenue earned
 by the operator is considered as exchanged with the grantor against
 toll collection rights, profit from such contracts is considered as
 realized.  Accordingly, BOT contracts awarded to group companies
 (operator), where work is subcontracted to fellow subsidiaries, the
 intra group transactions on BOT contracts and the profits arising
 thereon are taken as realised and not eliminated for consolidation
 under Accounting Standard 21.
 
 The revenue and profit in respect of these transactions during the year
 is Rs. 15,295,985,552/-(Previous Year - Rs. 8,116,507,870) and Rs.
 5,036,951,731/- (Previous Year - Rs. 2,656,353,406) respectively.
 
 6. Gratuity and other post-employment benefit plans:
 
 (a) Defined Contribution Plan
 
 Amount recognized as an expense and included in the Schedule 16 -
 Contributions to Provident and other funds of Profit and Loss account
 – Rs. 43,991,223/- (Previous year Rs. 35,260,209/-). There are no other
 obligations other than the contribution payable to the respective
 trusts.
 
 (b) Defined Benefit Plan
 
 The Company has an unfunded defined benefit gratuity plan. Every
 employee who has completed five years or more of service gets a
 gratuity on departure at 15 days salary (last drawn salary) for each
 completed year of service as per the provision of the Payment of
 Gratuity Act,1972 with total ceiling on gratuity of Rs. 1,000,000/-
 (Previous year Rs. 350,000/-).
 
 7. Resurfacing expenses
 
 The Group has a contractual obligation to maintain, replace or restore
 infrastructure at the end of each concession period. The Group has
 recognised the provision in accordance with Accounting Standard (AS) –
 29, Provision, Contingent Liabilities and Contingent Assets i.e. at the
 best estimate of the expenditure required to settle the present
 obligation at the balance sheet date. Resurfacing expenses are to be
 paid out at the end of the concession period.
 
 The above provisions are based on current best estimation of expenses
 that may be required to fulfill the resurfacing obligation at the end
 of the concession period. The actual expense incurred end of the
 concession period may vary from the above. No reimbursements are
 expected from any sources against the above obligation.
 
 8.  Temporary premises are obtained at sites for employee
 accommodation and material storage on operating lease.  The lease term
 are short-term in nature ranging upto 11 months and renewable for at
 the option of the lessor.  These leases are cancellable at option of
 either lessor or lessee on a notice period ranging 1-2 month. There are
 no escalation clauses in the lease agreements. There are no
 restrictions imposed by lease arrangements. The Company has not
 subleased any premises. The lease payments recognised in the statement
 of profit and loss for the period is Rs. 5,569,426/- (Previous year Rs.
 5,258,299/-)
 
 9.  Gross income from agency toll collection is Rs. 210,688,649/-
 (Previous year Rs. Nil) and gross payment of toll to NHAI Rs. 198,853,397/-
 (Previous year Rs. Nil).
 
 10.  Investment under Portfolio Management Scheme (PMS)
 
 Aryan Infrastructure Investment Private Limited (subsidiary of the
 Company) has also entered into an agreement with Kotak Securities to
 invest a sum of Rs. 20,000,000 under a portfolio management scheme called
 Incubator Equity Portfolio Scheme respectively and agreed for a lock
 in period of Company''s portfolio for a period up to March 31, 2011. The
 investment under the scheme have been disclosed as Current Investments
 in Schedule 6 and valued accordingly.
 
 11.  Figures pertaining to the subsidiary companies have been
 reclassified wherever necessary to bring them in line with the Group
 financial statements.
 
 12.  Previous Year Comparatives
 
 Previous year''s figures have been regrouped wherever necessary to
 conform to current year''s classification.