1.  All amounts in the financial statements are presented in Rupees in
 million except per share data and as otherwise stated. Figures in
 brackets represent corresponding previous year figures in respect of
 Profit and Loss items and in respect of Balance Sheet items as on the
 Balance Sheet date of the previous year. Figures for the previous year
 have been regrouped /rearranged wherever considered necessary to
 conform to the figures presented in the current year.
 
 2.  The name of the Company has been changed to IVRCL Limited effective
 18* March, 2011.
 
 3.  Debentures (Privately Placed)
 
 a) Secured NonConvertible Debentures
 
 2,000, 12.15% Secured NonConvertible Redeemable Debentures ® Rs.
 1,000,000 each issued to Life Insurance Corporation of India during the
 year 200809. IDBI Trusteeship Services Ltd, Mumbai are the trustees for
 the debenture holders. The debentures shall be redeemed at the end of
 five years from the date of allotment i.e. December 19, 2013. The
 debentures are secured with asset cover of 1.25 times by way of first
 pari passu charge over certain specific fixed assets including
 immovable properties of the Company.
 
 1,050, 8.85% Secured NonConvertible Redeemable Debentures ® 
 Rs. 1,000,000 each were issued to the following banks 
 during the year 200910. IDBI Trusteeship Services Ltd, Mumbai
 were the trustees for the debenture holders. The debentures 
 shall be redeemed at the end of Seventeen months from the 
 date of allotment i.e. April 27,2011. The debentures
 are secured with asset cover of 100% by way of first pari passu charge
 over certain specific fixed assets including immovable properties of
 the Company.
 
 b) The debentures are listed on Wholesale Debt Market (WDM) segment of
 National Stock Exchange (NSE).  4.  Secured Loans
 
 a) Term Loans
 
 Term loams are secured by way of first charge and hypothecation of
 specific machinery and equipment purchased.
 
 Term Loans include External Commercial Borrowings from Standard
 Chartered Bank London of UJSD 12.50 million (equivalent toRs. 571.63
 million) availed during the year. The principal and interest components
 of the ECB are hedged and duly covered against foreign exchange
 fluctuations.
 
 b) Equipment Loam from Banks and Non Banking Financial Companies
 (NBFCs) Equipment Loans are secured by first charge and hypothecation
 of specified machinery, equipment and vehicles.
 
 c) Working Capital Demand Loan from Consortium Banks
 
 i. Working Capital Demand Loans are secured by hypothecation of book
 debts, inventories and other current assets (excluding those charged to
 lenders of specificfunding projects) and certain Plant & Machinery and
 equipment valuing Rs. 282.92 million and Rs. 39.85 million not charged 
 to other lenders.  Further these loans are secured by mortgage of 
 property in Land and Buildings owned by the Company ranking pari 
 passu among the consortium banks aggregating to Rs. 101.53 million 
 and lien of the Fixed Deposit ofRs. 4.20 million.
 
 ii. The amount of Commercial Papers outstanding as at March 31, 2011 is
 Rs. 3,250 million (Rs. 3,200 million). The maximum amount outstanding
 during the year was Rs. 7,000 million (Rs. 4,500 million).
 
 d) Project Specific Working Capital Loan from Banks
 
 Project Specific Working Capital Loans from Banks are secured by
 hypothecation of the assets mentioned below for respective projects.
 
 4.  Foreign Currency Convertible Bonds
 
 During the year, the balance of unconverted portion of Foreign Currency
 Convertible Bonds aggregating to Rs. 341.62 million (equivalent to UJSD
 7.60 million) were redeemed along with a redemption premium (including
 withholding tax) of Rs. 162.46 million (equivalent to UJSD 3.61 million)
 The above mentioned premium amount has been charged to Securities
 Premium Account.
 
 5.  Contingent Liabilities 
 
                                                 (Rs. im milliom)
 
                                              As at           As at
 
                                         31.03.2011      31.03.2010
 
 a) Bank Guarantees / Letters of Credit 
 issued by the banks on
 behalf of the Compaq                     40,459.23       32,283.70
 
 b) Corporate Guarantees issued by the 
 Company on behalf of its subsidiaries     6,587.50        5,055.00
 
 c) Claims against the Company not 
 acknowledged as debts                       474.07          563.92
 
 d) Inctome Tax demand under appeal           28.22           28.22
 
 e) Disputed Value Added Tax / Service Tax 3,302.92        1,738.94
 
 Estimated amount of contracts to be executed on capital account Rs.
 119.76 million (Rs. 193.18 million) net of advances of Rs. 80.11 
 millions 171.11 million)
 
 6. The tax relief available to the Company under Section 80IA of the
 Income Tax Act had in earlier years upto FY 2009 been transferred to a
 Special Reserve account. This tax relief was withdrawn with
 retrospective effect In the Finance Bill (No.2) 2009 and hence
 provision has been made for additional tax aggregating to Rs. 1,409.30
 million in the previous year 200910. An amount of Rs. 1,411.00 million
 previously appropriated to a Special Reserve Account created for the
 purpose has been re credited to the Profit and Loss account during the
 previous year i.e. 200910.
 
 7. Related Party Disclosure
 
 Information regarding Related Party Transactions a* per Accounting
 Standard 18 a* notified in the Compa nies (Accounting Standards) Rules,
 2006 is given below:
 
 7.1 List of Related Parties and Relationships:
 
 A Subsidiary {The ownership, directly or indirectly through subsidiary
 (ies)}
 
 SI No.  Name
 
 1 IVRCtL PSCC Pipss Private Limited
 
 2 IVR Brwiro ProjScEtS Private Limited
 
 3 IVRCtLAssstS& Holdings Limited
 
 4 HimdiKthamDorrOlivsr Limited
 
 5 Alkor Pstroo Limited
 
 6 IVRCCL Steel CtomstriMtiorK & Servictss Limited
 
 7 jalardhar Amritsar Tollways Limited
 
 8 Salsm Tollways Limited
 
 9 Kumarapalyam Toll ways Limited
 
 10 Cthsrwai Water Dssalimatiom Limited
 
 11 First $TP Private Limited
 
 12 IVRCtL Building ProdiMtS Limited
 
 13 HDO (UK) Limited
 
 (formerly IMCO (22010) Limited)
 
 14 Davymarkham Limited
 
 15 IVRCCL Irdors ffiujarat Tollways Limited
 
 16 IVRCCL Cthsmgapalli Tollways Limited
 
 17 IVRCCL Holdings & Servictes Pte. Limited
 
 18 $PB Dsvslopsrs Private Limited
 
 19 Siom Pamvsl Tollways Private Limited
 
 20 IVR Hotels amdRssorts Limited
 
 21 ffiso IVRCCL Emgimssrimg Limited
 
 22 IVRCCL Msga Malls Limited
 
 23 HDO Tscthrtologiss Limited
 
 24 IVRCCL Patalagamga Tructk Tsrmimals Pvt. Limited
 
 25 IVRCtLCGoa Toll ways Limited
 
 26 IVRCtLCtadagua Hogsmakkal Water Trsatmsmt CCompamy Private Limited
 
 27 IVRCCL Cthamdrapur Tollways Limited
 
 28 IVRCCL International FZE
 
 29 Davymarkham (India) Private Limited
 
 30 Agaram Dsvslopsrs Private Limited
 
 31 PapamkiKhi Dsvslopsrs Private Limited
 
 32 Mummidi Dsvslopsrs Private Limited
 
 33 Samattsri Dsvslopsrs Private Limited
 
 34 Duvvda Dsvslopsrs Private Limited
 
 35 Amrwpampattu Dsvslopsrs Private Limited
 
 36 Ko«am Dsvslopsrs Private Limited
 
 37 Tirumami Dsvslopsrs Private Limited
 
 38 llavampsdu Dsvslopsrs Private Limited
 
 39 Haripuram Dsvslopsrs Private Limited
 
 40 CChodavaram Dsvslopsrs Private Limited
 
 41 Vsdurwada Dsvslopsrs Private Limited
 
 42 Rudravaram Dsvslopsrs Private Limited
 
 43 ffiajuwaka Dsvslopsrs Private Limited
 
 44 CGso Prims Dsvslopsrs Private Limited
 
 45 Thsata Dsvslopsrs Private Limited
 
 46 IVR Prims Dsvslopsrs (Mylapors) Private Limited
 
 47 IVR Prims Dsvslopsrs (Palakkad ) Private Limited
 
 48 IVR Prims Dsvslopsrs ((Guimdy) Private Limited
 
 49 ffiamaa Dsvslopsrs Private Limited
 
 50 Simhacthalam Prims Dsvslopsrs Private Limited
 
 51 Siripuram Dsvslopsrs Private Limited
 
 52 Kasibugga Dsvslopsrs Private Limited
 
 53 Vijayawada Dsvslopsrs Private Limited
 
 54 Eluru Dsvslopsrs Private Limited
 
 55 IVR Prims Dsvslopsrs ( Nsllors) Private Limited
 
 56 IVR Prims Dsvslopsrs (Amalapuram ) Private Limited
 
 57 IVR Prims Dsvslopsrs ( Erods ) Private Limited
 
 58 IVR Prims Dsvslopsrs ((Guirtur) Private Limited
 
 59 IVR Prims Dsvslopsrs ( Kakimada ) Private Limited
 
 60 IVR Prims Dsvslopsrs (Araku ) Private Limited
 
 61 IVR Prims Dsvslopsrs ( Pudukkottai) Private Limited
 
 62 Absorption Airctom Emgimssr Private Limited
 
 63 IVR Prims Dsvslopsrs (Vamaprastha) Private Limited
 
 64 IVR PUDL Rssorts & Ctlubs Private Limited
 
 65 IVR Prims Dsvslopsrs (Thamdiarpst) Private Limited
 
 66 IVR Prims Dsvslopsrs (ffiummidipiwdy) Private Ltd.,
 
 67 IVR Prims Dsvslopsrs (Kodambakkam) Private Limited
 
 68 IVR Prims Dsvslopsrs (Arumbakkam ) Private Limited
 
 69 IVR Prims Dsvslopsrs (Arwa Nagar) Private Limited
 
 70 IVR Prims Dsvslopsrs (Pallavaram ) Private Limited
 
 71 IVR Prims Dsvslopsrs (Wsst Mambalam ) Private Ltd.,
 
 72 Bibimagar Dsvslopsrs Private Limited
 
 73 IVR Prims Dsvslopsrs (Amakapalls) Private Limited
 
 74 IVR Prims Dsvslopsrs (Rajampsta) Private Limited
 
 75 IVR Prims Dsvslopsrs (Tarwku) Private Limited
 
 76 IVR Prims Dsvslopsrs (Rsd Hills) Private Limited
 
 77 IVR Prims Dsvslopsrs (Rajahmiwdry) Private Limited
 
 78 IVR Prims Dsvslopsrs (Tumi) Private Limited
 
 79 IVR Prims Dsvslopsrs (Bobbilli) Private Limited
 
 80 IVR Prims Dsvslopsrs (Bhimavaram) Private Limited
 
 81 CGSVK Mampowsr Supply & Servicers Private Limited (formerly IVR
 Prims Dsvslopsrs (Valasaravakkam) Private Ltd)
 
 82 IVR Prims Dsvslopsrs (Adayar) Private Limited
 
 83 IVR Prims Dsvslopsrs (Amamthapuram) Private Limited
 
 84 IVR Prims Dsvslopsrs (Psrumbadur) Private Limited
 
 85 IVR Prims Dsvslopsrs (Egmors) Private Limited
 
 86 IVR Prims Dsvslopsrs (Tambram) Private Limited
 
 87 IVR Prims Dsvslopsrs (Ashram) Private Limited
 
 88 IVR Prims Dsvslopsrs (Rstiral Homss) Private Limited
 
 89 IVR Prims Dsvslopsrs (Avadi) Private Limited
 
 90 IVR Prims Dsvslopsrs (Alwarpst) Private Limited
 
 91 IVRCtL Multilevel CCar Parking Private Limited
 
 B Associates (where the Company Exercises Significant influence)
 
 SI No.  Name
 
 1 Viva ImfrastriMturs Pvt. Limited
 
 2 Parssh ImfrastriMturss Private Limited
 
 3 IVR Prims IT SEZ Private Limited
 
 4 IVRCtL International ImfrastriMturss & Projscts LLC
 
 ( joint ventures
 
 SI No.  Name
 
 1 BharwIVRCtL Associates
 
 2 IVRCtLTamtiaGV)
 
 3 IVRCtL, SEW & Prasad Hydsrabad j.V
 
 4 IVRCtL, Navayuga & SEW joint Vsmturs
 
 5 Navayuga, IVRCtL & SEW joint Vsmturs
 
 6 IVRCtLHarshaGV)
 
 7 SPCCLIVRCtL jV
 
 8 IVRCtLjLGV)
 
 9 UJANRajii IVRCtL CtorMriMtiomjV
 
 10 IVRCtL KBLGV) Hydsrabad
 
 11 IVRCtL KBL MEILGV) Hydsrabad
 
 12 IVRCtL CCR28CG GV)
 
 13 IVRCtL SEW & WPIL (JV) Hydsrabad
 
 14 IVRCtLMBLGV) Hydsrabad
 
 15 IVRCtL BATPASCCO WPIL & MHI GV) Hydsrabad
 
 16 IVRCtL BATPASCCO ABB & AACG GV) Hydsrabad
 
 17 IVRCtLCCR18CG Consortium GV)
 
 18 MEIL IVRCtL HCCCt & WPIL GV)
 
 19 IVRCtLKIPLGV)
 
 20 IVRCtLRAJGV)
 
 21 WNITYIVRdLJoimtVemtUMt
 
 22 IVRCELSAISUJDHIROV)
 
 23 CER18GIVRCELGV)
 
 24 IVRCEL SLUSHEE Joimt VemtUire
 
 D Enterprises owned or significantly influenced by key management
 personnel or their relatives
 
 SI No.  Name
 
 1 S.V.EqUities Limited
 
 2 Palladium Infrastructures & Projects Limited
 
 3 Soma Hotels & Resorts Limited
 
 4 Eragam Holdings Limited
 
 5 Eragam Fimlease Limited
 
 6 Irdus Palms Hotels & Resorts Limited
 
 7 A.P.Emercom Engineers Private Limited
 
 iF Key Managment Personnel
 
 1.  Mr. E. Sudhir Reddy Chairman & Mamagimg Director
 
 2.  Mr. K. Ashok Reddy Executive Director
 
 3.  Mr. R. Balarami Reddy Executive Director Fima«e & Group CFO FF
 
 Relatives of Key Management Personnel
 
 1.  Mr. E. Ella Reddy Relative of Chairman & Mamagimg Director
 
 2.  Mrs. E. Sujatha Reddy Relative of Chairman & Mamagimg Director
 
 3.  Mrs. E. Indira Reddy Relative of Chairman & Mamagimg Director
 
 4.  Mr. E. Siddhamth Reddy Relative of Chairman & Mamagimg Director
 
 5.  Mr. E. Samjeeth Reddy Relative of Chairman & Mamagimg Director
 
 6.  Mr. E. Sumil Reddy Relative of Chairman & Mamagimg Director
 
 7.  Ms. E. Suha Reddy Relative of Director
 
 8.  Ms. E. Soma Reddy Relative of Director
 
 9.  Mrs. R. Vami Relative of Executive Director Fima«e & _Group CFO_
 
 b) The expense pertaimimg to gratuity of Rs. 20.90 million (Rs. 22.73
 million) has been considered in Contribution to Provident,
 Superannuation and Other Funds under Schedule 1 7.
 
 8.  Segment Reporting
 
 a) Busings Segment
 
 The Company has considered Engineering & Construction as one business
 segment for disclosure in the context of Accounting Standard 1 7 as
 notified in the Companies (Accounting Standards) Rules, 2006. The
 Company is engaged in the business of Engineering & Construction
 segment only for the year under report.
 
 b) Geographical Segment
 
 During the year under report, the Company has engaged in its business
 primarily within India. The conditions prevailing in India being
 uniform, no separate geographical disclosure is considered necessary
 
 9.  Employee Share based Plan ESOP 2007 Scheme
 
 The IVRCL ESOP 2007 Scheme approved by the shareholders in the 20th
 Annual General Meeting held or* September 7, 2007 to grant 4,200,000
 option, convertible in to 4,200,000 shares of Rs. 2 on exercise of
 options granted to the employees. The Company is yet to grant these
 options to the employees.
 
 10.  The net loss from derivative transaction in steel and crude oil of
 Rs. Nil (Rs. 3.15 million) have been charged to the Profit and Loss 
 Account under the head Administrative and Other Expenses.
 
 11.  Sundry Debtors includes claims aggregating to Rs. 347.02 million 
 (Rs. 347.02 million) receivable from certain contractee clients. The 
 claims are on account of deviation in design, additional overheads, 
 interest due to overstay and idle cost.  The claims are considered 
 realisabl based on favorable developments arising out of continuous 
 contract management steps taken by the Company.
 
 Sundry Debtors considered good include claims aggregating to Rs. 285.08
 million (Rs. 291.36 million) under arbitration relating to certain
 projects. The management is of the view that these claims are fully
 recoverable.
 
 12.  Capital WorkinProgress includes assets held for sale of Rs. Nil 
 (Rs. 150.20 million). During the year, the Company has decided to 
 utilize these assets for business purposes and accordingly capitalized 
 the acquisition value of Rs. 150.20 million under buildings.
 
 13.  Sale of Products include Rs. Mil (Rs. 1,060.15 million) being 
 sale of project stores and consumables to subcontractors.
 
 14.  The Company holds 240,000 equity shares of Rs. 100 each amounting 
 to Rs. 24.00 million in Telcon Ecoroad Resurfaces Private Limited.
 
 A scheme of arrangement has been entered into between Telcon Ecoroad
 Resurfaces Private Limited and Telco Construction Equipment Company
 Limited for transfer and vesting of ''Road Laying Business'' operations
 across India of Telcon Ecoroad Resurfaces Private Limited to Telco
 Construction Equipment Company Limited pursuant to sections 391 to 394
 of the Companies Act, 1956.
 
 The scheme of arrangement has been filed with the Hon''ble High Court of
 Karnataka and the approval from the court is pending.
 
 15.  During the year, the Company has purchased equity shares of Alkor
 Petroo Limited and IVRCL Building Products Limited from its subsidiary,
 IVRCL Assets & Holdings Limited. As a result of which the above said
 Companies have become direct subsidiaries of the Company.
 
 16.  Other Current Assets include claim* filed by the Company with
 Director General of Foreign Trade aggregating to Rs. 283.73 million (Rs.
 215.91 million) towards reimbursement of duty paid under the Deemed
 Exports Scheme.