1.  Accounting Concepts:
 
 The accompanying financial statements have been prepared to comply in
 all material respects with the Accounting Standards issued by the
 Institute of Chartered Accountants of India (ICAI) and the relevant
 provisions of the Companies Act, 1956. The financial statements have
 been prepared under the 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.
 
 2.  Use of Estimates :
 
 The Management makes estimates and technical and other assumptions
 regarding the amounts of income and expenses in accordance with Indian
 GAAP in the preparation of the financial statements. Difference between
 the actual results and estimates are recognised in the period in which
 they are determined.
 
 3.  Accounting of Construction Contract:
 
 The Company follows the percentage completion method as mentioned in
 Accounting Standard (AS) 7 Construction Contracts on the basis of
 physical measurement of work actually completed at the balance sheet
 date, taking into account the contractual price and revision thereto by
 estimating total revenue and total cost till completion of the contract
 and profit so determined has been accounted for proportionate to the
 percentage of actual work done.
 
 Claims are accounted as income in the year of receipt of arbitration
 award or acceptance by client or evidence of acceptance received.
 
 4.  Revenue Recognition:
 
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 Interest income is recognised on a time proportion basis taking into
 account the amount outstanding and the rate applicable.
 
 Dividend is recognized as and when the right to receive payment is
 established by the Balance Sheet date.
 
 5.  Fixed Assets:
 
 Fixed Assets are valued at cost less accumulated depreciation /
 amortization. Cost comprises the purchase price and any other expenses
 related to acquisitions and installation and any attributable cost of
 bringing the asset to its working condition for its intended use.
 
 6.  Depreciation:
 
 a) Depreciation on Fixed Assets is being provided on Written Down Value
 Method as specified in Schedule XIV to the Companies Act, 1956.
 
 b) Depreciation in respect of additions to fixed assets is provided on
 pro-rata basis from the date on which such assets are acquired/ put to
 use.
 
 c) Depreciation on assets sold, discarded or demolished during the year
 is being provided at their respective rates on pro-rata up to the date
 on which such assets are sold, discarded or demolished
 
 7.  Impairment of Assets:
 
 The Company makes an assessment of any indicator that may lead to
 impairment of assets on an annual basis. According to AS-28 on
 Impairment of Assets an Asset is treated as impaired when the
 carrying cost of asset exceeds its recoverable value. Impairment Loss
 is charged to Profit & Loss a/c in the year in which impairment is
 identified.
 
 8.  Valuation of Inventories:
 
 a) Inventories are valued at the lower of cost or net realizable value
 except waste/scrap which is valued at net realizable value.  The cost
 is computed on FIFO basis.
 
 b) Work in Progress on construction contracts reflect the value of
 material inputs and expenses including appropriate overheads incurred
 on such contracts, at cost.
 
 9.  Investments:
 
 Long-term investments are carried at cost.
 
 10.  Lease Transactions:
 
 Leases, where significant portion of risk and reward of ownership are
 retained by the lesser, are classified as Operating Leases and lease
 rentals thereon are charged to the Profit and Loss Account.
 
 11.  Provision for Taxes:
 
 Provision for current tax is determined as the amount of tax payable in
 respect of taxable income for the year, as per the provisions of Income
 Tax Act, 1961.
 
 Deferred Tax resulting from timing difference between book and taxable
 profit for the year is accounted for using the tax rates and laws that
 have been enacted or substantially enacted as on the balance sheet
 date.
 
 12.  Foreign Exchange Transaction:
 
 Transactions in foreign currency are recorded in the books of accounts
 in Indian rupees at the rate of exchange prevailing on the date of
 transaction.
 
 13.  Borrowing Cost:
 
 Borrowing costs that are attributable to the acquisition and
 construction of qualifying assets are capitalized as part of cost of
 such assets till such time the assets is ready for its intended use. A
 qualifying asset is one that requires substantial period of time to get
 ready for its intended use. All other borrowing costs are charged to
 the Profit & Loss Account as period costs.
 
 14.  Earnings Per Share:
 
 Basic EPS is computed by dividing the net profit or loss for the period
 attributable to equity shareholders by the weighted average number of
 equity share outstanding during the year. Diluted EPS is computed using
 the weighted average number of equity shares and diluted equity
 equivalent shares outstanding during the year except where the result
 would be anti- dilutive.
 
 15.  Provision, Contingent Liabilities and Contingent Assets:
 
 Provision involving substantial degree of estimation in measurement is
 recognize when there is a present obligation as a result of past events
 and it is probable that there will be an outflow of resources.
 Provisions are determined based on Management 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 Management
 estimate.
 
 Contingent liabilities are not recognise but are disclosed in the
 notes. Contingent asset are neither recognized nor disclosed in the
 financial statements. Outstanding Bank Guarantee as on 31st March 2011
 is Rs. 15,886.25 Lacs and outstanding Letter of Credit (L.C.) as on
 31st March 2011 is Rs. 1,222.99 Lacs.
 
 16.  Segmental Reporting:
 
 As the Management information system of the Company recognises and
 monitors Construction as the only business segment, the accounting
 standards Segmental Reporting does not apply.
 
 17.  Retirement Benefits:
 
 i) Contribution to Provident Fund is charged to the profit and loss
 account. Provident Fund contribution is made to the Government
 Administered Provident Fund. Company has no further obligation beyond
 this contribution charged in financial statement.
 
 ii) Company also provides for Retirement Benefits in the form of
 Gratuity. Such Benefits are provided for based on valuation on
 projected unit credit method made by independent actuaries as at the
 Balance Sheet date.
 
 iii) Leave encashment is paid to employees on annual basis and
 recognized as expenses when it is incurred
 
 18.  Accounting for Joint Venture Contracts:
 
 In respect of contracts executed in integrated joint venture under
 profit sharing arrangements (assessed as Partnership Firm under the
 Income Tax laws) the profit or loss is accounted for, as when it is
 determined by the joint venture and the net investment in the joint
 venture is reflected as Investments / Current Assets.