Basis of Preparation of Financial Statements
 
 The financial statements are prepared under the historical cost
 convention on accrual basis of accounting following the accounting
 principles generally accepted in India and comply with the Accounting
 Standards prescribed by the Companies (Accounting Standards) Rules,
 2006.
 
 Use of Estimates
 
 In preparing financial statements the Management is required to make
 estimates and assumptions that affect the reported amounts of assets
 and liabilities and the disclosure of contingent liabilities on the
 date of financial statements. Actual results could differ from those
 estimates. Any revision to accounting estimates is recognised
 prospectively in the current and future periods.
 
 Fixed Assets
 
 Fixed Assets are carried at cost of acquisition less accumulated
 depreciation. All costs incurred for bringing the assets to their
 working condition for intended use are included in their cost of
 acquisition, excepting duty which is eligible for credit under the
 relevant CENVAT Credit Rules.
 
 Depreciation
 
 Depreciation on all Fixed Assets is provided for on the Straight Line
 Method at the rates specified in Schedule XIV to the Companies Act,
 1956 excepting on certain class of Cranes acquired prior to 1st April
 2002 on which Depreciation is being provided for on the Written Down
 Value method. Damaged assets, if any, are depreciated to the extent of
 their estimated salvage value. Change in cost of fixed assets due to
 foreign exchange fluctuations is considered over their residual life.
 
 Investments
 
 Investments are considered to be long term and are carried at cost.
 
 Inventories
 
 Inventories are of bought out consumables, stores and spare parts and
 are valued at cost, net of Cenvat credit. Obsolete spares are excluded
 from stocks.
 
 Foreign Currency Liabilities
 
 Liabilities for Foreign Currency Loans and outstanding Acceptances are
 stated at the exchange rates prevailing at the close of the year,
 excepting those that are covered by forward contracts, which are stated
 at contracted rates. Changes in liabilities on fluctuation of foreign
 exchange rates which relate to acquisition of fixed assets are adjusted
 to the cost of the fixed assets.
 
 Revenue Recognition
 
 Revenues from Hiring of Cranes and Trailers are accrued and recognised
 to the extent they can be reliably measured and it is probable that the
 economic benefits from their deployment will flow to the Company.
 Receipts are classified as unearned revenues when received against
 performances to be given or for costs to be incurred in subsequent
 years. Electricity sold is recognised at rates and units measured in
 the manner as contracted.
 
 Operating and Other Expenses
 
 Costs and Expenses are accounted for on their accrual as and when they
 are incurred or when obligation to pay them is accepted by the Company.
 Consumables for operations of Cranes and Trailers are charged out as
 expense on their purchase. Stores and spare parts for repairs and
 maintenance are initially charged as expense on their purchase.
 Increase in inventory of stores and spare parts at year end are reduced
 from the respective expenses.
 
 Retirement Benefits
 
 Contributions to the provident fund and superannuation fund, which are
 defined contribution schemes, are recognised as expense when due. The
 employees'' gratuity scheme is defined benefit plan. The present value
 of obligation under such plan is determined based on actuarial
 valuation. Current and past service cost is recognised to the extent
 benefits are vested and is charged as an expense with adjustments for
 expected return on plan assets, actuarial gains or losses and interest
 cost.
 
 Borrowing Costs
 
 Interest and other borrowing costs on specific borrowings, relatable to
 qualifying assets, are capitalised. All other borrowing costs are
 recognised as an expense in the period in which they are incurred.
 
 Taxation
 
 Current Tax includes tax payable in respect of taxable income for the
 year plus tax demands arising in the year on completion of past
 assessments and appeals to the extent accepted by the Company. Deferred
 Tax arises due to timing difference; being the difference between
 taxable income and accounting income that originate in one period and
 are capable of reversal in one or more subsequent periods. Deferred Tax
 Asset and Deferred Tax Liability are calculated by applying the tax
 rate and tax laws that have been substantially enacted by the Balance
 Sheet date.
 
 Service Tax
 
 Service Tax on services rendered and billed is accrued as not due under
 current liabilities with amount receivable included in Sundry Debtors.
 Liability to pay Service Tax arose on receipt of money from Debtors. It
 was discharged either by payment of tax or by adjustment against
 eligible CENVAT Credit under the relevant rules. CENVAT Credit eligible
 for set off in subsequent year is carried forward under Advances
 recoverable in cash or in kind for value to be received.
 
 Provisions and Contingencies
 
 Provisions are made when there is present obligation as a result of a
 past event that probably requires an outflow of resources and a
 reliable estimate can be made of the amount of the obligation. A
 disclosure for a contingent liability is made when there is a possible
 obligation or a present obligation that may, but probably will not,
 require an outflow of resources. When there is a possible obligation or
 a present obligation in respect of which the likelihood of outflow of
 resources is remote, no provision or disclosure is made.
 
 Provisions are reviewed at each balance sheet date and adjusted to
 reflect the current best estimate. If it is no longer probable that an
 outflow of resources would be required to settle the obligation, the
 provision is reversed. Contingent assets are not recognised in the
 financial statements. However, contingent assets are assessed
 continually and if it is virtually certain that an inflow of economic
 benefits will arise, the asset and related income are recognised in the
 period in which the change occurs.