1 Method of Accounting:
 
 The financial statements have been prepared under the historical
 convention on an accrual basis of accounting in accordance with
 generally accepted accounting principles notified under section 211
 (3C) of the Companies Act, 1956 and the relevant provisions thereof
 except in the case of certain fixed assets which were revalued as
 stated in the following paragraph.
 
 2 Fixed Assets
 
 Fixed assets are stated at cost, less accumulated depreciation and
 impairment loss, if any. Cost comprises of the purchase price and any
 attributable cost in bringing the assets to its working condition for
 its intended use.
 
 Assets which were revalued on 31 March 1994 and 31 March 1995 are
 stated at revalued amounts.
 
 The resultant increase which was credited to Revaluation Reserve
 account amounting to Rs 373.41 lakhs was written off during this
 financial year by setting off the same against Goodwill.  .
 
 Other assets including the additions subsequent to revaluation are
 shown at cost, which includes capitalization of pre-operative expenses
 and net of CENVAT credit availed, wherever applicable.
 
 With regard to assets acquired under hire purchase, the cost of the
 assets is capitalized while the annual charges are charged to revenue.
 
 3 Borrowing Cost
 
 Borrowing costs are capitalized as part of qualifying fixed assets
 wherever it is possible that they will result in future economic
 benefits. Other borrowing costs are expensed.
 
 4 Depreciation
 
 Depreciation is consistently provided at the rates prescribed under
 Schedule XIV of the Companies Act, 1956 on the following methods:
 
 a Assets of logistics division at written down value method except
 assets of transportation & warehousing divisions at straight-line
 method. Port handling equipments are written off over the period of BOT
 Scheme.
 
 b Depreciation on certain premises are provided on composite cost where
 it is not possible to segregate the land cost.
 
 c Assets costing less than Rs 5000 are fully depreciated.
 
 5 Investments (Long Term)
 
 Investments in shares and debentures are stated at cost, net of
 permanent diminution in value wherever necessary.  Cost includes
 interest attributable to funds borrowed for acquisition of investments.
 
 6 Inventories
 
 a Stores and Spares used for running of trucks and other machineries
 valued at lower of cost and net realizable value.  b Loose tools are
 valued after writing off certain percentage of cost.
 
 7 Excise Duty
 
 CENVAT credit on materials purchased for production and on input
 services used for providing output services are taken into account at
 the time of purchase/payment and CENVAT credit on purchase of capital
 items wherever applicable are taken into account as and when the assets
 are installed, to the credit of respective purchase and assets
 accounts. The CENVAT credits so taken are utilized for payment of
 service tax on output services provided. The unutilized CENVAT credit
 is carried forward in the books.
 
 8 Revenue Recognition
 
 a Revenue is recognized and expenses are accounted on their accrual
 with necessary provisions for all known liabilities and losses.
 
 b Service Income:
 
 i Net earnings on voyage/contracts on completion.
 
 ii Other services on completion of services and billed.
 
 iii Expenditure incurred on incompjete voyages and contracts are
 included under Advances Recoverable.
 
 c Coal handling charges up to January 2001 is net of shortage cover
 retained by the Tamil Nadu Electricity Board.  Additional claim, if
 any, that may be determined on the closure of the contract will be
 recognized as and when the claim is made.
 
 9 Foreign Currency transactions
 
 Foreign currency transactions are recorded in the books at the rates
 prevailing on the date of transaction.
 
 Foreign currency monetary items as on balance sheet date are reinstated
 to its acquisition/ commencing date, the resultant difference
 transferred to General reserve account.
 
 The Company had opted for accounting the exchange difference arising on
 reporting of long term foreign currency monetary items in line with the
 Companies (Accounting Standards) Amendment Rules, 2009 on Accounting
 Standard 11 (AS 11) notified by Govt, of India on 31 March 09.
 Accordingly the effect of exchange differences on FCCBs/other long term
 foreign currency monetary items has been accounted by transfer to
 Foreign Currency Translation Reserve Account, to be amortised in
 subsequent period(s). Exchange difference recognised in the Profit &
 Loss Account upto the financial year ending 31 march 08 relating to
 said long term monetary items in foreign currency has been adjusted
 against General Reserve as provided in the Rules. As a result of this
 change in accounting for exchange difference in the long term monetary
 items, the charge back to profit and loss account for the year ended 31
 March 2011 is Rs 1058.94 Lakhs.
 
 10 Retirement Benefits
 
 Short term employee benefits are charged off at the undiscounted amount
 in the year in which the related service is rendered.
 
 Post employment and other long term employee benefits are charged off
 in the year in which the employee has rendered service. The amount
 charged off is recognised at the present value of the amounts payable
 determined using actuarial valuation method. Actuarial gains and losses
 in respect of post employment and other long term benefits are charged
 to Profit and Loss Account.
 
 11 Contingent Liabilities & Provisions
 
 All known liabilities of material nature have been provided for in the
 accounts except liabilities of a contingent nature, which have been
 disclosed at their estimated value in the notes on accounts in
 accordance with Accounting Standard-29.  As regards Provisions, it is
 only those obligations arising from past events existing independently
 of an enterprise''s future actions that are recognized as provisions.
 
 12 Segment reporting
 
 The accounting policies adopted for Segment reporting are in line with
 the Accounting Standard-17.
 
 13 Discontinuing Operations
 
 Discontinuing Operations have been recognized and disclosed as per
 Accounting Standard-24.
 
 14 Impairment of Assets
 
 The Company recognizes impairment of all assets other than the assets,
 which are specifically excluded under Accounting Standard-28 on
 Impairment of Assets after comparing the asset''s recoverable value with
 its carrying amount in the books.  In case the carrying amount exceeds
 recoverable value, impairment losses are provided for.
 
 The company has introduced a policy of measuring impairment of its
 goodwill on an annual basis. While testing for impairment the company
 shall pay heed to market prospects, company profitability, EPS and
 performance indicators in determining the same. Any upward movement in
 goodwill shall not be considered on account of prudence.
 
 15 Deferred Taxes
 
 a Current Tax is determined in accordance with the Income tax Act,
 1961.
 
 b Deferred tax is recognized for all the timing differences. Deferred
 tax assets are recognized when considered prudent.