1.1 Basis of Preparation of Financial Statements
 
 The financial statements have been prepared on accrual basis of
 accounting in conformity with the generally accepted accounting
 principles in India (GAAP) and comply with Accounting Standards
 prescribed by the Companies (Accounting Standard) Rules, 2006 and the
 relevant provisions of the Companies Act, 1956.
 
 1.2 Use of Estimates
 
 The preparation of financial statements requires management to make
 estimates and assumptions that affect the reported amounts of assets
 and liabilities and disclosures of contingent liabilities at the date
 of the financial statements and the reported amount of revenues and
 expenses during the reporting period. Although these estimates are
 based upon management''s best knowledge of current events and actions,
 actual results could differ from these estimates.  Difference between
 the actual results and estimates are recognized in the period in which
 the results are know / materialized.
 
 1.3 Fixed Assets
 
 Fixed assets are valued at cost of acquisition less accumulated
 depreciation and impairment loss, if any. Cost comprises the purchase
 price and any attributable cost of bringing the asset to its working
 condition for its intended use. Assets acquired under Hire Purchase
 arrangements are recorded at their cash values and the finance charges
 are charged to Profit and Loss Account as accrued.
 
 1.4 Depreciation
 
 Depreciation on Fixed Assets is provided as per Schedule XIV of the
 Companies Act, 1956 under straight line method except assets deployed
 at foreign branches is provided as per the provisions of local laws at
 the following rates:
 
 Description of the Assets Rate of Depreciation
 
 Plant and Machinery 15 %
 
 Trucks 10 %
 
 Motor Vehicles 20 %
 
 Computers 20 %
 
 Furniture and Fixtures 10 %
 
 Office Equipments 10 %
 
 1.5 Impairment of Assets
 
 The carrying cost of assets is reviewed at each Balance Sheet date to
 determine whether there is any indication of impairment of assets. An
 impairment loss is recognized wherever the carrying amount of an asset
 exceeds its recoverable amount. The recoverable amount is the greater
 of the asset''s net selling price and value in use.
 
 1.6 Inventories
 
 Inventories are valued at cost under FIFO method or net realizable
 value, whichever is lower.
 
 1.7 Investments
 
 Long term Investments are valued at cost. Current investments are
 stated lower of cost or fair market value. Provision for diminution in
 the value of long term investments is made only if such a decline is
 other than temporary.
 
 1.8 Revenue Recognition:
 
 a) Revenue is accounted for following Percentage of Completion method
 of accounting in respect of the Construction Contracts.
 
 b) Share of Profit / Loss from joint ventures is accounted for in
 respect of the financial year of the venture, ending on the balance
 sheet date, on the basis of their audited / unaudited accounts.
 
 c) Price escalation claims and additional claims including those under
 arbitration are recognized as revenue when they are realized or
 receipts thereof are mutually settled or reasonably ascertained.
 
 d) Site start up expenses is charged off in the year these are
 incurred.
 
 e) Liabilities on account of Service Ta x to the extent not
 reimbursable by the Clients have been charged off to the profit & loss
 account.
 
 f) Interest income is recognized on a time proportion basis taking into
 the amount outstanding and the rate applicable.
 
 1.9 Borrowing Cost
 
 Borrowing costs, attributable to acquisition and construction of
 qualifying assets, are capitalized as a part of the cost of such asset
 up to the date when such assets are ready for its intended use. Other
 borrowing costs are charged to the profit and loss account.
 
 1.10 Employee Benefits
 
 The Company has adopted the Revised Accounting Standard 15 Employee
 benefits prescribed by Companies (Accounting Standards) Rules, 2006
 with effect from 1st April 2007.
 
 i) Short term benefits
 
 Short terms employee benefits are charged off at the undiscounted
 amount in the year in which the related service is rendered.
 
 ii) Post employment benefits
 
 Post employment benefits are charged off in the year in which the
 employee has rendered services. The amount charged off is recognized at
 the present value of the amounts payable determined using actuarial
 valuation technique. Actuarial gains and losses in respect of post
 employment benefits are charged to profit and loss account.
 
 1.11 Foreign Currency Transactions
 
 Transactions in foreign currencies are recognized in the reporting
 currency at the prevailing exchange rates on the transaction dates.
 Foreign currency monetary items are reported using the closing rate.
 Exchange difference arising on the settlement of monetary items or on
 reporting monetary items of the Company at rates different from those
 at which they were initially recorded during the year, or reported in
 previous financial statements, are recognized as income or expenses in
 the year in which they arises. Transactions completed during the year
 are accounted for at the then ruling rate.
 
 Financial Statements of foreign branches are treated as non-integral
 operation. In translating the financial statement of foreign branches,
 the assets and liabilities, both monetary and non monetary, has been
 translated at the closing rate and income and expense items are
 translated at the average rate for the period. The resultant exchange
 differences are accumulated in Foreign Currency Translation Reserve
 Account. Exchange differences arising on monetary items that are
 receivable from or payable to non-integral operation for which
 settlement is neither planed nor likely to occur in the foreseeable
 future forms part of net investment in non-integral foreign operations
 and are also accumulated in Foreign Currency Translation Reserve
 Account.
 
 1.12 Financial Derivatives & Hedging Transactions
 
 Financial derivatives and hedging contracts are accounted on the date
 of their settlement and realized gain/ loss in respect of settled
 contracts is recognised in the profit & loss account along with the
 underlying transactions.
 
 1.13 Taxation
 
 Current tax is determined as the amount of tax payable in respect of
 taxable income for the year. Deferred Tax liability is recognized being
 the difference between taxable incomes and accounting income that
 originate in one period and are capable of reversal in one or more
 subsequent periods.
 
 1.14 Provisions, Contingent Liabilities and Contingent Assets
 
 Provisions involving substantial degree of estimation in measurement
 are recognized when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of resources. 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. Contingent assets are neither
 recognized nor disclosed in the financial statements.
 
 1.15 Earnings per share
 
 Earnings per shares are calculated by dividing the net profit or loss
 for the period attributable to equity shareholders by the weighted
 average number of equity shares outstanding during the period.
 
 1.16 Cash and cash equivalents
 
 Cash and cash equivalents as indicated in the Cash Flow Statement
 comprise cash at bank and in hand and highly liquid investments that
 are readily convertible into known amounts of cash and which are
 subject to an insignificant risk of changes in value.
 
 1.17 Event occurring after the Balance Sheet Date
 
 Material events if any occurring after Balance Sheet date are taken
 into cognizance.