1. The Company is engaged in the business of road infrastructure development. The Company secures contracts by submitting bids in response to tenders, in terms of which it is required to form Special Purpose Vehicle (SPV) companies to execute the awarded projects. These are itīs subsidiary companies. Presently it has 11 operational Built Operate Transfer (BOT) projects under various stages of completion. In so conducting itīs business itīs revenues include dividends from its subsidiaries and current investments in the quoted market.

2. As permitted by paragraph 4 of accounting standard-17, Segment reporting, notified pursuant to the Companies (Accounting Standards) Rules, 2006, if a single financial report contains both consolidated financial statements and the separate financial statements of the parent, segment information need to be presented only on the basis of the consolidated financial statements. Thus, disclosure required by clause 41 of listing agreement on segmentwise revenue results and capital employed are given in consolidated financial results.

3. Utilisation of fund received through Initial Public Offer (IPO):

Out of the total IPO proceeds of Rs. 94,456.68 Lakhs, an amount of Rs. 83,955 Lakhs is utilised as shown below:

(Rs. in Lakhs)


---------------------------------------------------------------------------------------------------------------------Particulars						To be financed		Utilization 	Utilization up 							through the		up to March	to March 31, 2008							issue proceeds		31, 2008		----------------------------------------------------------------------------------------------------------------------Investment in equity shares of IDAA Infrastructure Pvt Ltd				9000			6654.00		793.00		---------------------------------------------------------------------------------------------------------------------Repayment of existing loans of the Company		23600.0			23600.0		23600.0Repayment of existing loans of the subsidiaries		48700.0			42207.08	35979.26General Corporate Purposes				3025.00			1310.60		1310.60Issue Related Expenses					10131.68		10183.32	10052.27Utilized as per Objects of the issue			-			83955.00	71735.13Temporary Investment in Mutual Funds/ Bank Fixed Deposit(I) Investment in Mutual Fund and Fixed Deposit		-			8000.00 	18282.41	(II) Investment made by Subsidiary in Fixed Deposit	-			2501.68		4439.14----------------------------------------------------------------------------------------------------------------------Total Temporary Investments				-			10501.68	22721.55	----------------------------------------------------------------------------------------------------------------------Total							94456.68		94456.68	94456.68----------------------------------------------------------------------------------------------------------------------(a) The company would ensure consistent and timely availability of the issue proceeds so temporarily deposited/invested/used for reduction of working capital to timely meet the estimated fund requirement stated above.(b) Loans of two subsidiaries to the extent of Rs 9.75 crores were repaid by them in the normal course, before receipt of issue proceeds. Consequently, the balance outstanding loans were fully repaid from the issue proceeds. Thus, the said Rs 9.75 Crores will be utilised for General Corporate Purpose.4. The Board of Directors of the company has proposed final dividend of Re 0.50 per equity share of face value of Rs 10/- each at their meeting held on May 21, 2009. It will be paid to those shareholders who will be the members of the Company on the date of the Annual General Meeting of the company for financial year 2008-2009.5. The audited results for the year ended March 31,2009 have been reviewed by the Audit Committee at their meeting on May 21, 2009 and approved by the Board of Directors at their meeting concluded on May 21, 2009.6. Since, the company listed on the Stock Exchange from February 25, 2008, the figure for corresponding quarter ended on March 31, 2008 are not available for comparison.7. Previous years figures have been regrouped and/or re-arranged wherever necessary.Virendra D MhaiskarChairman & Managing Director