1.  Corresponding figures of the previous year have been regrouped to
 confirm with this year''s classification wherever necessary.
 
 2.  CONTINGENT LIABILITIES:
 
 A. The Company amalgamated with Ganesh Lea-Finvest Ltd with effect from
 1st April, 1997 pursuant to the scheme of amalgamation approved by
 Hon''ble High Court of Gujarat. In September 2001 the office of
 Superintendent of Stamps, Gandhinagar has issued a notice under The
 Bombay Stamp Act, 1958 calling upon the Company to pay stamp duty of
 Rs.175402/- in view of amalgamation. Subsequently, the company had paid
 stamp duty on issue of bonus shares and preferential issue of shares
 and warrants. The said stamp duty amount was more than required. The
 company has made a representation to the department and requested them
 to adjust the amount. The response from the department is awaited.
 
 B.  During the financial year 2007-08 the company received the order
 from the Honourable High Court of Gujarat approving the amalgamation of
 the company with five of its group companies. The stamp duty has to be
 paid on amalgamation of the companies. The company has referred the
 matter to the Superintendent of Stamps at Gandhinagar. They have not
 yet determined the amount of stamp duty. Hence no provision has been
 made in the accounts for the payment of stamp duty.
 
 C.  For the Asst. Year 2008-2009 the Assessing office assessed the
 income of the company and raised a demand of Rs. 49.48 crores.
 Aggrieved by this order the company went in to Appeal with CIT (Appeal)
 – VIII. The decision of the CIT (Appeal) came in favour of the company.
 However, the company is required to pay MAT of Rs. 11.15 crores.
 Against this amount the company has already paid Rs. 6.56 crores and
 the company is required to pay the balance amount of Rs. 4.59 crores.
 The IT order has come recently and the company is yet to decide about
 going in to further Appeal. No provision has been made in the accounts
 for Rs. 11.15 crores.
 
 3.  The Company has carefully considered the impact of Accounting
 Standard – 28 pertaining to Impairment loss. As the recoverable amount
 of assets is higher than the WDV of its Fixed Assets no provision is
 made for impairment of Assets.
 
 4.  Balance of Secured Loans, Unsecured Loans, Sundry Creditors, Sundry
 Debtors and Loans and Advances are subject to confirmation.
 
 5.  In the opinion of the Board, the Current Assets, Loans and Advances
 are approximately of the value stated, if realised in the ordinary
 course of business.
 
 According to the Articles of Agreement entered into between the Company
 and the abovementioned directors, they were entitled to commission of
 1% on the net profits of the Company calculated as per the provisions
 of Section 349 and 350 of the Companies Act, 1956. During the year the
 directors waived the commission payable to them. Hence, the calculation
 of the commission is not given.
 
 6.  The details of security offered for the secured loans taken are as
 follows:
 
 A.  Loan from JSC VTB Bank:
 
 Charge secured by equitable mortgage of Immovable Property and
 Corporate Guarantee of the Associate Company and personal guarantee of
 three promoter directors of the Company and pledge of shares of one of
 the promoter director of the Company.
 
 B.  Loan from India Infoline Investments Services Pvt. Ltd.:
 
 Charge secured by mortgage of Immovable Property and Corporate
 Guarantee of the Associate Companies and Co-operative society, Pledge
 of shares of Subsidiary, Associates Companies and Co-operative society,
 personal guarantee of three promoter directors of the Company.
 
 C.  Loan from Reliance Capital Ltd.:
 
 Charge secured by mortgage of Immovable Property of the Company and its
 Associate Company and personal guarantee of two promoter Directors of
 the Company.
 
 D.  Loan from Future Capital Holdings Ltd.:
 
 Charge secured by mortgage of Immovable Property and interest thereon
 and hypothecation of receivables, book debts, outstanding moneys and
 claims, escrow accounts, etc of the Company and its Subsidiary and
 Associate Companies, Pledge of shares of three promoters of the
 Company, personal guarantee of two promoter directors of the Company
 and corporate guarantee / security of Subsidiary and Associate
 Companies.
 
 E.  Loan from IFCI Ltd.:
 
 Pledge of Shares and Personal Guarantee of Promoter Directors of the
 Company.
 
 F.  Loan from Religare Finvest Ltd.:
 
 Charge secured by mortgage of Immovable Property of the Associate
 Company and hypothecation of receivables, escrow account, etc. of one
 of the project of the Company.
 
 G.  Loans in respect of Vehicles are secured by the hypothecation of
 the vehicles financed through the loan agreement. viz. Motor Cars.
 
 7.  Based on the information available with the Company, there are no
 suppliers who are registered under the Micro, Small and Medium
 Enterprises Development Act, 2006 as at March 31st 2011. Hence, the
 information as required under the Micro, Small and Medium Enterprises
 Development Act, 2006 is not disclosed.
 
 8.  As this is a construction Company the information required as per
 paragraph 4C of part II of Schedule VI of the Companies Act, 1956,
 regarding Licensed Capacity, Installed Capacity and actual production
 are not given.
 
 9. The Company has given business advances to various companies,
 co-operative societies and Non-Trading Corporations amongst others. No
 interest is chargeable on such loans. As the said advances are in the
 nature of business advance, the Company is of the view that there is no
 violation of the provision of Section 372A.
 
 10.  Segment Reporting:- A.  The Company has considered business
 segment as the primary segment for disclosure. Therefore, in the
 opinion of the company, there are no different primary segments.
 
 B.  All the projects of the Company are being implemented in and around
 Ahmedabad city only. Therefore, in the opinion of the company, there
 are no different geographical segments.
 
 11.  Related party disclosures:- 
 
 1.  Parties where control exists:
 
 Shangrila Funworld Pvt Ltd, Ganesh Plantations Ltd, Ganesh Infotech
 Ltd, Shri Ganesh Construction Pvt Ltd, Siddhivinayak Securities Pvt
 Ltd, Shaligram Investments Pvt Ltd, Starnet Software (I) Ltd.,
 Madhurkamal (Thaltej ) Complex Private Limited, Madhav (Thaltej)
 Complex Private Limited, Mandar (Thaltej) Complex Private Limited,
 Maheshwari (Thaltej) Complex Private Limited, Mitul (Thaltej) Complex
 Private Limited, Vinat Complex Private Limited, Sanat Complex Private
 Limited, Shadval Complex Private Limited, Vishad Complex Private
 Limited, Tarang Realty Private Limited, Shahil Infrastuture Private
 Limited, Gamit Builders Private Limited, Vyom Realty Private Limited,
 Unmesh Complex Private Limited, Shushna Complex Private Limited, Tathya
 Complex Private Limited, Viraj Complex Private Limited, Milind Complex
 Private Limited, Gavendu Land Developers Private Limited, Shaily
 Infrastructure Private Limited, Sadhan Buildcon Private Limited, Nilay
 Realty Private Limited, Sanmukh Developers Private Limited, Nihal
 Estate Private Limited, Mukur Real Estate Private Limited, Vimoh Land
 Developers Private Limited, Gaven Construction Private Limited, Mihika
 Buildcon Limited, Shakil Buildwell Private Limited, Vardhan Land
 Developers Private Limited, Vibhor Realty Private Limited, Ganesh
 Infrastructure (India) Pvt. Ltd., Ganeshsagar Infrastructure Private
 Limited, Martand Estate Private Limited, Matang Properties Private
 Limited, Maitrik Buildcon Private Limited, Medhbhuti Complex Private
 Limited, Madhuj Realty Private Limited, Madhumati Realty Private
 Limited, Tirth Developers Private Limited, Malvika Estate Private
 Limited, Mahavir (Thaltej) Complex Private Limited, Shreekala
 Infrastructure Private Limited, Sulabh Realty Private Limited, Rajratna
 Infrastructure Private Limited, Shardul Buildcon Private Limited,
 Rajnigandha Developers Private Limited, Tirth Realty Private Limited,
 Rohini Realty Private Limited, Gagan Infrastructure Private Limited,
 Gitanjali Infrastructure Private Limited, Sujan Developers Private
 Limited, Shree Ganesh Fintrade Ltd., Govindbhai C. Patel Foundation,
 Ganesh Housing Corporation.
 
 2.  Subsidiary
 
 A.  Yash Organiser Pvt Ltd
 
 B.  Gatil Properties Pvt. Ltd.
 
 3.  Key Management Personnel
 
 Shri Shekhar G.Patel , Shri Dipak G.Patel, Smt. Lalitaben G. Patel
 
 12.  Employees Stock Option Scheme:
 
 During the year under review, the company introduced the Employees
 Stock Option Scheme (ESOP 2010) in accordance with Securities and
 Exchange Board of India (Employees Stock Option Scheme and Employees
 Stock Purchase Scheme) Guidelines, 1999, at their meeting held on
 30/10/2010. The scheme is announced for all permanent employees and
 non-executive directors, including independent directors of the company
 and its subsidiary company / companies, in the grade as decided by the
 Board.  Total grant approved by the Remuneration and Compensation
 Committee of the company is 1500000 options which are earmarked and to
 be granted under the scheme over a period of five years. Under the
 scheme 998815 equity shares have been granted which shall vest to the
 employees over a period of five years and 20% of the above shall vest
 to the employees as on 01/11/2011.
 
 13.  Donation includes Rs. 10000000/- contributed during the year to a
 Gujarat Cancer Society U/s. 35 (1) (ii) of the income Tax Act, 1961.