1.  The Company is contingently liable in respect of:
 
 (a) Bank Guarantees given to the extent of Rs. 236.66 lacs (previous
 year Rs. 509.68 lacs).
 
 (b) Estimated amount of contracts remaining to be executed on capital
 account and not provided for is Rs. Nil (previous year Rs. 96.82 lacs).
 
 (c) Disputed property tax demand Rs. 259.48 lacs (previous year Rs.
 222.41 lacs).
 
 2.  Amounts if any due to Micro Enterprises, Small Enterprises and
 Medium Enterprises under Micro Enterprises, Small Enterprises and
 Medium Enterprises Development Act, 2006 could not be disclosed as such
 parties could not be identified from the records of the Company.
 
 3.  The Company has opted for accounting the exchange difference
 arising on reporting of long term foreign currency monetary items in
 line with Companies (Accounting Standards) Amendment Rules 2009 on
 Accounting Standard (AS)11 notified by Government of India on March 31,
 2009.  Accordingly an amount of Rs. 71.24 lacs (loss) being the balance
 in Foreign Currency Monetary item Translation difference account as on
 31st March 2011 has been transferred to the Exchange Difference
 Account.
 
 4.  Retirement benefit:
 
 Disclosure pursuant to Accounting Standard -15 (Revised) Employee
 Benefits: The Company has classified the various benefits provided to
 employees as under:
 
 Defined Contribution Plans:
 
 The company has recognized contribution to Provident Fund of Rs.83.34
 lacs in the Profit & Loss Account.
 
 5.  Provision for current tax during the year has been made on regular
 basis after considering the MAT credit entitlements of earlier years
 which have been set off.
 
 6.  Amalgamation expenses are written off over a period of five years.
 
 7. (b) Confirmations of balances from some of sundry debtors and
 creditors have not been received.
 
 8.  Information relating to Related Party Disclosures as per
 Accounting Standard issued by the Institute of Chartered Accountants of
 India, is given below:
 
 A.  List of Related Parties (relied on the details provided by the
 management):
 
 I Shareholders/Directors
 
 Mr Ravi Ghai, Mr Gaurav Ghai, Mr. RKP Shankardass.
 
 II Other related parties where the common control exists
 
 Graviss Holdings Pvt Ltd., Graviss Foods Pvt Ltd., Graviss Catering
 Pvt. Ltd, Rich Graviss Products Private Limited, Mahaniya Investments
 Pvt Ltd., Graviss Hotels & Resorts Limited, Crossword Beverages Pvt.
 Ltd.,* Great Indian Cigar Co. Pvt. Ltd.*
 
 *ldar Hotels Pvt. Ltd., *Gaylord Pvt. Ltd., *Oregaon Realtys Pvt Ltd,*
 Perfect Livestock Pvt. Ltd., *Satinetta Finelease & Investments Pvt.
 Ltd.,* Kwality Walls Fanatasy Ltd.  (*no transactions during the year)
 
 III Managing and Joint Managing Director
 
 Mr Ravi Ghai and Mr Gaurav Ghai
 
 9.  As the turnover of the Company consists of sale of food and
 beverages, quantitative details of the turnover and food and beverages
 consumed are not available and hence have not been given.
 
 10.  Hospitality business is the Companys only business segment and
 hence disclosure of segment-wise information is not applicable under
 Accounting Standard 17- Segment Reporting.
 
 11.  The Company has granted 50,000 share options under the Companys
 Employees Stock Option Scheme 2007. Since the employee to whom the said
 options were granted, resigned from the services of the company during
 the year, the options are not exercisable.
 
 12.  The Company has an investment in the equity shares of Graviss
 Catering Private Limited, a subsidiary, of Rs. 7.65 lacs and has also
 granted interest free loans to the said subsidiary of Rs. 369.07 lacs.
 The accumulated losses of the said subsidiary exceed its net worth. In
 the opinion of the management, having regard to the long term interest
 of the Company in the said subsidiary there is no diminution, other
 than temporary, in the value of investments and the Company is also
 hopeful of recovering the loan.
 
 The Company has an investment in the equity shares of Graviss Hotels
 and Resorts Limited, a subsidiary, of Rs. 5 lacs and also has granted
 interest free loan to the said subsidiary of Rs. 9,204.21 lacs. The
 said subsidiary has purchased lands at various places for developing
 hotels and is in the process of construction / development. In the
 opinion of the management, having regard to the long term interest of
 the Company in the subsidiary and steps taken by the management to
 complete the projects, there is no diminution, other than temporary, in
 the value of investment and company is also hopeful of recovering the
 loan.
 
 13.  In the opinion of the management there are no indications that the
 assets of the company may be impaired as on the balance sheet date.
 
 14.  Previous years figures have been regrouped/rearranged wherever
 necessary to conform to the current years groupings.