MIRA INFORM REPORT

Report Date :

13.07.2013

IDENTIFICATION DETAILS

Name :	GANESH HOUSING CORPORATION LIMITED
Registered Office :	Ganesh Corporate House, 100 Feet Hebatpur-Thaltej Road, Near Sola Bridge, Off. S. G. Highway, Ahmedabad – 380054, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.06.1991
Com. Reg. No.:	04-015817
Capital Investment / Paid-up Capital :	Rs. 326.559 millions
CIN No.: [Company Identification No.]	L45200GJ1991PLC015817
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Real Estate and Infrastructure Developer.
No. of Employees :	114 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 23100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a good track record. There appears dip in its profitability during 2012. However, general financial strength seems to be strong. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating : “BB+”
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	December, 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Ganesh Corporate House, 100 Feet Hebatpur-Thaltej Road, Near Sola Bridge, Off. S. G. Highway, Ahmedabad – 380054, Gujarat, India
Tel. No. :	91-79-61608888
Fax No. :	91-79-61608899
E-Mail :	lalajivr@rediffmail.com
Website :	www.ganeshhousing.com

DIRECTORS

As on 31.03.2012

Name :

Mr. Dipakkumar G. Patel

Designation :

Chairman and Whole Time Director

Date of Birth/Age :

12.11.1967

Qualification :

Undergraduate

Expertise in specific functional areas :

He possess wide experience of 21 years in construction, finance, real estate development, etc.

Date of Appointment :

01.10.2012

DIN No. :

00004766

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L45200GJ1991PLC015817	GANESH HOUSING CORPORATION LIMITED	Whole-time director	01-10-12	13-06-91	-	Active	NO
2	U62200GJ1993PLC020281	GANESH INFOTECH LIMITED	Director	27-09-93	27-09-93	-	Active	NO
3	U01119GJ1994PLC023941	GANESH PLANTATIONS LIMITED	Director	21-12-94	21-12-94	26-03-13	Active	NO
4	U72200GJ2000PLC038987	STARNET SOFTWARE (INDIA) LIMITED	Director	27-11-00	27-11-00	-	Active	NO
5	U92199GJ1993PTC020390	SHANGRILA FUN WORLD PRIVATE LIMITED	Director	16-07-02	16-07-02	-	Active	NO
6	U45201GJ2002PTC041179	VIBHOR REALTY PRIVATE LIMITED	Director	27-08-02	27-08-02	-	Active	NO
7	U45201GJ2002PTC041177	RAMASAGAR INFRASTRUCTURE PRIVATE LIMITED	Director	27-08-02	27-08-02	-	Amalgamated	NO
8	U45201GJ2002PTC041182	GAMIT BUILDERS PRIVATE LIMITED	Director	27-08-02	27-08-02	-	Active	NO
9	U45201GJ2002PTC041354	GATIL PROPERTIES PRIVATE LIMITED	Director	01-10-02	01-10-02	-	Active	NO
10	U45201GJ2002PTC041365	GANESH INFRASTRUCTURE (INDIA) PRIVATE LIMITED	Director	31-12-07	31-12-07	-	Active	NO
11	U45201GJ2002PLC041166	MIHIKA BUILDCON LIMITED	Director	15-01-08	15-01-08	15-06-13	Active	NO
12	U45201GJ2002PTC041055	MAHESHWARI (THALTEJ) COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
13	U45201GJ2002PTC041149	TATHYA COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
14	U45201GJ2002PTC041167	NIHAL ESTATE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
15	U45201GJ2002PTC041151	VIRAJ COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
16	U45201GJ2002PTC041140	MILIND COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
17	U45201GJ2002PTC041178	SHAILY INFRASTRUCTURE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
18	U45201GJ2002PTC041367	SADHAN BUILDCON PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
19	U45201GJ2002PTC041364	SANMUKH DEVELOPERS PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
20	U45201GJ2002PTC041168	MUKUR REAL ESTATE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
21	U45201GJ2002PTC041180	VIMOH LAND DEVELOPERS PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
22	U45201GJ2002PTC041059	MANDAR (THALTEJ) COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
23	U45201GJ2002PTC041057	MITUL (THALTEJ) COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
24	U45201GJ2002PTC041056	MADHAV (THALTEJ) COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
25	U45201GJ2002PTC041054	MADHURKAMAL (THALTEJ) COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
26	U45201GJ2002PTC041356	GANESHSAGAR INFRASTRUCTURE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
27	U45201GJ2002PTC041487	GITANJALI INFRASTRUCTURE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
28	U45201GJ2002PTC041486	GAGAN INFRASTRUCTURE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
29	U45201GJ2002PTC041361	GAVEN CONSTRUCTION PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
30	U45201GJ2002PTC041197	GAVENDU LAND DEVELOPERS PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
31	U45201GJ2002PTC041347	TIRTH REALTY PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
32	U45201GJ2002PTC041346	TIRTH DEVELOPERS PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
33	U45201GJ2002PTC041348	ROHINI REALTY PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
34	U45201GJ2002PTC041488	SUJAN DEVELOPERS PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
35	U45201GJ2002PTC041363	RAJNIGANDHA DEVELOPERS PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
36	U45201GJ2002PTC041485	SHARDUL BUILDCON PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
37	U45201GJ2002PTC041362	RAJ RATNA INFRASTRUCTURE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
38	U45201GJ2002PTC041349	SULABH REALTY PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
39	U45201GJ2002PTC041357	SHREEKALA INFRASTRUCTURE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
40	U45201GJ2002PTC041196	MAHAVIR (THALTEJ) COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
41	U45201GJ2002PTC041350	MADHUJ REALTY PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
42	U45201GJ2002PTC041351	MADHUMATI REALTY PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
43	U45201GJ2002PTC041345	MALVIKA ESTATE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
44	U45201GJ2002PTC041353	MATANG PROPERTIES PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
45	U45201GJ2002PTC041352	MEDHBHUTI COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
46	U45201GJ2002PTC041358	MAITRIK BUILDCON PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
47	U45201GJ2002PTC041359	MARTAND ESTATE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
48	U45201GJ2002PTC041355	VARDHAN LAND DEVELOPERS PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
49	U45201GJ2002PTC041360	SHAKIL BUILDWELL PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
50	U45201GJ2002PTC041139	NILAY REALTY PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
51	U45201GJ2002PTC041109	SANAT COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
52	U45201GJ2002PTC041110	VISHAD COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
53	U45201GJ2002PTC041113	VINAT COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
54	U45201GJ2002PTC041114	SHADVAL COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
55	U45201GJ2002PTC041111	TARANG REALTY PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
56	U45201GJ2002PTC041138	VYOM REALTY PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
57	U45201GJ2002PTC041150	SHUSHNA COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
58	U45201GJ2002PTC041152	UNMESH COMPLEX PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
59	U45201GJ2002PTC041366	SHAHIL INFRASTRUCTURE PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
60	U45200GJ2006PTC047727	YASH ORGANISER PRIVATE LIMITED	Director	30-05-08	29-04-08	-	Active	NO
61	U65910GJ1992PLC017596	SHREE GANESH FINTRADE LIMITED	Director	30-09-09	29-10-08	-	Active	NO

Name :

Dr. Bharat J. Patel

Designation :

Director

Date of Birth/Age :

07.08.1955

Date of Appointment :

05.07.1993

DIN No. :

00944269

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L45200GJ1991PLC015817	GANESH HOUSING CORPORATION LIMITED	Director	05-07-93	05-07-93	-	Active	NO
2	U85110GJ2000PTC037306	SAMVED HOSPITAL PRIVATE LIMITED	Director	04-02-00	04-02-00	-	Active	NO
3	U72200GJ2000PLC038987	STARNET SOFTWARE (INDIA) LIMITED	Director	22-04-01	22-04-01	-	Active	NO
4	L91110GJ1987PLC009905	N K INDUSTRIES LIMITED	Director	01-04-08	01-04-08	-	Active	NO
5	U85192GJ2009PTC055940	INTERACTIVE MEDICAL TOURISM PRIVATE LIMITED	Director	22-01-09	22-01-09	-	Active	NO
6	U40108GJ2001PTC040185	S.P. RENEWABLE ENERGY SOURCES PRIVATE LIMITED	Director	20-03-11	20-03-11	-	Active	NO
7	U40107GJ2012PLC069626	BHARAT BIO GAS ENERGY LIMITED	Director	28-03-12	28-03-12	-	Active	NO
8	U17120GJ2012PTC071223	D B GINNING PRIVATE LIMITED	Director	20-07-12	20-07-12	-	Active	NO

Name :

Dr. Tarang M. Desai

Designation :

Director

Date of Birth/Age :

24.07.1958

Name :

Mr. Arvindbhai R. Nanavati

Designation :

Director

Date of Birth/Age :

09.09.1933

Date of Appointment :

21.02.2004

Expertise in specific functional areas :

He is a retired Income Tax Officer and possesses more than 45 years of experience in administration.

DIN No. :

00005260

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L45200GJ1991PLC015817	GANESH HOUSING CORPORATION LIMITED	Director	21-02-04	21-02-04	-	Active	NO
2	U72200GJ1999PLC036286	COSMIC INFORMATION AND TECHNOLOGY LIMITED	Director	25-09-10	28-11-08	-	Active	NO

Name :

Ms. Lalitaben G. Patel

Designation :

Director

Date of Birth/Age :

10.11.1945

Date of Appointment :

14.12.2007

Expertise in specific functional areas :

She has rich experience in construction and real estate development business.

DIN No. :

00005702

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200GJ2000PLC038987	STARNET SOFTWARE (INDIA) LIMITED	Director	31-07-02	31-07-02	-	Active	NO
2	U62200GJ1993PLC020281	GANESH INFOTECH LIMITED	Director	01-11-02	01-11-02	-	Active	NO
3	L45200GJ1991PLC015817	GANESH HOUSING CORPORATION LIMITED	Director	14-12-07	25-09-07	-	Active	NO
4	U65910GJ1992PLC017596	SHREE GANESH FINTRADE LIMITED	Director	30-09-09	29-10-08	-	Active	NO

Name :

Mr. Ashish H. Modi

Designation :

Director

Date of Birth/Age :

12.12.1967

Date of Appointment :

28.01.2009

DIN No. :

02506019

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L45200GJ1991PLC015817	GANESH HOUSING CORPORATION LIMITED	Director	28-01-09	28-01-09	-	Active	NO
2	U15149GJ1986PTC008512	VADILAL INTERNATIONAL PRIVATE LIMITED	Additional director	20-03-09	20-03-09	10-11-09	Active	NO

Name :

Mr. Sanjay M. Kothari

Designation :

Additional Director

Date of Birth/Age :

07.08.1963

Qualification :

Diploma-Civil Engineering

Expertise in specific functional areas :

He has extensive knowledge of real estate property development and valuation. Proficient with finance, budgeting and investments concepts and procedures.

Date of Appointment :

29.09.2012

DIN No. :

01429539

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201GJ1998PTC033672	TEJ INFRASTRUCTURE PRIVATE LIMITED	Director	11-02-98	11-02-98	-	Strike off	NO
2	U45201GJ2009PTC056408	CREDO REAL ESTATE PRIVATE LIMITED	Director	23-03-09	23-03-09	-	Active	NO
3	U45201GJ2008PTC053292	VIVAN INFRASTRUCTURE PRIVATE LIMITED	Director	10-08-11	21-08-10	-	Active	NO
4	L24110GJ1993PLC019941	ARCHIT ORGANOSYS LIMITED	Director	02-09-11	01-04-11	-	Active	NO
5	U45201GJ2002PTC041178	SHAILY INFRASTRUCTURE PRIVATE LIMITED	Director	20-08-11	19-05-11	-	Active	NO
6	L45200GJ1991PLC015817	GANESH HOUSING CORPORATION LIMITED	Director	29-09-12	10-04-12	-	Active	NO
7	U74210GJ2012PTC072621	SEVEN SLEEK STUDIO PRIVATE LIMITED	Director	08-11-12	08-11-12	-	Active	NO

Name :

Mr. Shekhar G. Patel

Designation :

Managing Director

Date of Birth/Age :

09.08.1971

KEY EXECUTIVES

Name :	Ms. Priti Jani
Designation :	Company Secretary
AUDIT COMMITTEE :	· Mr. Arvindbhai R. Nanavati - Chairman Dr. Tarang M. Desai - Member Mr. Ashish H. Modi - Member Mr. Shekhar G. Patel - Member
REMUNERATION AND COMPENSATION COMMITTEE :	· Mr. Arvindbhai R. Nanavati - Chairman Dr. Tarang M. Desai - Member Mr. Ashish H. Modi - Member Ms. Lalitaben G. Patel - Member
SHAREHOLDERS’ / INVESTORS GRIEVANCE COMMITTEE :	· Mr. Arvindbhai R. Nanavati - Chairman Dr. Tarang M. Desai - Member Mr. Ashish H. Modi - Member Mr. Shekhar G. Patel - Member
SHARE ALLOTMENT COMMITTEE :	· Mr. Dipakkumar G. Patel – Chairman Mr. Shekhar G. Patel - Member Ms. Lalitaben G. Patel - Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	18068953	55.33
Bodies Corporate	305770	0.94
Any Others (Specify)	0	0.00
Sub Total	18374723	56.27
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	18374723	56.27
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2211529	6.77
Financial Institutions / Banks	2300	0.01
Insurance Companies	20643	0.06
Foreign Institutional Investors	3950000	12.10
Sub Total	6184472	18.94
(2) Non-Institutions
Bodies Corporate	3423668	10.48
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1789126	5.48
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	2531372	7.75
Any Others (Specify)	352519	1.08
Hindu Undivided Families	165801	0.51
Non Resident Indians	186717	0.57
Trusts	1	0.00
Sub Total	8096685	24.79
Total Public shareholding (B)	14281157	43.73
Total (A)+(B)	32655880	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	32655880	100.00

BUSINESS DETAILS

Line of Business :

Real Estate and Infrastructure Developer.

GENERAL INFORMATION

No. of Employees :

114 (Approximately)

Bankers :

· Tamilnad Mercantile Bank Limited

Hdfc Bank Limited

JSC VTB Bank

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long term borrowings
Term Loans
From Banks	100.000	140.000
From Others	951.422	1909.633
Vehicle Loans
From Banks	3.803	0.052
From Others	1.172	0.174
Total	1056.397	2049.859

Banking Relations :	--
Statutory Auditors :
Name :	J. M. Parikh and Associates Chartered Accountants
Address :	B - 705 7^th Floor, Nirman Complex, Opposite: Havmor Restaurant, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No. :	91-79-26563949
Fax No. :	91-79-26569093
E-Mail :	impankh@vahoo.com
Internal Auditors :
Name :	Nikunj Shah and Associates Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Parties where control exists:	· Ganesh Infotech Limited Shri Ganesh Construction Private Limited Siddhivinayak Securities Private Limited Shaligram Investments Private Limited, Starnet Software (India) Limited Madhurkamal (Thaltej ) Complex Private Limited Madhav (Thaltej) Complex Private Limited Mandar (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 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) Private. Limited 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 Limited Govindbhai C. Patel Foundation Mahalaxmi Co-Operative Housing Society Limited
Subsidiary :	· Yash Organiser Private Limited Gatil Properties Private Limited Maheshwari (Thaltej) Complex Private Limited Shaily Infrastructure Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32655880	Equity Shares	Rs.10/- each	Rs. 326.559 Millions

Note :

1. Out of above paid up Equity Shares, 1,12,68,800 Equity shares of Rs.10/- each are alloted as fully paid up without payment being received in cash on account of Amalgamation in 2006-2007.

2. The reconciliation of number of shares at the beginning of the year and at the close of the year is not given as there is no change in the paid up capital.

3.The Statement of Shareholders Holding More Than 5% Equity Shares of The Company:-

Particulars	31.03.2012
	No. Of Shares	% Of Holding
Dipakkumar G. Patel	6229117	19.08%
Shekhar G. Patel	6994390	21.42%
Lalitaben G. Patel	4553436	13.94%
Citi Group Global Markets Mauritius Private Limited	1795000	5.50%
Reliance Capital Trustee Company Limited account Reliance Growth Fund	1902779	5.83%

4. Right, Preferences and Restrictions attached to shares:

The company has one class of equity shares having a par value of Rs.10/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

5. The company had reserved 1500000 equity shares of Rs.10/- each for offering to eligible employees of the company and its subsidiaries under Employees’ stock option scheme (ESOP) in 2010. During the year company has granted NIL (Previous year 998815) options to the employees. The options were granted to the employees at a price of Rs. 171/- per share. The options would vest over a period of seven years.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	326.559	326.559
(b) Reserves & Surplus	5449.666	5178.690
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5776.225	5505.249
(3) Non-Current Liabilities
(a) long-term borrowings	1056.397	2049.859
(b) Deferred tax liabilities (Net)	246.452	328.840
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.489	3.105
Total Non-current Liabilities (3)	1305.338	2381.804
(4) Current Liabilities
(a) Short term borrowings	371.296	131.921
(b) Trade payables	173.466	63.880
(c) Other current liabilities	1494.460	687.330
(d) Short-term provisions	39.187	254.443
Total Current Liabilities (4)	2078.409	1137.574
TOTAL	9159.972	9024.627
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	619.696	609.204
(ii) Intangible Assets	2.156	1.046
(iii) Capital work-in-progress	10.789	27.328
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1373.152	1373.001
(c) Deferred tax assets (net)	15.661	7.610
(d) Long-term Loan and Advances	200.266	173.152
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2221.720	2191.341
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	51.053	186.092
(c) Trade receivables	1902.740	1266.944
(d) Cash and cash equivalents	17.753	940.190
(e) Short-term loans and advances	4891.804	4354.888
(f) Other current assets	74.902	85.172
Total Current Assets	6938.252	6833.286
TOTAL	9159.972	9024.627

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		326.559
2] Share Application Money		0.000
3] Reserves & Surplus		4685.141
4] (Accumulated Losses)		0.000
NETWORTH		5011.700
LOAN FUNDS
1] Secured Loans		906.463
2] Unsecured Loans		136.811
TOTAL BORROWING		1043.274
DEFERRED TAX LIABILITIES		0.000
TOTAL		6054.974
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		444.674
Capital work-in-progress		82.510
INVESTMENT		499.329
DEFERRED TAX ASSETS		6.546
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	264.533
	Sundry Debtors	1758.163
	Cash & Bank Balances	54.264
	Other Current Assets	0.000
	Loans & Advances	3811.764
Total Current Assets		5888.724
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	495.220
	Other Current Liabilities	140.211
	Provisions	231.378
Total Current Liabilities		866.809
Net Current Assets		5021.915
MISCELLANEOUS EXPENSES		0.000
TOTAL		6054.974

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1711.755	1612.166	1005.770
		Other Income	89.423	13.928	11.593
		TOTAL (A)	1801.178	1626.094	1017.363
Less	EXPENSES
		Project Expenses	629.156	426.347
		Changes in Inventories	135.039	78.441
		Employee Benefit Expenses	65.431	43.193
		Other Expenses	102.647	94.224
		TOTAL (B)	932.273	642.205	317.353
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		868.905	983.889	700.010
Less	FINANCIAL EXPENSES (D)		473.016	251.741	139.932
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		395.889	732.148	560.078
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.302	10.498	14.383
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		370.587	721.650	545.695
Less	TAX (H)		64.651	144.326	69.710
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		305.936	577.324	475.985
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2303.989	1870.440	1538.225
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	60.000	75.000
		Proposed/Interim Dividend on Equity Shares	39.187	71.843	58.780
		Tax on Dividend	6.357	11.932	9.990
	BALANCE CARRIED TO THE B/S		2554.381	2303.989	1870.440
	EARNINGS IN FOREIGN CURRENCY
		Booking of Residential Property	2.983	7.102	7.304
	TOTAL EARNINGS		2.983	7.102	7.304
	Earnings / (Loss) Per Share (Rs.)		9.37	17.68	14.58

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	340.500	364.500	457.200	435.800
Total Expenditure	99.100	179.400	170.500	167.500
PBIDT (Excl OI)	241.500	185.100	286.800	268.300
Other Income	0	24.900	19.600	36.600
Operating Profit	241.500	210.000	306.300	304.900
Interest	143.200	118.600	132.700	130.100
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	98.200	91.400	173.600	174.800
Depreciation	6.100	6.200	6.200	6.500
Profit Before Tax	92.200	85.200	167.500	168.300
Tax	2.100	11.000	92.700	(23.100)
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	90.100	74.300	74.800	191.400
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	90.100	74.300	74.800	191.400

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	16.99	35.50	46.79
Net Profit Margin (PBT/Sales)	(%)	21.65	44.76	54.26
Return on Total Assets (PBT/Total Assets}	(%)	4.78	9.47	8.62
Return on Investment (ROI) (PBT/Networth)		0.06	0.13	0.11
Debt Equity Ratio (Total Debt/Networth)		0.25	0.40	0.11
Current Ratio (Current Asset/Current Liability)		3.34	6.01	6.79

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS

Due to the increase in home loan interest rates and slow down in equity markets, the residential real estate market has remained stagnant. Further, inspite of the economic slowdown worldwide, the demand for commercial space in Ahmedabad remained reasonably good due to the absorption that is largely driven by small and medium enterprises and new industries like auto, FMCG, etc. During the year, the Company received a Net Revenue from Operations of Rs. 1711.755 millions and booked other income of Rs. 89.421 millions. Total Expenditure (excluding interest and financial charges and depreciation) of the Company was Rs. 931.544 millions. After providing for interest and financial charges of Rs. 473.016 lacs and depreciation of Rs. 25.302 millions, the Profit Before Tax stood at Rs. 371.314 millions and Net Profit After (PAT) at Rs. 296.198 millions. Further, after providing appropriations of Rs. 55.544 millions, the balance i.e. Rs. 2544.643 millions was carried to Balance Sheet.

FUTURE OUTLOOK

The global and domestic macro economic factors are likely to remain the key drivers for growth. India is struggling with issues related to policies, inflation, weak domestic currency and fiscal deficit to drive positive sentiments. On the sectoral front, liberalizing the FDI in sectors like retail, appointment of a regulator for the sector, industry status for real estate are some of the factors if implemented sincerely that will boost confidence and drive fresh

investments.

On the other hand the Gujarat Government envisages Ahmedabad as a world class city. In public-private partnership, it is looking to upgrade the city to make it, clean, viable and self-sustaining. Despite the steep rise in property prices and rising interest rates, the real estate sector of the city is still remained very attractive for national and international investors, proving that the city is unaffected by the momentary road blocks. Thus, the

Company will continue to focus on its development in and around the City of Ahmedabad.

The Company will undertake certain new projects in near future. On residential front the Company would execute new projects for multi storey high end apartments viz. Sundervan Epitome for construction of 46 units and Sundervan Apostle for construction of 36 units in posh locality of Jodhpur Crossroad, Satellite in Ahmedabad and another project under the name and style “Malabar County” located at village: Chharodi, Nr. S. G. Road. On commercial line, Satva Commercial has been launched. Moreover, projects viz. Madhuban Hill under the new concept of Pilgrimage Homes and Magnet Corporate Park, a top notch commercial project are under the process of execution through Subsidiaries of the Company viz. Shaily Infrastructure PrivateLimited and Maheshwari (Thaltej) Complex Private Limited.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMY OVERVIEW

Despite the string of problems encumbering India’s growth, there has always been the power of domestic consumption story led by the population of over 1.2 billion in the country. The consumption needs of India’s billion plus people would continue to drive the nation’s growth both in the short term as well as the long term.

International Monetary Fund data shows that India’s gross domestic product (GDP) in terms of purchasing power parity (PPP) stood at USD 4.46 trillion in 2011, edging past Japan to become the third-largest economy in terms of PPP. India is also now Asia’s third largest economy.

While several developed economies are facing huge challenges, in India the debate is whether growth will be at 7 percent or not. It is incredibly positive if you look at the rest of the world which is struggling to arrest more bad news, forget growth. India’s growth story has shown significant maturity amidst the global economic scenario which is still showing signs of uncertainty and slowdown.

In March 2012, Ipsos, a global research firm, conducted a survey in which India emerged second, ahead of China, in the list of world’s most confident people about their economy. This is the second consecutive time that India has stood second in the list.

It is true that the economy of India is not decoupled from the global markets. During the financial year 2011-12, the GDP grew by 6.5 percent compared to 8.4 percent in 2010-11 led by a major slowdown in the agriculture and industry specific sectors. The services sector, which includes the real estate sector, grew by 8.9 percent during the year compared to 9.3 percent growth in 2010-11.

During the financial year 2011-12, the fiscal deficit was 5.9 percent of GDP, amounting to Rs. 5.2 trillion. The fiscal deficit estimate was revised northwards during the March 2012 budget.

Infrastructure, the pulse of growth, will be a key to tapping the underlying opportunity in both urban and rural India. Thereby, investments need to be made in improving the infrastructure development. The faster it gets sorted, the better for the country.

The policy decisions and the political scenario at centre have led to a belief that the bottom line will be impacted. It remains true that the high interest rates and weak domestic currency have led to increase in cost of capital for the corporates at large. These are need-gaps which have to be filled for the development to be witnessed in full throttle.

SECTOR OVERVIEW

REAL ESTATE

The real estate sector in India will remain attractive owing to the growing economy which will keep the demand momentum ticking for residential, commercial and retail space. The sector is bound to benefit from the growing requirements for space from sectors such as education, information technology and healthcare.

According to Foreign Direct Investment (FDI) Factsheet, the inflows of FDI in the real estate sector stood at Rs. 34430.000 millions (USD 731 million) during the year. During 2011, private equity players invested a sum of USD 1700 million in this sector.

Due to the high interest rates, the buyers were hesitant to buy new property. Also, new project announcements were very few since the developers were also affected by the high interest rates.

The data released by Reserve Bank of India shows that the growth in housing loan slowed to 12.1 percent in 2011-12 from 16 percent in the previous year. Demand has fallen down and the number of transactions is falling.

However, it is surprising to note that prices did not show any signs of coming down. While the sales volume in the top 10 cities of the country declined by 10 percent, the property prices have continued to remain constant. For the quarter ended March 2012, the property prices in National Capital Region, Mumbai and Bangalore surged by 33 percent, 17 percent and 8 percent respectively.

AHMEDABAD REAL ESTATE

Ahmedabad accounts for nearly 40 percent of realty market share in Gujarat, hence making it a hot spot for residential and commercial projects. Ahmedabad is one of the most infrastructure rich areas in Gujarat.

The Gujarat Government envisages Ahmedabad as a world class city. In public-private partnership, it is looking to upgrade the city to make it, clean, viable and self-sustaining.

Despite the steep rise in property prices and rising interest rates, the real estate sector of the city is still remained very attractive for national and international investors, proving that the city is unaffected by the momentary road blocks.

Since the downturn in 2008, the prices have surged by almost 35 percent in the city and the prices are unlikely to saturate even in the distant future due to its ever increasing value as a major commercial and industrial hub and contributor to the Indian economy. Ahmedabad stood fifth in attracting the FDI equity inflows during the year.

RESIDENTIAL

Owing to the increase in home loan interest rates and slow down in equity markets, the residential real estate market has remained stagnant in the near term. However, the property prices are expected to rise many times over the next few years due to inherent demand and pace of growth of infrastructural developments in the city.

The demand-supply mismatch also indicates the potential opportunity in the city. While a total of 1,30,000 houses that are needed for Ahmedabad residents every year, only about 35,000 are being built.

COMMERCIAL

Inspite of the economic slowdown worldwide, the demand for commercial space in Ahmedabad remained reasonably good due to the absorption that is largely driven by small and medium enterprises and new industries like auto, FMCG, etc.

The lack of new supply in the commercial space along with demand for quality space across the city has resulted in improved vacancy levels. In the coming year, the city is expected to see an addition of 1.5 million sq. ft.

RETAIL

No new malls are expected to come up in Ahmedabad in 2012-13. Hence, the occupancy is likely to improve in line with the northward trend in demand. The mall rentals have increased by 7 - 11 percent in line with the decrease in mall supply across all micro markets. The demand for main street locations continued to remain stable due to limited quality supply. The rentals are expected to remain stable in the forthcoming quarters to keep it sustainable for retailers to occupy the space.

Since the beginning of the year 2012, Ahmedabad realty market has seen an improvement in enquiries that has stimulated city’s organised retail market.

COMPANY OVERVIEW

Ganesh Housing Corporation Limited (GHCL) is one of the prominent players engaged in the business of real estate development and infrastructure development in Ahmedabad, Gujarat. The company came with a public issue in 1993. Currently, shares of the Company are listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited.

The company has a strategy to serve its customers by entering into vertical line which includes SEZ, integrated township, residential, commercial and retail spaces.

Ganesh Group has one of the largest developable land bank with nearly 620 acres in and around Ahmedabad. Since inception, the company has done successful execution of 17.3 million sq. ft. development in Ahmedabad. The Company has developed around 0.86 million sq. ft. of residential project and 0.14 million sq. ft. of commercial project.

The Company has one of the biggest township projects in Ahmedabad and is currently in progress of developing 23.36 million sq. ft.township.

A brief profile of various residential, commercial and mega projects is stated as under:

PROJECTS

RESIDENTIAL

1) Maple County: Located at Shilaj, the residential project comprising of 192 apartments covers 0.43 million sq. ft. The project has total sales of Rs. 1140.000 millions.

2) Maple County - 2: Located at Shilaj, the residential project comprising of 192 apartments covers 0.43 million sq. ft. and it has a total sale value of Rs. 1320.000 millions.

3) Madhuban Hills: Located at Shrinathji, Rajasthan; the project comprises of 212 row houses with a total construction area of 0.35 million sq. ft. The total sale value of the project is expected to be around Rs. 910.000 millions.

4) Sundarvan Epitome: Located at Satellite area, in the heart of Ahmedabad city, Sundarvan Epitome comprises of 46 apartments covering 0.23 million sq. ft. The Project has a total sale value of Rs. 1477.200 millions.

5) Sundarvan Apostle: Located at the Satellite area, the project comprises of 36 apartments covering 0.11 million sq. ft. and has a total sale value of Rs. 648.000 millions.

6) Malabar County: Located at Village: Chharodi, Nr. S. G. Road. The Project comprises of 452 residential units with a total construction area of 0.72 million sq. Ft. The total sales value is Rs. 1950.000 millions.

COMMERCIAL

1) GCP Business Center: Located in the prime Vijay Char Rasta area in Western Ahmedabad, the project consists of 0.11 million sq. ft. of saleable area. and its total sale value is Rs. 531.200 millions.

2) Satva Commercial: The project consists of 0.03 million sq. ft. commercial saleable space. The total sale value of the project is expected to be around Rs. 210.000 millions.

3) Magnet Corporate Park: Located on the vibrant S.G. Road, the project is one of the top notch commercial projects coming up in Ahmedabad. It comprises of 23 individual corporate houses with a total saleable area of .50 million sq. ft. The total sale value would be around Rs. 2590.000 millions.

MEGA PROJECT

Mega Project to be undertaken by the Company is a golf township strategically located at Godhavi, which is merely 7 kms away from S.G. Highway, the commercial hub of Ahmedabad. A detail of Project is as under:

1) Smile City 1: It is spread across 106 acres of land.

2) Smile City 2: It is spread across 452 acres of land.

The total built up area shall be 23.36 million sq. ft.

OUTLOOK

For the financial year 2012-13, the global and domestic macro economic factors are likely to remain the key drivers for growth. India is struggling with issues related to policies, inflation, weak domestic currency and fiscal deficit to drive positive sentiments.

On the sectoral front, liberalizing the FDI in sectors like retail, appointment of a regulator for the sector, industry status for real estate are some of the factors that will boost confidence and drive fresh investments.

The company will continue to focus on financial health and discipline which will help it remain resilient in adverse developments. The company has continued to adapt to the evolving market realties and deliver best-in-class developments to the customers on time.

UNSECURED LOANS

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Short term borrowings
Intercorporate Loan	212.650	0.000
From Related Party: -Gatil Properties Private Limited	42.114	42.154
From Others	116.532	89.767
Total	371.296	131.921

Note:

All Unsecured Loans Are Repayable On Demand. As They Are Repayable On Demand, They Are Shown As Short Term Borowing.

CONTINGENT LIABILITIES:

(Rs. in millions)

A. Amalgamated with company Ganesh Lea-Finvest Limited 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 had issued a notice under The Bombay Stamp Act, 1958 calling upon the Company to pay stamp duty of Rs.0.175 millions 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. For the Asst. Year 2007-2008 the Assessing officer assessed the income of the company and raised a demand of Rs. 127.344 millions. Aggrieved by this order the company went in to Appeal with CIT (Appeal) - VIII. The Order of the CIT (Appeal) is awaited.

C. For the Asst. Year 2009-2010 the Assessing officer assessed the income of the company and raised a demand of Rs. 44.176 millions. Aggrieved by this order the company went in to Appeal with CIT (Appeal) - VIII. The Order of the CIT (Appeal) is awaited.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST DECEMBER, 2012

(Rs. In millions)

Sr. No.	Particulars	Standalone
		3 months ended	Previous 3 months	9 months ended
		31.12.2012	30.09.2012	31.12.2012
		Unaudited	Unaudited	Unaudited
	PART I
1	(a) Net Sales/Income from Operations (Including Profit on Sales of Land)	455.227	362.525	1157.556
	(b) Other Operating Income	2.015	1.917	4.661
	Total Income	457.242	364.442	1162.217
2	Expenditure
a	Cost of materials consumed	129.676	119.997	334.852
b	Purchase of Land	0.000	0.000	0.000
c	Purchase of Stock-in-trade	0.000	0.000	0.000
d	Changes in Inventories of finished goods, Work-in-progress and Stock-in-Trade	1.268	21.466	11.105
e	Employee Benefit expenses	14.657	15.421	45.042
f	Depreciation and amortization expenses	6.155	6.165	18.388
g	Other Expenses	24.904	22.471	57.935
	Total Expenses	17.659	185.520	467.322
3	Profit/(Loss) from Operations before Other Income, finance costs and Exceptional Items (1-2)	280.583	178.922	694.895
4	Other Income	19.561	24.911	44.475
5	Profit/(Loss) from ordinary activities before finance costs and Exceptional Items (3 + 4)	300.143	203.833	739.370
6	Finance costs	132.669	118.595	394.489
7	Profit/(Loss) from ordinary activities after finance costs but before Exceptional Items (5 - 6)	167.475	85.238	344.881
8	Exceptional Items	0.000	0.000	0.000
9	Profit/(Loss) from ordinary activities before tax (7 + 8)	167.475	85.238	344.881
10	Tax expense
	Current Tax	(91.000)	0.000	(91.000)
	Deferred Tax	(1.706)	(10.779)	(14.559)
	Wealth Tax	(1.500)	(0.178)	(0.193)
	Taxes of earlier year W/off	0.000	0.000	0.000
11	Net Profit/(Loss) from ordinary activities after tax	74.753	74.281	239.128
12	Extraordinary Item (net of tax expense Rs. Nil)	0.000	0.000	0.000
13	Net Profit/(Loss) for the period	74.752	74.281	239.128
14	Share of profit/(Loss) of associates	0.000	0.000	0.000
15	Minority Interest in Net Profit/(Loss) of subsidiaries	0.000	0.000	0.000
16	Net Profit/(Loss) after taxes, minority interest and share of Profit/(Loss) of associates (13 + 14 - 15)	74.752	74.281	239.128
17	Paid-up equity share capital (Face Value Rs.10/- per share)	326.559	326.559	326.559
18	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
19.i	Earnings Per Share (before extraordinary items) (of Rs.10 each) (not annualised)
a	Basic	2.29	2.27	7.32
b	Diluted	2.29	2.27	7.32
19.ii	Earnings Per Share (after extraordinary items) (of Rs.10 each) (not annualised)
a	Basic	2.29	2.27	7.32
b	Diluted	2.29	2.27	7.32
	PART -II
A	Particulars of Share holding
1	Public shareholding
	- Number of shares - Percentage of shareholding	14281157 43.73	14281157 43.73	14281157 43.73
2	Promoters and Promoter Group Shareholding
a	Pledged / Encumbered
	- Number of shares	17592596	17592596	17592596
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	95.74	95.74	95.74
	- Percentage of shares (as a % of the total share capital of the company)	53.87	53.87	53.87
b	Non - encumbered
	- Number of shares	782127	782127	782127
	- Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group)	4.26	4.26	4.26
	- Percentage of shares (as a % of the total share capital of the company)	2.40	2.40	2.40

Particulars	Quarter ended 31.12.2012
B Investor Complaints (Nos.)
Pending at the beginning of the quarter	0
Received during the quarter	2
Disposed of during the quarter	2
Remaining unresolved at the end of the quarter	0

Notes:

The Audit Committee has reviewed the Unaudited Standalone and Consolidated financial results for the quarter ended 31st December, 2012 at its meeting held on 13.02.2013 and the same have been approved by Board of Directors at their meeting held on 13.02.2013.

The above Unaudited Financial results of the Company have been subjected to Limited Review by the Statutory Auditors of the Company.

The Company is primarily engaged in the business of Construction of Residential and Commercial Complexes, which as per Accounting Standard - 17 on "Segment Reporting" is considered to be the only reportable business segment The Company is primarily operating in Ahmedabad which is considered as a single geographical segment.

The Consolidated Financial Results have been prepared in accordance with the principles and procedures for the preparation and presentation of consolidated accounts as set out in the Accounting Standards (AS-21).

Previous period figures have been regrouped and reclassified, where necessary, to make them comparable with current quarter figures.

FIXED ASSETS

] Tangible Assets

Land

Office Premises

Plant and Machinery

Furniture and Fixtures

Vehicles

Office Eqiupments

Computer

] Intangible Assets

Software

PRESS RELEASE

CBDT NOTIFIES UNDERTAKING OF ‘GANESH HOUSING CORPORATION LTD.’ AS AN INDUSTRIAL PARK U/S. 80IA

Section 80-IA, Sub-clause (iii) of sub-section (4) of the Income-tax Act, 1961 – Deductions – In respect of profits and gains from Industrial Undertakings, or Enterprises Engaged in Infrastructure Development, etc. – Notified Undertakings

Notification No. 1/2013 [F.NO. 178/02/2008-ITA-I], Dated 8-1-2013

Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) [hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide number S.O. 193(E), dated the 30th March, 1999 for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2002 and vide number S.0.354(E), dated the 31st day of March, 2006;

And whereas M/s. Ganesh Housing Corporation Ltd. having its registered office at 1st Floor, “Samudra”, Near Klassic Gold Hotel, C.G. Road, Ellisbridge, Ahmedabad-380006, is developing an Industrial Park at International Pharma and Biotech Park, Matoda-Sari, Ahmedabad, Gujarat.

And whereas the Central Government has approved the said Industrial Park vide Ministry of Commerce and Industry letter No. 15/21/04-IP&ID, dated 5-11-2004 subject to the terms and conditions mentioned therein;

And whereas the Hon’ble Gujarat High Court in its order dated 10.8.2011 in Special Civil Application 15962 of 2012 has directed the Central Board of Direct Taxes and the Ministry of Commerce to take consequential steps to ensure that necessary notification of the aforementioned industrial park is issued for the benefits under section 80-IA in terms of Rule 18C(4) of the Income Tax Rules, 1962.

Now, therefore, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act, the Central Government hereby notifies the undertaking, being developed and being maintained and operated by M/s. Ganesh Housing Corporation Ltd., as an industrial park for the purposes of the said clause (iii) subject to the terms and conditions mentioned in the annexure of the notification.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.90
UK Pound	1	Rs.90.88
Euro	1	Rs.78.32

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.