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i.m Executive summary
ii.m Introduction ± Company history
1.mCompany profile
iii.m Our vision and mission
iv.m Industry overview
v.m Executive profile
vi.m Organization structure
vii.m Market capitalization
viii.m Financial performance of a company
ix.m Size in term of no. and turnover
x.m Profit and loss account
xi.m Cash flow statement
xii.m Key ratios
xiii.m Balance sheet
xiv.m Auditors report
xv.m Director report
xvi.m Disclosure
xvii.m Swot analysis
xviii.m Merger and acquasation
xix.m Corporate social responsibility

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I have completed my project Report on µ Ganesh Housing Corporation Ltd¶. my
area of work On Financial Analysis. I Undertook a Unique, Step by Step
Methodology for Preparation of the Report. Financial books, Various Websites
available at the Internet help me to make this Report Valuable.

In this Report, I have given general Information about Company .It Include the
History of Company ,board Of Directors, Executives Profiles, Financial Position
of a Company Organization Structure, Market Capitalization, Size in term Of
Number Of Employees And Turnover, Merger and aquasation,Corporate Social
Responsibility etc.









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Ganesh Housing Co. Ltd is one of the largest real estate developer of Gujarat founded in 1960;
by Shree Govindbhai C Patel, Chairman of GHCL. The Company went public in 1993.

Residential is always remained core focus of GHCL and till now GHCL has constructed around
16 million sq.ft. of residential space in Ahmedabad.

Ahmedabad is 7th largest city of India and commercial capital of Gujarat state. Gujarat is India¶s
No.1 / No.2 state in terms of either attracting FDI or Highest growth in GDP. This justifies the
potential future of Ahmedabad city.

Ahmedabad has many industries like Pharmaceuticals, Chemical, Textile, Petrochemical, Auto &
Auto ancillaries, Infrastructure, Financial Services, Medical tourism, Gems &Jewellery. It is
proved very attractive for the upcoming industries like IT & ITES, Financial Services, Media &
Entertainment raise enormous potential to bring ahmedabad in the top 5 cities of India within
short Span. Considering the current and future development scenarios we have made a strategy
to serve our customers by entering in to vertical line. SEZ (IT & ITES), Township, Residential,
Commercial, Hospitality and retail (neighborhood malls)

GHCL in next 6-8 years will develop approximately 38 Million sq.ft. of space.

Ours is a consortium of highly skilled and proficient professionals with burgeoning creativity
and the zest to stand out in their respective work areas. Our team also includes consultants and
specialists in numerous fields of construction as well as design.

We have a rich and vast experience in the field of real estate. We take immense pride in our in-
house team that includes people from varied skill sets and proficiency in respective areas of
work. Ours is a ISO 9001-2008, ISO 14001 : 2004 & OHSAS 18001 : 2007 certified Company.

Ganesh Housing Corporation Limited (GHCL) is one of the leading Construction Company of
Ahmedabad. This is possible by providing high standard of leadership, utmost integrity.
Continued honest and ethical business conduct shall earn us the trust of our customers, suppliers,
investors, regulators, employees and at the sametime sustaining our long term commitment to the
shareholders.

The image of Company and goodwill that we generate in the market determines our success. We
value our employees and believe and it is important that top management gives strong support to
ethical conduct in order to enhance employee identification with the Company.

This Code of Conduct, like any other code, begins with the principles that we always strive to
abide by and obey all laws and regulations, in letter and spirit, which are applicable to our
business.

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The Comp. was incorporated on 13th June, 1991 as a Public Limited Comp. in the State of
Gujarat. It obtained Certificate for Commencement of Business on 5th July, 1991. Comp. has
been established mainly to provide finance for Housing Sector. Comp. has already approached
the National Housing Bank to obtain recognition as Housing Finance Comp. & is awaiting the
same.

Company is presently engaged in providing medium-term finance to Co-operative Housing

Societies & Non-trading Corporation [NTCss] for acquisition of land. It is also engaged in the
business as an agent for booking Real Estates.

The Comp. has been promoted in the year 1991 by ShriGovindbhaiC.Patel.

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The Gujarat government signed a memorandum of understanding with the Comp. to set up an
international pharma& biotech park [IPBPs] on the outskirts of Ahmedabad.

,,.mm

Ganesh Housing Corporation Ltd has informed that the Comp. has signed Memorandum of
Understanding [MOUs] with Government of Gujarat under Vibrant Gujarat IT Summit 2006 for
development of IT & ITES SEZ under the name & style of 'MILLION MINDS' to be located at
B/h Nirma University, Ahmedabad, Gujarat. 'MILLION MINDS' IT & ITES SEZ will spread
over 125 acres & will involve investment of about Rs 700 crores.

,,/mm

Ganesh Housing Corporation Ltd has signed a MOU with Government of Gujarat for
development of SMART CITY-Integrated Township at Village Godhavi and Garodia,
TalukaSanand District Ahmedabad on about 400 acres of land at an investment of Rs 2000
Crores.

Ganesh Housing Corporation Ltd has appointed Mr. INAYAT S KADRI, Chartered Accountant
as a Director on the Board of Comp. with effect from March 26, 2007. Mr. KADRI will be a
non-executive, professional & independent director on the Board of Company.

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Ganesh Housing Corporation Ltd has appointed Smt. Lalitaben G Patel as a Director of
Company.

,,0mm

Ganesh Housing Corporation Ltd has informed that the name of Company subsidiary Comp. has
been changed from µMadhul Properties Pvt Ltd' to 'Ganesh Infrastructure [Indias] Pvt Ltd'
consequent to the Fresh Certificate of Incorporation of change of name issued by Registrar of
Companies on March 04, 2008.

,, mm

Ganesh Housing Corporation Ltd has appointed Mr. AshishModi, as a Director on the Board of
Comp. with effect from January 28, 2009. Mr. Modi will be a non-executive independent
director on the Board of Company.

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To be recognized a truly Infrastructure Development company by 2015 by creating,world class

structures and beautiful homes for our customers+mm

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To offer quality construction products and world best services that provides complete satisfaction
along with value and opportunity for customers, shareholders and employees+m

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The Indian real estate sector has witnessed a revolution, driven by the booming economy,
favourable demographics and liberalised foreign direct investment (FDI) regime. The second
largest employing sector in India (including construction and facilities management), real estate
is linked to about250 ancilliary industries like cement, brick and steel through backward and
forward linkages. Consequently, a unit increase in expenditure in this sector has a multiplier
effect and the capacity to generate income as high as five times. All this has led to the sector
emerging as one of the most appealing investment areas for domestic as well as foreign
investors. The industry has entered the Capital Markets in a big way and floated 12 public issues
during 2007-08, making it a leading sector in terms of fund raising. A large number of
international players have also entered the country. Currently, FDI inflows into the sector are
estimated to be between USD 5 billion and USD 5.50 billion. The boom in the real estate
industry has also attracted a large number of realty funds to tap into this market. And according
to industry estimates, another USD 10-20 billion would pour into the sector in the next three
years 28 The Ahmedabad market is in a transition stage with the real estate sector getting more
organised and user specific. Over the next one year, the sector is expected to get an investment of
Rs. 1,500 crores. A report recently circulated by HDFC has profiled Ahmedabad as one of the
fastest emerging and most cost effective megacities in India, offering realty that is economical by
20-30% as compared to other Tier II cities. The city has witnessed impressive growth in real
estate over the last 2-3 years with high quality infrastructure, pro-active Government measures
and business-friendly policies-all contributing to Ahmedabad emerging quickly with the highest
rate of intra-state urbanisation. With the educational institutes namely IIM, NID, NIFT, CEPT,
ICFAI Business schools, DAIIC, IIT, Nirma University in its fold, Ahmedabad is also quickly
emerging as an educational hub. The mother of all infrastructure projects in India i.e. Delhi -
Mumbai industrial corridor will pass through six states including Gujarat which will give the
much needed impetus for the growth of logistics. The Ahmedabad Bavla highway in Gujarat is
known as Pharma Golden corridor due to major pharma companies namely Intas Ltd.,
ZydusCadila, are functioning. Further, the size of real estate market is estimated of Rs. 20000
crores per year. The proposed mega-projects like the metro rail, bus rapid transit system,
Sabarmati riverfront development, international airport and the Gujarat International Finance
Tec-City are all considered to be major price propellers for Ahmedabad¶s realty, which has
undergone a steady transformation that is evident from its modern cityscape.

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Rising income levels of a growing middle class along with increase in nuclear families, low
interest rates, modern attitudes to home ownerships (the average age of a new homemaker in
2006 was 32 years compared with 45 years a decade ago) and a change of attitude amongst the
young population from that of µsave and buy¶ to µbuy and repay¶ have all combined to boost
housing demand. According to µHousing Skyline of India 2007-08¶, a study by research form,
IndicusAnalystics, there will be a demand for over 24.3 million new dwellings for self-living in
urban India alone by 2015. Ahmedabad is proving to be an ideal city for acquiring residential
property due to the excellent infrastructure it has and the kind of facilities it offers. Since the
declaration of Ahmedabad as a mega city in the last Union Budget, the real estate activity,
especially housing has gained momentum. The city is also ranked seventh in Market Potential
Value (MPV) among 784 cities in India+m

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The rapid growth of the Indian economy has had a cascading effect on demand for commercial
property to help meet the needs of business, such as modern offices, warehouses, hotels and
retail shopping centres. Growth in commercial office space requirement is led by the burgeoning
outsourcing and information technology (IT) industry and organised retail. For example, IT and
ITES alone is estimated to require 150 million sq.ft. across urban India by 2010. Ahmedabad is
all geared to challenge Bangalore and Hyderabad superiority, for the city stands on the threshold
of becoming the next Mecca for the IT-enables services in the country. The 2007 Knight Frank
report recognizes a distinct IT-flavour for the city. The report states that a multi-locational
peripheral development has opened the potential for IT/ITES projects and that the sector would
propel the city¶s development in the coming years.

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Integrated Townships, where one can just walk to his workspace, urban living and leisure spaces
is the next big thing in the Indian real estate sector. Integrated townships are self-contained and
have all facilities like hospitals, schools, community halls, swimming pools, restaurants. Right
from pure play realty developers to the companies which are operating in the infrastructure and
construction space almost all the well-known names in the industry are talking about investing in
township projects. With rising land prices in key cities and basic infrastructure lagging to cope
up with rising population, developers are building cities away from the city to provide quality
lifestyles. This is further being aided by the Government¶s policy that allows 100% foreign direct
investment (FDI) in such townships. Almost all major developers understand the huge potential
of this concept andare investing heavily with intent of emerging as big asset managers in the

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coming years. Consistent with the overall approach of the Gujarat Government to be a facilitator
rather than be a provider, it has been proposed that the development of integrated townships be
done through private, market initiatives. The Government intends to support and facilitate the
market operations and regulate it only to the extent required to realise public policy objectives.
Thus, the Government of Gujarat¶s proposed µIntegrated Township Policy¶ aims to provide a
framework for ensuring that all of this is taken care of in an efficient manner in predefined areas
for township development. The policy envisages offering of trunk infrastructure facilities like
power, water, road etc for township development. There will be a single window clearance for
such projects apart from giving industry status to township projects Government of Gujarat is
likely to dilute revenue laws for speedy development of township projects.

(iv) SEZ
The SEZ scheme has started gaining acceptability as future growth engines of Indian economy
with the most promising opportunities for generation of employment, economic growth and
infrastructure development for the country. The Scheme introduced in November 2000, got a real
filip with the introduction of the SEZ Act and Rules in February 2006. The scheme has lived up
to its expectation by already receiving an overwhelming response with the approval of 439
formal approval cases, 138 in principal approvals and 195 notified out of them and many more
are in the pipeline. The gains are even more visible from the fact that current private investment
alone from the newly notified SEZs under the Act is about 67,347 crores, which is 90% of the
total current private investment of 74,451 crores from all the notified SEZs and similarly the
direct employment generated from the newly notified SEZs is 61,015 which is almost 22% of the
total direct employment of 2.8 Lacs generated from all notified SEZs. With 100% FDI permitted
in SEZs, this segment is roping in several big players for its development. Investments worth
USD 19 billion are likely to be pumped over the next 5 years, generating an Internal Rate of
Return (IRR) of 19-20% over a period of 15 years. Gujarat was amongst the first states to put the
SEZ Act in place. Today, as over 50 SEZ's have been formally approved in the state, of which 9
have been granted inprincipal approval and 20 have been notified & are in the process of
development. While in terms of numbers, Gujarat has over 50 SEZ's, in terms of overall area for
SEZ¶s, Gujarat leads and hence has emerged as the SEZ capital of India. The recent Vibrant
Gujarat Global Investor¶s Summit witnessed massive investment in these SEZs and since most of
these are manufacturing driven; they offer a tremendous employment generation potential.
Around 15,000 hectares of the state land is to be utilised for the development of these duty free
enclaves. (v) Hospitality India's tourism and hospitality industry has emerged as one of the key
sectors driving the country's economy. Tourism is expected to contribute around 6.1% to the
national GDP and provides employment to over 41 million people. India's tourism is thriving,
owing to a huge surge in both business and leisure travel by foreign and domestic tourists. The
Government¶s move to declare hotel and tourism industry as a high priority sector with a
provision of 100% FDI has also provided a further impetus in attracting investments in to this
industry.

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According to the latest Tourism Satellite Accounting (TSA) research released by the World
Travel and Tourism Council (WTTC) and its strategic partner Accenture, India's travel and
tourism industry is expected to generate approximately USD 100 billion in 2008, growing at
7.3% and rising to USD 275.5 billion by 2018 over the next ten years. It is no wonder then that
India has been ranked No 1 in long-term travel growth by World Travel and Trade Council in its
global report for 2008. All these factors have led to the hospitality sector witnessing an increase
in the occupancy ratios and average room rates. While occupancy ratio is around 75-80%, the
average increase in room rates has been hovering around 22-25%. By 2010, India will see an
estimated 10 million foreign visitors. With the current availability of just 90,000 rooms, this
leaves a shortfall of 150,000 rooms, providing tremendous opportunity for construction
companies in the hospitality sector. Other interesting fact is that India has now become a major
medical tourist destination. Indian hospitals are fast becoming the first choice for foreign patients
owing to easy access to visa facilities (a new category of visa, Medical Visa, has been introduced
which are given for specific medical purposes to foreign tourists coming to India), coupled with
the best emerging medical infrastructure. This is expected to help India earn morethan USD 1.86
billion in foreign exchange by 2012, up from the current earnings of USD 821.40 million. The
demand for hotel rooms in Gujarat and especially in Ahmedabad has increased tremendously
over the years. The demand in the city can be judged from the fact that around 20 to 25 new
hotels are expected to come up in the city within the next couple of years. Various chains like
Marriott Hotels & Resorts, Hilton Hotels etc. have already announced their plans to enter the
city. Statistics say that there will be a minimum supply of 2,500 rooms in the next two to three
years in the city.

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Driven by changing lifestyles, strong income growth and favourable demographic patterns,
Indian retail is expanding at a rapid pace. Mall space, from a meagre 1 million sq.ft.in 2002, is
expected to touch 40 million sq.ft. by the end of 2007 and an estimated 60 million sq.ft. byend of
2008 as per Jones Lang LaSalles third annual Retailer Sentiment Survey-Asia. Alongside, Indian
cities are witnessing a paradigm shift from traditional forms of retailing into a modern organized
31 sector. A report by Images Retail estimates the number of operational malls to more than
double to over 412, with 205 million sq.ft. by 2010 and further 715 malls by 2015, on the back of
major retail developments in Tier II andTier III cities as well.India has one of the largest
numbers of retail outlets intheworld. Of the 12 million retail outlets in the country,nearly 5
million sell food and related products. Even with this large number of outlets, organised retail
accounts for only 4% of the total market. However, the same is likely to increase its share to 22%
by 2010, thus opening huge growth potential in this segment. Gujarat which has a shining middle
class population and one of the highest per capita GDP is now becoming a preferred destination
for organised retail. The unit retail space in Ahmedabad is 2.3 sq.ft. per household which is
amongst the highest in India.

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!"6maged 70 years is Chairman and Whole-Time
Director of the Company. He is a promoter director of the Company. He is having to his credit
more than 47 years of experience in construction, real estate development etc. Mr. Patel looks
after overall policies, construction, real estate development, procurement etc. As on 31st March,
2008 he held 9430860 shares in the Company. He is a Director and Chairman in Ganesh
Plantations Ltd., Ganesh Infotech Ltd., Starnet Software (I) Ltd., and MihikaBuildcon Ltd. He is
also a Director and Chairman in 53 Private Limited companies.

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!"6aged 40 years is Vice Chairman and Whole-Time
Director of the Company. He is a promoter director of the Company. He possesses wide
experience of 17 years in construction, finance, real estate development etc. At present, Mr Patel
looks after new projects, quality control, overseas tie up, etc. As on 31stMarch, 2008 he held
3218830 shares in the Company. He is a Director in Ganesh Plantations Ltd., Ganesh
InfotechLtd., MihikaBuildcon Limited and Starnet Software (I) Ltd. He is also a Director in 53
Private Limited companies+m

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!"6maged 37 years is Managing Director of the Company.
He possesses rich and varied experience of 13 years in construction, marketing, administration,
real estate development etc. At present, Mr. Patel looks after day to day affairs of the Company
including finance, marketing, administration, recruitment, ANNEXURE C CORPORATE
GOVERNANCE REPORT 37 etc. As on 31st March, 2008 he held 3984103 shares in the
Company. He is a Director in Ganesh Plantations Ltd., Ganesh Infotech Ltd., and
MihikaBuildcon Ltd. He is a Managing Director in Starnet Software (I) Ltd. He is also a Director
in 53 Private Limited companies.

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!", aged 52 years is a Senior Director of the Company. He is a
prominent Orthopaedic Surgeon of Ahmedabad. He is practicing as an Orthopaedic Surgeon in
Ahmedabad for the last 28 years. He didn¶t hold any shares in the Company as on 31st March,
2008. He is a Director in Starnet Software (I) Ltd.

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å"4m(mm"#, aged 49 years is a Director of the Company. He is a

prominent consultant physician of Ahmedabad. As the consultant physician, he possesses more
than 21 years of experience. He didn¶t hold anyshares in the Company as on 31st March, 2008.
He is not a Director of any other Company.

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å 4m *5m+m!6aged 76 years is a Director of the Company.
He is a retired Income Tax Officer. He possesses more than 41 years of experience in
administration. He didn¶t hold any shares in the Company as on 31st March, 2008. He is not a
Director of any other company.

å(4m !m +m*, aged 54 years is a Director of the Company. He is a fellow

member of the Institute of Chartered Accountants of India. He is a director in Associated Hotels
Limited, Le Meridien Ltd., Ahmedabad and Associated Micro Tech Ltd. He is also a director in
4 private limited companies. He didn¶t hold any shares in the Company as on 31st March, 2008.

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!", aged 63 years is a Director of the Company. She has
rich experience in construction and real estate development business. She was holding 1543150
shares in the Company as on 31st March, 2008. She is a Director in Ganesh Infotech Ltd., and
StarnetSoftware (I) Ltd.

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No of Employees ± 51 -100
Turnover in Crs ±10-100 Crs
Sector-Private Sector

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JATIN PARIKH

TO THE MEMBERS OF :

GANESH HOUSING CORPORATION LIMITED,

1. We have audited the attached Balance Sheet of GANESH HOUSING CORPORATION

LIMITED as at 31st March, 2004 and the Profit and Loss Account and Cash Flow Statement of
the Company for the year ended on that date. These financial statements are the responsibility of
the Company. Our responsibility is to express an opinion on these financial statements based on
our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India.
Those Standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor¶s Report) Order 2003, issued by the Central
Government of India in terms of subsection (4A) of section 227 of the Companies Act, 1956, we
enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

4 Further, we report that :

a) We have obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company,
so far as appears from our examination of such books.

c) The Balance Sheet the Profit and Loss Account and the Cash Flow statement referred to in this
report are in agreement with the books of account.

d) In our opinion the Balance- sheet, the Profit & Loss Account and the Cash Flow statement
comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956.

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e) On the basis of written representations received from the directors of the company and taken
on record by the board of directors, we report that no director is disqualified as at March 31,
2004 from being appointed as director of the company under clause (g) of sub section (1) of
Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us,
the said Balance Sheet and Profit & Loss Account read together with the notes thereon give the
information required by the Companies Act, 1956 in the manner so required and give a true and
fair view, in conformity with the accounting principles generally accepted in India.

i. in so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st
March, 2004 and

ii. in so far as it relates to the Profit and Loss Account, of the profit for the year ended on that
date.

iii. in the case of the Cash Flow Statement, of the cash flow for the

year ended on that date.

FOR, JATIN PARIKH & ASSOCIATES

CHARTERED ACCOUNTANTS

PLACE:- AHMEDABAD

DATE :- 28/06/2004.

PROPRIETOR

MEMBERSHIP NO.33811.

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