NOTES FORMING PART OF FINANCIAL STATEMENTS
	1.1. Basis of Preparation of Financial Statements:
	(a) Basis of Accounting:
	The financial statements have been brpared in accordance with Generally Accepted Accounting Principles (GAAP) in India and brsented under the historical cost convention on accrual basis of accounting to comply with the accounting standards brscribed in the Companies (Accounting Standards) Rules, 2006 and with the relevant provisions of the Companies Act, 1956.
	(b) Use of Estimates:
	The brparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of income and expenses during the period.
	(c) Presentation and Disclosures of Financial Statements:
	For the year ended 31st March, 2012, the revised Schedule VI notified under the Companies Act, 1956, is applicable to the Company, for brsentation and disclosures in financial statements. The Company has reclassified the brvious year's figures in accordance with the revised Schedule VI as applicable in the current year.
	1.2. Tangible Fixed Assets:
	Tangible fixed assets are carried at the cost of acquisition less accumulated debrciation. The cost of fixed assets includes taxes (other than those subsequently recoverable from tax authorities), duties, freight and other directly attributable costs related to the acquisition or construction period are capitalized.
	1.3. Revenue Recognition:
	Revenue from services is recognised on accrual basis
	Dividend Income is recognised when the right to receive payment is established.
	1.4. Inventory:
	Stock in trade of equity shares are valued at lower of cost or market. In absence of available market rate, it is taken at Rupee 1/- per equity share.
	1.5. Employee Benefits
	In absence of specifically laid down policies, all employee benefits payable wholly within twelve months of rendering the services are recognised in the period in which the employee renders the related service.
	1.6. Provision for Taxation:
	No provision for current tax is made in accordance with the Income Tax Act, 1961 in view of loss.
	Deffered tax assets arising on account of unabsorbed debrciation and brought forward losses have not been recognised in the books of account , in view of there being no virtual certainity that sufficient future taxable income will be available against which such deferred tax asset can be realised.
	1.7. Provisions :
	The Company creates a provision when there exists a brsent obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. When there is a possible obligation or a brsent obligation in respect of which likelihood of outflow of resources is remote, no provision or disclosure is made.
	1.8. Earnings Per Share (EPS):
	The Basic and Diluted Earnings Per Share (''EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.
	Note #2 : SHARE CAPITAL
	(a) Authorised, Issued, Subscribed and Paid-up
	Particulars		As at 31-03-2012		As at 31-03-2011
			Number	`	Number	`
	Authorised
	Equity Shares of ` 10/- each		5,500,000	55,000,000.00	5,500,000	55,000,000.00
	Issued, Subscribed & Paid up
	Equity Shares of ` 10/- each		5,011,400	50,114,000.00	5,011,400	50,114,000.00
	Subscribed but not fully Paid up
	Equity Shares of ` 10/- each, not fully paid up		-	-	-	-
	Total		5,011,400	50,114,000.00	5,011,400	50,114,000.00
	(b) A reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period;
	Particulars	Equity Shares		Preference Shares
		Number	`	Number	`
	Shares outstanding at the beginning of the year	5,011,400	50,114,000.00	-	-
	Shares Issued during the year	-	-	-	-
	Shares bought back during the year	-	-	-	-
	Shares outstanding at the end of the year	5,011,400	50,114,000.00	-	-
	(c) Details of shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held
	Name of Shareholder	As at 31-03-2012		As at 31-03-2011
		No. of Shares held	% of Holding	No. of Shares held	% of Holding
	(i) Narsinhbhai G. Patel	894,000	17.84	894,000	17.84
	(ii) Patel Narsinhbhai Ganpatbhai as karta of huf	435,300	8.69	435,300	8.69
	(iii) Varun N. Patel	300,000	5.99	300,000	5.99
	(d) Terms / Rights attached to Equity Shares
	The Company has only one class of shares referred to as equity shares having a par value of ` 10/- per share. Each holder of equity shares is entitled to one vote per share.
	As per the Companies Act, 1956, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all brfrential amounts in the event of liquidation of the Company. However no such brferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
	Note #3 : RESERVE & SURPLUS
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Surplus
	Opening balance				(28,047,323)	(27,843,840)
	(+/-) Net Profit/(Net Loss) For the current year				(259,177)	(203,483)
	Closing Balance				(28,306,500)	(28,047,323)
	Note #4 : OTHER CURRENT LIABILITIES
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	(a) Other Payables:
	- Provision for other Expenses				21,883	20,236
	- Other Payables				20,068	3,541,604
	Total				41,951	3,561,840
	Other Current Liabilities stated above include debts due to :
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Directors				-	1,750,000
	Company in which director is a director				-	-
	Firm in which director is a Partner				-	-
					-	1,750,000
	Note # 6 : TRADE RECEIVABLES
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Trade receivables outstanding for a period exceeding six months				348,430	348,430
	Less: Provision for doubtful debt				348,430	348,430
	Total				-	-
	Trade Receivable stated above include debts due by:
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Directors				-	-
	Company in which director is a director				-	-
	Firm in which director is a Partner				-	-
					-	-
	Note # 7 : LONG TERM LOANS AND ADVANCES
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	(a) Staff Loans - Unsecured, considered good				25,525	25,525
				sub total (a)	25,525	25,525
	(b) Loans To Others
	(1) Loans To Others - Unsecured, considered good				43,159	43,159
					43,159	43,159
	(2) Loans To Others - Unsecured, considered doubtful				2,361,138	2,361,138
	Less: Provision for doubtful Loan				2,361,138	2,361,138
					-	-
				sub total (b)	43,159	43,159
	(c) Advances To Others
	(1) Advances To Others - Unsecured, considered good				14,711,406	14,711,406
					14,711,406	14,711,406
	(2) Advances To Others - Unsecured, considered doubtful				326,836	326,836
	Less: Provision for doubtful Advance				326,836	326,836
					-	-
				sub total (C)	14,711,406	14,711,406
	(d) Tax Deducted at Source				107,817	107,817
				Sub total (d)	107,817	107,817
				total (a+b+c+d)	14,887,907	14,887,907
	Long term Loans & Advances stated above include debts due by:
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Directors				-	-
	Company in which director is a director				2,600,000	2,600,000
	Firm in which director is a Partner				-	-
					2,600,000	2,600,000
	Note # 8 : INVENTORIES
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Stock-in-trade (Valued at lower of cost or market)( Note: # 1 (1.4))				1,655,682	1,655,682
	Total				1,655,682	1,655,682
	Note # 9 : CASH AND CASH EQUIVALENTS
	Cash and Cash equivalents				As at 31-03-2012	As at 31-03-2011
					`	`
	(a) Balances with banks in Current Accounts				48,926	39,952
	(b) Cash on hand				53,462	41,502
					102,388	81,454
	Note # 10: SHORT TERM LOANS AND ADVANCES
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	(a) Advances To Others - Unsecured Considered good				5,198,771	8,998,771
					5,198,771	8,998,771
	Short term Loans & Advances stated above include debts due by:
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Directors				-	-
	Company in which director is a director				5,198,771	8,998,771
	Firm in which director is a Partner				-	-
					5,198,771	8,998,771
	Note #11 : REVENUE FROM OPERATIONS
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Consulting Income				19,000.00	-
					19,000.00	-
	Note #12 : OTHER INCOME
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Dividend				3,858.00	3,593.00
					3,858.00	3,593.00
	Note #13 : PURCHASE OF STOCK IN TRADE AND CHANGES IN INVENTORIES
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	(A) Purchase of Stock In Trade				-	-
	(B) Changes in Inventories of Stock-In-Trade
	Stock at the Beginning of the year
	- Stock-In-Trade				1,655,681.54	1,655,681.54
	Stock at the end of the year
	- Stock-In-Trade				1,655,681.54	1,655,681.54
	Changes in Inventories of Stock-In-Trade				-	-
	Note #14 : EMPLOYEE BENEFITS EXPENSE
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Salaries & Bonus				106,980.00	90,372.00
					106,980.00	90,372.00
	Note #15 : FINANCE COSTS
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Other Interest				890.00	227.00
					890.00	227.00
	Note #16 : OTHER EXPENSES
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	Miscellaneous Expenses				174,165.00	116,477.00
					174,165.00	116,477.00
	Note #17 : CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)
	Particulars				As at 31-03-2012	As at 31-03-2011
					`	`
	(i) Contingent Liabilities
	(a) Claims against the Company not acknowledged as debt				-	-
	(b) Other money for which the Company is contingently liable				-	-
					-	-
	(ii) Commitments
	(a) Estimated amount of contracts remaining to be executed on capital account and not provided for				-	-
					-	-
					-	-
	Note #18 : PAYMENTS TO AUDITORS
	Paticulars				2011 - 12	2010 - 11
					`	`
	a. as auditor				13483.00	13236.00
	b. as for taxation matters				6618.00	8273.00
	Total				20101.00	21509.00
	Note #19 OTHER INFORMATION
	Particulars				2011 - 12	2010 - 11
					`	`
	(a) CIF Value of Imports				-	-
	(b) Expenditure in Foreign Currency				-	-
	(c) Earnings in Foreign Currency				-	-
	(d) Dividend Remmittance in Foreign Currency				-	-
					-	-
	Note # 20 : IINFORMATION ON RELATED PARTY TRANSACTIONS AS REQUIRED BY ACCOUNTING STANDARD (AS) 18
	FOR THE YEAR ENDED 31ST MARCH 2012
	Particulars		Key Management Personnel		Enterprises Controlled By Key Management Personnel Or Their Relatives
			2011 - 12	2010 - 11	2011 - 12	2010 - 11
	Repayment of Advance received		1,750,000	-	1,750,000	150,000
	Repayment of Advances Given		-		3,800,000	4,235,000
	Outstanding as at 31st March:
	Amount Receivables		-	-	7,798,771.00	11,598,771
	Amount Payable		-	1,750,000	-	1,750,000
	1. Key Managerial Personnel		Designation
	(i) Bhartiben B. Patel		Managing Director
	(ii) Naginbhai G. Patel		Director
	(iii) Narsinhbhai G. Patel		Director
	(iv) Shailesh L. Patel		Director
	(v) Riken B. Patel		Director
	(vi) Naman K. Vyas		Director
	(vii) Dakshesh R. Shah		Director
	(viii) Varun N. Patel		Director
	(iX) Amrish J. Patel		Director
	2. Relatives
	(i) Neeta S. Patel
	3. Enterprises Controlled By Key Management Personnel or Their Relatives
	(i) Gallops Infrastructures Limited
	(ii) Parshava Tex Chem (I) Private Limited
	(iii) N G Realty Private Limited
	(iv) N G Patel Finlease Private Limited
	(v) N G Infortech India Private Limited
	(vi) Astron Technologies Private Limited
	(vii) Gallops Motors Private Limited
	(viii) Gallops ICTY Private Limited
	(ix) Gallops Infra Con Private Limited
	(x) Ashwa Infra Con Private Limited
	(xi) Equisearch Broking Private Limited
	(xiv) Nexus Enterprise
	(xv) Navkar Builders Ltd.
	(xvi) Parshva Aluminium Co. Pvt. Ltd.
	(xvii) Anar Project Ltd.
	(xviii) Innovative Infraplus India P. Ltd.
	SIGNATURES TO NOTES TO FINANCIAL STATEMENTS
	As per our report of even date.
	For, P. Doshi & Associates			For and on behalf of the Board of Directors
	Chartered Accountants
	(Parthiv C. Doshi)
	Proprietor			Director	Director
	Membership No.: 032295
	F.R.N.: 102740W
	Place : Ahmedabad			Place: Ahmedabad
	Date : 31-08-2012			Date : 31-08-2012

In absence of specifically laid down policies, all employee benefits payable wholly within twelve months of rendering the services are recognised in the period in which the employee renders the related service.