Whizkiddo - you should remove your URL from your post. It is against the TOS at WebmasterWorld.
1) We gave a postal address of India?
Nope, there are accepted publishers from India using AdSense.
2) site is database driven?
Possibly - if the URLs have session IDs, AdSense cannot serve targeted ads.
3) it has too many ads (text as well as graphical already?)
Very likely, particularly text ads. Read the AdSense Terms, FAQ & Policies for full details on what can and cannot be included for additional advertising. And overkill of advertising could be another reason for rejection.
4) bcuz we clicke on confirmation mail twice?
5) site has not yet been indexed?
Possibly - others have reported problems with new sites that are no longer in the index.
6) we havent recd enough minimum hits as yet?
Unless you have Google your stats, they wouldn't know how many hits or page views you receive. However, they could always guestimate considering the site launched 2 days ago and is not indexed by Google.
People have been accepted after initially being rejected. You should always use your most established site to apply for AdSense, because they accept and reject for a wide variety of reasons. It is always possible that none of your listed reasons had anything to do with your rejection.