annual accounts of subsidiary companies as on 31.3.2011

8/22/2019 Annual Accounts of Subsidiary Companies as on 31.3.2011

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H. H. TOPIWALA & CO.

H. H. TOPIWALA CHARTERED ACCOUNTANTSB. Com, F. C. A. Flat No. 501/ C-2, Sarkar Residency,

Opp. Anjirwadi, Mazgaon,

Mumbai 400 010

AUDITORS REPORT

To the Members of M/s Panoramic Holidays Limited

We have audited the attached Balance Sheet of Panoramic Holidays Limited as at 31st

March 2011 and also the Profit and Loss

Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys

management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 from 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.

As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment)

Order 2004, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we give in theannexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable

Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary forthe purposes of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from ourexamination of those books;

(iii) The Balance Sheet and Profit and Loss Account dealt with by this Report are in agreement with the books of account;(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this Report comply with the Accounting

Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the Directors, as on 31st March 2011 taken on record by the Board ofDirectors, we report that non of the director is disqualified as on 31

stMarch 2011 from being appointed as a director in

terms of Section 274 (1) (g) of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts readtogether with the Significant Accounting Policies and notes thereon give the information required by the Companies Act,

1956, in the manner so required and present a true and fair view in conformity with the accounting principles generally

accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011 ; andb) In the case of the Profit and Loss Account, of the Loss for the year ended on that date.

For H. H. Topiwala & Co.

Chartered Accountants

Firm Registration No. 111022W

Sd/-

Mumbai (H. H. Topiwala)

August 24, 2011 Proprietor

Membership No.38660


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Mumbai 400 010

Annexure to the Auditors Report of even date:-

1. The company has maintained proper records showing full particulars including quantitative details and situation of fixedassets. According to the information and explanation given to us, the fixed assets have been physically verified by the

management during the year in a phased periodical manner which in our opinion is reasonable, having regard to the size of

the Company and nature of the assets. No material discrepancies were noticed on such verification.

2. In respect of its inventories, the company has no inventories during the current year.3. In respect of loans, secured or unsecured, granted or taken by the company to/from companies, firm or other parties

covered in the register maintained under section 301 of the companies Act 1956.

(a) The Company has taken unsecured interest-free loan from one company listed in the register maintained underSection 301 of the Companies Act, 1956. In our opinion, the terms and conditions of the loan taken by thecompany is not prima facie prejudicial to the interest of the company. The maximum outstanding amount andclosing balance is Rs. 2,42,55,370/-

(b) The Company has not given loans and advances in the nature of loans to companies, firms and other Parties listedin the registers maintained under Section 301 of the Companies Act, 1956

4. In our opinion and according to the information and explanations given to us, there are adequate internal controlprocedures commensurate with the size of the Company and nature of its business for the purchase of inventory, fixed

assets and also for sale of goods and services. During the course of our audit, no major weakness has been noticed in the

internal controls.

5. In our opinion and according the information and explanation given to us, the Company has not entered into transactions ofpurchase of goods and material and sale of goods, material and services made in pursuance of contracts or arrangemententered in the register maintained under Section 301 of the Companies Act, 1956, and aggregating during the year to

Rs.5, 00,000/- or more in respect of each party.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits interms of the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956.

7. In our opinion the company has an internal audit system, commensurate with its size and nature of its business.8. The Central government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act,

1956.

9. According to the information and explanation given to us, and the records of the Company examined by us, in our opinion,there are undisputed amounts payable in respects of provident fund, investor education and protection fund, employees

state insurance, Income Tax, Wealth-tax, Sales Tax, Customs Duty and Excise Duty, cess and other material, statutorydues, that were outstanding as at 31

stMarch 2011 for a period of more than six months from the dates that they become

payable.

10. According to the records of the company the accumulated losses of the company exceeds fifty percent of its net worth. Thecompany has incurred cash losses during the current year.

11. Based on our audit procedures and to the best of our knowledge and belief and according to the information andexplanations given to us, we are of the opinion that the company has not defaulted in the repayment of dues to financial

institutions and banks.

12. According to the information and explanation given to us, the company has not granted any loans and advances on thebasis of security by way of pledge of shares, debentures and other securities.


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Mumbai 400 010

13. The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/ Societies are not applicableto the Company.

14. According to information provided, the company is not dealing in shares, securities, debentures and other investments.15. According to the information and explanation given to us, the company has not given any guarantee for loans taken by

others from bank and financial institutions.

16. According to the records of the company, the company has not taken any term loan.17. As per the records of the company, company has not taken any short term funds during the year.18. The company has not made preferential allotment of shares to parties and companies covered in the Register maintained

under section 301 of the Companies Act, 1956

19. The company has not issued any debentures.20. The Company has not raised any money by way of public issue during the year.21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been

noticed or reported during the year that causes the financial statements to be materially misstated.




Sd/-



Membership No: 38660


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(Amt. in Rs.)

Sch. As at As at

31-03-2011 31`-03-2010

Shareholder's Fund

Share Capital 1 500,000 500,000

Loan Funds

Unsecured Loan 2 24,255,370 11,241,929

Total 24,755,370 11,741,929

Application of Funds

Fixed Assets 3

Gross Block 4,111,206 1,290,048

Less : Depreciation 527,997 176,355

Net Block 3,583,209 1,113,693

Investments 300,000 300,000

Current Assets, Loans and Advances

Sundry Debtors 4 29,574,998 3,462,324

Cash and Bank Balances 5 1,802,066 169,587

Loans & Advances 6 2,031,322 26,584

Total 33,408,386 3,658,495

CURRENT LIABILITIES & PROVISIONS 7

Current Liabilities 49,634,954 10,547,516

Total 49,634,954 10,547,516

Net Current Assets (16,226,568) (6,889,021)

Miscellaneous Expenditure 8 30,844 46,266

(to the extent not written off or adjusted)

Profit & Loss Account 37,067,885 17,170,991

Total 24,755,370 11,741,929

Notes forming part of the Accounts and Accou 13

As per our report of even date For and on behalf of the Board

H. H. Topiwala & Co.


Sd/- Sd/- Sd/-

(H. H. Topiwala) (Usha Tari)

Proprietor Director

Mumbai, 24th August, 2011 Mumbai, 24th August, 2011

Panoramic Holidays Ltd.Balance Sheet as at 31st March, 2011

Particulars

Sources of Funds

(Viidyaa Moravekar)

Director


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(Amt. in Rs.)

Sch. Year ended Year ended

31-03-2011 31`-03-2010

INCOME

Income from Timeshare Activity 4,091,777 1,586,130

Other Income 582,395 204,095

Total 4,674,172 1,790,225

EXPENDITURE

Personnel Expenditure 9 10,955,007 8,633,104

General & Administrative Exp. 10 13,153,186 6,830,678

Depreciation 3 351,642 155,608

Interest & Financial Expenses 11 95,809 37,697

Preliminary Expenses W/Off. 12 15,422 15,422

Total 24,571,066 15,672,509

Profit / (Loss) Before Tax (19,896,894) (13,882,284)

Provision for Taxation - -

Profit / (Loss) After Tax (19,896,894) (13,882,284)

Add: Profit / (Loss) brought forward from the previous Year (17,170,991) (3,288,707)

Balance of Profit & Loss Account (37,067,885) (17,170,991)

Earnings Per Share (Basic) (397.94) (277.65)

As per our report of even date For and on behalf of the Board

H. H. Topiwala & Co.


Sd/- Sd/- Sd/-


Proprietor Director

Membership No. 38660


Panoramic Holidays Ltd.

Notes forming part of the Accounts &Accounting Policies 13

Profit & Loss Account for the year ended 31st March, 2011

Particulars

(Viidyaa Moravekar)

Director


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(Amt. in Rs.)

As at As at

31-03-2011 31`-03-2010

SCHEDULE : 1 SHARE CAPITAL

Authorised

2,50,000 (Previous Year 2,50,000) Equity Shares 2,500,000 2,500,000

of Rs. 10/- each

2,500,000 2,500,000

Issued, Subscribed & Paid UpEquity Share Capital

50,000 (Previous Year 50,000) Equity Shares 500,000 500,000

of Rs. 10/- each fully paid up

500,000 500,000

SCHEDULE : 2 UNSECURED LOAN

From Other Companies 24,255,370 11,241,929

24,255,370 11,241,929

SCHEDULE : 4 SUNDRY DEBTORS

(Unsecured, considered good subject to confirmation)

Over six months 8,080,300 1,291,216

Others 21,494,699 2,171,108

29,574,998.13 3,462,324

SCHEDULE : 5 CASH AND BANK BALANCES

Cash and Bank Balances

Cash in Hand 141,115 21,558

Bank Balances with Scheduled Banks 1,660,951 148,029

1,802,066 169,587

SCHEDULE : 6 LOANS & ADVANCES


Advances recoverable in cash or in kind or for value to

be received 453,988 1,801Deposit 1,436,000 -

Prepaid Expenses 141,334 24,783

2,031,322 26,584

SCHEDULE : 7 CURRENT LIABILITIES & PROVISIONS

Current Liabilities

Sundry Creditors 1,158,636 1,266,630

Duties & Taxes 34,368 36,165

Other Liabilities 48,441,950 9,244,721

49,634,954 10,547,516

SCHEDULE : 8 MISCELLANEOUS EXPENDITURE

(To the extent not written off or adjusted)Preliminary Expenses 10,044 15,066

Share Issue Expenses 20,800 31,200

30,844 46,266

Schedules forming part of the Balance Sheet



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(Amt. in Rs.)

As at As at

31-03-2011 31`-03-2010

SCHEDULE : 9 PERSONNEL EXPENDITURE

Reimbursement of Salary and Allowance 10,815,714 8,602,270

Staff Canteen & Refreshment exp. 18,312 21,534

Staff Welfare Exp.(Including reimbursements) 120,981 9,300

10,955,007 8,633,104

SCHEDULE : 10 GENERAL ADMINISTRATIVE EXP.

Advertisement & Sales Promotion 6,479,166 1,696,207

Affiliation Fee - 2,475,000

Audit Fees 3,640 5,842

Books & periodical Expenses 29,549 -

Commission & Discount Expenses 821,297 179,456

Communication Expenses (Including reimbursements) 798,094 300,391

Computer Expenses 5,573

Electricity & Water Charges(Including reimbursements) 180,801 134,121

Entertainment Expenses (Including reimbursements) - -

Event Expenses - 8,050

License & Fees 48,383 18,575

Membership & Subscription 29,400 10,000

Office Expenses 119,690 64,097

Printing & Stationary (Including reimbursements) 318,922 243,962

Professional Fees 304,922 39,122

Purchase of Room Nights / Consumables 1,547,278 414,547

Rent 1,044,417 840,000

Repairs & Maintenance: 312,915

Others - 29,112

Travel & Conveyance Expenses (Including reimbursements) 1,109,139 372,196

13,153,186 6,830,678

SCHEDULE : 11 INTEREST & FINANCIAL EXP.

Bank Charges 95,809 37,697

95,809 37,697

SCHEDULE : 12 PRELIMINARY EXP. W/OFF.

Preliminary Expenses W/off. 5,022 5,022

Share Issue Expenses W/off. 10,400 10,400

15,422 15,422

Panoramic Holidays Ltd.Schedules forming part of the Profit & Loss Account


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CHEDULE 3 : FIXED ASSETS

ASSETS

AS ON ADD. DURING SALES DURING AS ON AS ON DURING AS01/04/10 THE YEAR THE YEAR 31-03-2011 01/04/10 YEAR 31-0

omputers 957,480 1,456,665 - 2,414,145 154,877 244,517

ant & Machinery

ectrical Installations 46,342 - - 46,342 2,846 2,195

urniture & Fixtures 59,625 243,334 - 302,959 4,901 10,860

ffice Equipments 226,601 247,526 - 474,127 13,731 14,450

ease hold Property - 137,623 - 137,623 12,851

ease hold Furniture & fix - 736,010 - 736,010 66,769

otal 1,290,048 2,821,158 - 4,111,206 176,355 351,642

evious Year 800,098 489,950 - 1,290,048 20,747 155,608

G R O S S B L O C K D E P R E C I A T I O N

Panoramic Holidays Ltd.Schedules forming part of the Balance Sheet


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1 SIGNIFICANT ACCOUNTING POLICIES:

a) Basis of Accounting

These accounts are prepared on historical cost convention on an accrual basis on a going concern

basis and in accordance with accounting standards issued by the Institute of

Chartered Accountants of India and the presentational requirements of the Companies Act, 1956.

b) Fixed Assets

Fixed assets are stated at cost less depreciation along with taxes, duties, freights and any directly

attributable cost of bringing the asset to its working condition for the intended use up to the date ofcommissioning for operation, attributable to acquisition / construction of the concerned assets.

Leasehold land and buildings are amortised over the period of lease.

c) Depreciation and Amortization:

Depreciation on fixed assets has been provided on straight - line method as prescribed in the

Schedule XIV to the Companies Act, 1956.

d) Income from Timeshare Activity

The company is in the business of sale of Room Nights on timeshare basis for utilisation of room nights

as per various Holiday plans, where usage benefit is spread over the future years. Accordingly the

income from timeshare activity is accounted as income equally on pro rata basis over customer

usage periods as per various holiday plans.

Annual subscription fee from members are recognised as income on receipt basis.

e) Deferred Tax

Provision for Deferred Tax Asset on account of carried forward losses has not been provided since

there is no virtual certainty of profit in the near future.

2 Contingent Liabilities

Estimated amount of capital commitments not provided for : Rs. NIL

Contingent Liabilities not provided for : Rs. NIL

3 The amount payable to Small Scale and Ancillary Undertakings : Rs. NIL

4 Disclosure of related parties / related party transactions

i) Directors of the Company

Mrs. Viidyaa S. Moravekar

Mrs. Usha Tari

Mrs. Shobha Barde

ii) Related party transactions during the year

The Company has entered into transactions with related parties during the year.

These transactions along with the relevant balances are set out as under:

(Amt. in Rs.)

Transaction with Associates & Holding Companies 2010-11 2009-10

Reimbursement of Expenses :-

Panoramic Universal Limited 5,198,538 4,875,646

Pancard Clubs Limited 7,044,223 4,882,644

Purchase of Room Nights:-

Pancard Clubs Ltd 333,316 121,039

Panoramic Universal Ltd 379,375 278,372

Seaview Retreats Ltd 412,369 66,000

Graciano Cottages 220,025 47,000

Travelling Expenses:-

Panoramic Tour & Travels Ltd. 68,282 21,640

Schedule : 13 Notes on Balance Sheet and Profit & Loss Account



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Amount due to related parties

Pancard Clubs Limited 6,995,772 -

Panoramic Tour & Travels Limited - 21,640

Panoramic Universal Limited 17,210,237 11,241,929

(iii) Enterprises Controlled by directors/relatives:-

Pancard Clubs Ltd.

Pan Herbbo Limited

Herbo Effect (India) Limited

Panoramic Resorts (India) Limited

Sai Nirmaan Properties Limited

Hotel Pinnacle Limited

Athiti Resorts Limited

Golden Valley Hotels Limited

Seaview Retreats Limited

Panoramic Unnathi Pvt. Ltd.

Indo Pacific Hotels Ltd.

Panoramic Tours & Travels Ltd.

Sri Vatsa Hotels Ltd.

Panoramic Hotels Ltd.

Pan Product Impex Pvt. Ltd.

Panoramic Land Developers Pvt. Ltd.

Smooth Financials Pvt. Ltd.

Panoramic Structures Pvt. Ltd.

Panoramic Investment Advisors Pvt. Ltd.

Panoramic Agriculture & Farms Pvt. Ltd.

Panoramic Agricultural Services Pvt. Ltd.

Panoramic Greeneries Pvt. Ltd.

Panoramic Husbandries Pvt. Ltd.

Partnership firms where Directors are Partners

Grand View Hotel, Restaurant & Bar

Graciano Cottages

Limited Liability Partnership firm where Directors are Partners

Panoramic Real Estate Consultants LLP

5 Information with regard to matters specified in clause 3, 4(A) and 4 (D) of Part II of Schedule VI

of the Companies Act, 1956 to the extent that they are either Nil or not applicable to the

Company has not been given.

6 Earning Per Share

Profit attributable to Equity Shareholders (Rs.) (19,896,894) (13,882,284)

Number of Equity Shares 50,000 50,000

Nominal Value of Equity Share Rs.10/- Rs.10/-

Basic Earning Per Equity share (397.94) (277.65)

7 Figures of previous year have been regrouped wherever necessary, to make them comparable.

As per our Report of even date

For H. H. Topiwala & Co.Chartered Accountants

Sd/- Sd/- Sd/-

(H. H. Topiwala) (Viidyaa Moravekar) (Usha Tari)

Proprietor Director Director

Membership No . 38660


Schedule 13: Notes on Balance Sheet and Profit & Loss Account (Contd)

For and on behalf of the Board



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i) Registration Details

Company Identity No.:

State Code : 11

Balance Sheet Date: 31st March, 2011

ii) Capital Raised during the year (Amt. in Rs.Thousands)

Public Issue NIL

Rights Issue NILBonus Issue NIL

Private Placement NIL

iii) Position of Mobilisation and Deployment of Funds (Amount in Rs.Thousands)

Total Liabilities 24,755

Total Assets 24,755

Sources of Funds:

Paid-up Capital 500

Reserves & Surplus NIL

Secured Loans NIL

Unsecured Loans 24,255

Application of Funds:Net Fixed Assets 3,583

Investments 300

Net Current Assets (16,227)

Misc. Expenditure 31

Accumulated Losses 37,068

iv) Performance of Company (Amt. in Rs.Thousands)

Total Income 4,674

Total Expenditure 24,571

Profit / (Loss) before tax (19,897)

Profit / (Loss) after tax (19,897)

Earning per Share (Rs.) (397.94)

Dividend rate NIL

v) Name of Three Principal Products / Services of Company

Item Code No. N.A.

Product Description N.A.

Panoramic Holidays Ltd.Balance Sheet Abstract and Company's General Business Profile

U45201MH2006PLC166115


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Mumbai 400 010

AUDITORS REPORTTo the Members of M/s Indo Pacific Hotels Limited

We have audited the attached Balance Sheet of Indo Pacific Hotels Limited as at 31 st March 2011 and also the Profit and Loss









Order 2004, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we give in the

annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable











accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011 ; andb) In the case of the Profit and Loss Account, of the Loss for the year ended on that date.




Sd/-



Membership No.38660


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Mumbai 400 010


1. The company has maintained proper records showing full particulars including quantitative details and situation of fixedassets. According to the information and explanation given to us, the fixed assets have been physically verified by the



2. In respect of its inventories the company has no inventories during the current year3. In respect of loans, secured or unsecured, granted or taken by the company to/from companies, firm or other parties


(a) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in theRegister maintained under Section 301 of the Companies Act, 1956 during the year.

(b) The Company has not given any interest free loans and advances in the nature of loans to any companies, firmsand other Parties listed in the register maintained under Section 301 and 370 (1-C) of the Companies Act, 1956 inthe ordinary course of its business.



internal controls.

5. In our opinion and according the information and explanation given to us, the Company has not entered into transactions ofpurchase of goods and material and sale of goods, material and services made in pursuance of contracts or arrangement

entered in the register maintained under Section 301 of the Companies Act, 1956, and aggregating during the year to


6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits interms of the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956.7. In our opinion the company has an internal audit system, commensurate with its size and nature of its business.8. The Central government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act,

1956.

9. According to the information and explanation given to us, and the records of the Company examined by us, in our opinion,there are no undisputed amounts payable in respects of provident fund, investor education and protection fund, employees

state insurance, Income Tax, Wealth-tax, Sales Tax, Customs Duty and Excise Duty, cess and other material, statutory

dues, that were outstanding as at 31st

March 2011 for a period of more than six months from the dates that they become

payable.

10. The company does not have accumulated losses as at the end of the year and the Company has incurred cash losses duringthe current year.





14. According to information provided, the company is not dealing in shares, securities, debentures and other investments.


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15. According to the information and explanation given to us, the company has not given any guarantee for loans taken byothers from bank and financial institutions.








Sd/-





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(Amt. in Rs.)

Sch. As at As at

31-03-2011 31-03-2010

Shareholder's Fund

Share Capital 1 500,000 500,000

Share Application Money 2 350,000,000 350,000,000

Reserve & Surplus 3 - 1,799,443

Total 350,500,000 352,299,443


Fixed Assets 4

Gross Block 336,485,576 326,539,764

Less: Depreciation - -Net Block 336,485,576 326,539,764

Capital WIP 561,500 317,111

Investments 5 2,500 2,500

Current Assets,Loans and Advances

Cash and Bank Balances 6 7,528,390 1,266,846Loans & Advances 7 2,761,527 19,836,008

10,289,917 21,102,854


Current Liabilities 79,408 198,05779,408 198,057

Net Current Assets 10,210,509 20,904,797

Miscellaneous Expenditure 9 2,085,621 4,535,271

(to the extent not written off or adjusted)

Profit and Loss Account 1,154,294 -

Total 350,500,000 352,299,443

Notes forming part of the Accounts and Accounting Policies 12

As per our Report of even dateH. H. Topiwala & Co. For and on behalf of the BoardChartered Accountants

Sd/- Sd/- Sd/-H. H. Topiwala

ProprietorMembership No. 38660


Vilas K. Mitwabkar

Director

Usha A. Tari

Director

Indo Pacific Hotels Ltd.Balance Sheet as at 31st March, 2011

Particulars

Sources of Funds


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(Amt. in Rs.)


31-03-2011 31-03-2010

INCOMEDividend Received 344 -

Miscellaneous Income 751 -Total 1,095 -

EXPENDITURES

General and Administrative Expenses 10 26,852 11,587

Interest and Finance Charges 11 6,162 215

Preliminary Expenses Written Off 12 720,202 -

Total 753,216 11,802

Profit / (Loss) Before Tax (752,121) (11,802)

Provision for Taxation - -

Profit / (Loss) After Tax (752,121) (11,802)

Less : Income Tax short provision for earlier years 41,010 -

Less : Preliminary Expenses Written off for earlier years 2,160,606 -

Balance brought forward 1,799,443 1,811,245

Balance carried to Balance Sheet Total (1,154,294) 1,799,443

Earning Per Share (Equity Shares, par value of Rs. 10/- each (15.04) (0.24)


As per our Report of even dateH. H. Topiwala & Co. For and on behalf of the BoardChartered Accountants

Sd/- Sd/- Sd/-H. H. Topiwala

ProprietorMembership No. 38660


Director

Usha A. Tari

Director

Indo Pacific Hotels Ltd.Profit & Loss Account for the year ended 31st March, 2011

PARTICULARS

Vilas K. Mitwabkar


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(Amt. in Rs.)

As at As at

31-03-2011 31-03-2010

SCHEDULE 1 - SHARE CAPITAL

Authorised

50,000,000 Equity Shares of Rs. 10/- each 500,000,000 500,000,000500,000,000 500,000,000

Issued, Subscribed & Paid Up

Equity Share Capital50,000 Equity Shares of Rs. 10/- each fully paid up 500,000 500,000

500,000 500,000

SCHEDULE 2 - SHARE APPLICATION MONEY

Share Application Money - Sai Nirmaan Properties Ltd. 350,000,000 350,000,000350,000,000 350,000,000

SCHEDULE 3 - RESERVE & SURPLUS

Transferred from Profit and Loss Account (1,154,294) 1,799,443

(1,154,294) 1,799,443

SCHEDULE 5 - INVESTMENTS

Investment in Equity Shares(Non-Trade-Unquoted, fully paid)The Zoroastrian Co-operative Bank Ltd. 2,500 2,500100 Equity Shares of Rs. 25/- each fully paid up

2,500 2,500

SCHEDULE 6 : CASH AND BANK BALANCES

Cash and Bank Balances

Cash in Hand 52,645 571,440

Bank BalancesWith Scheduled Banks 7,475,745 695,406

7,528,390 1,266,846

SCHEDULE 7 : LOANS AND ADVANCES

(Unsecured, considered good subject to confirmation)Advances recoverable in cash or kind or for value tobe received 2,761,527 19,825,958Advance Tax & TDS - 10,050

2,761,527 19,836,008

SCHEDULE 8 : CURRENT LIABILITIES & PROVISIONS

CURRENT LIABILITIES

Sundry Creditors 39,448 51,340Duties & Taxes 34,340 39,684

Other Liabilities 5,620 107,033

79,408 198,057

SCHEDULE 9 : MISCELLANEOUS EXPENDITURE

(To the extent not written off or adjusted)Preliminary Expenses 720,202 3,601,010

Pre-Operative Expenses 1,365,419 934,2612,085,621 4,535,271

Indo Pacific Hotels Ltd.Schedules forming part of the Balance Sheet


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(Amt. in Rs.)

Year ended Year ended

31-03-2011 31-03-2010

SCHEDULE 10 : GENERAL & ADMINISTRATIVE EXPENSESAudit Fees 7,280 6,067Professional Fees - 3,520

Repairs & Maintenance 14,006 -

Internet Charges 356 -Office Expenses 300 -

Travel & Conveyance Expenses 2,960 -License & Fees 1,950 2,000

26,852 11,587

SCHEDULE 11 : INTEREST & FINANCE CHARGES

Bank Charges 6,162 215

6,162 215

SCHEDULE 12 : PRELIMINARY EXPENSES WRITTEN OFF

Preliminary Expenses 720,202 -

720,202 -

Schedules forming part of the Profit and Loss AccountIndo Pacific Hotels Ltd.


19/90

SCHEDULE 4 : FIXED ASSETS

As at Additions Deductions As at As at For the Deduction As at

01-04-2010 during the year during the year 31-03-2011 01-04-2010 year during the year 31-03-20

Freehold Land 326,539,764 9,945,812 - 336,485,576 - - - -

326,539,764 9,945,812 - 336,485,576 - - - -

Previous Year 326,539,764 - - 326,539,764 - - - -

Total

Indo Pacific Hotels Ltd.

DESCRIPTION GROSS BLOCK (At Cost) DEPRECIATION



20/90

1 SIGNIFICANT ACCOUNTING POLICIES

a) Basis of Accounting :

These accounts are prepared on historical cost convention on an accrual basis on a going concernbasis and in accordance with accounting standards issued by the Institute ofChartered Accountants of India and the presentational requirements of the Companies Act, 1956.

b) Fixed Assets :

i) Fixed Assets are stated at their original cost alongwith taxes, duties, freight, if any, upto the date ofcommissioning for operation, attributable to acquisition/construction of the concerned assets.

Capital work-in-progress includes cost of assets not ready for use ,advances, expenditure incurred and interest on

funds deployed.

2 Contingent Liabilities

Estimated amount of capital commitments not provided for : Rs. NilContingent Liabilities not provided for : Rs. Nil

3 The amount payable to Small Scale and Ancilliary Undertakings : Rs.Nil

4 Preliminary expenditure shall be written off after commencement of commericial operations by the company.Pre operative expenditure shall be allocated to Fixed Assets on commencement of commericial operations

by the company.

5 Disclosure of related parties / related party transactions:i) Directors of the Company

Mr. Vilas K. MitwabkarMrs. Usha A. TariMrs. Shobha R. Barde

ii) Parties where control exists:-

Holding Company

Panoramic Universal Limited

iii) Enterprise contolled by directors / relatives:a) Pancard Clubs Ltd.

b) Pan Herbbo Limitedc) Herbo Effect (India) Limitedd) Panoramic Resorts (India) Limitede) Sai Nirmaan Properties Limitedf) Hotel Pinnacle Limitedg) Athiti Resorts Limitedh) Golden Valley Hotels Limitedi) Seaview Retreats Limitedj) Panoramic Unnathi Pvt. Ltd.k) Panoramic Holidays Ltd.l) Panoramic Tours & Travels Ltd.

m) Sri Vatsa Hotels Ltd.n) Panoramic Hotels Ltd.o) Pan Product Impex Pvt. Ltd.p) Panoramic Land Developers Pvt. Ltd.q) Smooth Financials Pvt. Ltd.r) Panoramic Structures Pvt. Ltd.s) Panoramic Investment Advisors Pvt. Ltd.t) Panoramic Agriculture & Farms Pvt. Ltd.

u) Panoramic Agricultural Services Pvt. Ltd.v) Panoramic Greeneries Pvt. Ltd.

w) Panoramic Husbandries Pvt. Ltd.

Indo Pacific Hotels Ltd.Schedule : 12 Notes on Balance Sheet and Profit & Loss Account


21/90

iv) Partnership firms where Directors are Partners

a) Grand View Hotel, Restaurant & Barb) Graciano Cottages

v) Limited Liability Partnership firm where Directors are Partnersc) Panoramic Real Estate Consultants LLP

vi) Related party transactions during the year

(Amt. in Rs.)

Amount due from related party 2010-11 2009-10

Panoramic Universal Limited - 16,340,500

6 Information with regard to matters specified in clause 3, 4(A) and 4 (D) of Part II of Schedule VIof the Companies Act, 1956 to the extent that they are either Nil or not applicable to the

Company has not been given.

7

respect of Earning Per Share (EPS) is as follows:(Amt. in Rs.)

2010-11 2009-10Profit /(Loss) avaiable to equity shareholders (752,121) (11,802)No. of equity shares for basic EPS 50,000 50,000Nominal Value of equity shares Rs.10/- Rs.10/-Basic earning per equity share (15.04) (0.24)

8 Figures of previous year have been regrouped whereever necessary, to make them comparable.

As per our Report of even dateFor H. H. Topiwala & Co. For and on behalf of the Board


Sd/- Sd/- Sd/-H. H. Topiwala Usha A. Tari Vilas K. Mitwabkar

Proprietor Director DirectorMembership No . 38660

Mumbai, 24th August 2011 Mumbai, 24th August 2011

As required by Accounting Standard 20 issued by Institute of Chartered Accountants Of India, the reporting in

Indo Pacific Hotels Ltd.Schedule : 12 Notes on Balance Sheet and Profit & Loss Account (Contd.)


22/90


Company Identity No.: U51109MH2006PLC161867State Code : 11

Balance Sheet Date : 31st March , 2011

ii) Capital Raised during the year (Amount in Rs.Thousands)

Public Issue NILRights Issue NILBonus Issue NILPrivate Placement NIL


Total Liabilities 350,500Total Assets 350,500

Sources of Funds

Paid-up Capital 350,500Reserves & Surplus NILSecured Loans NILUnsecured Loans NIL


Net Fixed Assets 337,047Investments 3Net Current Assets 10,211Misc. Expenditure 2,086Accumulated Losses 1,154

iv) Performance of Company (Amount in Rs.Thousands)

Total Income 1

Total Expenditure 753Profit / (Loss) before tax (752)Profit / (Loss) after tax (752)Earning per Share Rs.) (15.04)Dividend Rate NIL

v) Name of Three Principal Products / Services of CompanyItem Code No. N.A.


Indo Pacific Hotels Ltd.Balance Sheet Abstract and Company's General Business Profile


23/90




Mumbai 400 010

AUDITORS REPORTTo the Members of Panoramic Tour & Travels Ltd.

We have audited the attached Balance Sheet of Panoramic Tour & Travels Ltd. as at 31st

March 2011 and also the Profit and Loss










annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.




(iii) The Balance Sheet and Profit and Loss Account dealt with by this Report are in agreement with the books of account;(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this Report comply with the AccountingStandards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;(v) On the basis of written representations received from the Directors, as on 31st March 2011 taken on record by the Board of

Directors, we report that none of the director is disqualified as on 31st

March 2011 from being appointed as a director in

terms of Section 274 (1) (g) of the Companies Act ,1956;



accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011 ; andb) In the case of the Profit and Loss Account, of the profit for the year ended on that date.


Firm Registration No. 111022 W

Sd/-



Membership No.38660


24/90




Mumbai 400 010


1.

The company has maintained proper records showing full particulars including quantitative details and situation of fixedassets. According to the information and explanation given to us, the fixed assets have been physically verified by the



2. In respect of its inventories :(a) As explained to us, inventories of foreign currency were physically verified during the year by the management

at regular intervals.

(b) In our opinion, and according to the information and explanations given to us, the procedures of physical

Verification of inventories of foreign currency followed by the management is reasonable and adequate in

relation to the size of the company and nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us, there was no material

discrepancy noticed on physical verification of inventory as compared to the book records.

3. In respect of loans, secured or unsecured, granted or taken by the company to/from companies, firm or other partiescovered in the register maintained under section 301 of the companies Act 1956.

(a) The Company has taken unsecured interest-free loan from one company listed in the register maintained underSection 301 of the Companies Act, 1956. In our opinion, the terms and conditions of the loan taken by the

company is not prima facie prejudicial to the interest of the company. The maximum outstanding amount isRs.92, 55,280/-and closing balance is Rs.44, 18,010/- .

(b) The Company has not granted any loans and advances during the year to companies, firms and other parties listedin the register maintained under Section 301 and 370 (1-C) of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal controlprocedures commensurate with the size of the Company and nature of its business for the purchase of inventory, fixedassets and also for sale of goods and services. During the course of our audit, no major weakness has been noticed in the

internal controls.

5. In our opinion and according the information and explanation given to us, where the Company has entered into transactionsfor purchase of goods and material and sale of goods, material and services made in pursuance of contracts or arrangement

entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to

Rs.5,00,000/- or more in respect of each party, the same has been made at prices which are reasonable having regard to the

prevailing market prices at the relevant time.



1956.

9. According to the information and explanation given to us, and the records of the Company examined by us, in our opinion,there are no undisputed amounts payable in respects of provident fund, investor education and protection fund, employees

state insurance, Income Tax, Wealth-tax, Sales Tax, Customs Duty and Excise Duty, cess and other material, statutory

dues, that were outstanding as at 31st March 2011 for a period of more than six months from the dates that they become

payable.

10. The Company does not have accumulated losses as at the end of the year and the Company has not incurred cash lossduring the current year.


25/90




Mumbai 400 010













Firm Registration No. 111022 W

Sd/-





26/90

(Amt. in Rs.)

Particulars Sch. As at As at

31-03-2011 31-03-2010

Sources of Funds

Shareholders' Funds

Share Capital 1 2,500,000 2,500,000

Reserves & Surplus 137,999 227,520

Unsecured Loan 2 4,418,010 9,255,280

Deferred Tax Liablity 48,533 12,243

Total 7,104,542 11,995,043


Fixed Assets 3

Gross Block 497,917 232,746

Less: Depreciation 62,647 20,503

Net Block 435,270 212,243

Current Assets, Loans and Advances

Sundry Debtors 4 2,324,941 9,560,411

Cash and Bank Balances 5 2,646,174 4,768,033

Loans & Advances 6 3,606,093 668,862

8,577,208 14,997,306

Current Liabilities and Provisions 7


1,907,936 3,214,506

Net Current Assets 6,669,272 11,782,800

Total 7,104,542 11,995,043

Notes forming part of the Accounts & Accounting Policies 13

As per our Report of even date For and on behalf of the BoardFor H. H.Topiwala & Co.


Sd/- Sd/- Sd/-


Proprietor Director

Membership No.38660

Mumbai, Mumbai,

Date : 24th August, 2011 Date : 24th August, 2011

Panoramic Tour & Travels Ltd.Balance Sheet as at 31st March 2011

(Viidyaa Moravekar)

Director


27/90

Particulars Sch. Year ended Year ended

31-03-2011 31-03-2010

INCOME

Income from Travel Agency 8 1,265,015 2,459,894

Other Income 9 1,873,647 1,595,337

Total 3,138,662 4,055,231

EXPENDITURE

Personnel Expenditure 10 1,024,728 1,041,989

General & Administrative Expenses 11 1,916,490 2,926,989

Depreciation & Amortisation 3 42,144 16,948

Financial Charges 12 54,704 44,420

Total 3,038,066 4,030,346

PROFIT BEFORE TAX 100,596 24,885

Provision for Current Tax - MAT 18,650 3,845

Provision for Deferred Tax 36,290 6,989

PROFIT AFTER TAX 45,656 14,051

Less: Short Provision of Tax for earlier years 135,177 -

Add: Profit brought forward from the previous year 227,520 213,469

Balance carried to Balance Sheet 137,999 227,520

Earnings Per Share (Basic) .18 0.06

Notes forming part of the Accounts & Accounting Policies 13

As per our Report of even date For and on behalf of the BoardFor H. H. Topiwala & Co.


Sd/- Sd/- Sd/-


Proprietor Director

Membership No.38660

Mumbai, Mumbai,

Date : 24th August, 2011 Date : 24th August, 2011

Profit & Loss Account for the year ended 31st March , 2011

Panoramic Tour & Travels Ltd.

(Viidyaa Moravekar)

Director


28/90

(Amt. in Rs.)

As at As at

31-03-2011 31-03-2010

SCHEDULE 1 : SHARE CAPITALAuthorised:

2,50,000 Equity Shares of Rs.10 each 2,500,000 2,500,000

Issued, Subscribed and Paid Up:

2,50,000 Equity Shares of Rs.10 each 2,500,000 2,500,0002,500,000 2,500,000

SCHEDULE 2 : UNSECURED LOAN

From Holding Company 4,418,010 9,255,2804,418,010 9,255,280

SCHEDULE 4 : SUNDRY DEBTORS


Over six months 1,286,660 1,240,689

Others 1,038,281 8,319,7222,324,941 9,560,411


Cash in hand 54,561 558,712

Foreign Currency in hand - -

Bank Balances

With Scheduled Banks 2,591,613 4,209,321

2,646,174 4,768,033



Advances recoverable in cash or in kind or for value to be received 2,753,695 -

Deposits 208,947 19,684

Advance Tax and TDS 341,235 592,533

Prepaid Expenses 302,216 56,645

____________ ____________

3,606,093 668,862

SCHEDULE 7 : CURRENT LIABILITIES AND PROVISIONS

CURRENT LIABILITIES

Sundry Creditors 902,216 2,452,577

Loan & Advances to Sundry Creditors 799,570 -

Duties & Taxes 53,536 59

Other Liabilities 152,614 761,870

1,907,936 3,214,506




29/90

(Amt. in Rs.)


31-03-2011 31-03-2010

SCHEDULE 8 : INCOME FROM TRAVEL AGENCY

Income from Foreign Currency 21,199 68,853

Income from Commission on Tickets 1,243,816 2,391,041

1,265,015 2,459,894

SCHEDULE 9 : OTHER INCOME

Interest on Bank FDR/IT Refund 33,203 -

Commission On Car/Railways 36,480 3,318

Commission On Hotel 810,423 903,689

Other Income 59,827 155,796

Income from passport - 4,000Income from VISA Service 772,264 169,133

Voiding & Cancellation Charges 58,730 90,438

Service Charges 19,929 2,922

Commission on Foreign Exchange - 1,591

Commission On Travel Insurance 28,485 55,521

Sundry Balance Write Off 54,306 208,929

1,873,647 1,595,337

SCHEDULE 10 : PERSONNEL EXPENDITURE

Re-imbursement of Salaries & Allowances 885,367 953,819

Staff Canteen & Lunch Expenses 113,338 64,598

Staff Welfare Expenses 26,023 23,572

1,024,728 1,041,989

Panoramic Tour & Travels Ltd.Schedules forming part of the Profit and Loss Account


30/90

(Amt. in Rs.)


31-03-2011 31-03-2010

SCHEDULE 11 : GENERAL & ADMINISTRATIVE EXPENSES

Annual Agency fees 38,614 28,447

Audit Fees 79,416 66,180

Rent 240,000 -

Debts Written off - 49,083

Conveyance 158,220 105,401

Electricity Charges 294,833 408,249

Advertisement Expenses 10,000 929,799

ROC Filing Fee 1,620 3,860

I.A.T.A. Fees 5,106 37,031

Internet Charges 109,637 14,387

Insurance Charges 42,665 50,512Membership & Subscription 11,265 10,000

Miscellaneous Expenses 29,501 44,346

Office Expenses 64,031 71,802

Shop & Establishment Expenses 8,000 8,000

Postage & Courrier Charges 2,275 5,336

Printing & Stationery Expenses 71,036 51,030

Professional & Legal Charges 132,149 444,651

Repairs & Maintenance - Others 48,471 22,886

Sales Promotion Expenses 60,815 65,778

Telephone & Mobile Expenses 213,526 316,054

Tour Operator & Travelling Expenses 45,124 -

Security Guard Expenses 232,123 189,192Software & Computer Expenses 18,063 4,965

1,916,490 2,926,989

SCHEDULE 12 : INTEREST & FINANCIAL CHARGES

Bank Charges 54,704 44,420

54,704 44,420

Panoramic Tour & Travels Ltd.Schedules forming part of the Profit and Loss Account


31/90


As at Additions Deduction As at As at For the As

01-04-2010 during the year during the year 31-03-2011 01-04-2010 year 31-03-

Computers 123,000 153,103 - 276,103 13,057 32,585

Furniture & Fixtures 24,863 - - 24,863 1,570 1,574

Office Equipments 25,913 112,068 - 137,981 1,824 5,184

Air Conditioner 58,970 - - 58,970 4,052 2,801

Total 232,746 265,171 - 497,917 20,503 42,144

Previous Year 135,806 96,940 - 232,746 3,555 16,948

DESCRIPTION


GROSS BLOCK (At Cost) DEPRECIATION



32/90

Panoramic Tour & Travels Ltd.Schedule 13 : Notes on Balance Sheet and Profit & Loss Account

1) Significant Accounting Policies :

(I)Basis of Accounting :

The Financial Statements are prepared under Historical Cost Convention on accrual basis in accordance with the applicable

Accounting Standards issued by Institute of Chartered Accountants of India and required by Companies Act 1956

(II)Fixed Assets & Depreciation :

(i) Fixed assets are recorded at historical cost inclusive of incidental expenses less accumulated depreciation.

(ii)Depreciation on fixed assets has been provided on straight-line method as prescribed in the Schedule XIV to the Companies

Act,1956.

(III)Inventories :

Inventory of foreign currencies are generally valued at cost.

(IV)Retirement Benefits

(i) Provision for gratuity payable to employees who have completed 5 years of continous service has been made on an

estimated basis.

(ii)Provision for leave encashment has been made in basis of number of days leave at the credit of the employees at the end of

the financial year.

(V)Sales & Services :

Sales & Services includes income from Travel & ticketing, Foreign Exchange etc.

(VI)Taxation :

(i) Provision for current taxation is on account of Income tax in accordance with the income tax laws applicable to Assessment

year.

(ii) Deferred Tax is recognized on timing difference being the difference between taxable income and accounting income, that

originate in one period and are capable of reversal in one or more subsequent periods.Where there is unabsorbed depreciation

or carry fordward losses, deffered tax assets are recognized only if there is virtual certainty of realization of such assets.

(VII) Impairment Of Assets :

Assessement of impairment of fixed assets is carried out on each balancesheet date. Impairment loss is recognized when

carrying amount of any asset exceeds its recoverable amount.

2) Contingent Liabilities not provide for:

(i) Estimated amount of capital commitements not provided for : Rs.NIL

(ii) Contingent liabilities not provided for : Rs.NIL


33/90

Panoramic Tour & Travels Ltd.Schedule 13 : Notes on Balance Sheet and Profit & Loss Account (Contd)

3) Payment to Auditors :

For Audit : Rs.79,416/-, (Previous Year Rs.66,180/-)

For Other Services : Rs. NIL , (Previous Year Rs.5000/-)

4)Disclousers of related parties for the year ended 31st March 2011 :

A) Holding Company

Panoramic Universal Ltd

B) Enterprises Controlled by directors/relatives :

a) Pancard Clubs Ltd.b) Pan Herbbo Limited

c) Herbo Effect (India) Limited

d) Panoramic Resorts (India) Limited

e) Sai Nirmaan Properties Limited

f) Hotel Pinnacle Limited

g) Athiti Resorts Limited

h) Golden Valley Hotels Limited

i) Seaview Retreats Limited

j) Panoramic Unnathi Pvt. Ltd.

k) Panoramic Holidays Ltd.l) Indo Pacific Hotels Ltd.

m) Sri Vatsa Hotels Ltd.

n) Panoramic Hotels Ltd.

o) Pan Product Impex Pvt. Ltd.

p) Panoramic Land Developers Pvt. Ltd.

q) Smooth Financials Pvt. Ltd.

r) Panoramic Structures Pvt. Ltd.

s) Panoramic Investment Advisors Pvt. Ltd.

t) Panoramic Agriculture & Farms Pvt. Ltd.

u) Panoramic Agricultural Services Pvt. Ltd.

v) Panoramic Greeneries Pvt. Ltd.

w) Panoramic Husbandries Pvt. Ltd.

c) Partnership firms where Directors are Partners

a) Grand View Hotel, Restaurant & Bar

b) Graciano Cottages

d) Limited Liability Partnership firm where Directors are Partners

c) Panoramic Real Estate Consultants LLP

5) Related Parties Transaction :

The Company entered into transactions with related parties during the year

These transactions along with the relevent balances are set out as under :

(i) Directors of the Company

Mrs. Viidyaa S. Moravekar

Mrs. Usha Tari

Mr. Arun Tari

Mr. Sudhir S.MoravekarMr. Siddhartha S. Moravekar

2010-11 2009-10

a) Office Rent Paid :

Panoramic Universal Ltd. (Holding company) Rs.2,40,000/- Rs. 1,10,000/-

b) Reimbursement of Expenses:

Panoramic Universal Ltd. Rs.8,85,367/- Rs. 9,53,819/-


34/90


(iii) Transactions with Holding and Associates Companies:

a)Sale of Air Ticktes

Panoramic Universal Ltd Rs.27,28,822/- Rs. 49,61,458/-

Pan Herbbo Ltd. - Rs. 66,324/-Pancard Clubs Ltd Rs.68,61,516/- Rs. 45,17,228/-

Graciano Cottages Rs. 3,809/- Rs. 6,500/-

Panoramic Holidays Ltd Rs. 184,375/- Rs. 21,640/-

Sri Vasta Hotels Ltd Rs. 4,10,195/-. -

Sea View Retreats Ltd Rs. 5,57,912/- -

(iv) Amount due from related parties :

Panoramic Holidays Ltd. - Rs. 21,640/-

(v) Amount due to related parties :

Panoramic Universal Ltd. Rs.44,29,215/- Rs. 92,95,250/-

8) Additional information pursuant to the provisions of Part II of Schedule VI to the Companies Act 1956

(Amt. Rs.)

31-03-2011 31-03-2010

(i) Value of Imports (CIF Value):

Raw Materials NIL NIL

Capital Goods NIL NIL

Components and Spares NIL NIL

(ii) Expenditure in Foreign Currencies :

IATA Fees NIL Rs 26,337/-

Remittance to Tour Operators Rs. 13,24,268/- Rs.29,25,583/-

(iii) Earnings in Foreign Currency : NIL NIL

Sale of Tour Package Rs. 4,44,296/- Rs.2,84,000/-

Sale of Air Ticket Rs. 30,784/- Rs.2,98,449/-

(iv) Quantative Details :

The company is a IATA reconized travel agency and engaged in the business of Air bookings and related services. Hence it is

not possible to give the quantatative details of sales and certain information as required under paragraph 3,4C,4D of part of

Schedule VI to the Companies Act 1956.

9) As required by Accounting Standard 20 issued by Institute of Chartered Accountants of India, the reporting in respect of

Earning Per Share (EPS) is as follows :

(Amt. in Rs.)

2010-11 2010-09

Profit/(Loss) avaiable to equity shareholders 45,656/- 14,051/-

No. of equity shares for basic EPS 2,50,000 2,50,000

Nominal Value of equity shares Rs.10/- Rs.10/-

Basic earning per equity share 0.18 0.06


35/90


10) The figures for the previous year have been regrouped and rearranged wherever necessary to confirm the layout of the

accounts of the current year.

As per our Report of even dateFor H. H.Topiwala & Co.


Sd/- Sd/- Sd/-(H. H. Topiwala) (Viidyaa Moravekar) (Usha Tari)

Proprietor Director Director

Membership No.38660

Mumbai, Mumbai,

Date : 24th August 2011 Date: 24th August 2011


36/90


Company Identity No.:

State Code : 11

Balance Sheet Date 31st March , 2011

ii) Capital Raised during the year (Amount in Rs.Thousands)

Public Issue NIL

Rights Issue NIL

Bonus Issue NIL

Private Placement NIL


Total Liabilities 9,012

Total Assets 9,012

Sources of FundsPaid-up Capital 2,500

Reserves & Surplus 138

Secured Loans NIL

Unsecured Loans 4,418

p Deferred Tax Liability 49


Net Fixed Assets 435

Investments NIL

Net Current Assets 6,669

Misc. Expenditure NIL

Accumulated Losses NIL

iv) Performance of Company (Amount in Rs.Thousands)

Total Income 3,139

Total Expenditure 3,038

Profit Before tax 101

Profit After tax 46

Earning per Share (Rs.) 0.18

Dividend rate NIL

v) Name of Three Principal Products / Services of Company

Item Code No. N.A.


Panoramic Tour & Travels Ltd.Balance Sheet Abstract and Company's General Business Profile

U63040MH1997PLC108510


37/90




Mumbai 400 010

AUDITORS REPORTTo the Members of M/s Sri Vatsa Hotels Limited

We have audited the attached Balance Sheet of Sri Vatsa Hotels Limited as at 31st March 2011 and also the Profit and Loss










annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable



(ii) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from ourexamination of those books.








accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011 ; andb)

In the case of the Profit and Loss Account, of the Loss for the year ended on that date.



Sd/-



Membership No.38660


38/90




Mumbai 400 010


1.

The company has maintained proper records showing full particulars including quantitative details and situation of fixedassets. According to the information and explanation given to us, the fixed assets have been physically verified by the



2. In respect of its inventories, the company has no inventories during the current year.3. In respect of loans, secured or unsecured, granted or taken by the company to/from companies, firm or other parties


(a) The Company has taken unsecured interest-free loan from one company listed in the register maintained underSection 301 of the Companies Act, 1956. In our opinion, the terms and conditions of the loan taken by the

company is not prima facie prejudicial to the interest of the company. The maximum outstanding amount andclosing balance is Rs. 13,06,13,437/- .

(b) The Company has not given any loans and advances in the nature of loans to companies, firms and other Partieslisted in the registers maintained under Section 301 of the Companies Act, 1956



internal controls.

5. In our opinion and according the information and explanation given to us, the Company has not entered into transactions ofpurchase of goods and material and sale of goods, material and services made in pursuance of contracts or arrangement

entered in the register maintained under Section 301 of the Companies Act, 1956, and aggregating during the year to




1956.

9. According to the information and explanation given to us, and the records of the Company examined by us, in our opinion,there are undisputed amounts payable in respects of provident fund, investor education and protection fund, employees

state insurance, Income Tax, Wealth-tax, Sales Tax, Customs Duty and Excise Duty, Cess and other material, statutory

dues, that were outstanding as at 31st

March 2011 for a period of more than six months from the dates that they become

payable.

10. According to the records of the company the accumulated losses of the company does not exceed fifty percent of its networth and the Company has incurred cash losses during the current year.






39/90




Mumbai 400 010










Sd/-





40/90

(Amt. in Rs.)

Sch. As at As at

31-03-2011 31-03-2010

Shareholder's Fund

Share Capital 1 80,000,000 80,000,000

Loan Funds

Unsecured Loan 2 130,613,437 49,937,042

Total 210,613,437 129,937,042


Fixed Assets 3Gross Block 560,044 351,789

Less: Depreciation - -

Net Block 560,044 351,789

Capital WIP 196,387,894 122,893,280

Current Assets,Loans and Advances

Cash and Bank Balances 4 2,317,259 934,751

Loans & Advances 5 5,203,527 1,125,763

7,520,786 2,060,514



9,842,835 1,692,416

Net Current Assets (2,322,049) 368,098

Miscellaneous Expenditure 7 15,915,246 6,305,694(to the extent not written off or adjusted)

Profit & Loss Account 72,302 18,181

Total 210,613,437 129,937,042


As per our Report of even dateH. H. Topiwala & Co. For and on behalf of the Board


Sd/- Sd/- Sd/-

H. H. Topiwala Arun Tari

Proprietor DirectorMembership No. 38660

Mumbai, August 24, 2011 Mumbai, August 24, 2011

Viidyaa Moravekar

Sri Vatsa Hotels Ltd.Balance Sheet as at 31st March, 2011

Particulars

Sources of Funds

Managing Director


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(Amt. in Rs.)


31-03-2011 31-03-2010

INCOME

NIL NIL

Total - -

EXPENDITURES

General and Administrative Expenses 8 25,999 17,673

Interest and Finance Charges 9 28,122 508

Total 54,121 18,181

Profit / (Loss) Before Tax (54,121) (18,181)

Less: Provision For Income Tax -

Profit / (Loss) After Tax (54,121) (18,181)

Add: Profit / (Loss) brought forward from the previous Year (18,181) -

Balance carried to Balance Sheet (72,302) (18,181)

Earning Per Share (Equity Shares, par value of Rs. 10/- each (0.0009) (0.0002)


As per our Report of even date

H. H. Topiwala & Co. For and on behalf of the Board


Sd/- Sd/- Sd/-

H. H. Topiwala Arun Tari

Proprietor DirectorMembership No. 38660

Mumbai, August 24, 2011 Mumbai, August 24, 2011

Profit & Loss Account for the year ended 31st March, 2011

Managing Director

Viidyaa Moravekar

Sri Vatsa Hotels Ltd.

PARTICULARS


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(Amt. in Rs.)

As at As at

31-03-2011 31-03-2010

SCHEDULE 1 : SHARE CAPITAL

Authorised1,00,00,000 E uit Shares of Rs.10/- each 100,000,000 100,000,000

100,000,000 100,000,000

Issued, Subscribed & Paid Up

Equity Share Capital80,00,000 E uit Shares of Rs.10/- each 80,000,000 80,000,000

80,000,000 80,000,000

SCHEDULE 2 : UNSECURED LOAN

From Other Companies 130,613,437 49,937,042130,613,437 49,937,042


Cash in Hand 743,599 718,319

Bank Balances with Scheduled Banks 1,573,660 216,4322,317,259 934,751


(Unsecured, considered good subject to confirmation)Advances recoverable in cash or kind or for value to be received 4,881,082 830,268Deposits 22,445 295,495

5,203,527 1,125,763

SCHEDULE 6 : CURRENT LIABILITIES & PROVISIONS

Current LiabilitiesSundry Creditors 4,176,952 97,483Duties & Taxes 199,190 24,189Other Liabilities 5,466,693 1,570,744

9,842,835 1,692,416

SCHEDULE 7 : MISCELLANEOUS EXPENDITURE

(To the extent not written off or ad usted)Preliminary Expenses 2,434,462 935,612Pre-O erative Ex enses 13,480,784 5,370,082

15,915,246 6,305,694

Sri Vatsa Hotels Ltd.Schedules forming part of the Balance Sheet


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(Amt. in Rs.)


31-03-2011 31-03-2010

SCHEDULE 8 : GENERAL & ADMINISTRATIVE EXPENSES

Audit Fees 22,060 16,545License Fees & Others 3,939 1,128

25,999 17,673

SCHEDULE 9 : INTEREST & FINANCE CHARGESBank Charges 28,122 508

28,122 508

Sri Vatsa Hotels Ltd.Schedules forming part of the Profit and Loss Account


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As at Additions Deductions As at As at For the Deduc

01-04-2010 during the year during the year 31-3-2011 01-04-2010 year during th

Electrical Installation 4.75% 99,300 5,500 104,800Computers 16.21% 93,150 184,135 - 277,285 -

Furniture & Fixtures 6.33% 69,764 16,522 - 86,286 - Motor Vehicle 9.50% 5,000 - - 5,000 - Office Equipments 4.75% 84,575 2,098 - 86,673 -

Total 351,789 208,255 - 560,044 - -

Previous Year 252,489 99,300 - 351,789 - -

Sri Vatsa Hotels Ltd.Schedules forming part of the Balance Sheet

DESCRIPTION Rate

GROSS BLOCK (At Cost) DEPRECIATIO


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1 SIGNIFICANT ACCOUNTING POLICIES

a) Basis of Accounting :

These accounts are prepared on historical cost convention on an accrual basis on a going concernbasis and in accordance with accounting standards issued by the Institute of CharteredAccountants of India and the presentational requirements of the Companies Act, 1956.

b) Fixed Assets :

i) Fixed Assets are stated at their original cost alongwith taxes, duties, freight, if any, upto the date ofcommissioning for operation, attributable to acquisition/construction of the concerned assets.

Capital work-in-progress represents Land, Building and Advances etc.

ii) Depreciation is provided on " Straight Line Method" basis at rates which are in conformity with therequirement of the Companies Act, 1956 proportionate from the date of purchase.

2 Contingent LiabilitiesEstimated amount of capital commitments not provided for : Rs. 1,041.10 LakhsContingent Liabilities not provided for : Rs. Nil

3 The amount payable to Small Scale and Ancilliary Undertakings : Rs.Nil

4 Preliminary expenditure shall be written off after commencement of commericial operations by the company.Pre operative expenditure shall be allocated to Fixed Assets on commencement of commericial operationsby the company.

5 Disclosure of related parties / related party transactionsi) Directors of the Company

Ms. Viidyaa S. Moravekar (Managing Director)Mr. Arun TariMs. Shobha BardeMr. Siddhartha Moravekar (Appointed w.e.f. 15.04.2010)Ms. Meea Suresh (Resigned w.e.f 15.04.2010)Mr. K Kondal Reddy (Resigned w.e.f 17.09.2010)Mr. Dnyanaraj Moravekar (Appointed w.e.f 23.09.2010)

ii) Holding CompanyPanoramic Universal Ltd.

iii) Enterprise contolled by directors / relatives:a) Pancard Clubs Ltd.

b) Pan Herbbo Limitedc) Herbo Effect (India) Limitedd) Panoramic Resorts (India) Limitede) Sai Nirmaan Properties Limitedf) Hotel Pinnacle Limitedg) Athiti Resorts Limitedh) Golden Valley Hotels Limitedi) Seaview Retreats Limitedj) Panoramic Unnathi Pvt. Ltd.k) Panoramic Holidays Ltd.

l) Panoramic Tour & Travels Ltd.m) Indo Pacific Hotels Ltd.n) Panoramic Hotels Ltd.o) Pan Product Impex Pvt. Ltd.p) Panoramic Land Developers Pvt. Ltd.q) Smooth Financials Pvt. Ltd.r) Panoramic Structures Pvt. Ltd.s) Panoramic Investment Advisors Pvt. Ltd.t) Panoramic Agriculture & Farms Pvt. Ltd.u) Panoramic Agricultural Services Pvt. Ltd.v) Panoramic Greeneries Pvt. Ltd.w) Panoramic Husbandries Pvt. Ltd.

Sri Vatsa Hotels Ltd.Schedule : 10 Notes on Balance Sheet and Profit & Loss Account


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iv) Partnership firms where Directors are Partners

a) Grand View Hotel, Restaura

annual accounts of subsidiary companies as on 31.3.2011

Documents