Yatra Capital Ltd Annual Results 2008-2009

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Yatra Capital Ltd Annual Results 2008-2009

YATRA CAPITAL

Performance

Highlights

“For the immediate future it is expected that the difficult market conditions

encountered in the last 12 months will continue for a few more quarters to

come. But I believe that Yatra has shown its resilience and the strength of

its team which is determined to deliver value to our shareholders through

this downturn and into the next cycle of the market”

Content

- Sir Nigel Broomfield

Chairman of Yatra Capital

28.71%

Yatra’s portfolio decreased in value by 28.71% as

compared to 31 March 2008

€ 11.55

Adjusted Net Asset Value* (“Adjusted NAV”) per

share decreased by 21.37% to EUR 11.55 from

EUR 14.69.

€ 56.42 million

Net loss for the year ended 31 March 2009

27 million sq. ft.

Under development as at 31 March 2009.

€ 10.86

Net Asset Value** (“NAV”) per share has fallen by

19.13% from EUR 13.43 at 31 March 2008 to

EUR 10.86 at 31 March 2009.

€ 2.57

Loss Per Share for the year ended 31 March

2009 was EUR 2.57.

€ 220 million

Yatra raised EUR 220 million by October 2007

and has committed 81.41% of net funds raised

as at 31 March 2009.

16

Total number of Investments.

Performance Highlights

Chairman’s Statement

Investment Manager’s Report

Investment Portfolio

Board of Directors

Directors’ Report

Corporate Governance

Financial Statements

Independent Auditors’ Report

Consolidated and Company Balance Sheets

Consolidated Income Statement

Consolidated Statement of Changes in Equity

Consolidated Cash Flow Statement

Notes to the Financial Statements

Other Information

Knight Frank RICS Valuation Letter

CB Richard Ellis RICS Valuation Letter

Corporate Information

Contact Information

1

2

5

9

38

40

44

48

50

51

52

53

54

75

77

80

81

9Number of Cities in which Yatra has Invested.

Yatra Capital Limited (“Yatra”) listed on

Euronext, Amsterdam on 6 December,

2006.

• The global slowdown has affected the

Indian economy and Indian real estate

asset pricing. A conservative Weighted

Average Cost of Capital (“WACC”) is

19.76% represents a small increase over

the last year WACC of 19.4%.

7Number of Investments where construction has

commenced. The first project, City Centre Mall,

Nashik became operational in Q1, 2009-10.

Yatra has entered into 16 investments

(14 projects and 2 entity level) spread

across nine cities resulting in over 27

million square feet under development

as of 31 March 2009.

• Construction on seven of Yatra’s

investments has commenced and the

first project, City Centre Mall, Nashik

became operational in Q1, 2009-10.

*Adjusted Net Asset Value (“Adjusted NAV”) excludes provisioning for taxation of India based portfolio companies under

the Group

**Net Asset Value (“NAV”) is based on Yatra’s (including all subsidiaries) net assets divided by number of shares outstanding

as at 31 March 2009. This incorporates adjustments for taxation, exchange rate movements and carried interest.

1


Valuations

Chairman’s

Statement

The valuation of the portfolio undertaken by both CB Richard Ellis South Asia Private Limited

and Knight Frank (India) Private Limited in accordance with The Royal Institution of Chartered

Surveyors (RICS) guidelines and considered as part of the audit, gives some reassurance that

while values are marked down in a thin market our assets are based on strong fundamentals

which should reassert themselves when the market cycle turns again. However, we do remain

keenly aware of the challenges facing valuers in the current market caused by the much

reduced level of occupational and investment trading and continue to evaluate valuation

methodologies to mitigate such concerns.




















































































• The portfolio was valued at EUR 207.80 million which is a decrease of 28.71% against the

value of the portfolio as on 31 March 2008.

• The Net Asset Value (NAV) per share is EUR 10.86, a decrease of 19.13% from

31 March 2008.

• The Adjusted Net Asset Value (Adjusted NAV) per share decreased by 21.37% during the

year to EUR 11.55.

Stock price and stock value

(Loss)/Earnings per share for the year have been EUR (2.57) (2008- EUR 5.13).

Our share price during the year has varied between EUR 9.80 to EUR 1.70. While we

would wish the stock price to reflect as closely as possible the real underlying

long-term value of the company we have to accept that short term factors will affect

the current price. The share price of our stock was EUR 3.94 on 27 July 2009.

Corporate Governance

At times of stress in the market it is incumbent on the Board to be able to reassure investors

that it maintains the highest standards of corporate governance. To this end the Board

reviews its own procedures and mix of skills and where there are improvements to be made,

makes them. The Board is independent and experienced and is advised by an Audit and a

Remuneration Committee and other committees as required. Advice on the investments is

given by an Independent Investment Committee composed of experts in real estate.

External advice is given by our Investment Manager who is well established and connected

in the market and by leading international audit firm PricewaterhouseCoopers, our legal

advisers are Carey Olsen in Jersey, Mukund Gujadhur in Mauritius and Mishcon de Reya

in London.

2

3


- Sir Nigel Broomfield

Non-Executive Chairman

Investment

Manager’s Report






































































5

4


Portfolio Highlights












Asset Management








































PROJECT COMPLETION STATUS

(OF TOTAL 14 PROJECTS)

CONSOLIDATED DEBT SANCTION STATUS

(EUR MILLION)






Development Partners
















Valuation





6

5

4

3

2

1

0

Land / pre Construction Advanced

construction started construction

6 Projects 3 Projects 4 Projects

Completed

1 Project

32%

13%

5% 5%

0.5%

55%

SANCTION

BALANCE

IN PROCESS

IN PRINCIPAL

APPROVAL

GEOGRAPHIC DIVERSIFICATIONS OF INVESTMENTS

SECTORAL DIVERSIFICATION OF INVESTMENTS

DEBT MATURITY PROFILE (% OF TOTAL REPAYABLE DEBT)

5%

22%

11%

2%2%

23%

16%

4%

4%

11%

AGRA

BANGALORE

BHAVNAGAR

HYDERABAD

INDORE

KOLKATA

MUMBAI

NASHIK

PUNE

30%

2%

38%

18%

2%

10%

RETAIL

COMMERCIAL

(Offices / IT SEZ)

RESIDENTIAL

HOSPITALITY

ENTERPRISE

LEVEL

OTHERS

35%

30%

25%

20%

15%

10%

5%

0%

7%

5%

7%

30%

11%

11%

12%

6%

5%

5%

0.5%

0.4%

OTHERS

2009

2011 2013 2015 2017 2019

6

7


Valuation (Continued)

Investment Portfolio

Development Project

Asset class

Amount

Committed

Mar’08

Portfolio

Valuation as at

Mar’09

Unrealized Valuation

Gain/(Loss) in Mar '09

Over Mar'08

Euro mn Euro mn Euro mn %

Treasure Market City,

Indore Mixed-use 10.99 20.73 16.72 (19.34)

IT SEZ, Kolkata Office, Residential 20.28 34.00 24.22 (28.76)

Nashik City Centre, Nashik Retail Mall 8.89 17.69 12.67 (28.37)

Treasure City, Indore Residential 7.88 14.04 15.08 7.41

Market City, Pune* Mixed-use 21.63 24.82 25.89 4.31

Forum IT SEZ, Kolkata Office 16.68 35.40 20.62 (41.75)

Market City, Bangalore* Mixed-use 28.07 77.11 36.17 (53.09)

Residential Projects, Pune Residential 17.05 26.48 16.32 (38.39)

Himalaya Mall, Bhavnagar Retail Mall 6.31 12.00 10.00 (16.67)

Market City, Agra Retail Mall 4.04 7.99 5.44 (31.91)

Taj Gateway, Kolkata** Hospitality 4.48 N.A 9.86 N.A

Office Block, Mumbai # Office 15.70 0.16 0.15 N.A

Unlisted Equity Holdings

Investment

Portfolio

Saket Engineers Private

Limited

Listed Equity Holdings

The Phoenix Mills Ltd. Enterprise Level 3.73 3.83 0.67 (82.51)

Total 172.60 291.50 207.80 (28.71)

*includes two projects – retail mall and hospitality

** Not included in the Portfolio valuation on 31 March 2008

# Valued on “Amount advanced basis” due to ongoing discussion on the transaction.

Management team














Enterprise Level 6.84 17.21 13.96 (18.89)

Conclusion















Yatra’s key strength lies in its

highly diversified portfolio which

has been created in partnership

with some of the most well

positioned development

companies in India.

Over the next few pages, we

present each of our

investments in detail.

8

9


Yatra’s Geographic

Diversification

BHAVNAGAR

MUMBAI

HYDERABAD

BANGALORE

KOLKATA

AGRA

INDORE

NASHIK

PUNE

AGRA

MARKET CITY

Asset class - Retail Mall

Investment Date - November 2007

Equity Stake - 28%

Valuation Gain/(Loss) - (31.91)%

KOLKATA

IT SEZ

Asset Class - Office, Residential

Investment Date - December 2007

Equity Stake - 50%

Valuation Gain/(Loss) - (28.76)%

TAJ GATEWAY

Asset Class - Hospitality

Investment Date - July 2008

Equity Stake - 40%

Valuation Gain/(Loss) - 120%

PUNE

MARKET CITY

Asset class - Retail, Hospitality & Office

Investment Date -

July 2007 – Retail & Office SPV;

November 2007 – Hospitality SPV

Equity Stake - 24% - Retail & Office SPV;

20% - Hospitality SPV

Valuation Gain/(Loss) - 4.31%

RESIDENTIAL PROJECTS

Asset Class - Residential

Investment Date - April 2007

Equity Stake - 49%

Valuation Gain/(Loss) - (38.39)%

MUMBAI

NASHIK

NASHIK CITY CENTRE

Asset Class - Retail

Investment Date - June 2007

Equity Stake - 50%

Valuation Gain/(Loss) - (28.37)%

INDORE

TREASURE MARKET CITY

Asset Class - Retail, Office & Hospitality

Investment Date - June 2007

Equity Stake - 28.9%

Valuation Gain/(Loss) - (19.34)%

HYDERABAD

SAKET ENGINEERS

PRIVATE LIMITED

Asset Class - Enterprise Level Investment

Investment Date - April 2008

Equity Stake - 26.05%

Valuation Gain/(Loss) - (18.89)%

BHAVNAGAR

BANGALORE

FORUM IT SEZ

Asset Class - Office

Investment Date - December 2007

Equity Stake - 49%

Valuation Gain/(Loss) - (41.75)%

OFFICE BLOCK

Asset Class - Office

Investment Date - April 2008

Equity Stake - 15%

Valuation Gain/(Loss) - N.A.

TREASURE CITY

Asset Class - Residential

Investment Date - June 2007

Equity Stake - 40%

Valuation Gain/(Loss) -7.41%

HIMALAYA MALL

Asset Class - Retail

Investment Date - September 2007

Equity Stake - 50%

Valuation Gain/(Loss) - (16.67)%

MARKET CITY

Asset class - Retail, Residential & Hospitality

Investment Date - March 2008

Equity Stake - 30%

Valuation Gain/(Loss) - (53.09)%

10

11


Treasure Market City, Indore

ASSET CLASS - RETAIL, HOSPITALITY & OFFICE

DEVELOPMENT SIZE - 1.95 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 10.99 MILLION

LOCATION - INDORE, MADHYA PRADESH

DEVELOPMENT PARTNER - TREASURE WORLD DEVELOPERS PRIVATE LIMITED

INVESTMENT DATE - JUNE 2007

EQUITY STAKE - 28.9 %

VALUATION GAIN/(LOSS) - (19.34) % (OVER 31 MARCH 2008)

INDORE

Upcoming Residential

Residential

Old City

Retail

Gandhi

Nagar

Depalpur Road

Palia

Indore

Airport

NH-59

Rau

Sadhna

Nagar

Dhanvantri

Nagar

NH-3

Princes

Palace

Dwarkapuri

Annapurna

Nagar

Ramchandra

Nagar

Rajendra

Nagar

Bypass Road

MR 10

MR 10

MG Road

Saifee

Nagar

Transport

Nagar

Lokmanya

Nagar

Indura Puri

Colony

Bijalpur

Life Care

New Rani

Bagh

Niranjan

Pur

A.B. Road

Holkar College

GACC

Anand

Nagar

UTD Campus

Dewas

Naka

Shar Aloy

Vijay Bombay

Nagar

Bhagirath

Nagar Welcome

Sayaji

Laxmi Bai

Nagar

M.I.G.

CHL-Apollo Anoop

Mari Mata

Square New

Nagar

Palasia Taj Malwa

Saket Mayur

Manorma

Indore DAV

Ganj

Railway Station University

Bombay

MY

Bazaar President

Chhavni Dental

College

Ring Road

Ring Road

nad a R d

Ka i

NH-3 NH

oa

Bypass Road

Bypass Road

NH-59A

N

YATRA

INVESTMENT

Map not to Scale

Indore City





Current Status

• Land Acquisition

• Development Plans

Partner



• Planning Approvals

• Debt

• Construction Status

• Sales/Leasing Status

• Completion Date

12

13


Batanagar Information Technology

Special Economic Zone, Kolkata

KOLKATA

NH-2

Dakshineshwar

Belghariya

N

ASSET CLASS - IT SPECIAL ECONOMIC ZONE

DEVELOPMENT SIZE - 2.62 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 20.28 MILLION

LOCATION - KOLKATA, WEST BENGAL

DEVELOPMENT PARTNER - RIVERBANK DEVELOPERS PRIVATE LIMITED

INVESTMENT DATE - DECEMBER 2007

EQUITY STAKE - 50%

VALUATION GAIN/(LOSS) - (28.76) % (OVER 31 MARCH 2008)

Dum Dum

Ban

Hugli Gorabazar Airport

Subhashnagar

Belur

Lilua

Kashipur

Nagerbazar

Chitpur

Bamangachhi

Lake

Town

Baguiati

Bankra

Bagbazar

Belgachhiya

Santragachhi

Baruipara

Mayo Ultadanga

Bidhannagar

Ashoka Howrah Shobhabazar

Bridge

Intl. Bus

Shri Ramkrishna

Rabindra

Terminus

Commercial College Howrah Marwari

Bharti University

Railway Station

Kankurgachhi

Barabazar Market

Sankrail

Hyatt Regency

Shibpur

Beliaghata

Salt Lake

Bowbazar

Mirzapur

Sealdah

Oberoi Railway Station Stadium

Park Entally Salt Lake

Victoria

Tangra

YATRA

Memorial ITC Sonar

INVESTMENT

Bangla

Garden Reach

Taj SSKM

Taj

Science

Khidirpur Bengal

City

Tiljala

Alipur Bhawanipur Rashbehari

Connector

Chetla

Bata

New

Kalighat

Taj Gateway

Dhakuria

Nagar

Alipur

Santoshpur

Behala

Golf

Course

Garia

Sodpur

Thakurpukur

G a

T Ro d

Varana R

si

oad

Hooghly River

Hooghly River

Eastern Metropolitan Bypasss

NH-34

New Town

Bantala Road

Proposed

Flyover

Bantala

Leather

Complex

Upcoming Residential

& Commercial Corridor

Residential

Industrial Corridor Existing IT Corridor Central Business District

Map not to Scale

Kolkata City






Partner




Current Status

• Land Acquisition

• Development Plans

• Planning Approvals

• Debt

• Construction Status

• Sales/Leasing Status

• Completion Date

14

15


Nashik City Centre, Nashik

NASHIK

N

Irrigation

Colony

Miraj

Society

ASSET CLASS - RETAIL DEVELOPMENT

DEVELOPMENT SIZE - 0.88 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 8.89 MILLION

LOCATION - NASHIK, MAHARASHTRA

DEVELOPMENT PARTNER - SARDA GROUP

INVESTMENT DATE - JUNE 2007

EQUITY STAKE - 50%

VALUATION GAIN/(LOSS) - (28.37) % (OVER 31 MARCH 2008)

Shivaji

Nagar

Shramik

Nagar

Lambodhar

Society

Gangapur Gaothan

Gangeshwar

Society

Bajrang

Nagar

Gangapur Road

Dhruv

Nagar

Ganeshnagar

Someshwar

Colony

Am R

b d

Late Rajiv

Gandhi Nagar

a oad

Tri

mbak Road

Commercial

Zone

Dr. Ambedkar

Nagar

Anand Nagar

Ganga Nagar

Central Bus

Stand

Hotel

Civil

Emerald Park

Vigharhar

Ambika

Nagar

Patil

Nagar

INVESTMENT

Sundarban

Pavan Colony

Nagar

Vanvaibhav

Shivaji Park

Soc.

Makhamalabed

Gaothan

Vitthal Rukmini

Nagar

YATRA

Soc.

Ratnamala

Society

Yograj

Society

Phule

Nagar

Vade Gaothan

Mharsul

Gaothan

Sardar Patel

Nagar

Shakti

Nagar

Kamal

Nagar

Sanjay

Nagar

NH-50

Arts & Science

College

Pune Road

Kalika

Nagar

a Ro

Mumbai Agr ad

Gopal

Nagar

Dr. Jahangir

Ravindranath Vidyalaya

Dwarka Dada Sahib

Gaikwad Nagar

Ambedkar

Wadi

Bajrang

Sambhaji Patil

Wadi

Adhav Nagar

K.K. Wagh

Society

Vaibhav

Society

Vasandad

Nagar

Vasant

Vihar

NH-3

Adgaon

Gaothan

Gangawadi

Sarswati

Nagar

Bhawani

Nagar

Eklehra

Gaothan

Hanuman

Nagar

Kirloskar Tractors

New

Samangaon Kotam Gaon

To Mumbai

NH-3

Pathardi

Gaothan

Pathardi Camp Road

Nasik Road

Nashik

Road RS

Buddha

Nagar

NH-50

Cantonment

Area

Swarajya

Nagar

To Pune

Chandegaon

Gaothan

Residential Old City Central Business District

Map not to Scale

Nashik City




Partner



Current Status

• Land Acquisition

• Development Plans

• Planning Approvals

• Debt


• Construction Status



• Sales/Leasing Status





• Completion Date

16

17


Treasure City, Bijalpur

INDORE

Palia

NH-3 NH

N

MR 10

Dewas

Naka

Bypass Road

ASSET CLASS - RESIDENTIAL

DEVELOPMENT SIZE - 5.2 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 7.88 MILLION

LOCATION - INDORE, MADHYA PRADESH

DEVELOPMENT PARTNER - TREASURE WORLD DEVELOPERS PRIVATE LIMITED

INVESTMENT DATE - JUNE 2007

EQUITY STAKE - 40 % (42.77 % OF PROFITS)

VALUATION GAIN/(LOSS) - 7.41 % (OVER 31 MARCH 2008)

Upcoming Residential

Residential

Old City

Gandhi

Nagar

Depalpur Road

Indore

Airport

NH-59

Sadhna

Nagar

Dwarkapuri

Annapurna

Nagar

Dhanvantri

Nagar

NH-3

Princes

Palace

Ramchandra

Nagar

Rajendra

Nagar

MR 10

MG Road

Saifee

Nagar

Transport

Nagar

Lokmanya

Nagar

Indura Puri

Colony

YATRA

INVESTMENT

Bijalpur

Life Care

New Rani

Bagh

Niranjan

Pur

Shar Aloy

Vijay Bombay

Nagar

Bhagirath

Nagar Welcome

Sayaji

Laxmi Bai

Nagar

M.I.G.

CHL-Apollo Anoop

Mari Mata

Square New

Nagar

Palasia Taj Malwa

Saket Mayur

Manorma

Indore DAV

Ganj

Railway Station University

Bombay

MY

Bazaar President

Chhavni Dental

College

A.B. Road

Holkar College

GACC

Anand

Nagar

UTD Campus

Ring Road

Ring Road

nad a R d

Ka i

oa

Bypass Road

NH-59A

Retail

Rau

Bypass Road

Map not to Scale

Indore City





Partner



Current Status

• Land Acquisition

• Development Plans

• Planning Approvals

• Debt


• Construction Status


• Sales/Leasing Status

• Completion Date

18

19


Pune

M

y

p

Market City, Pune

ASSET CLASS - RETAIL, HOSPITALITY & OFFICE

DEVELOPMENT SIZE - 1.8 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 21.63 MILLION

LOCATION - PUNE, MAHARASHTRA

DEVELOPMENT PARTNER - THE PHOENIX MILLS LIMITED

INVESTMENT DATE - JULY 2007 – RETAIL & OFFICE IPC; NOVEMBER 2007 – HOSPITALITY IPC

EQUITY STAKE - 24 % - RETAIL & OFFICE IPC ; 20 % - HOSPITALITY IPC

VALUATION GAIN/(LOSS) - 4.31 % (OVER 31 MARCH 2008)

To Pirngut

Hinjawadi

Mumbai Bangalore Bypass

Mhalunge

Sus

Bavdhan

Budruk

Panshet

Mumbai Bangalore Bypass

NDA Road

Ved

Bhavan

Shivne

Sinhagad Road

Chinchwad

Warje

Baner Road

Khadakwasla

Nanded

Pashan Road

Pimpale

Nilakh

Nal Karve Road

Sangavi

Mutha River

Old P bai H

Se i

Karvenagar

une Mum

C.H.Aundh

Dapodi

napat Bapat Road

Karve Road

Ban i

ga e

Universit

ighway

y Road

lor H ghway

Harris

Bridge

GM Road

Sat oad

ara R

Satara

ndha

o v

K e

de

r n

d

Bund Ga R

Dattavadi

Bridge Dattawadi Swargate

Parvati

Wadagaon

Budruk

Central Water

and Power Research

Station Colny.

Kirkatwadi Dhayari

Shahu

College

Hingane Kh.

Panchgaon

Kurne

Ambegaon

Budruk

MG ROAD

Road

Saswad

ain Ro

North M ad

Solapur Road

Muthua River

Military Hospital

Wanavadi

Salisbury Park

Tilak

Vidyapeeth

Bibwevadi

Kondhave Kh.

Kondhave

Budruk

Mohamadwadi

Lohagaon

Pune Airport

Viman Nagar

YATRA

Aundh

IUCA Khadki

INVESTMENT

Pune

Khadki

Cantonment

Kharadi

University

West

W.N.C.

NCL

Yerwada

Wadgaon

Khadki

Colony

Sheri

East

Boat

Sangamwadi

ISBT

Club

Regency

Koregaon

Sheetal

Park Mundhava

Gokhale

Pune RS

Nagar

Hadapsar RS

Woodlands

Bavdhan

Chandani

Chowk

Erandvane

Hadapsar

Pune

Timber Cantonment

Magarpatta

Kothrud

Sagar

Amar

Sahavas

Market

City

Society

Cant. Hospital A.S.P.T.

Nagar Road

undhav B

a

ass

PUNE

Vagholi

Auhalwadi

Wade Bolhai

Taleranwadi

Manjari Kh.

Kolwadi

Manjiri RS.

Loni

Fursungi

N

To Sasvad Hyderabad

Residential Existing IT Corridor Central Business District Retail Map not to Scale

Pune City






Partner





Current Status

• Land Acquisition

• Development Plans

• Planning Approvals

• Debt

• Construction Status

• Sales/Leasing Status

• Completion Date

20

21


Forum IT Parks- Kolkata

ASSET CLASS - IT SPECIAL ECONOMIC ZONE

DEVELOPMENT SIZE - 1.94 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 16.68 MILLION

LOCATION - KOLKATA, WEST BENGAL

DEVELOPMENT PARTNER - FORUM PROJECTS HOLDINGS PRIVATE LIMITED

INVESTMENT DATE - DECEMBER 2007

EQUITY STAKE - 49%

VALUATION GAIN/(LOSS) - (41.75) % (OVER 31 MARCH 2008)

KOLKATA

Sankrail

NH-2

Dakshineshwar

Belghariya

Dum Dum

Ban

Hugli Gorabazar Airport

Subhashnagar

Belur

Lilua

Kashipur

Nagerbazar

Chitpur

Bamangachhi

Lake

Town

Baguiati

Bankra

Bagbazar

Belgachhiya

Santragachhi

Baruipara

Mayo Ultadanga

Bidhannagar

Ashoka Howrah Shobhabazar

Bridge

Intl. Bus

Shri Ramkrishna

Rabindra

Terminus

Commercial College Howrah Marwari

Bharti University

Railway Station

Kankurgachhi

Barabazar Market

Hyatt Regency

Shibpur

Beliaghata

Salt Lake

Bowbazar

Mirzapur

Sealdah

Oberoi Railway Station Stadium

Park Entally Salt Lake

Victoria

Tangra

Memorial ITC Sonar

Bangla

Garden Reach

Taj SSKM

Taj

Science

Khidirpur Bengal

City

Tiljala

Alipur Bhawanipur Rashbehari

Connector

Bata

Chetla

New

Kalighat

Taj Gateway

Nagar

Dhakuria

Alipur

Santoshpur

Behala

Golf

Course

Garia

Sodpur

Thakurpukur

G a

T Ro d

Varana R

si

oad

Hooghly River

Hooghly River

Eastern Metropolitan Bypasss

NH-34

New Town

Bantala Road

Proposed

Flyover

YATRA

INVESTMENT

N

Bantala

Leather

Complex

Map not to Scale

Upcoming Residential

& Commercial Corridor

Residential

Industrial Corridor Existing IT Corridor Central Business District

Kolkata City






Current Status

• Land Acquisition

• Development Plans

• Planning Approvals

• Debt

Partner






• Construction Status

• Sales/Leasing Status

• Completion Date

22

23


Market City, Bangalore

BANGALORE

New Dwaraka

Yelahanka

NH-7

Devanahalli

Bangalore

International

Airport

N

ASSET CLASS - RETAIL, RESIDENTIAL & HOSPITALITY

DEVELOPMENT SIZE - 2.4 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 28.07 MILLION

LOCATION - BANGALORE, KARNATAKA

DEVELOPMENT PARTNER - THE PHOENIX MILLS LIMITED

INVESTMENT DATE - MARCH 2008

EQUITY STAKE - 30%

VALUATION GAIN/(LOSS) - (53.09)% (OVER 31 MARCH 2008)

Upcoming Residential

Residential

Existing IT Corridor

Central Business District

NH-4

Tu kur

er Ring ad

ut R

O o

m Road

Jalahalli Circle

Yeshwantpur

Attikoppe

Yelahanka

New town

Yelahanka

Satellite Town

Mahalakshmipura YATRA

INVESTMENT

Malleshwaram RS

Annapurneshwar

Nagar

HMT

Vijaynagar

Bangalore City RS

Padmanabha

Nagar

College of

Agriculture

BEL

Azad

Nagar

GKVK

I.I.S.C.

Taj West

End

Lal Bagh

Jayanagar

Vijayanagar

Government

Degree College

Bellary Road

Tirumanahalli

Jakkuru

Aerodrome

Dasarahalli

O R

uter

ing Road

Ganganagar

R.T.

Nagar

Mekhri Circle

Mattadahalli

Shivaji Nagar RS

Le Meridien

Oberoi

Biotechnical

Garden

Madivala

Tank

Rachenahall

Nagavara

Hosur Road

Ashok

Nagar

Shinivagalu

Tank Bed

Layout

BTM Layout

NH-7

Vijay

Nagar

BSF Institute

of Technology

Kalkere

Parappana

Agrahara

Hormavu

ITI Colony

Indira Nagar

Taj Residency

LB Shastri

Nagar

Marattahalli

Airport

Koramangala

Vasavi Polytechnic

College

Bommanahalli

Electronic

City

Bommasandra

Industrial

Area

Devarabisanahalli

Southern

Railway

NH-4

Whitefield

Katriguppe

Madivala

Kachmaranhalli

Singha

Sandra

Map not to Scale

Bangalore City






Current Status

• Land Acquisition

• Development Plans

• Planning Approvals

Partner





• Debt

• Construction Status

• Sales/Leasing Status

• Completion Date

24

25


Pune

y

p

Residential Projects, Pune

Hinjawadi

Mumbai

Wakad

Chinchwad

Pimpale

Nilakh

Danori

PUNE

N

N

ASSET CLASS - RESIDENTIAL LED MIXED USE DEVELOPMENT

DEVELOPMENT SIZE - 1.7 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 17.05 MILLION

LOCATION - PUNE, MAHARASHTRA

DEVELOPMENT PARTNER - KOLTE PATIL DEVELOPERS LIMITED

INVESTMENT DATE - APRIL 2007

EQUITY STAKE - 49%

VALUATION GAIN/(LOSS) - (38.39)% (OVER 31 MARCH 2008)

To Pirngut

Mumbai Bangalore Bypass

Mhalunge

Sus

Bavdhan

Budruk

Panshet

Mumbai Bangalore Bypass

NDA Road

Bavdhan

Ved

Bhavan

Shivne

Sinhagad Road

Warje

Baner Road

Khadakwasla

Nanded

Pashan Road

Chandani

Chowk

Nal Karve Road

Sangavi

Mutha River

Old P bai H

Se i

une Mum

C.H.Aundh

Dapodi

Aundh

IUCA Khadki

Pune Cantonment

University

NCL

Colony

Gokhale

Nagar

napat Bapat Road

Karve Road

Ban i

ga e

Universit

Erandvane

ighway

y Road

Kothrud

Sagar

Amar

Sahavas

Society

Karvenagar

lor H ghway

Harris

Bridge

Yerwada

Khadki

East

Boat

Sangamwadi

ISBT

Club

Regency

Sheetal

Pune RS

Woodlands

GM Road

Sat oad

ara R

Satara

Khadki

West

ndha

o v

K e

de

r n

d

Bund Ga R

Dattavadi

Bridge Dattawadi Swargate

Parvati

Wadagaon

Budruk

Central Water

and Power Research

Station Colny.

Kirkatwadi Dhayari

Shahu

College

Hingane Kh.

Panchgaon

Kurne

Ambegaon

Budruk

Timber

Market

MG ROAD

Road

Saswad

ain Ro

North M ad

Koregaon

Park

Solapur Road

Muthua River

Hadapsar RS

Military Hospital

Wanavadi

Salisbury Park

Tilak

Vidyapeeth

Bibwevadi

Pune

Cantonment

Kondhave Kh.

Kondhave

Budruk

Snake Farm

Cant. Hospital

Viman Nagar

M

Nagar Road

Kharadi

W.N.C.

Wadgaon

Sheri

Mundhava

Mohamadwadi

Lohagaon

Pune Airport

undhav B

Hadapsar

Magarpatta

City

A.S.P.T.

a

ass

Auhalwadi

YATRA

INVESTMENT

Manjiri RS.

Fursungi

Vagholi

Wade Bolhai

Kolwadi

Loni

To Sasvad Hyderabad

Residential Existing IT Corridor Central Business District Retail

Map not to Scale

Pune City






Partner




Current Status

• Land Acquisition

• Development Plans

• Planning Approvals

• Debt

• Construction Status


• Sales/Leasing Status

• Completion Date

26

27


Himalaya Mall, Bhavnagar

BHAVNAGAR

Bhavnagar RS

Kumbharwada

Lati Bazar

N

ASSET CLASS - RETAIL LED MIXED USE DEVELOPMENT

DEVELOPMENT SIZE - 0.57 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 6.31 MILLION

LOCATION - BHAVNAGAR, GUJARAT

DEVELOPMENT PARTNER - MODI BUILD-WELL LIMITED

INVESTMENT DATE - SEPTEMBER 2007

EQUITY STAKE - 50%

VALUATION GAIN/(LOSS) - (16.67) % (OVER 31 MARCH 2008)

SH-6

Karmchari

Nagar

Fulsar

Chitra

Chandra

Darshan

Park

Western Railway

Hospital

Desai

Nagar

Chandra

Rodi Park

Rajpara

Vitthalwadi

Shastri

Nagar

SH-6

Waghawdi Road

Vijay Raj

Nagar

Nirmal

Nagar

White Rose

Hotel

Bhavnagar

University

Victoria

Park

BPTI

Staff Qrts

Hotel

Apollo

Darbargarh Vora Bazar

VC Lodhawala

Hospital

Medical

College

Nilambaug

Palace Hotel

Sir T Hospital

Vidyanagar

YATRA

INVESTMENT

Kaliyabid

Hotel Jubilee

Hotel Blue Hill

Bhavnagar

Jawahar

Ground

Hill Drive

Rupani

Circle

Sardar

Nagar

Shri Ram Mantra

Hospital

Navapara

Waghawadi Road

Bharat

Nagar

Krishna

Nagar

Ambawadi

SH-37

Nilkanth

Society

Anand

Nagar

Saibaba

Society

Tilak Nagar

Shantilal Shah

Hospital

Varsha

Colony

Laxminarayan

Society

Nilkanth

Nagar

Satyanarayan

Society

Suvidha

Township

Subhashnagar

SH-37

Bhavnagar

Airport

Vallabh

Vidyanagar

Residential Old City Central Business District

Map not to Scale

Bhavnagar City




Partner




Current Status

• Land Acquisition

• Development Plans

• Planning Approvals

• Debt

• Construction Status

• Sales/Leasing Status


• Completion Date

28

29


Phoenix United Mall, Agra


AGRA

N


ASSET CLASS - RETAIL

DEVELOPMENT SIZE - 0.61 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 4.04 MILLION

LOCATION - AGRA, UTTAR PRADESH

DEVELOPMENT PARTNER - BIG APPLE REAL ESTATE PRIVATE LIMITED AND THE PHOENIX MILLS LIMITED

INVESTMENT DATE - NOVEMBER 2007

EQUITY STAKE - 28%

VALUATION GAIN/(LOSS) - (31.91)% (OVER 31 MARCH 2008)

Raja ki Mandi RS

Agra

City RS

Jama

Masjid

Diwan-i-am

Agra

University

Agra Fort

Diwan-i-khas

Taj Mahal

Golf Course

Ya

m

R

u n a


v er

Taj

Protected

Forest Amar

Vilas


Mall Road

Mughal

Sheraton

Jaypee

Palace

Airport

Agra

Cantt RS

Mansingh

Palace

Taj

View

YATRA INVESTMENT

N H - 3

Residential Corridors Old City Tourism And High End Retail

Map not to Scale

Agra City




Partner





Current Status

• Land Acquisition

• Development Plans

• Planning Approvals

• Debt

• Construction Status

• Sales/Leasing Status

• Completion Date

30

31


Taj Gateway, Kolkata

ASSET CLASS - HOSPITALITY

DEVELOPMENT SIZE - 0.20 MILLION SQUARE FEET

YATRA’S COMMITMENT - EUR 4.48 MILLION

LOCATION - KOLKATA, WEST BENGAL

DEVELOPMENT PARTNER - JALAN GROUP

INVESTMENT DATE - JULY 2008

EQUITY STAKE - 40%

VALUATION GAIN/(LOSS) - 120 % (OVER AMOUNT COMMITED)

KOLKATA

Sankrail

Bata

Nagar

Behala

NH-2

Dum Dum

Ban

Hugli Gorabazar Airport

Subhashnagar

Belur

Lilua

Kashipur

Chitpur

Nagerbazar

Bamangachhi

Lake

Town

Baguiati

Bankra

Bagbazar

Belgachhiya

Santragachhi

Baruipara

Mayo Ultadanga

Bidhannagar

Ashoka Howrah Shobhabazar

Bridge

Intl. Bus

Shri Ramkrishna

Rabindra

Terminus

Commercial College Howrah Marwari

Bharti University

Railway Station

Kankurgachhi

Barabazar Market

Hyatt Regency

Shibpur

Beliaghata

Salt Lake

Bowbazar

Mirzapur

Sealdah

Oberoi Railway Station Stadium

Park Entally Salt Lake

Victoria

Tangra

Memorial ITC Sonar

Bangla

Garden Reach

Taj SSKM

Taj

Science

Khidirpur Bengal

City

Tiljala

Alipur Bhawanipur Rashbehari

Connector

Chetla

Taj Gateway

New

Kalighat

Dhakuria

Alipur

G a

T Ro d

Varana R

si

oad

Hooghly River

Sodpur

Thakurpukur

Dakshineshwar

Belghariya

Hooghly River

Golf

Course

Santoshpur

Garia

Eastern Metropolitan Bypasss

NH-34

YATRA

INVESTMENT

New Town

Bantala Road

Proposed

Flyover

N

Bantala

Leather

Complex

Map not to Scale

Upcoming Residential

& Commercial Corridor

Residential

Industrial Corridor Existing IT Corridor Central Business District

Kolkata City





Partner



Current Status

• Land Acquisition

• Development Plans

• Planning Approvals

• Debt

• Construction Status

• Operating Agreement Status -


• Completion Date

32

33


Komal

Tank

Hill

Raigad

Impex

Nagar

Nagar

Harkeshwari

Nagar

Vishal

Chulna Nagar

Dindayal

Nagar

Kharbhat

Vasai

Office Block, Mumbai Mulgaon

Vasai Creek

Naigaon

Janata

ASSET CLASS - COMMERCIAL

Nagar Bhayandar E.

Kharboo

DEVELOPMENT SIZE - 0.41 MILLION SQUARE FEET

Dunge

Utan

YATRA’S COMMITMENT - EUR 15.70 MILLION

Mira

Adivasipada

Wagbil Bhiwandi

LOCATION - MUMBAI, MAHARASHTRA

Salt Pans Kashimira

Sai Nagar

DEVELOPMENT PARTNER - PARSVNATH DEVELOPERS LIMITED

Dahisar E.

Patlip

Ekta Nagar

INVESTMENT DATE - APRIL 2008

Kali Wadi

Shivaji

Gorai

S a n j a y

Nagar

EQUITY STAKE - 15%

Dahisar West

Thane W.

Kajupada

G a n d h i

da

Tarichapada

VALUATION GAIN/(LOSS) - N.A

Borivali

N a t i o n a l Manpada

Borivali

West

P a r k

E.

Manori

Thane W. Kharegaon

MUMBAI

N

Residential

Secondary Business District

Central Business District

Kandiwali

West

Malad West

Goregaon W.

Hiradevi

Madh

Versova

Amboli

Malad E.

Girgaon

Malabar

Mumba Devi

Hill Kalbadevi

Mumbai CST Fort

University

Nariman

Church Gate

Point

NH-8

Juchandra

Dindoshi

Goregaon E

Jogeshwari E.

Marol

Gateway of India

Hotel Taj Mahal

St. John Ch.

Colaba

Western Expre

s y

a

w

s High

Navghar

Kaman

Maljipada

Village

Kandivali

East

Vihar

Lake

Powai

Lake

Mulund W. Thane E.

Sainath

Wadi

Mulund E.

E n

Butcher

Island

aster Express Highway

Paygaon

Ulhas River

Kannamwar

Nagar

Andheri West

Andheri E. Hiranandani

Hospital Vikhroli

Juhu

Hyatt

Regency Powai

E.

Airport

Pirojsha

Nanavati

Airport

Nagar

Hospital

YATRA Ghatkopar West

Santacruz

West INVESTMENT Ghatkopar E.

Pali Hill

Kurla E.

Holy Family

Hospital BANDRA-KURLA

Bandra W. COMPLEX

Sion Chembur Trombay

A r a b i a n Mahim

Antop Hill

S e a Dadar W Vishnu

Worli Dadar E Nagar

Prabhadevi

Matunga

Mandala Hill

Trombay

King Edward

Lower Parel

Memorial Hospital

Mahalaxmi

Parel

Wadala

Haji Ali

Sewri

Beach Mumbai

Candy Central

H a r b o u r

Nhave

Hospital

JJ Group

of Hospital

The

Residence

Thane Creek

Gh n

o a d

db

ar Road

Map not to Scale

Mumbai City




Partner





Airoli

Kalwa

Mumbra

Kausa

Rabale

NH-3

Mahape

Usatane

Dhansar

Nitalas

Pavne

Pisarve

Ghote HIGH STREET PHOENIX,

Kutari

MUMBAI

Vashi

Turbhe

Imampuri

Koynavoli 3.15 million sq ft

Pandhar

Vashi

Valape

Ranjanpada

MARKET CITY, MUMBAI

Sanpada

4.05 million sq ft

Kharghar

Koliwadi

R.A.

Nagar

Nerul

Kalamboli

Valavali MARKET CITY, PUNE

Terna

Kharghar

Navali 1.8 million sq ft

Hospital

Belapur

New

Nerul

Panvel E.

Khandagaon

Morav

Shivaji

Nagar

Nandurkhi

Village

Agra Road

Ulhas River

Diva

Srilanka

Velapada

Ram

Nagar

Gaothan

Mumbai R

Tal Bhiwandi

Pune

oad

NH-4

Bangarpada

Nandgaon

Ratnoli

Surungpada

Rahana

Pimpalgaon

Gove

Kon

Thakurli

Dombivali Ulhas

Nagar

Panvel

Dombala

Kakadwal

Posari

Narhen

Ganesh

Nagar





Map not to Scale

The Phoenix Mills Limited

(Listed Entity Level Investment)

INVESTMENT DATE - JUNE 2007

EQUITY STAKE - 0.44%

YATRA’S COMMITMENT - EUR 3.73 MILLION

VALUATION GAIN/(LOSS) - (82.51)% (OVER 31 MARCH 2008)

MARKET CITY, AGRA

0.6 million sq ft

MUMBAI

PUNE

AGRA

CHENNAI

BANGALORE

MARKET CITY, CHENNAI

2.40 million sq ft

MARKET CITY, BANGALORE

2.81 million sq ft

MARKET CITY, BANGALORE

3.5 million sq ft











Current Status




34

35


Saket Engineers Private Limited

(Unlisted Entity Level Investment)

ASSET CLASS - ENTERPRISE LEVEL INVESTMENT

YATRA’S COMMITMENT - EUR 6.84 MILLION

LOCATION - HYDERABAD, ANDHRA PRADESH

INVESTMENT DATE - APRIL 2008

EQUITY STAKE - 26.05%

VALUATION GAIN/(LOSS) - (18.89)% (OVER 31 MARCH 2008)

HYDERABAD

NH-9

Sultanpur

Bolarum

Patancheruvu Industrial Area

Qutubullapur

BHEL

SAKET

DEVELOPMENT

Osman

Sagar

Kukatpally

Municipality

Sadana Junior

College

University

of Hyderabad

CBIT

Administrative

Staff College

Hi Tech City

Yashoda

Hospital

Outer Ring Road

SAKET

DEVELOPMENT

HMT

Medchal

Alwal

Chandana

Hospital

Charminar

Jawahar

Nagar

Uppal

Municipality

Upparpalli

Kapra

Municipality

Rajiv Gandhi Airport

Hussain

Viceory

Taj Sagar

Residency

Taj Banjara

Golconda

Govt. Homeopathy

Musi River

Yadagiripalli

SAKET

DEVELOPMENT

Ghatkesar

N

Himayat

Sagar

Rajendra

Nagar

Rajdhani

g Ro

Inner Rin a

d

L.B. Nagar

NH-7

Shamshabad

Raviryal

Rajiv Gandhi

International

Airport

Outer Ring Road

Nadergul

Residential Upcoming IT/Commercial Corridor Existing IT Corridor Central Business District

Map not to Scale

Hyderabad City




Partner






Current Status

• Development Plans

• Planning Approvals

• Current Status

• Sriyam Sales Construction



• Pranaam Sales Construction




36

37


FROM LEFT TO RIGHT: (Front Row) Christopher Lovell, Sir Nigel Broomfield, David Hunter.

(Back Row) Ajoy Veer Kapoor, William Kay, Malcolm King, Rohin Shah.

Board of Directors





Sir Nigel Broomfield




















David Hunter

















Ajoy Veer Kapoor






















William Kay












Christopher Lovell


















Rohin R Shah
























Malcolm King
























38

39


Directors’ Report















The Company







Business Review



Results and Dividend




Directors












Directors’ Interests















Directors’ Remuneration













Substantial Shareholding









Management






40

41


Directors’ Responsibility Statement




















Corporate Governance










Annual General Meeting



Auditors








Key Risks












42

43


Corporate Governance








Role of the Board






Board Meetings




















Committees of the Board

Audit Committee













Board Decisions























44

45


Remuneration Committee




Investment Committee








Anuj Puri



















Shareholder Relations












Harkirat Singh














46

47


Independent Auditors’ Report


To the members of Yatra Capital Limited

Report on the Financial Statements





Directors’ Responsibility for the Financial Statements







Auditors’ Responsibility















Opinion





Independent Auditors’ Report (continued)























Report on Other Legal and Regulatory Requirements




48

49


Consolidated & Company Balance Sheets

Consolidated Income Statement

























Current assets












Total equity


























































50

51


Consolidated Statement of Changes in Equity


Consolidated Cash Flow Statement


































































52

53


Notes to the Financial Statements

1. General Information














Notes to the Financial Statements (Continued)

Summary of Significant Accounting Policies (Continued)













2. Summary of Significant Accounting Policies



2.1 Basis of Preparation




































54


55


Notes to the Financial Statements (Continued)

Summary of Significant Accounting Policies (Continued)





















2.2 Consolidation




















Notes to the Financial Statements (Continued)

Summary of Significant Accounting Policies (Continued)














2.3 Financial Assets at Fair Value through Profit or Loss






















56

57


Notes to the Financial Statements (Continued)

Summary of Significant Accounting Policies (Continued)

Notes to the Financial Statements (Continued)

Summary of Significant Accounting Policies (Continued)


















2.4 Foreign Currency Translation






























2.5 Trade receivables and payables


2.6 Interest and Dividend



2.7 Cash and cash equivalents



2.8 Stated capital



58

59


Notes to the Financial Statements (Continued)

Summary of Significant Accounting Policies (Continued)

2.9 Provisions








2.10 Current and deferred income tax













2.11 Financial instruments






2.12 Related parties




2.13 Segment reporting





Notes to the Financial Statements (Continued)

3. Financial Risk Management

3.1 Strategy in using financial instruments








3.2 Market Risk

























60

61


Notes to the Financial Statements (Continued)

Financial Risk Management (Continued)
























Notes to the Financial Statements (Continued)

Financial Risk Management (Continued)

3.3 Credit Risk
















3.4 Liquidity Risk



































62

63


Notes to the Financial Statements (Continued)

Financial Risk Management (Continued)

































































3.5 Fair Values




Notes to the Financial Statements (Continued)

Financial Risk Management (Continued)

3.6 Capital risk management




4.Critical accounting estimates and judgements

4.1 Critical accounting estimates and assumptions


































64

65


Notes to the Financial Statements (Continued)

Critical accounting estimates and judgements (Continued)

4.2 Critical judgements






5.Taxation

5.1 Current Tax - Jersey








5.2 Current Tax - Mauritius



























Notes to the Financial Statements (Continued)

Taxation (Continued)

5.3 Current Tax - Cyprus






5.4 Current Tax - India













5.5 Deferred income tax





6. Net changes in fair value on financial assets and financial liabilities

at fair value through profit or loss












66

67


Notes to the Financial Statements (Continued)

Notes to the Financial Statements (Continued)

7. Financial assets at fair value through profit or loss



















8. Investment in Subsidiary Undertakings














68


































8.1 Direct Subsidiary


8.2 Indirect Subsidiary







































69


Notes to the Financial Statements (Continued)

Investment in subsidiary undertakings (Continued)

Notes to the Financial Statements (Continued)

Stated capital and share premium (Continued)




9. Advance on equity contribution



10. Prepayments and other receivables





11. Cash and cash equivalents





12. Stated capital and share premium


























































13. Minority interests











14. Other financial liabilities
















70

71


Notes to the Financial Statements (Continued)

Other financial liabilities (Continued)

Notes to the Financial Statements (Continued)











































15. Amount due to subsidiary



16. Accruals and other payables


17. Distribution payable


18. Related party transactions







































72

73


Notes to the Financial Statements (Continued)

Related party transactions (Continued)












19. Events after the balance sheet date







20. Capital commitments


21. (Loss)/Earnings per share










22. Segment Information




74

75


76

77


YATRA CAPITAL

“We will continue to manage

our assets in a proactive way

with a concentration on the

market we are serving and

tight cost control. Where

necessary we will restructure

and repositon our

investments in cooperation

with our development

partners in the interest of our

shareholders.”

- Sir Nigel Broomfield

Chairman of Yatra Capital

“Whilst the current market

condition remains challenging,

our investments are well

positioned in terms of their

location, experienced and well

resourced development

partners and appropriate

pricing. Yatra is well diversified

in style, geography, product

structure and this together

with proactive asset

management, should provide

risk mitigation to the current

short term challenges.”

- Saffron Capital Advisors

Investment Manager

78

79


Corporate Information

Contact Information

Registered Office:

PO Box 218

43/45 La Motte Street

St Helier

JE4 8SD

Jersey

Independent Auditor:

Directors:

Sir Nigel Hugh Robert Allen

Broomfield

Ajoy Veer Kapoor

Christopher Henry Lovell

David Ian Hunter

Malcolm James Geoffrey King

Rohin Raja Shah

William Kay

Investment Manager

to K2

(Investment Manager)

Saffron Capital Advisors

Limited

Suite 2004, Level 2

Alexander House

35 Cyber City, Ebene

Mauritius

Yatra Capital Limited, Jersey

Gavin Wilkins +44 1534 702 815 gavin.wilkins@minerva-trust.com

Weber Shandwick, London

Stewart Harris + 44 2070 670 745 SJHarris@webershandwick.com

Fairfax I.S. Plc, London

James King +44 2075 985 368 jking@fairfaxis.com

Rachel Rees +44 2075 985 368 rrees@fairfaxis.com

PricewaterhouseCoopers CI LLP

Twenty Two Colomberie

St Helier

JE1 4XA

Jersey

ABN AMRO, Amsterdam

Derek Van Dam +31 20 383 6771 derek.van.dam@nl.abnamro.com

Saffron Capital Advisors, Mauritius

Administrator:

Ajoy Veer Kapoor +91 22 66221501 ajoyveerkapoor@saffroncapitaladvisors.mu

Vijay Ganesh +230 467 7228 vganesh@saffroncapitaladvisors.mu

Jersey

Mauritius

Minerva Fund Administration

Limited

PO Box 218

43/45 La Motte Street

St Helier

JE4 8SD

Jersey

Minerva Fiduciary Services (Mauritius)

Limited

Suite 2004, Level 2, Alexander House

35, Cyber City

Ebene

Mauritius

For more information on Yatra, please log on to www.yatracapital.com.

For more information on Saffron Advisors, please log on to www.saffronadvisors.com.

Legal Advisors:

Jersey

United Kingdom

Mauritius

Carey Olsen

47 Esplanade

St. Helier

St. Helier

Jersey JE 10BD

Mishcon de Reya

Summit House

12 Red Lion Square

London WC 1R 4QD

United Kingdom

Mukund Gujadhur

River Court

St Denis Street

Port Louis

Mauritius

India

India

India

Nishith Desai Associates

93 – B Mittal Court

Nariman Point

Mumbai 400 021

India

AZB & Partners

Express Towers, 23rd Floor

Nariman Point

Mumbai 400 021

India

Khaitan & Co.

4th Floor, Meher Chambers

R K Marg, Ballard Estate

Mumbai 400 001

India

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