The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian rupees.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity share held by the Shareholders.

2. Related Party Disclosures :

Related Parties:

(a) Holding Company :

- Vits Hotels Worldwide Private Limited (cease to be holding company w.e.f 11th February 2016)

(b) Fellow Subsidiary Company :

- Conwy Finance and Leasing Private Limited (cease to be fellow subsidiary w.e.f 11th February 2016)

- Kamats Amusements Private Limited (cease to be fellow subsidiary w.e.f 11th February 2016)

(c) Associate Company where control exits and Transaction have taken place during the year:

- Idlinow Eventures (India) Limited

- Kamat Holiday Resorts (Silvassa) Limited

(d) Key Management Personnel :

Mr. Babu Devadiga (Resigned w.e.f 20th November 2015)

Mr. G N Shenoy (Resigned w.e.f 25th December 2015)

Mrs. Vidhi V. Kamat

(e) Other related parties with whom transactions have taken place during the year:

Dr. Vithal V. Kamat - Relative

Mr. Vikram V. Kamat - Relative

(f) Summary of transactions during the year with Related Parties entered into on commercial basis in the interest of the Company and approved by the Board and status of outstanding balances as on 31st March, 2016:

3. Segment Reporting:

The Company's activities involve predominantly providing hospitality related services, which is considered to be a single business segment since these are subject to similar risks and returns. Further, services are not provided out of India and hence there are no reportable geographical segments. Accordingly, the financial statements are reflective of the information required by Accounting Standard 17 - Segment Reporting (AS-17).

4. Leases:

The Company's significant leasing arrangements are in respect of operating leases for premises. These leasing arrangements, which are not non-cancelable, range between eleven months and nine years generally or longer and are usually renewable by mutual consent on mutually agreeable terms.

The aggregate lease rentals payable are charged as rent and aggregate license fees income from shops and other spaces on leave and license basis are shown as License Fees.

Future commitments in respect of minimum lease payments payable for non-cancelable operating leases (other than land) entered into by the Company:

5. Pursuant to notification of Schedule II to the Companies Act, 2013 with effect from 1st April, 2014, depreciation for the year ended 31st March, 2015 has been provided on the basis of useful lives as prescribed therein. Accordingly, depreciation for the year ended 31st March, 2015 is higher by Rs. 40,905/- due to change in the estimate of useful life of certain assets.

6. Figures of the previous year have been regrouped / reclassified wherever necessary to confirm to the Current year's presentation.