PRESENT BUSINESS OF THE COMPANY

In the year 1991 the Company acquired from M/s International Housing Complex 11.46 acres of land together with buildings and other structures standing thereon on a 99 year lease alongwith the ownership right to run the International Club details of which appear elsewhere in this prospectus.

As stated in para on 'Objects of the Issue' the Company had originally proposed to set up a 58 room resort complex with a total outlay of Rs.400 lacs for which a term loan of Rs. 225 lacs was sanctioned by TFCI in October 1991. However the project economics having undergone major changes particularly in its design scope and growth potential thetotal project size was changed to include the present Hilltop Resort complex of 25 cottage rooms and a new hotel with 175 rooms with banquet conferencing and other facilities.

Having fully implemented the Hilltop Resort the Company is presently running and operating the said luxurious resort consisting of 22 Cottage Rooms 3 Deluxe Cottage Rooms and a variety of leisure sport health and other recreation and entertainment facilities of a high quality located at the highest point in Cochin on an elevated hillockalongwith the International Club (utilising the existing facilities) which has a 400 membership base of individual and corporate members. Eminent personalities from different streams constitute the Advisory Board of the International Club. The Hilltop Resort has commenced itsfull commercial operations from 1st September 1994.