1. BACKGROUND
Delta Corp Ltd is a fast growing Indian company operational in the entertainment & gaming, real
estate, hospitality and aviation segments of the industry. The company is a diversified company. The
company along with their subsidiaries currently operates in real estate business, real estate
consultancy services, real estate development in Kenya, entertainment and gaming business,
chartered aviation business and hospitality business. Delta Corp Ltd was incorporated as a private
limited company under the name Creole Holdings Company Pvt Ltd on November 5, 1990. The
company became a deemed public limited company due to the acquisition of shares by finolex group
and name was changed to Creole Holdings Company Ltd on June 2, 1992. During the year 2003-04,
the Finolex Cables Ltd divested their shareholding in the company and thus the company ceased to
be a subsidiary of Finolex Cables Ltd. In September 25, 2003, the company was converted into a
private limited company. In September 15, 2006, they converted into a public limited adopted new
set of MOA and AOA. During the year 2006-07, as per the Scheme of Amalgamation, the company
named Arrow Webtex Ltd merged with the company with effect from April 1, 2005. Pursuant to the
scheme, the name of the company was changed from Creole Holdings Company Ltd to Arrow
Webtex Ltd with effect from May 18, 2007. The company acquired 100% equity shares in Mundus
Hospitality Pvt Ltd for a total consideration of Rs. 77.52 lakh. Also, they acquired 100% equity
interest in Delta Holding USA Inc for a total consideration of Rs. 428.20 lakh. The company divested
their shares in AAA Real Land Developers Private Limited and JM Realty Management Pvt. Ltd and
thereby the said companies ceased to be subsidiaries of the company. In addition, they divested
22,000 equity shares in Pavurotti Finance & Investment Pvt Ltd, thereby they decreased their
holding interest from 43% to 21%. In November 2008, the company commenced their operations in
Casino Royale, India's largest entertainment vessel that can cater to 888 customers at a time,
including approximately 450 gaming customers. In March 2009, Dacapo Brokerage India Pvt Ltd
acquired 55.87% interest in the company.
HISTORY
Delta began in 1946 as a company named "Rhodesian Breweries Limited". Its origins go back even
further, to 1898, the year of the founding of the country's first beer brewery on Cameron Street in
the city of Salisbury, which today is Harare. In November 2006, the company completed the
expansion plan at the Narrow Woven Fabric division. During the year 2007-08, the acquired the
equity shares of AAA Aviation Pvt Ltd, AAA Real Land Developers Pvt Ltd, J M Real Estate Pvt Ltd,
Jayem Realty Solutions Pvt Ltd, Delta Pan Africa Ltd and Richtime Realty Pvt Ltd and thus these
companies became the subsidiaries of the company. Further, the company divested 10,000 equity
shares in Aryanish Finance and Investments Pvt Ltd, thereby the said company ceased to be a
subsidiary company. In December 2007, Highstreet Cruises and Entertainment Pvt Ltd, a subsidiary
company purchased 100% equity of Victor Hotels and Motels Ltd.• The company through their
subsidiaries took up new projects and business ventures in entertainment and gaming aviation and
hospitality. In January 2008, the company entered into a joint venture with the Reliance Industries
Ltd, and formed a company namely Delta Corp East Africa Ltd for developing real estate projects in
East Africa. They incorporated AAA Aviation Pvt Ltd to handle the aviation business and provide
chartered flights. The company's subsidiary Highstreet Cruises and Entertainment Pvt Ltd, which is

2. operating the gaming business established a 15,000 sq ft gaming Casino Vessel called the 'Casino
Royale Goa', which is operating on the Mandovi river in Goa. It is India's largest indigenously built-
casino live gaming and entertainment vessel. In addition, they established a approx 5,000 sq ft off-
shore casino vessel known as the 'King's Casino' situated on the Mandovi river in Goa. During the
year 2008-09, the company de-merged their textile business into a separate company called Arrow
Textiles Ltd with effect from April 1, 2008. In March 2009, Dacapo Brokerage India Pvt Ltd acquired
55.87% interest in the company. The joint venture company, Delta Corp East Africa Ltd has made a
tie up with with Team Management Services (TMS) Consulting Group Ltd, a multidisciplinary firm
that specializes in offering consultancies in all major areas of the built environment including
Architecture, Construction Management, Project Management and Engineering. The company is in
the business of hospitality segment through their subsidiary, Delta Hospitality Pvt Ltd. This subsidiary
owns 35% equity in Advani Hotels and Resorts India Ltd, which owns Ramada Hotel, a five star,
beach-front property and Casino Goa, an offshore casino in Goa. In addition, the company formed a
joint venture with Peninsula Land Ltd, namely PLL-Delta Hotels Pvt Ltd for setting up 3 and 4 star
business hotels in urban locations in Western and Southern India. The company acquired riverine
land of 810.85 square meters at Betim and 2,700 square meters at Reis Magos village to develop
jetties, which will provide feeder services to the casinos. Delta Corp East Africa Ltd is developing two
commercial projects and they intend to commence development work on the remaining projects in
the near future. During the first quarter of the financial year 2009-10, J M Real Estate Pvt Ltd and
Jayem Realty Solutions Pvt Ltd, ceased to be the subsidiaries of the company and Pavurroti Finance
and Investment Pvt Ltd, ceased to be the associate of the company
FACTS ABOUT THE COMPANY
Delta Corp. Ltd. Fundamental Company Report provides a complete overview of the
company’s affairs. All available data is presented in a comprehensive and easily accessed
format. The report includes financial and SWOT information, industry analysis, opinions,
estimates, plus annual and quarterly forecasts made by stock market experts. The report
also enables direct comparison to be made between Delta Corp. Ltd. and its competitors.
This provides our Clients with a clear understanding of Delta Corp. Ltd. position in
the Clothing, Textiles and Accessories Industry.
Scope
The report contains the company’s profile and data about the owners, senior executives,
locations, subsidiaries, markets, products, and company history.
The SWOT-analysis provides information about the company’s strengths, weaknesses,
opportunities, and possible threats against it.
The report outlines the main financial ratios pertaining to profitability, margin analysis,
asset turnover, credit ratios, and company’s long-term solvency.
It also shows the company’s income statement and ratio trend-charts, with balance
sheets and cash flows presented on an annual and quarterly basis.
Company’s financial ratios are directly compared with those of its competitors through
industry averages.
The report provides relevant news, an analysis of PR-activity, and stock price
movements.
The latter are correlated with pertinent news and press releases, and annual and
quarterly forecasts are given by a variety of experts and market research firms.

3. CORPORATE STRUCTURE
MANAGEMENT
Mr. Neelish A. Shah (Executive Vice-Chairman, DCEAL),
aged 53 years is a certified chartered accountant. Mr. N A Shah has been the instrumental in the
incorporation and management of number of companies in Africa including Creative Exports Limited
which is engaged in the business in supplies in emergency aid equipment to NGOs operating out of
East Africa and Shah Kanji Lalji and Sons (Kenya) Limited, which is engaged in the business of import
& distribution of fertilizers. He has over 30 years of experience in the conduct of various successful
business in East Africa..
Mr. Narinder Punj (Managing Director, HCEPL),
aged 54 years is bachelor in commerce from St. Xavier's College, Kolkata and has more than 30 of
experience in the hospitality, entertainment and gaming industries. He has in the past been
associated with various hotels, land based and cruise-based casinos inter alia including Hotel Holiday
Inn, Juhu, Hotel Al Mansour Melai, Baghdad, Royal Carribbean Cruise Lines, Royal Viking Lines,
Norwegian Cruise Lines, Casino Poland, Casino Goa and Casino Bucharest, in various designations
including as the casino inspector, assistant casino manager and casino director of the said casinos.
Mr. Anil Malani (President Operations, HCEPL),

4. aged 42 years, is a bachelor of commerce from Mumbai University and has over 25 years of
experience having been involved in versatile businesses ranging from hospitality, entertainment,
information technology, electronics & office automation. He has in the past been associated with
Esquire group of companies, Aims International Ltd., Amazon Food Beverages Pvt. Ltd. (Garcia’s
Famous Pizza) with his last assignment being with Clover Solar Pvt. Ltd. He has traveled around the
globe extensively and has the distinction of being the fifth resident Indian to stay in Prague for 18
months (1991-1992) just after the velvet revolution.
Mr. HardikDhebar (Group Chief Financial Officer),
aged 34 years, holds a Post Graduate Diploma in Finance from the Welingkar Institute of
Management, and has an experience of over 13 years in finance and treasury operations. He has in
the past worked with the Piramal group of the companies, including holding positions of
responsibility in Nicholas Piramal Limited, Morarjee Textiles Limited and Peninsula Land Limited.
Captain C. P. Savant (Vice President - Projects),
aged 55 years is a certified Course Develop and Trainer from International Civil Aviation
Organization, TRAINAIR and BCAS, and is certified by the Government of India as an instructor in
aviation security Government of India. Captain Savant has more than 29 of experience in the
aviation sector including 25 years of experience in airport management at major international
airports in India (Delhi, Mumbai, Chennai). Captain Savant specializes in terminal building
operations, airside operations, handling of airport and aircraft emergencies, rescue and fire fighting
services, medical services, safety and security. At corporate head quarters of Airports Authority of
India, he was involved in airport perspective planning and has rich experience in planning and
designing of international airports and is an acknowledged expert in safety matters.
Mr. Darius Khambatta (Vice President - Real Estate Operations),
aged 58 years is a Chartered Accountant by profession with over 25 years of experience in almost all
fields of management, including sales, finance and business development. He has handled key
appointment with ACC to deal with World Bank for conservation of energy and was involved in
rehabilitation of earth quake victims in Latur. He is presently handling projects and business
development of Delta Corp Limited.
DELTA CORP LIMITED TRADING
It is listed in Bombay Stock Exchange and National Stock Exchange.

5. NEWS
Delta Corp Dec '11 sales at Rs 0.30 crore
Delta Corp has reported a sales turnover of Rs 0.30 crore and a net profit of Rs 0.18 crore
for the quarter ended Dec '11...
Delta Corp Ltd - Publish Audited Results
Type: Corporate
Delta Corp Limited has informed that the Company will be adopting Audited Financial Results for the
financial year ended March 31, 2011 within sixty days of end of the financial year of the Company
pursuant to Clause 41(1)(d)(ii) of the Listing Agreement. Hence the Company will not be adopting
unaudited financial results for the quarter ended March 31, 2011.
Feb 24 2012 6:40PM-Delta Corp Ltd - Allotment Of
Securities
Delta Corp Ltd has informed that the Allotment Committee of the Board of Directors of
the Company at its meeting held on February 24, 2012, has made allotment of 55,000
Equity Shares of Re.1/- each to the employees of the Company and its subsidiaries
under "Delta Corp ESOP- 2009" Scheme. The paid up Equity Share Capital of the
Company has accordingly increased from 22,38,63,189 Equity Shares of Re. 1/- each to
22,39,18,189 Equity Shares of Re. 1/- each..
Delta Corp Ltd - Allotment Of Securities
Delta Corp Ltd has informed that the Allotment Committee of the Board of Directors of
the Company at its meeting held on February 24, 2012, has made allotment of 55,000
Equity Shares of Re.1/- each to the employees of the Company and its subsidiaries
under "Delta Corp ESOP- 2009" Scheme. The paid up Equity Share Capital of the
Company has accordingly increased from 22,38,63,189 Equity Shares of Re. 1/- each to
22,39,18,189 Equity Shares of Re. 1/- each..
The committee of Delta Corp in its meeting on 24 February 2012 has made allotment of
55,000 equity shares of Re 1 each to the employees of the company and its subsidiaries
under Delta Corp ESOP-2009 Scheme.

6. MATERIAL CONTRACTS AND DOCUMENTS FOR
INSPECTION
The following contracts (not being contracts entered into in the ordinary course of business
carried on by our
Company) which are or may be deemed material have been entered or are to be entered
into by our Company.
These contracts and also the documents for inspection referred to hereunder, may be
inspected at its Corporate
Office i.e. Bayside Mall, 1st Floor, Opp. Sobo Central Mall, Tardeo Road, Haji Ali, Mumbai
400 034, Maharashtra,
from 10 a.m. to 4.00 p.m. on working days from the date of the Letter of Offer until the date
of closure of the
Issue.
MATERIAL CONTRACTS
1. Agreement dated October 20, 2010 between Company and Lead Manager.
2. Memorandum of Understanding dated October 7, 2010 between Company and Registrar
to the Issue.
3. Engagement letter dated March 2, 2010 received from our Company appointing YES
BANK Limited as
the Lead Manager to the Issue.
DOCUMENTS
1. Certificate of Incorporation of our Company.
2. Memorandum and Articles of Association of our Company, as amended from time to time.
3. Certificate of Commencement of Business dated July 3, 2008.
4. The Order by Hon’ble Bombay High Court dated August 22, 2008 sanctioning the
Scheme.
5. Letters from BSE, NSE, ASE and DSE dated April 28, 2008, April 11, 2008, May 8, 2008,
May 21, 2008
respectively according their no objection to the Scheme.
6. Shareholders resolution passed at the Annual General Meeting dated September 23,
2010 appointing M/s.
Amit Desai & Co, as Statutory Auditors for the Financial Year 2010-11.

7. 7. Board of Directors resolution dated October 6, 2010 approving the Issue and appointing a
Right Issue
Committee to decide the terms and conditions of the Issue.
8. Consents of the Directors, Auditors, Lead Manager to the Issue, Legal Counsel to the
Issue, Bankers to
the Issue, Bankers to our Company, Registrars to the Issue and Registrars to our Company
and the
Compliance Officer to include their names in the Letter of Offer to act in their respective
capacities.
9. Appointment of Company Secretary as Compliance Officer and consent thereto.
10. Letter dated September 27, 2010 from the Auditors confirming the tax benefits as
mentioned in the Letter
of Offer.
11. The report of the Auditors, M/s. Amit Desai & Co, as set out herein dated January
28,2011 on restated
financials of our Company for the six months period ended September 30, 2010 and the
Fiscal Years
ended March 31, 2010, 2009 and 2008.
12. Annual Reports of our Company for the last 3 (three) Financial Years.
13. Certificate dated September 27, 2010 issued by M/s. Amit Desai & Co., chartered
accountants confirming
the amounts outstanding and utilisation of the monies borrowed by our Company from Axis
Bank.
Arrow Textiles Limited
273
14. Applications for in-principle listing approval both dated October 7, 2008 to the BSE and
NSE for listing of
its equity shares on the BSE and NSE respectively (pursuant to the Scheme of
Arrangement).
15. In-principle listing approval dated December 9, 2010 and December 10, 2010 from BSE
and the NSE
respectively.
16. Tripartite agreement with NSDL and CDSL dated November 4, 2008 and November 7,
2008 respectively.

8. 17. Copy of resolution dated September 29, 2008 appointing the Managing Director of our
Company and
setting out the terms of such appointment.
18. SEBI Letter No. CFD / DIL / PB / MS / 160750 / 2009 dated April 20, 2009 granting
relaxation from the
applicability of Rule 19(2)(b) of the Securities Contract Regulation (Rules),1975 for listing of
the shares of
our Company.
19. Sanction Letter dated October 1, 2010 bearing No. SMELF: 2010 issued by Bank of
Baroda to our
Company.