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					SUPPLEMENTARY PUBLIC ANNOUNCEMENT FOR THE ATTENTION OF THE
                     SHAREHOLDERS OF

         STERLING HOLIDAY RESORTS (INDIA) LIMITED [SHRIL]
      Registered Office: No. 406 (Old No. 217),TTK Road, Alwarpet, Chennai 600018

CASH OFFER FOR ACQUISITION OF EQUITY SHARES FROM SHAREHOLDERS

This Supplementary Public Announcement is being issued by Ind Global Corporate Finance
Pvt Ltd (“IGCF”), Managers to the Offer (“Managers”) on behalf of Auromatrix Hotels Pvt
Ltd (AHPL) and Mr. Steve Borgia (SB) [hereinafter referred to as the “Acquirers”] and Star
Logistics Pvt Ltd (SLPL) [hereinafter referred to as Persons Acting in Concert (PAC) with the
Acquirers] further to Public Announcement dated December 12, 2003 issued pursuant to and
in compliance with among others, Regulation No. 10 and Regulation No.12 of Chapter No. III
of the Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 1997 and subsequent amendments thereto (“the Regulations”).

Revised Schedule of Activities:

                           Activities                                  Day & Dates
 Public Announcement Date                                      Friday, December 12, 2003
 Specified date for the purpose of determining the names of    Saturday, December 13, 2003
 shareholders eligible to receive Letter of Offer
 Last date for Competitive Bid                                 Friday, January 02, 2004
 Date by which Letter of Offer to be posted to shareholders    Tuesday, March 02, 2004
 Date of Opening of the Offer                                  Tuesday, March 09, 2004
 Last date for revising the Offer Price/ number of equity      Saturday, March 27, 2004
 shares
 Last date upto which shareholders may withdraw                Friday, April 02, 2004
 Date of Closure of the Offer                                  Wednesday, April 07, 2004
 Date for communicating acceptance/rejection under the
 Offer and corresponding payment of consideration for the      Tuesday, May 04, 2004
 shares acquired / dispatch of share certificates for the
 rejected shares.

Latest audited financials:

Accounting year for 2002-03 was extended by 3 months which ended on September 30, 2003
and audited financials for the 15 months period ended on September 30, 2003 was approved
in the Board Meeting held on December 29, 2003 but will be placed in the Annual General
Meeting to be held in March 2004. Relevant audited financials for the 15 months period
ended on September 30, 2003 (Rs in lakhs) are as follows: [Figures in the bracket represent
audited financials for the 18 months period ended on June 30, 2002]

Paid up Equity Share Capital Rs. 1822.37 lakhs [1822.37], (b) Reserves and Surplus
(Excluding Fixed Assets Revaluation Reserves Rs. 5713.75 lakhs [5713.75], (c) Net debit
balance in P&L a/c Rs. 13545.43 lakhs [11748.01], (d) Miscellaneous Expenditure not written
off Nil [(551.37)], (e) Networth excluding deferred income is negative at Rs. 6009.31 lakhs
[4763.26], (f) Networth including deferred income Rs. 14589.58 lakhs [16971.39], (g)
Advance towards share capital Rs. 50.00 lakhs [50.00], (h) Total Income Rs. 6581.79 lakhs
[4582.40], (i) Net Loss Rs. 1196.20 lakhs [2752.97], (j) Book Value per share based on
networth excluding deferred income is negative at Rs. 32.98 [26.14], (k) Book Value per
share based on networth including deferred income Rs. 80.06 [93.13], (l) Earning Per Share
based on profit before prior period items is negative at Rs. 6.56 [15.11] and (m) Earning Per
Share based on profit after prior period items is negative at Rs. 9.86 [22.74]. Return on Net
Worth is not relevant as the Company incurred losses. Note: (a) Prior period items includes
prior period interest of Rs. 5.01 crores on term loans from banks and financial institutions and
Rs. 1.00 crore on cash credits from banks. (b) Dues to ICICI Ltd in the form of interest, penal
interest, liquidated damages, etc. which were not accounted in the earlier years were brought
into the books of the Company as on June 30, 2002. This has been accounted in the financial
period             ended            on          June           30,           2002             on
term loan from ICICI being restructured in which interest, penal interest, liquidated damages,
etc. has been converted into deemed principal.

Shareholders who lodged shares for transfer – Procedure for Acceptance:

Shareholders who have lodged shares for transfer may either download the Acceptance Form
from the SEBI’s site (www.sebi.gov.in) or request for the Acceptance Form from the
Registrars to the Offer. Acceptance Form duly completed and signed in accordance with the
instructions contained therein or an application in writing on a plain paper stating the name,
address, number of shares held, number of shares offered, distinctive numbers and folio
number shall be sent to Registrars to the Offer along with the acknowledgement if any,
received from SHRIL for having lodged the shares for transfer. Shareholders who are
attaching the acknowledgement are requested to direct SHRIL in writing to retain the share
certificates for onward submission to the Registrars to the Offer.

Other Relevant details:

(a) Equity Shares of SHRIL are listed on the Stock Exchanges at Mumbai, Chennai, Delhi and
Ahmedabad. Stock Exchanges at Chennai and Delhi vide their letters dated February 16, 2004
and February 13, 2004 confirmed that last transactions in SHRIL took place on their
Exchanges on April 27, 2000 and December 03, 1996 respectively. (b) SLPL is not a listed
company.

Note: Para No. 6.4 in the Letter of Offer dated February 24, 2004 despatched to the
Shareholders be read as “Shareholders who have accepted the offer by tendering the
requisite documents in terms of the Public Announcement / Letter of Offer can withdraw the
same upto three working days prior to the date of the closure of the offer ie on or before
Friday, April 02, 2004”

Declaration by Acquirers and PAC:

(a) Acquirers i.e. AHPL and SB and (b) PAC i.e. SLPL and (c) Directors of AHPL and SLPL
accept full responsibility for the information contained in this Supplementary Public
Announcement and also obligations of Acquirers and PAC as laid down in Securities and
Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
1997 and subsequent amendments made thereof.

SEBI web site:

Public Announcement dated December 12, 2003 and this Supplementary Public
Announcement are also available on SEBI’s website at www.sebi.gov.in. Eligible persons to
the Offer may also download a copy of the Letter of Offer and Acceptance Form which will
be available on SEBI’s website from the Offer opening date ie March 09, 2004 and send their
acceptance by filling in the same.

For further details, please refer to the Letter of Offer and Acceptance Form.
Issued by: Managers to the Offer               Registrars to the Offer
LOGO Ind Global Corporate Finance Pvt Ltd      LOGO Cameo Corporate Services Limited
[A Member of Ernst & Young Pvt Ltd]            Subramanian Building
19th Floor, Express Towers                     1, Club House Road, Chennai 600002
Nariman Point, Mumbai 400 021                          Tel: 044-28460390
Tel: 022- 2282 5000 Fax: 022-2282 6000         Fax: 044-28460129
Email: igcf@in.ey.com                          Email: cameo@cameoindia.com
Contact: Dhanraj N Uchil                       Contact: R D Ramasamy

  On behalf of Acquirers i.e. Auromatrix Hotels Pvt Ltd and Mr. Steve Borgia and PAC i.e.
                                   Star Logistics Pvt Ltd

Place: Chennai
Date: March 01, 2004

				
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