THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

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1 Letter of Offer THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This Letter of Offer ( LoF ) is sent to you as a Shareholder(s) of Darjeeling Ropeway Company Limited ( DRCL / Target Company ). If you require any clarifications about the action to be taken, you may consult your Stock Broker or Investment Consultant or Manager to the Offer or Registrar to the Offer. In case you have recently sold your shares in the Target Company, please hand over this Letter of Offer to the Members of the Stock Exchange through whom the said sale was affected. OPEN OFFER BY Mr. Himanshu Ramniklal Shah ( Acquirer ) Residing at 3, Champapuri Society, P. T. College Road, Shantivan, Paldi, Ahmedabad Contact No.: , ID: info@sanskarvilla.com to the existing shareholders of DARJEELING ROPEWAY COMPANY LIMITED (CIN: L45202MH1936PLC294011) Registered Office: GF 17, Ground Floor, HDIL Harmony Mall, 1A/58, New Link Road, Goregaon (W), Mumbai Tel. No.: ; ID: info@darjeelingropeway.com; Website: to acquire 7,93,000 Equity Shares of 10 each representing 26% of Equity Share Capital/Voting Capital of the Target Company at a price of (Rupees Fourteen only) per Equity Share ( Offer Price ), payable in cash This Offer is made by the Acquirer pursuant to Regulation 3(1) and 4 of SEBI (SAST) Regulations This Offer is not conditional upon any minimum level of acceptance by the Shareholder(s) of the Target Company. As on date of this Letter of Offer, there are no statutory approvals required to acquire equity shares that are validly tendered pursuant to this Open Offer. However, the Open Offer would be subject to all Statutory Approvals that may become applicable at a later date but before completion of the Open Offer. If there is any upward revision in the Offer Price/Offer Size at any time up to three (3) working days prior to commencement of the Tendering Period i.e. June 13, 2018 (Wednesday) in terms of the SEBI (SAST) Regulations, 2011, the same would also be informed by way of an announcement in the same newspapers where the Detailed Public Statement ( DPS ) was published. Such revised Offer Price would be payable to all the Shareholders, who have validly tendered their Equity Shares anytime during the Tendering Period to the extent their Equity Shares have been verified and accepted under the Offer, by the Acquirer. There was no competitive Bid. A copy of the Public Announcement ( PA ), Detailed Public Statement ( DPS ) and this Letter of Offer ( LoF ) are also available on the website of Securities and Exchange Board of India ( SEBI ) at MANAGER TO THE OFFER REGISTRAR TO THE OFFER Mark Corporate Advisors Private Limited CIN: U67190MH2008PTC /1, The Summit Business Bay, Sant Janabai Road (Service Lane), Off W. E. Highway, Vile Parle (East), Mumbai Tel. No.: /08 ID: openoffer@markcorporateadvisors.com Contact Person: Mr. Manish Gaur Purva Sharegistry (India) Private Limited CIN: U67120MH1993PTC , Shiv Shakti Industrial Estate, J. R. Boricha Marg, Opp. Kasturba Hospital, Lower Parel (E), Mumbai , Tel. No.: /2518 ID: purvashr@gmail.com Contact Person: Ms. Deepali Dhuri Website: SEBI Reg. No.: INR SEBI Reg. No.: INM Offer Opens on: June 19, 2018 (Tuesday) Offer Closes on: July 02, 2018 (Monday)

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3 SCHEDULE OF ACTIVITIES PERTAINING TO THE OFFER: Nature of Activity Original Schedule Revised Schedule Date Day Date Day Date of the PA April 17, 2018 Tuesday April 17, 2018 Tuesday Date of publishing the Detailed Public April 24, 2018 Tuesday April 24, 2018 Tuesday Statement Last date for filing of Draft Letter of Offer May 03, 2018 Thursday May 03, 2018 Thursday with SEBI Last date of a competing offer May 17, 2018 Thursday May 17, 2018 Thursday Latest date by which SEBI s observations May 24, 2018 Thursday June 01, 2018 Friday will be received Identified Date* May 28, 2018 Monday June 05, 2018 Tuesday Last date by which the Letter of Offer will be dispatched to the Shareholders (Except the Acquirer and the Selling Shareholders) as on the identified date June 04, 2018 Monday June 12, 2018 Tuesday Last Date for revising the Offer Price/number of shares Last date by which the recommendation of the committee of Independent Directors of the Target Company will be given and published Date of Public Announcement for Opening the Offer Date of Commencement of the Tendering Period (Offer Opening Date) Date of Closing of the Tendering Period (Offer Closing Date) Last date for communicating Rejection/acceptance and payment of consideration for accepted equity shares or equity share certificate/return of unaccepted share certificates/credit of unaccepted shares to Demat Account June 05, 2018 Tuesday June 13, 2018 Wednesday June 07, 2018 Thursday June 15, 2018 Friday June 08, 2018 Friday June 18, 2018 Monday June 11, 2018 Monday June 19, 2018 Tuesday June 22, 2018 Friday July 02, 2018 Monday July 06, 2018 Friday July 16, 2018 Monday *Identified Date is only for the purpose of determining the names of the shareholders (except the Acquirer and the Sellers) as on such date to whom the Letter of Offer will be sent. It is clarified that all the public shareholders (registered or unregistered) of the Target Company, are eligible to participate in this Offer any time during the tendering period of the Offer.

4 RISK FACTORS: Given below are the risks related to the proposed Offer and those associated with the Acquirer: Relating to the Proposed Offer: 1) This Offer is not subject to the receipt of any statutory approvals. If any Statutory Approval is required or become applicable at a later date and therefore, in the event that either the statutory approvals or regulatory approvals, if any, are not received in a timely manner or there is any litigation to stay the Offer, or SEBI instructs the Acquirer not to proceed with the Offer, the Offer process may be delayed beyond the schedule of activities indicated in this Letter of Offer. Consequently, the payment of consideration to the public shareholders of Target Company, whose Equity Shares have been accepted in the Offer as well as the return of shares not accepted by the Acquirer, may be delayed. In case of delay in receipt of any statutory approval, SEBI has the power to grant extension of time to the Acquirer for payment of consideration to the public shareholders of the Target Company who have accepted the Offer within such period, subject to the Acquirer agreeing to pay interest for the delayed period, if directed by SEBI, in terms of Regulation 18(11) of the Regulations. 2) In case of over-subscription in the Offer, as per the Regulations, acceptance would be determined on a proportionate basis and hence there is no certainty that all the Equity Shares tendered by the shareholders in the Offer will be accepted. 3) Shareholders who tender the Equity Shares in acceptance of the Offer shall not be entitled to withdraw their shares, even if the acceptance of equity shares under this Offer and despatch of consideration are delayed. Relating to the Acquirer: 1) The Acquirer makes no assurance with respect to the financial performance of the Target Company and their investment/divestment decisions relating to their proposed shareholding in the Target Company. 2) The Acquirer cannot provide any assurance with respect to the market price of the Equity Shares of the Target Company before, during or after the Offer and expressly disclaims any responsibility or obligation of any kind (except as required by applicable law) with respect to any decision by any Shareholder on whether to participate or not to participate in the Offer. 3) The Acquirer and the Manager to the Offer accepts no responsibility for the statements made otherwise than in the Public Announcement ( PA )/Detailed Public Statement ( DPS )/Draft Letter of Offer ( DLoF )/Letter of Offer ( LoF ) and anyone placing reliance on any other sources of information, not released by the Acquirer, would be doing so at his / her / its own risk. The Risk Factors set forth above pertain to the Offer and does not relate to the present or future business or operations of the Target Company or any other matters and are neither exhaustive nor intended to constitute a complete or comprehensive analysis of the risks involved in or associated with the participation by any Shareholder in the Offer. Each Shareholder of the Target Company is hereby advised to consult with legal, financial, tax, investment or other advisors and consultants of their choosing, if any, for further risks with respect to each such Shareholder s participation in the Offer.

5 TABLE OF CONTENTS No. Particulars Page No 1. ABBREVIATIONS/DEFINITIONS 1 2. DISCLAIMER CLAUSE 3 3. DETAILS OF THE OFFER BACKGROUND OF THE OFFER DETAILS OF THE PROPOSED OFFER OBJECT OF THE OFFER 7 4. BACKGROUND OF THE ACQUIRER 7 5. BACKGROUND OF THE TARGET COMPANY-DARJEELING ROPEWAY COMPANY LIMITED 8 6. OFFER PRICE AND FINANCIAL ARRANGEMENTS JUSTIFICATION OF OFFER PRICE DETAILS OF FIRM FINANCIAL ARRANGEMENTS TERMS AND CONDITIONS OF THE OFFER OPERATIONAL TERMS AND CONDITIONS LOCKED-IN SHARES ELIGIBILITY FOR ACCEPTING THE OFFER STATUTORY APPROVALS PROCEDURE FOR ACCEPTANCE AND SETTLEMENT OF OFFER DOCUMENTS FOR INSPECTION DECLARATION BY THE ACQUIRERS 22

6 1. ABBREVIATIONS/DEFINITIONS Acquirer Mr. Himanshu Ramniklal Shah BSE BSE Limited, Mumbai CDSL Central Depository Services (India) Limited Companies Act Companies Act, 1956 and Companies Act, 2013 CP Conditions Precedent DP Depository Participant DPS/Detailed Public Detailed Public Statement relating to the Offer published on April 24, 2018 Statement (Tuesday) Eligible Persons for the Offer All owners (registered or unregistered) of Equity Shares of the Target Company who own the shares at any time before the Closure of the Offer (except the Acquirer and the Sellers) Equity Share Capital Paid-up Equity Share Capital of 3,05,00,000 comprising of 30,50,000 Equity Shares of each Equity Shares Fully paid-up Equity Shares of the Target Company of the Face Value of (Rupees Ten only) each Escrow Account Shall have the meaning given to it in paragraph of this Letter of Offer Escrow Amount Shall have the meaning given to it in paragraph of this Letter of Offer Escrow Bank IndusInd Bank Limited FEMA Foreign Exchange Management Act, 1999, as amended from time to time FIIs Identified Date Foreign Institutional Investors registered with SEBI June 05, 2018 (Tuesday) i.e. date falling on the tenth (10 th ) Working Day prior to the commencement of Tendering Period, for the purposes of determining the Public Shareholders to whom this Letter of Offer shall be sent IFSC Indian Financial System Code Income Tax Act Income Tax Act, 1961, as amended from time to time /INR/Rs. Indian Rupees, the legal currency of India LoF/Letter of Offer This Letter of Offer dated June 06, 2018 Manager/Manager to the Mark Corporate Advisors Private Limited Offer MICR Magnetic Ink Character Recognition NA/N.A. Not Applicable Non-Resident Shareholder(s) Persons resident outside India as defined under FEMA, holding Equity Shares of the Target Company NRI Non-Resident Indian OCBs Overseas Corporate Bodies Offer period Period from the date of entering into an agreement, to acquire Equity Shares, Voting Rights in, or control over a Target Company requiring a Public Announcement, or the date of Public Announcement, and the date on which the payment of consideration to Shareholders who have accepted the Open Offer is made, or the date on which the Open Offer is withdrawn Offer/Open Offer Offer Price Offer Size PA/Public Announcement Promoter(s) Public Shareholder(s) Registrar/Registrar to the The Open Offer is made by the Acquirer to the Public Shareholders to acquire upto 7,93,000 Equity Shares, representing 26% of the Equity Share Capital of the Target Company (Rupees Fourteen only) per Equity Share Upto 7,93,000 Equity Shares representing 26% of Equity Share Capital of the Target Company at a price of (Rupees Fourteen only) per Equity Share, aggregating to 1,11,02,000 (Rupees One Crore Eleven Lakhs and Two Thousand only) Public Announcement of the Offer issued by the Manager to the Offer, on behalf of the Acquirer on April 17, 2018 (Tuesday) Promoters of Darjeeling Ropeway Company Limited as per Regulation 31(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) 2015 The Equity Shareholder(s) of the Target Company other than the Acquirer and the Promoters/Sellers of the Target Company Purva Sharegistry (India) Private Limited Page 1 of 28

7 Offer RTGS Sale Shares SEBI SEBI Act SEBI (LODR) Regulations, 2015 SEBI (SAST) Regulations, 2011/SEBI (SAST) Regulations/Regulations Sellers/Selling Shareholders Real Time Gross Settlement 37,224 Equity Shares of each of Darjeeling Ropeway Company Limited Securities and Exchange Board of India Securities and Exchange Board of India Act, 1992, as amended or modified from time to time Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulations, 2015, and subsequent amendments thereof Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and subsequent amendments thereof Mrs. Manju Devi Chirimar, Mr. Rajeev Chirimar, Mrs. Sangita Chirimar, Mr. Keshav Chirimar, Mr. Raghav Chirimar, Rajeev Chirimar HUF, Radio Supply Stores Private Limited and Kemi Fibre Industries Private Limited (Promoter/Promoter Group of the Target Company) SPA/Agreement Share Purchase Agreement entered on April 17, 2018 Stock Exchange(s) BSE Limited Target Company/DRCL Darjeeling Ropeway Company Limited Tendering Period Period within which Shareholders of the Target Company may tender their Equity Shares in acceptance to the Offer, i.e. the period between and including June 19, 2018 (Tuesday) to July 02, 2018 (Monday) Page 2 of 28

8 2. DISCLAIMER CLAUSE IT IS TO BE DISTINCTLY UNDERSTOOD THAT FILING OF DRAFT LETTER OF OFFER WITH SEBI SHOULD NOT, IN ANY WAY, BE DEEMED OR CONSTRUED THAT THE SAME HAS BEEN CLEARED, VETTED OR APPROVED BY SEBI. THE DRAFT LETTER OF OFFER HAS BEEN SUBMITTED TO SEBI FOR A LIMITED PURPOSE OF OVERSEEING WHETHER THE DISCLOSURES CONTAINED THEREIN ARE GENERALLY ADEQUATE AND ARE IN CONFORMITY WITH THE REGULATIONS. THIS REQUIREMENT IS TO FACILITATE SHAREHOLDERS OF DARJEELING ROPEWAY COMPANY LIMITED TO TAKE AN INFORMED DECISION WITH REGARD TO THE OFFER. SEBI DOES NOT TAKE ANY RESPONSIBILITY EITHER FOR FINANCIAL SOUNDNESS OF THE ACQUIRER OR THE COMPANY WHOSE SHARES AND CONTROL IS PROPOSED TO BE ACQUIRED OR FOR THE CORRECTNESS OF THE STATEMENTS MADE OR OPINIONS EXPRESSED IN THE DRAFT LETTER OF OFFER. IT SHOULD ALSO BE CLEARLY UNDERSTOOD THAT WHILE ACQUIRER IS PRIMARILY RESPONSIBLE FOR THE CORRECTNESS, ADEQUACY AND DISCLOSURE OF ALL RELEVANT INFORMATION IN THE LETTER OF OFFER, THE MANAGER TO THE OFFER IS EXPECTED TO EXERCISE DUE DILIGENCE TO ENSURE THAT ACQUIRER DULY DISCHARGES HIS RESPONSIBILITY ADEQUATELY. IN THIS BEHALF, AND TOWARDS THIS PURPOSE, THE MANAGER TO THE OFFER, MARK CORPORATE ADVISORS PRIVATE LIMITED HAS SUBMITTED A DUE DILIGENCE CERTIFICATE DATED MAY 03, 2018 TO SEBI IN ACCORDANCE WITH THE SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011 AND SUBSEQUENT AMENDMENT(S) THEREOF. THE FILING OF THE LETTER OF OFFER DOES NOT, HOWEVER, ABSOLVE THE ACQUIRER FROM THE REQUIREMENT OF OBTAINING SUCH STATUTORY CLEARANCES AS MAY BE REQUIRED FOR THE PURPOSE OF THE OFFER. 3. DETAILS OF THE OFFER 3.1. BACKGROUND OF THE OFFER This Open Offer is made by Mr. Himanshu Ramniklal Shah ( Acquirer ) to the Equity Shareholders of Darjeeling Ropeway Company Limited (hereinafter referred to as DRCL / Target Company ) pursuant to and in compliance with regulation 3(1) and 4 of the Regulations to acquire upto 7,93,000 Equity Shares of each representing 26% of the Equity Share Capital/Voting Capital of the Target Company ( Offer Size ) at a price of (Rupees Fourteen only) per Equity Share ( Offer Price ), payable in cash, subject to the terms and conditions set out in the PA, DPS, DLoF and LoF that will be sent to the Public Shareholders of the Target Company The details of the Transactions which triggered the Open Offer are as under: As on date, the Acquirer holds 7,34,299 Equity Share aggregating to 24.08% of the Equity Share Capital/Voting Capital of the Target Company. The Acquirer has entered into a Share Purchase Agreement ( SPA ) with the existing Promoter/ Promoter Group (hereinafter referred to Selling Shareholders / Sellers ) of the Target Company for acquisition of 37,224 Equity Shares representing 1.22% of the Equity Share Capital/Voting Capital of the Target Company. Post SPA, the Shareholding of the Acquirer will increase to 25.30% of the Voting Capital of the Target Company and hence this has triggered the Open Offer. The details of the Acquisition through SPA is as under: Sr. No. Name, PAN & Address 1) Mrs. Manju Devi Chirimar Part of Promoter Group (Yes/No) Details of Shares/Voting Rights held by the Selling Shareholders Pre Transaction Post Transaction % vis a vis total No of % vis a vis total No of Shares Share Capital Shares Share Capital Yes 7, % Nil N.A. PAN: ACDPC 5458 K Address: 8/1, Chapel Road, Hastings, Kolkata ) Mr. Rajeev Chirimar Yes 5, % Nil N.A Page 3 of 28

9 Sr. No. Name, PAN & Address Part of Promoter Group (Yes/No) Details of Shares/Voting Rights held by the Selling Shareholders Pre Transaction Post Transaction % vis a vis total No of % vis a vis total No of Shares Share Capital Shares Share Capital PAN: ACQPC 9187 J Address: 8/1, Chapel Road, Hastings, Kolkata ) Mrs. Sangita Chirimar Yes 5, % Nil N.A PAN: ACCPC 4040 Q Address: Jaya Kunj, 8/1, Chapel Road, Hastings, Kolkata ) Mr. Keshav Chirimar Yes 4, % Nil N.A PAN: AGPPC 9200 M Address: 8/1, Chapel Road, Hastings, Kolkata ) Mr. Raghav Chirimar Yes 4, % Nil N.A PAN: AGPPC 9217 Q Address: 8/1, Chapel Road, Hastings, Kolkata ) Rajeev Chirimar HUF Yes 4, % Nil N.A PAN: AACHR 7875 L Address: C/o Radio Supply Stores Private Ltd., 3, BBD Bagh (East), Near Stephen House, Kolkata ) Radio Supply Stores Private Limited Yes 2, % Nil N.A PAN: AABCR 4310 G Address: 52, Hemanta Basu Sarani, Beside Stephen House, Kolkata ) Kemi Fibre Industries Private Limited Yes 2, % Nil N.A PAN: AABCK 1249 B Address: 56 E, Hemanta Basu Sarani, Old 4, BBD Bagh (East), Room No. 14A, Kolkata TOTAL 37, % Nil N.A. Page 4 of 28

10 3.1.3.The Sellers have not been prohibited by SEBI from dealing in securities, in terms of directions issued under Section 11B of the SEBI Act, 1992, as amended or under any other regulation made under the SEBI Act, The Salient features of the Share Purchase Agreement ( SPA ) are as under: 1) The Sellers shall sell to the Acquirer and the Acquirer shall, subject to the fulfilment of the conditions specified in Clause 3 of SPA, and relying on several representations and undertakings of the Seller hereinafter contained, purchase the Sale Shares, free from all encumbrances and defects, for the Purchase Price and on the terms and conditions hereinafter contained. 2) The Acquirer shall acquire 37,224 Equity Shares representing 1.22 % of the subscribed Equity Share capital/ Voting Capital of the company from the Sellers. 3) The Purchase Price for the Sale Shares shall be 10/- (Rupees Ten only) per share and the total consideration amount shall be 3,72,240/- (Rupees Three Lakhs Seventy Two Thousand Two Hundred & Forty Only). 4) The Purchase Consideration has been fixed on the basis of the assets and liabilities disclosed in the audited annual accounts of the Company for the financial year ended on March 31, 2017 and the certified accounts for the period up to December 31, ) Conditions of Agreement: The Purchase of the Shares by the Acquirer is subject to the fulfilment by the Sellers of the following conditions precedent: The approvals, if any, of the Authorities being obtained by the Sellers at their own cost and such approvals being unconditional or if subject to conditions, the conditions are not unusual or onerous and certified copies thereof being submitted to the Acquirer. 6) Compliance with Takeover Regulations: a) The sale and purchase of the Sale Shares shall be subject to the compliance with the provisions of the Takeover Regulations. b) The Sellers shall cause the Company to comply with the provisions of the Takeover Regulations. c) In case of non-compliance with any of the provisions of the Takeover Regulations by either of the parties, this agreement for sale of the Sale Shares shall not be acted upon by either Sellers or the Acquirer. d) The Acquirer/Sellers undertake that if the public shareholding in the Company fall below the limit specified in SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 for the purpose of listing on continuous basis, pursuant to the Agreements and Open Offer, the Acquirer will maintain the minimum specified public shareholding in the Company The Proposed change in control of the Target Company is not through any Scheme of Arrangement Based on the information available, neither the Acquirer nor the Promoters/Sellers is in the list of wilful defaulters issued by any bank, financial institution, or consortium thereof in accordance with guidelines on wilful defaulters issued by RBI The Acquirer reserves the right to nominate someone representing them to be a Director on the Board of the Target Company during the Offer Period in accordance with the Regulations by depositing 100% of the Maximum Consideration payable under the Offer in the Cash Escrow Account as required under Regulation 24(1) of the SEBI (SAST) Regulations As per Regulation 26(6) of the SEBI (SAST) Regulations, the Board of Directors are required to constitute a committee of Independent Directors to provide reasoned recommendation on this Offer to the Eligible Page 5 of 28

11 Shareholders. Such recommendation shall be published at least two (2) working days before the commencement of the Tendering Period in the same newspapers where the DPS was published in compliance with Regulation 26(7) of the SEBI (SAST) Regulations No other persons/individuals/entities are acting in concert with the Acquirer for the purpose of this Offer in terms of Regulation 2 (1) (q) of the SEBI (SAST) Regulations DETAILS OF THE PROPOSED OFFER The PA announcing the Open Offer, under Regulation 3(1) and 4 read with Regulation 13, 14 and 15 of the Regulations was made on April 17, 2018 (Tuesday) and was sent to BSE Ltd, Mumbai ( BSE ), and to the Target Company on April 17, 2018 (Tuesday) and was filed with SEBI, Mumbai on April 18, 2018 (Wednesday) In accordance with Regulations 13(4) and 14(3) of the SEBI (SAST) Regulations, the DPS was published on April 24, 2018 (Tuesday) in the following newspapers: Publication Language Edition(s) Business Standard English All Editions Business Standard Hindi All Editions Mumbai Lakshadeep Marathi Mumbai Edition The Public Announcement and Detailed Public Statement are also available on the website of SEBI at Simultaneously with the publication of DPS in the newspapers, a copy of the DPS was filed through the Manager to the Offer with SEBI, BSE and the Target Company at its Registered Office This Offer is made by the Acquirer to all Eligible Shareholders, to acquire up to 7,93,000 Equity Shares representing 26% of the Equity Share Capital/Voting Capital, at a price of (Rupees Fourteen only) per Equity Share, to be paid in cash, in accordance with Regulation 9(1)(a) of the Regulations and subject to the terms and conditions set out in the PA, the DPS and LoF There is no differential pricing for the Offer This is not a Competing Offer in terms of Regulation 20 of the SEBI (SAST) Regulations. There has been no competing offer as of the date of this Letter of Offer The Offer is unconditional and not subject to any minimum level of acceptance from the shareholders. In terms of Regulation 19(1) of the Regulations, the Acquirer will accept those Equity Shares of the Target Company which are tendered in valid form in terms of this Offer upto a maximum of 7,93,000 Equity Shares representing 26% of the Equity Share Capital/Voting Capital of the Target Company The Acquirer did not acquire any shares of the Target Company after the date of PA i.e. April 17, 2018 (Tuesday) up to the date of this LoF The Acquirer will have the right not to proceed with this Offer in accordance with Regulation 23 of the SEBI (SAST) Regulations, in the event Statutory Approvals are refused. In the event of withdrawal of this Offer, a Public Announcement will be made within two (2) working days of such withdrawal, in the same newspapers in which the DPS has been published and such Public Announcement will also be sent to SEBI, BSE and the Target Company at its Registered Office As on date, the Manager to the Offer, Mark Corporate Advisors Private Limited does not hold any Equity Shares in the Target Company. The Manager to the Offer further declares and undertakes that they will not deal on their own account in the Equity Shares of the Target Company during the Offer Period as per Regulation 27(6) of the SEBI (SAST) Regulations The Equity Shares of the Target Company acquired by the Acquirer shall be free from all liens, charges and encumbrances together with all rights attached thereto, including the right to all dividends, bonus and rights offer declared hereafter. Page 6 of 28

12 As per Regulation 38 of SEBI (LODR) Regulations read with Rule 19A of the Securities Contract (Regulation) Rules, 1957, as amended ( SCRR ), the Target Company is required to maintain at least 25% Public Shareholding, on continuous basis for listing. Pursuant to completion of this Offer, assuming full acceptance, the Public Shareholding in the Target Company will not fall below the minimum public shareholding requirement as per SCRR as amended and SEBI (LODR) Regulations, OBJECT OF THE OFFER This Offer is being made to the public shareholders of Target Company pursuant to and in compliance with regulation 3(1) and 4 of the Regulations The object of acquisition is to acquire substantial shares/voting rights accompanied by control over the Target Company. At present, the Acquirer does not have any plans to make major changes to the existing line of business of the Target Company except in the ordinary course of business. The Acquirer intends to undertake Infrastructure related activities in the Target Company and may also diversify into other areas with the prior approval of the Shareholders. The Acquirer may reorganize the present Capital Structure of the Company and also further strengthen the Board The Acquirer do not have any plans to alienate any significant assets of the Target Company whether by way of sale, lease, encumbrance or otherwise for a period of two years except in the ordinary course of business of the Target Company. The Target Company's future policy for disposal of its assets, if any, for two years from the completion of Offer will be decided by its Board of Directors, subject to the applicable provisions of the law and subject to the approval of the shareholders through Special Resolution passed by way of postal ballot in terms of regulation 25(2) of the Regulations. 4. BACKGROUND OF THE ACQUIRER 4.1. Information about Mr. Himanshu Ramniklal Shah ( Acquirer ) Himanshu Ramniklal Shah, S/o Ramniklal Popatlal Shah, aged about 44 years, is residing at 3, Champapuri Society, P. T. College Road, Shantivan, Paldi, Ahmedabad , Contact No.: , ID: info@sanskarvilla.com. He is an Undergraduate from University of Gujarat. His Permanent Account Number (PAN) under Indian Income Tax Act is ACSPS 6353 A. He has around 26 years of experience in Logistics and Real Estate Business The Acquirer is not part of any group As on date, the Acquirer holds 7,34,299 Equity Share aggregating to 24.08% of the Equity Share Capital/Voting Capital of the Target Company The Acquirer has not been prohibited by SEBI from dealing in securities, in terms of directions issued under section 11 B of the SEBI Act or any other regulations made under the SEBI Act The Net Worth of Acquirer is Lacs (Rupees Four Hundred and Forty Lacs and Twenty Seven Thousand only) as on December 31, 2017 as certified vide certificate dated April 16, 2018 issued by Mr. Kabir A. Mansuri (Membership No ), Partner of M/s KCJM & Associates, Chartered Accountants (FRN: W) having Office at 47/6, Bimanagar, Satellite Road, Ahmedabad ; Telefax: ; ID: mail@kcjm.in The entities promoted/controlled/managed by the Acquirer is as under: Sr. No. Name of the Entities Designation % of total Equity Shares held/ Share of Partnership 1) Sanskar Developers Proprietor N.A 2) Parshwam Residency Proprietor N.A 3) Swastik Developers Partner 5.00% 4) Shree Vimalnath Furniture Partner 30.00% 4.2. The Acquirer has entered into a Share Purchase Agreement ( SPA ) on April 17, 2018 with the Promoters of the Target Company pursuant to which, the Acquirer has agreed to acquire 37,224 Equity Shares representing 1.22% of the Equity Share Capital/Voting Capital of the Target Company. Page 7 of 28

13 4.3. The Acquirer will be the Promoter of the Company, after completing all the Open Offer formalities pursuant to the Regulations The Acquirer has not acquired any Equity Share of the Target Company during the twelve (12) months period prior to the PA, except for 7,34,299 Equity Shares representing 24.08% of the Equity Share Capital/Voting Capital in the Target Company at a price of per Equity Share (High Price being and low price being 11.97) The Acquirer is not into any Securities related business and registered with SEBI as a Market Intermediary The entities promoted or controlled by the Acquirer as mentioned in point no above are neither holding any Equity Share nor participating or acting in Concert with the Open Offer As on date, the Acquirer does not have any interest in the Target Company except for 7,34,299 Equity Shares representing 24.08% of the Equity Share Capital/Voting Capital in the Target Company. Further, there are no Directors representing the Acquirer on the Board of the Target Company. 5. BACKGROUND OF THE TARGET COMPANY-DARJEELING ROPEWAY COMPANY LIMITED 5.1. The Target Company, bearing CIN: L45202MH1936PLC was incorporated on October 16, 1936 in the name of Darjeeling Ropeway Company Limited within the jurisdiction of Registrar of Companies, West Bengal pursuant to the provisions of the Indian Companies Act, The Registered Office of the Target Company was shifted from West Bengal to the State of Maharashtra and a fresh Certificate of Registration confirming the change of Registered Office was issued by Registrar of Companies, Mumbai on April 19, The current Registered Office is situated at GF 17, Ground Floor, HDIL Harmony Mall, 1A/58, New Link Road, Goregaon (W), Mumbai The Main Object of the Target Company inter-alia includes, construction, purchase, lease and work ropeways, tramways or other forms of transport whether electrical or mechanical. The Company is currently engaged in the business of Share/Stock Trading and Investments The Authorized Share Capital of the Target Company is 3,25,00,000 comprising of 32,50,000 Equity shares of each. The Paid-Up Equity Share Capital of the Target Company is 3,05,00,000 comprising of 30,50,000 Equity shares of each fully paid up The Equity Shares of the Target Company is listed on BSE Limited, Mumbai ( BSE ) having a scrip code as The Equity Shares of the Target Company are frequently traded within the meaning of explanation provided in Regulation 2(j) of the Regulations. The ISIN of the Target Company is INE830S As on date, the Target Company is fully compliant with the listing requirements and there has not been any non-listing of Equity Shares on any of the Stock Exchanges Share Capital Structure: The Equity Share Capital Structure of the Target Company is as follows: Paid-up Shares No. of Equity Shares/Voting Rights % of Equity Shares/ Voting Rights Fully Paid-up Equity Shares 30,50, % Partly Paid-up Equity Shares Nil N.A. Total Paid-up Equity Shares 30,50, % 5.8. As of the date of this Letter of Offer, there are no: (i) partly paid-up Equity Shares; and (ii) outstanding convertible instruments (warrants/fully convertible debentures/partially convertible debentures) issued by the Target Company. Further, there is no differential pricing for the Offer. There has been no merger/demerger or spin off in the Target Company during the past three years. Page 8 of 28

14 5.9. Details of the Board of Directors of the Target Company: As on the date, the Directors representing the Board of the Target Company are: Sr. No. Name of Director, DIN, PAN & Designation 1) Mr. Rommel Rocky Rodrigues DIN: PAN: ABVPR 1793 H Designation: Managing Director 2) Mr. Abhay Sudarshan Giri DIN: PAN: ARLPG 9973 E Address 401, Trans Residency Building, E-Wing, MIDC, Road No. 23, Andheri (East), Mumbai L 33, Siddharth Nagar, Jai Bharat Seva Sangh, Rebello Compound, Chakala, Andheri (East) Mumbai Date of Appointment February 04, 2015 July 21, 2016 Experience in years & field 8 Years of Experience in the field of Finance, Administration & Management 7 Years in Finance & Marketing No. of Shares held in Company Nil Nil Designation: Non-Executive Non- Independent 3) Mrs. Savita Kishan Bhaliya DIN: PAN: AJZPB 9570 E Room No. 36, Vijay Chandra Building, Bhagat Lane, Manmala Tank, Mahim, Mumbai May 28, Years of Experience in the field of Finance & Administration Nil Designation: Independent Director 4) Mr. Arnay Manoharlal Gupta DIN: , Christopher Road, B-2, 7 th Floor, Vrindavan Garden, PS-Topsia, Flat No. 1, Kolkata July 15, Years in Operations & Management Nil PAN: ANYPG 4514 E Designation: Independent Director The key financial information of the Target Company based on the Audited Financial Statements for the Financial Year ended March 31, 2017, March 31, 2016 and March 31, 2015 and Certified Un-Audited Financials for the period ended December 31, 2017, are as follows: Profit and Loss Statement: Particulars Period ended December 31, 2017 ( in Lacs, except EPS) FY FY FY (Unaudited) (Audited) (Audited) (Audited) Income from Operations (+) Other Income Total Income Total Expenditure Page 9 of 28

15 Particulars Period ended December 31, 2017 FY FY FY (Unaudited) (Audited) (Audited) (Audited) Profit before Depreciation, Interest and Tax (-) Depreciation (-) Interest and Financial Charges Exceptional Items Profit before Tax Tax Expenses Profit after Tax Appropriations Income Tax Adjustments earlier years Profit & Loss Transfer for Goodwill/Capital Reserve Profit/ (loss) for the year Balance Sheet Statement: Particulars ( in Lacs, except EPS) Period ended December 31, 2017 FY FY FY (Unaudited) (Audited) (Audited) (Audited) Sources of Funds Paid up Equity Share Capital Reserves & Surplus (Excluding Revaluation Reserve) (-) Miscellaneous Expenditure Net Worth Non-Current Liabilities Current Liabilities Total Uses of Funds Non-current Assets Net Fixed Assets Non-current Investments Deferred Tax Assets (Net) Other Non-Current Assets Long-term loans and advances Current assets Total Other Financial Data: Particulars Period ended December 31, 2017 FY FY ( in Lacs, except EPS) FY Dividend (%) Nil Nil Nil Nil Earnings Per Share (0.42) 0.01 RoNW (%) 14.81% 8.38% (3.90)% 0.07% Book Value Pre and Post-Offer Shareholding Pattern of the Target Company as on date of LoF are as follows: Shareholders Category 1) Promoter/ Promoter Group a) Parties to the Equity Share Capital/Voting Capital prior to SPA and Offer Equity Share Capital/ Voting Rights agreed to be acquired which triggered off the Regulations Equity Share Capital/ Voting Rights to be acquired in open offer (Assuming full acceptances) Equity Share Capital/ Voting Rights after SPA and Offer (A) (B) (C) (A)+(B)+(C)=(D) No. %* No. %* No. %* No. %* Page 10 of 28

16 Shareholders Category Equity Share Capital/Voting Capital prior to SPA and Offer Equity Share Capital/ Voting Rights agreed to be acquired which triggered off the Regulations Equity Share Capital/ Voting Rights to be acquired in open offer (Assuming full acceptances) Equity Share Capital/ Voting Rights after SPA and Offer (A) (B) (C) (A)+(B)+(C)=(D) No. %* No. %* No. %* No. %* Agreement: i.) Manju Devi Chirimar 7, % (7,507) (0.25%) Nil Nil Nil Nil ii.) Rajeev Chirimar 5, % (5,817) (0.19%) Nil Nil Nil Nil iii.) Sangita Chirimar 5, % (5,700) (0.19%) Nil Nil Nil Nil iv.) Keshav Chirimar 4, % (4,500) (0.15%) Nil Nil Nil Nil v.) Raghav Chirimar 4, % (4,400) (0.14%) Nil Nil Nil Nil vi.) Rajeev Chirimar HUF 4, % (4,500) (0.15%) Nil Nil Nil Nil vii.) Radio Supply Stores Private 2, % (2,400) (0.08%) Nil Nil Nil Nil Limited viii.) Kemi Fibre Industries 2, % (2,400) (0.08%) Nil Nil Nil Nil Private Limited b) Promoters other than (a) above N.A N.A N.A N.A N.A N.A N.A N.A Total 1 (a+b) 37, % (37,224) (1.22%) Nil Nil Nil Nil 2) Acquirer 7,34, % 37, % 7,93, % 15,64, % Total 2 7,34, % 37, % 7,93, % 15,64, % 3) Parties to agreement other Nil Nil Nil Nil Nil Nil Nil Nil than 1(a) & 2 a) FIs/MFs/FIIs/Ban ks Nil Nil Nil Nil Nil Nil Nil Nil b) Others 22,78, % Nil Nil (7,93,000) (26.00%) 14,85, % Total 4 (a+b) 22,78, % Nil Nil (7,93,000) (26.00%) 14,85, % GRAND TOTAL ( ) 30,50, % Nil Nil Nil Nil 30,50, % Note: Total Number of Public Shareholders as on Identified Date is Details of the Compliance Officer: Name : Mr. Rommel Rodrigues Registered Office : Office No: GF 17, Ground Floor, HDIL Harmony Mall, 1A/58, New Link Road, Goregaon (W), Mumbai Contact No. : ID : romell@gmail.com 6. OFFER PRICE AND FINANCIAL ARRANGEMENTS 6.1. JUSTIFICATION OF OFFER PRICE The Equity Shares of the Target Company are presently listed on BSE Ltd, Mumbai ( BSE ) having a scrip code as The Equity Shares of the Target Company are presently traded on BSE only. The Equity Shares of the Target Company is frequently traded on BSE during the twelve (12) calendar months preceding the month in which PA was made as set out under Regulation 2(1) (j) of the Regulations The annualized trading turnover of the Equity Shares of the Target Company during Twelve (12) calendar months preceding the month of PA (April 2017 to March 2018) on the Stock Exchange on which the Equity Shares of the Target Company are traded is detailed below: Name of the Stock Exchange Total Number of shares traded during the preceding 12 calendar months prior to the month of PA Total No. of Equity Shares listed Annualized trading turnover (as % of total number of listed shares BSE Ltd 27,60,897 30,50, % (Source: The Offer Price of (Rupees Fourteen only) is justified in terms of Regulation 8(2) of the SEBI (SAST) Regulations on the basis of the following: Page 11 of 28

17 Sr. No. Particulars Amount (In. ) a) Negotiated Price as per SPA : b) The volume-weighted average price paid or payable for : acquisition by the Acquirer, during 52 weeks preceding the date of PA c) The highest price paid or payable for any acquisition, by the : Acquirer, during 26 weeks preceding the date of the PA d) The volume-weighted average market price of Equity shares : of the Target Company for a period of sixty (60) trading days immediately preceding the date of PA as traded on BSE, being the Stock Exchange where the maximum volume of trading in the shares of the Target Company are recorded during such period e) Other Financial Parameters as at: December 31, 2017 (Certified/Un-Audited) (i.) Return on Net Worth (%) : 14.81% (ii.) Book Value Per Share ( ) : (iii.) Earnings Per Share ( ) : 2.03 Note: The Trading data with respect to BSE has been downloaded from website of BSE i.e Calculation of the volume-weighted average market price of the Shares for a period of sixty (60) trading days immediately preceding the date of PA as traded on BSE (as the maximum volume of trading in the Shares of the Target Company was recorded on BSE during such period) as per regulation 8(2) (d) of the Regulations is as follows: Sr. No. Date Open Price High Price Low Price Close Price No. of Shares Total Turnover ( ) 1) January 16, , ,417 2) January 17, ) January 18, , ,169 4) January 19, ,515 5) January 22, , ,825 6) January 23, ,949 41,617 7) January 24, , ,350 8) January 25, ,150 1,108,850 9) January 29, ,100 1,064, ) January 30, ,899 1,785,726 11) January 31, , ,359 12) February 01, , ,006 13) February 02, , ,782 14) February 05, , ,508 15) February 06, , ,887 16) February 07, , ,391 17) February 08, , ,025 18) February 09, ,237 19) February 12, ,132 20) February 14, , ,642 21) February 15, ,500 2,643,275 22) February 16, ,874 23) February 19, ) February 20, ,000 15,800 25) February 21, ,350 81,732 26) February 22, ,900 28,410 27) February 23, ,908 28) February 26, ,100 16,395 29) February 27, ,040 30) February 28, , ,777 31) March 01, ,830 Page 12 of 28

18 Sr. No. Date Open Price High Price Low Price Close Price No. of Shares Total Turnover ( ) 32) March 05, ,300 18,907 33) March 06, ,646 22,578 34) March 07, ,501 59,289 35) March 08, , ,060 36) March 09, , ,170 37) March 12, ) March 13, ,268 39) March 14, ,300 2,146,396 40) March 15, ,000 3,485,000 41) March 16, ,000 25,800 42) March 19, ,087 43) March 20, ,000 2,943,720 44) March 21, ) March 22, ,869 46) March 23, ) March 26, ) March 27, ) March 28, ) April 02, ) April 03, ,150 15,582 52) April 04, , ,943 53) April 05, ,405 54) April 06, ,543 55) April 09, ,300 19,927 56) April 10, ,561 57) April 11, ,795 58) April 12, ,000 16,982 59) April 13, ,675 60) April 16, ,681,313 23,381, In view of the parameters considered and presented in the table above and in the opinion of the Acquirer and Manager to the Offer, the Offer Price of (Rupees Fourteen only ) per Equity Share is justified in terms of Regulation 8(2) of the Regulations There have been no corporate actions in the Target Company warranting adjustment of relevant price parameters In the event of further acquisition of Equity Shares of the Target Company by the Acquirer during the Offer Period, at a price higher than the Offer Price, the Offer Price will stand revised equal to or more than the highest price paid for such acquisition in terms of regulation 8(8) of the Regulations. However, the Acquirer will not be acquiring any Equity Shares of the Target Company after the third working day prior to the commencement of the Tendering Period and until the expiry of the Tendering Period If the Acquirer acquires Equity Shares of the Target Company during the period of twenty-six (26) weeks after the Tendering Period at a price higher than the Offer Price, they will pay the difference between the highest acquisition price and the Offer Price, to all shareholders whose shares have been accepted in Offer within sixty (60) days from the date of such acquisition. However, no such difference shall be paid in the event that such acquisition is made under another open offer under the Regulations, or pursuant to SEBI (Delisting of Equity Shares) Regulations, 2009, or open market purchases made in the ordinary course on the Stock Exchanges, not being negotiated acquisition of Equity Shares whether by way of bulk deals, block deals or in any other form As on date, there is no revision in Open Offer Price or Open Offer Size. In case of any revision in the Open Offer Price or Open Offer Size, the Acquirer is permitted to revise the Offer Price upward at any time up to 3 working days prior to the commencement of the Tendering Period in accordance with Regulation 18(4) of Page 13 of 28

19 the Regulations. If there is any such upward revision in the Offer Price by the Acquirer or in the case of withdrawal of Offer, the same would be informed by way of the Public Announcement in the same newspapers where the original Detailed Public Statement has appeared. Such revision in the Offer Price would be payable by the Acquirer for all the shares validly tendered in the Offer In the event that the number of Equity Shares validly tendered by the Public Shareholders of the Target Company under the Offer is higher than the Offer Size, the Equity Shares received from the public shareholders shall be accepted on a proportionate basis, in consultation with the Manager to the Offer DETAILS OF FIRM FINANCIAL ARRANGEMENTS The total funds required for the implementation of the Offer i.e., for the acquisition of 7,93,000 fully paid up Equity Shares of Face Value 10 each at a price of (Rupees Fourteen only) per Equity Share (assuming full acceptance) is 1,11,02,000 (Rupees One Crore Eleven Lakhs and Two Thousand only) ( Maximum Consideration ) In accordance with Regulation 17(4) of Regulations, the Acquirer has opened a Cash Escrow Account under the name and style of DRCL-OPEN OFFER-ESCROW ACCOUNT ( Escrow Account ) with IndusInd Bank Limited ( Escrow Banker ) bearing account number and deposited an amount of Lacs (Rupees Thirty Five Lakhs only) on April 19, 2018, in cash, being more than 25% of the Maximum Consideration. The Acquirer has authorized the Manager to the Offer to operate and realize the value of the Escrow Account in terms of the Regulations. The cash deposit in the Escrow Account has been confirmed vide the Certificate dated April 19, 2018 issued by the Escrow Banker The Acquirer has empowered the Manager to the Offer i.e. Mark Corporate Advisors Private Limited to operate and to realize the value of the Escrow Account in terms of the Regulations The Acquirer has adequate financial resources and has made firm financial arrangements for implementation of the Open Offer, in terms of Regulation 25(1) of the Regulations. The Open Offer obligation shall be met by the Acquirer through his own resources and no borrowings from any bank and/or financial institution are envisaged. Mr. Kabir Mansuri (Membership No ) Partner of M/s KCJM & Associates, Chartered Accountants (FRN: W) having office 47/6, Bimanagar, Satellite Road, Ahmedabad ; Tel. No.: ; ID: mail@kcjm.in, vide certificate dated April 17, 2018 has certified that sufficient resources are available with the Acquirer for fulfilling the obligations under this Offer in full Based on the above, the Manager to the Offer is satisfied about the ability of the Acquirer and to implement the offer in accordance with the Regulations. Further, the Manager to the Offer confirms that the funds/money are in place to fulfil the Open Offer obligations In case of any upward revision in the Offer Price or the Offer Size, the value of the Escrow Amount shall be computed on the revised consideration calculated at such revised Offer Price or Offer Size and any additional amounts required will be funded via cash in the Escrow Account by the Acquirer prior to effecting such revision, in terms of Regulation 17(2) of the SEBI (SAST) Regulations. 7. TERMS AND CONDITIONS OF THE OFFER 7.1. OPERATIONAL TERMS AND CONDITIONS This Offer is made by the Acquirer to (i) all the Equity Shareholders, whose names appear in the register of members of the Target Company as on the Identified Date i.e., June 05, 2018 (Tuesday); (ii) the Beneficial Owners of the Equity Shares whose names appear as beneficiaries on the records of the respective depositories, as of the close of business on the Identified Date i.e., June 05, 2018 (Tuesday); and (iii) those persons who acquire the Equity Shares any time prior to the date of the closure of the Tendering Period for this Offer, i.e. July 02, 2018 (Monday), but who are not the registered Equity Shareholders This Offer is not conditional upon any minimum level of acceptance by the Shareholder(s) of the Target Company. Page 14 of 28