The Directors of Pandaw Cruises Limited and its subsidiaries (collectively referred to as the “Group”) is pleased

to present this report and the special-purpose combined financial statements of the Group for the year ended
31 March 2021.

DIRECTORS
The Directors during the year and at the date of this report are:
Andrew Todd Homan
Moe Wah Wah
Lin Lin Htun
Paul Go & Co. CPA
John Mackenzie
Parveen Kumar Rastogi
John Martin Mackenzie
Antoni Strachan Flotats
Paul Strachan Graham Robert

THE DIRECTORS’ RESPONSIBILITY IN RESPECT OF THE SPECIAL-PURPOSE COMBINED FINANCIAL

STATEMENTS
The Directors are responsible for the special-purpose combined financial statements of each financial period
which give a true and fair view of the special-purpose combined financial position of the Group and of the
special-purpose combined results of its operations, its special-purpose combined changes in equity and its
special-purpose combined cash flows for the year. In preparing those special-purpose combined financial
statements, the Directors are required to:
 select suitable accounting policies and then apply them consistently;
 make judgements and estimates that are reasonable and prudent;
 state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the special-purpose combined financial statements; and
 prepare the special-purpose combined financial statements on the going concern basis unless it is
inappropriate to presume that the Group will continue its business.
The Directors are responsible for ensuring that proper accounting records are kept which disclose, with
reasonable accuracy at any time, the special-purpose combined financial position of the Group and to ensure
that the accounting records comply with the applied accounting system. The Directors are also responsible for
safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The Directors confirmed that they have complied with the above requirements in preparing the accompanying
special-purpose combined financial statements.

STATEMENT BY THE DIRECTORS

The Directors do hereby state that, in their opinions, the accompanying special-purpose combined financial
statements give a true and fair view of the special-purpose combined financial position of the Group as at 31
March 2021 and of the special-purpose combined results of its operations, its special-purpose combined
changes in equity and its special-purpose combined cash flows for the year then ended in accordance with
the basis of accounting policies set out in Note 2 and Note 3 to preparation and presentation of the special-
purpose combined financial statements.
Approved by the Directors and signed on its behalf by

Andrew Todd Homan

Director
31 October 2021