We have audited the financial statements of THE BYKE
HOSPITALITY LIMITED ("the Company"), which comprise
the Balance Sheet as at March 31, 2025, and the Statement
of Profit and Loss (including Other Comprehensive Income),
Statement of Changes in Equity and Statement of Cash
Flows for the year then ended on that date, and a summary
of the material accounting policies and other explanatory
information (hereinafter referred to as "the financial
statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
financial statements give the information required by the
Companies Act, 2013 ("the Act") in the manner so required
and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2025, its profit and total
comprehensive income, changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in
accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India (ICAI) together with the
Independence requirements that are relevant to our audit
of the financial statements under the provisions of the
Act and the Rules made thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the
financial statements.

We obtained a listing of capital expenditures and major
acquisition during the year and, on a sample basis,
checked whether the assets were undertaken based on
internal purchase order that had been properly approved
by the key person with such authority with no material
exceptions noted. We inspected a sample of contracts
and underlying invoices to determine whether the
classification between capital and operating expenditure
was appropriate. We noted no material exceptions.

We evaluated whether the useful lives of the component
determined and applied by the management were in line
with historical experience, Company's assessment and
the market practice.

We checked whether the depreciation of PPE items
was commenced timely, by comparing the date of the
reclassification from work in progress to asset in use, with
the date of the act of completion of the work. We noted
no material exceptions.

Reference to related disclosures

The Company has provided information on the disclosure
of the addition, deletion of PPE and depreciation for the
year on such addition and existing asset in Note 3 of the
financial statement.

2. Recognition and Measurement of Deferred Tax

The recognition and measurement of deferred tax items
requires, at the level of the tax entity, the complete
determination of all differences between the recognition
and the measurement of assets and liabilities in
accordance with the respective local tax provisions and
financial reporting in accordance with IND AS as well as
the calculation of tax loss carry forwards. This requires
the significant calculation on account of carry forwards
of losses, MAT Credit entitlement and identification of
temporary differences. Furthermore, the assessment
of the ability to use deferred tax assets is based on
the expectations of the management regarding the
Company's economic development, which is influenced
by the current market environment, Co-venture support
and the assessment of future market development
(Domestic and Overseas) and thus requires the use of
judgment.

Deferred Tax disclosed in Note 07 of the Financial
Statement of Company for year ended include Deferred
tax asset created on temporary, deductible difference
of Rs. 290.62 lacs. In light of this, the recognition and
measurement of deferred taxes was a key audit matter.

Principal Audit Procedure

In assessing the recognition and measurement of deferred
taxes for the Company, among other procedures, we

analyzed the underlying processes for the complete
capture and measurement of deferred taxes and
examined the controls implemented to prevent or detect
and correct errors.

Current tax laws allow to carry forward unused tax loss
for 8 assessment years and from the assessment year in
which such tax loss was incurred.

We have referred Ind AS Technical Facilitation Group
(ITFG -Formed by ICAI) Clarification given in Bulletin 23
regarding effect to lower tax rate as per ordinance while
determining current tax and deferred tax asset or liabilities
for the purpose of presenting financial statements as on
March 31, 2025.

Para 46 and 47 of Ind AS 12, Income Taxes, and State as
follows:

Current tax liabilities (assets) for the current and prior
periods shall be measured at the amount expected to be
paid to (recovered from) the taxation authorities, using
the tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.

Deferred tax assets and liabilities shall be measured at
the tax rates that are expected to apply to the period
when the asset is realized or the liability is settled, based
on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.

We examined on a sample basis the identification and
quantification of differences between the recognition
and measurement of assets and liabilities according to
tax regulations and financial reporting pursuant to IND
AS. We also performed the calculation of deferred taxes.

Since Company has intended to opt for a Lower Tax rate
as per the Ordinance, Company has given effect while
determining the current tax and deferred tax assets
or liabilities for the purpose of presenting the financial
statement for the year ending March 2025.

We have also focused on the adequacy of the Company's
disclosures on deferred income tax positions and
assumptions used.

Our audit procedures did not lead to any reservations
regarding the recognition and measurement of deferred
taxes.

Reference to related disclosures

The Company has provided information on the
recognition and measurement of deferred taxes in Note
07 of the financial statements.

Information Other than the Financial Statements and
Auditor's Report Thereon

The Company's Management and Board of Directors is
responsible for the preparation of the other information.
The other information comprises the information included
in the Annual report, but does not include the financial
statements and our auditor's report thereon. The Annual
report is expected to be made available to us after the date
of this our auditor's report.

Our opinion on the financial statements does not cover
the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the financial statements,
our responsibility is to read the other information identified
above when it becomes available and, in doing so, consider
whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in
the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that
there is a material misstatement of this other information,
we are required to communicate the matter to those
charged with governance.

Management's Responsibilities for the Financial
Statements

The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these financial statements that give a true
and fair view of the financial position, financial performance,
total comprehensive income, changes in equity and cash
flows of the Company in accordance with the Ind AS and
other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the financial statements, the Management is
responsible for assessing the Company's ability to continue
as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis
of accounting unless the Management either intends to
liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Board of Directors are responsible for overseeing the
Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial
Statements

Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken
on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of
the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)
(i) of the Companies Act, 2013, we are also responsible
for expressing our opinion on whether the Company has
adequate internal financial controls system in place and
the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

• Conclude on the appropriateness of management's use
of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions
that may cast significant doubt on the Company's
ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related
disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained
up to the date of our auditor's report. However, future
events or conditions may cause the Company to cease
to continue as a going concern.

• Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures,
and whether the financial statements represent the
underlying transactions and events in a manner that
achieves fair presentation.

Materiality is the magnitude of the misstatement in the
financial statement that, individually or in aggregate, makes
it probable that the economic decision of the reasonably
knowledgeable user of the financial statement may be
influenced. We considered quantitative materiality and
qualitative factor in (i) planning the scope of our audit work
and in evaluating the result of our work, and (ii) evaluate
the effects of any identified misstatement in the financial
statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matter communicated with those charge with
governance, we determine those matters that were of
most significance in audit of financial statement of the
current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless
law and regulation precludes public disclosure about the
matters or when, in extremely rare circumstances, we
determine that the matters should not be communicated
in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order,
2020 ("the Order"), issued by the Central Government
of India in terms of sub-section (11) of Section 143 of
the Companies Act, 2013, we give in the "Annexure A" a
statement on the matters specified in paragraphs 3 and 4
of the Order.

2. As required by Section 143(3) of the Act, based on our
audit we report that:

(a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required

by law have been kept by the Company so far as it
appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and
Loss including Other Comprehensive Income, the
Statement of Changes in Equity and the Cash Flow
Statement dealt with by this Report are in agreement
with the books of account.

(d) In our opinion, the aforesaid financial statements
comply with the Ind AS specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.

(e) On the basis of the written representations received
from the directors as on March 31, 2025 taken on
record by the Board of Directors, none of the directors
is disqualified as on March 31, 2025 from being
appointed as a director in terms of Section 164(2) of
the Act.

(f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer
to our separate Report in "Annexure B". Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's Internal
Financial Controls over the financial reporting.

(g) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
of Section 197(16) of the Act, as amended,

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions of
Section 197 of the Act.

(h) With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
as amended, in our opinion and to the best of our
information and according to the explanations given
to us:

i. The Company does not have any pending
litigations.

ii. The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses.

iii. There has been no delay in transferring amount,
required to be transferred to the Investor
Education and Protection Fund by the Company.

iv. (a) The management has represented that, to
the best of it's knowledge and belief, other than
as disclosed in the notes to the accounts, no
funds (which are material either individually or
in aggregate) have been advanced or loaned
or invested (either from borrowed funds or
share premium or any other sources or kind
of funds) by the company to or in any other
person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that
the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on
behalf of the company ("Ultimate Beneficiaries")
or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(b) The management has represented, that, to
the best of it's knowledge and belief, other than
as disclosed in the notes to the accounts, no
funds (which are material either individually or in
aggregate) have been received by the company
from any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or
otherwise, that the company shall, whether,
directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever
by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries;
and

(c) Based on such audit procedures that the auditor
has considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused them to believe that the
representations under sub-clause (a) and (b) of
point no. iv contains any material misstatement.

v. The management has represented, that, the Company
has not declared or paid any dividend during the year.

vi. Based on our examination, which included test checks, we
report that the Company has used accounting software(s)
for maintaining its books of account, which include Tally
and a Property Management System (PMS), depending
on the location and nature of operations. These systems
are used collectively to maintain financial records and
revenue reconciliations across the Company's hotel
properties.

These software(s) have the feature of recording an audit
trail (edit log), and, in our opinion and according to the
information and explanations given to us, the audit trail
feature has been enabled and operated throughout
the year for all relevant transactions recorded in the

respective systems. During the course of our audit, we
did not come across any instance of the audit trail feature
being tampered with.

Further, the Company has preserved the audit trails as per
the statutory requirements relating to record retention.

For Bilimoria Mehta & Co.
Chartered Accountants

FRN:101490W

Jalpesh Vora
Partner

Membership No. 106636
UDIN: 25106636BMLMOT5021

Place: Mumbai
Date: May 28, 2025