L. Provisions and Contingent Liabilities
General

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the
amount of the obligation. When the Company expects
some or all of a provision to be reimbursed, the expense
relating to a provision is presented in the statement of
profit and loss net of any reimbursement.

If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a
finance cost.

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the
Company or a present obligation that is not recognized
because it is not probable that an outflow of resources
will be required to settle the obligation. The Company
does not recognize a contingent liability but discloses its
existence in the financial statements. Payments in respect
of such liabilities, if any are shown as advances.

M. Accounting for Taxation of Income

i. Current taxes

Income tax expense is recognized in net profit in the
statement of profit and loss except to the extent
that it relates to items recognized directly in other
comprehensive income or equity, in which case it is
recognized in other comprehensive income or equity
respectively. Current income tax is recognized at the
amount expected to be paid to or recovered from the
tax authorities, using the tax rates and tax laws that
have been enacted or substantively enacted by the
balance sheet date. The Company offsets, on a year to
year basis, the current tax assets and liabilities, where
it has legally enforceable right to do so and where it
intends to settle such assets and liabilities on a net
basis.

ii. Deferred taxes

Deferred tax is recognized on differences between

the carrying amounts of assets and liabilities in
the financial statements and the corresponding
tax bases used in the computation of taxable profit
and are accounted for using the balance sheet
liability method. Deferred tax liabilities are generally
recognized for all taxable temporary differences, and
deferred tax assets are generally recognized for all
deductible temporary differences to the extent that
it is probable that taxable profits will be available
against which those deductible temporary differences
can be utilized. Such assets and liabilities are not
recognized if the temporary difference arises from
goodwill or from the initial recognition (other than in
a business combination) of other assets and liabilities
in a transaction that affects neither the taxable profit
nor the accounting profit.

Deferred tax relating to items recognised outside profit
or loss is recognised outside profit or loss (either in
other comprehensive income or in equity). Deferred tax
items are recognised in correlation to the underlying
transaction either in OCI or directly in equity.

The carrying amount of deferred tax assets is reviewed
at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the asset
to be recovered.

Deferred tax assets and liabilities are offset when
there is a legally enforceable right to set off current
tax assets against current tax liabilities and when they
relate to income taxes levied by the same taxation
authority and the Company intends to settle its
current tax assets and liabilities on a net basis.

Deferred tax assets and liabilities are measured at the
tax rates that are expected to apply in the year when
the asset is realised or the liability is settled, based
on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.

N. Fair value measurement

The Company measures financial instruments, such as,
derivatives at fair value at each balance sheet date.

Fair value is the price that would be received to sell an
asset or paid to settle a liability in an orderly transaction
between market participants at the measurement date,
regardless of whether that price is directly observable or
estimated using another valuation technique

In estimating the fair value of an asset or liability, the
Company takes into account the characteristics of the
asset or liability if market participants would use when
pricing the asset or liability, assuming that market
participants act in their economic best interest.

All assets and liabilities for which fair value is measured
or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows,
based on the lowest level input that is significant to the
fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active
markets for identical assets or liabilities

• Level 2 — Valuation techniques for which the
lowest level input that is significant to the fair value
measurement is directly or indirectly observable

• Level 3 — Valuation techniques for which the
lowest level input that is significant to the fair value
measurement is unobservable

For assets and liabilities that are recognised in the
financial statements on a recurring basis, the Company
determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the
fair value measurement as a whole) at the end of each
reporting period.

The Company's Management determines the policies and
procedures for both recurring fair value measurement,
such as derivative instruments and unquoted financial
assets measured at fair value, and for non-recurring
measurement, such as assets held for distribution in
discontinued operations.

This note summarises accounting policy for fair value.
Other fair value related disclosures are given in the
relevant notes.

O. Foreign Currency-Transactions and Balances

The Company's functional currency is INR and accordingly,
the financial statements are presented in INR.

Transactions in foreign currencies are initially recorded by
the company in their functional currency spot rates at the
date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign
currencies are translated at the functional currency
spot rates of exchange at the reporting period. Gains
and losses arising on account of differences in foreign
exchange rates on settlement/ translation of monetary
assets and liabilities are recognised in the Statement of
Profit and Loss except exchange differences on foreign
currency borrowings relating to assets under construction
for future productive use, which are included in the cost
of those assets when they are regarded as an adjustment
to interest costs on those foreign currency borrowings.

Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated
using the exchange rates as at the dates of the initial

transactions. Non-monetary items measured at fair value
in a foreign currency are translated using the exchange
rates at the date when the fair value was determined.
The gain or loss arising on translation of non-monetary
items measured at fair value is treated in line with the
recognition of the gain or loss on the change in fair value
of the item (i.e. translation differences on items whose
fair value gain or loss is recognised in OCI or profit or loss
are also recognised in OCI or profit or loss, respectively).

P. Borrowing Costs

General and specific borrowing costs directly attributable
to the acquisition, construction or production of
qualifying assets, which are assets that necessarily take a
substantial period of time to get ready for their intended
use or sale, are added to the cost of those assets, until
such time as the assets are substantially ready for their
intended use or sale. All other borrowing costs are
recognised in Statement of Profit and Loss in the period
in which they are incurred.

Q. Leases

Effective April 1, 2019, the Company has adopted Ind
AS 116 "Leases" and applied the standard to all lease
contracts existing on April 1, 2019 using the modified
retrospective method. Accordingly, comparative
information as at and for the year ended March 31, 2019
has not been restated. The impact of adoption of the
standard on financial statements of the Company has
been disclosed in the notes to accounts.

On adoption of Ind AS 116, the Company recognised
lease liabilities in relation to certain leases which had
previously been classified as 'operating leases' under the
principles of Ind AS 17, Leases. These liabilities have been
measured at the present value of the remaining lease
payments, discounted using the company's incremental
borrowing rate as of 1 April 2019.

The Company's lease asset classes primarily consist
of leases for land, building and vehicle leases. The
Company assesses whether a contract contains a lease,
at inception of a contract. A contract is, or contains, a
lease if the contract conveys the right to control the use
of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Company
assesses whether: (i) the contract involves the use of an
identified asset (ii) the Company has substantially all of
the economic benefits from use of the asset throughout
the period of the lease and (iii) the Company has the right
to direct the use of the asset.

At the date of commencement of the lease, the
Company recognises a right-of-use asset ("ROU") and a
corresponding lease liability for all lease arrangements in

which it is a lessee, except for leases with a term of twelve
months or less (short-term leases) and low value leases.
For these short-term and low value leases, the Company
recognises the lease payments as an operating expense
on a straight-line basis over the term of the lease.

Certain lease arrangements includes the options to
extend or terminate the lease before the end of the
lease term. ROU assets and lease liabilities includes these
options when it is reasonably certain that they will be
exercised.

The right-of-use assets are initially recognised at cost,
which comprises the initial amount of the lease liability
adjusted for any lease payments made at or prior to the
commencement date of the lease plus any initial direct
costs less any lease incentives and estimated restoration
costs of the underlying asset where applicable. They
are subsequently measured at cost less accumulated
depreciation and impairment losses

Right-of-use assets are depreciated from the
commencement date on a straight-line basis over the
shorter of the lease term and useful life of the underlying
asset. If the Company is reasonably certain to exercise
a purchase option, the right-of-use asset is depreciated
over the underlying assets useful life.

Right of use assets are evaluated for recoverability
whenever events or changes in circumstances indicate
that their carrying amounts may not be recoverable.
For the purpose of impairment testing, the recoverable
amount (i.e. the higher of the fair value less cost to sell
and the value-in-use) is determined on an individual asset
basis unless the asset does not generate cash flows that
are largely independent of those from other assets. In
such cases, the recoverable amount is determined for the
Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortised cost
at the present value of the future lease payments. The
lease payments are discounted using the interest rate
implicit in the lease or, if not readily determinable, using
the incremental borrowing rates. Lease liabilities are
remeasured with a corresponding adjustment to the
related right of use asset if the Company changes its
assessment if whether it will exercise an extension or a
termination option.

Lease payments are allocated between principal and
finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability
for each period.

Lease liabilities and ROU assets have been separately
presented in the Balance Sheet and lease payments have
been classified as financing cash flows.

The Company applies the practical expedient by the
standard allowing not to separate the lease component
from other service components included in its lease
agreements. Accordingly, all fixed payments provided
for in the lease agreement, whatever their nature, are
included in the lease liability

R. Employee Benefits

a. Short-term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within 12 months after the end of the period
in which the employees render the related service are
recognised in respect of employee's services up to the
end of the reporting period and are measured at the
undiscounted amounts of the benefits expected to be
paid when the liabilities are settled. The liabilities are
presented as current employee benefit obligations in
the balance sheet.

b. Other Long-term employee benefit obligations

The liabilities for compensated absences (annual leave)
which are not expected to be settled wholly within
12 months after the end of the period in which the
employee render the related service are presented as
non-current employee benefits obligations. They are
therefore measured as the present value of expected
future payments to be made in respect of services
provided by employees up to the end of the reporting
period using the Projected Unit Credit method. The
benefits are discounted using the market yields at
the end of the reporting period on government
bonds that have terms approximating to the terms
of the related obligations. Re-measurements as a
result of experience adjustments and changes in
actuarial assumptions (i.e. actuarial losses/ gains) are
recognised in the Statement of Profit and Loss.

The obligations are presented as current in the
balance sheet, if the Company does not have an
unconditional right to defer settlement for at least
twelve months after the reporting period, regardless
of when the actual settlement is expected to occur.

c. Post- employment obligations

The Company operates the following post¬
employment schemes:

i. Defined benefit plans such as gratuity

ii Defined contribution plans such as provident fund.

Defined benefit plan - Gratuity Obligations

The Company provides for gratuity, a defined benefit

plan (the "Gratuity Plan") covering eligible employees
in accordance with the Payment of Gratuity Act, 1972.
The Gratuity Plan provides a lump sum payment to
vested employees at retirement, death, incapacitation
or termination of employment, of an amount based
on the respective employee's salary and the tenure of
employment.

The liability or asset recognised in the balance sheet
in respect of defined benefit gratuity plans is the
present value of the defined benefit obligation at the
end of the reporting period less the fair value of plan
assets. The defined benefit obligation is actuarially
determined using the Projected Unit Credit method.

The present value of the defined benefit obligation is
determined by discounting the estimated future cash
outflows by reference to market yields at the end of
the reporting period on government bonds that have
a terms approximating to the terms of the obligation

The net interest cost, calculated by applying the
discount rate to the net balance of the defined
benefit obligation and the fair value of the plan
assets, is recognised as employee benefit expenses in
the statement of profit and loss.

Remeasurements gains and losses arising
from experience adjustments and changes in
actuarial assumptions are recognised in the other
comprehensive income in the year in which they arise
and are not subsequently reclassified to Statement of
Profit and Loss.

Changes in the present value of the defined benefit
obligation resulting from plan amendments or
curtailments are recognised immediately in profit or
loss as past service cost.

Defined Contribution Plan

The Company pays provident fund contributions to
publicly administered provident funds as per local
regulatory authorities. The Company has no further
obligations once the contributions have been paid. The
contributions are accounted for as defined contribution
plans and the contributions are recognised as employee
benefit expense when they are due.

S. Earnings Per Share

Basic Earnings Per Share (EPS) amounts are calculated
by dividing the profit for the year attributable to equity
holders by the weighted average number of equity shares
outstanding during the year.

Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share to take into account:

• The after income tax effect of interest and other
financing costs associated with dilutive potential
equity shares, and

• Weighted average number of equity shares that would
have been outstanding assuming the conversion of all
the dilutive potential equity.

T. Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits with
an original maturity of three months or less from the date
of acquisition, which are subject to an insignificant risk of
changes in value.

U. Insurance claims

Insurance claims are accounted for on the basis of claims
admitted / expected to be admitted and to the extent
that there is no uncertainty in receiving the claims.

V. Segment Reporting

The Company's only business being hoteliering, disclosure
of segment-wise information under Accounting Standard
(AS) 108 "Segmental Information" notified by the
Companies (Accounting Standards) Rules, 2006 (as
amended) does not arise. There is no geographical
segment to be reported since all the operations are
undertaken in India.

W. Equity Instruments

An equity instrument is any contract that evidences a
residual interest in the assets of an entity after deducting
all of its liabilities. Incremental costs directly attributable
to the issue of new shares or options are shown in equity
as a deduction, net of tax, from the proceeds.

(a) Terms / rights attached to:

Equity Shares

The Company has one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting. In the event of liquidation, the equity share holders are eligible to receive the remaining
assets of the company after distribution of all preferential amounts in proportion to their share holding.

Disclosure Statement of Preferential allotement

The Board in its meeting held on January 04, 2024 made the allotment of 123,00,000 share warrants upon receipt of
amount of Rs.1,383.75 Lakhs on January 02, 2024 towards 25% of the total consideration.

In this regard, the warrant holders have paid the part consideration and have applied for exercising their rights for conversion
of warrants into equivalent number of Equity Shares. The Securities Allotment Committee of the Company in its meeting
held on March 01, 2024 alloted 68,00,000 Equity shares, consequent upon the conversion of 68,00,000 Warrants issued
earlier for Rs. 45/-, upon receipt of an amount aggregating to Rs. 22,95,00,000 (Rupees Twenty Two Crore Ninety- Five Lacs
only) at the rate of Rs. 33.75 (Rupees Thirty Three and seventy five paisa Only) per warrant (being 75% of the issue price per
warrant) from the allottees. The necessary corporate action with depositories and Listing approvals from Stock Exchange
was obtained and the shares were credited to the respective allottees account.

During the year, on July 11, 2024, the Company received amount of Rs. 18,16,25,625/- towards the balance amount (i.e.75%
of the consideration) against allotment of 53,81,500 equity shares made on July 11, 2024 on conversion of 53,81,500
warrants from the applicants of the aforesaid warrants. Accordingly, the Securities Allotment Committee of the Company in
its meeting held on July 11, 2024 has allotted these equity to both the Promoter and Non- Promoter Group. The necessary
corporate action with depositories is completed and Listing approvals from Stock Exchanges have been obtained on
November 04, 2024 and the shares were credited to the respective allottees account.

Consequent to this conversion of warrants/allotment of equivalent Equity Shares 1,18,500 warrants remain pending for
conversion and these warrant holders are entitled to get their warrants converted into Equity Shares of the Company by
paying remaining 75% i.e., Rs. 33.75 per warrant within 18 months from the date of warrant allotment. Failure to exercise
this option within the specified timeframe i.e. within 18 months from the issuance of the warrants will result in forfeiture
of the amount, as per the terms outlined.

Note 39: Financial Risk Management Objectives and Policies

The Company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of
these financial liabilities is to finance the Company's operations and to provide guarantees to support its operations directly
or indirectly. The Company's principal financial assets include, trade and other receivables, other advances, cash and cash
equivalents that derive directly from its operations.

Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or a customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities, including deposits with banks and financial institutions.

Trade receivables

Customer credit risk is managed by the Company's established policy, procedures and control relating to customer credit risk
management. The Company is in the business of Hospitality. Credit quality of a customer is assessed by the management on
regular basis with market information and individual credit limits are defined accordingly. Outstanding customer receivables are
regularly monitored and any further services to major customers are approved by the senior management.

An impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a large
number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum
exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 10.

On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The
Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes
into account available external and internal credit risk factors and the Company's historical experience for customers.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company's finance department in accordance
with the Company's policy. Investments of surplus funds are made generally in the fixed deposits. The investment limits are set
to minimise the concentration of risks and therefore mitigate financial loss to make payments for vendors.

The Company's maximum exposure to credit risk for the components of the balance sheet at March 31, 2025 and March 31, 2024
is the carrying amounts as stated in balance sheet.

Liquidity Risk

The Company monitors its risk of a shortage of funds using a liquidity planning tool.

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans.
The Company has access to a sufficient variety of sources of funding which can be rolled over with existing lenders. The Company
believes that the working capital is sufficient to meet its current requirements.

Note 44: Expenditure on Corporate Social Responsibility:

As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold needs to spend at least 2% of
its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The
areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute
care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been
formed by the Company as per the Act. The Company is spending amount for these activities, which are specified in Schedule
VII of the Companies Act, 2013.

(a) Gross amount required to be spent by the Company during the year is Rs. Nil (previous year Rs. Nil), but company has spent
voluntarily Rs. 2.57 Lacs (previous year Rs. 2.60 Lacs) in the year

Note 46: Utilisation of Borrowed Funds and share premium:

The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
group (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the group shall:

a. 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

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries
Note 47: Undisclosed Income:

There have been no transactions which have not been recorded in the books of accounts, that have been surrendered or
disclosed as income during the year ended March 31,2025 and March 31, 2024, in the tax assessments under the Income Tax Act,
1961. There have been no previously unrecorded income and related assets which were to be properly recorded in the books of
account during the year ended March 31, 2025.

Note 48: Utilisation of borrowings availed from banks and financial institutions:

The borrowings obtained by the company from banks has been applied for the purposes for which such loans were was taken.
Note 49: Disclosure relating to Benami Property held:

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

Note 50: Wilful Defaulter:

The Company has not been declared wilful defaulter by any bank or financial institutions or government or any government
authority.

Note 51: Compliance with number of layers of Companies:

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

Note 52: Details of Crypto Currency or Virtual Currency:

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

Note 53: Relationship with Struck off Companies:

The Company has not entered in any transactions with companies struck off under section 248 of the Companies Act ,2013. or
section 560 of Companies Act 1956.

Note 54: Previous Years' Figures:

The Company has re-grouped,re-classification and/or re-arranged figures for previous year,wherever required to confirm with
current year's classification.

The accompanying notes are an integral part of these financial statements

For Bilimoria Mehta & Co. For and on behalf of the

Chartered Accountants Board of Directors

Firm Registration Number: 101490W

Jalpesh Vora Anil Patodia Pramod Patodia

Partner Managing Director Director

Membership No.: 106636 DIN : 00073993 DIN: 03503728

Place: Mumbai
Date: 28th May 2025

Girdhari Kyal Puja Sharma

Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai

Date: 28th May 2025 Date: 28th May 2025