Your Directors are pleased to present SEVENTH (07th) Annual Report on the business
and operations of the Company together with the Audited Statements of Accounts for
the financial year ended on March 31, 2024.

1. FINANCIAL SUMMARY AND HIGHLIGHTS

The financial performance of the company for the financial year ended on March
31, 2024 is given below:

(Rs. in Lakhs)

2. NATURE OF BUSINESS

The Company is involved in the Hospitality Business.

3. FINANCIAL PERFORMANCE

The Company has turnover of Rs. 711.49/- (Rs. In Lakhs) and the company has
book Net Profit of Rs. 183.34/- (Rs. in Lakhs) for the year under review.

The Earnings Per Share of the financial year under review is 1597.64 whereas of
the last financial year is 612.53.

4. DIVIDEND

Your Directors do not recommend payment of any dividend for the financial year
under review, as the company has no earnings to distribute as dividend among
the members.

5. RESERVES

Profits of the year Rs. 183,34/- (Rs in Lakhs) under review has been transferred
into reserves. Futhermore, Securities Premium rasied on account of Issue of Right
shares of Rs. 598 /- (Rs in Lakhs) also shall be part of Reserves.

6. SHARE CAPITAL

The company has increased its authorized share capital to Rs. 13,50,00,000
(Rupees Thirteen Crores Fifty Lakhs only) from Rs. 100,000 (Rupees One Lakh
only) in extra-ordinary general meeting held on January 20, 2024.

Furthermore, the Right issue of 20,000 shares of face value Rs. 10/- each at a price
of Rs. 3000/- each including premium of Rs. 2990/- per share in board meeting
held on March 05, 2024.

7. CHANGE IN NAME

The company changed its name from VALENCIA INDIA PRIVATE LIMITED to
VALENCIA INDIA LIMITED by virtue of conversion of private limited company to
public limited company in the Extra-ordinary general meeting of the company held
on Wednesday, 01^st May, 2023.

8. DETAILS OF DIRECTORS/ KEY MANAGERIAL PERSONS APPOINTED/ RESIGNED

Mr. Keyur Jitendra Patel was appointed as Executive Director in the extra-ordinary
general meeting held on 20^th January, 2024. Thereafter, he was appointed as
Managing Director of the Company in the Extra-ordinary General Meeting held on
30^th April, 2024.

9. DETAILS OF HOLDING/SUBSIDIARY/ASSOCIATE COMPANIES/ JOINT VENTURES

The Company does not have any Holding/Subsidiary/Associate Company/Joint
Ventures.

10. DEPOSITS

The Company has neither invited/ accepted nor renewed any deposits within the
meaning of Chapter V other than the exempted deposit as prescribed under the
provision of the Companies Act, 2013 and the rules framed there under, as
amended from time to time. Hence there are no particulars to report about the
deposit falling under Rule 8 (5) (v) and (vi) of Companies (Accounts) Rules, 2014.

11. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR
COURTS OR TRIBUNALS

During the year under review there were no significant and material orders passed
by any Regulators or Court or Tribunals which may have impact on the going
concern status or on the Company's operation in future.

12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption,
Foreign exchange Earnings and outgo as required under Section 134 (3)(m) of the
Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014
regarding conservation of energy and technology absorption is Nil.

Further, during the period under review, following were earning and expenditure
in Foreign Currency:

13. PARTICULARS OF EMPLOYEES

There are no employees drawing the remuneration in excess of ceiling prescribed
under the Rule 5 (2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 read with Section 134 of the Companies Act,
2013 as amended from time to time. Hence no information is required to be
appended to this report in this regard.

14. STATUTORY AUDITORS

M/s. LAKHANI ISMAILI TUNDIYA & ASSOCIATES, Chartered Accountants (FRN:
119573W) were Statutory Auditors of the Company for a period of five (5) years
i.e. from F.Y. 2018-19 to F.Y. 2022-23 resigned w.e.f 20^th Jaunuary, 2024.

M/S DOSHI DOSHI & CO. CHARTERED ACCOUNTANTS (FRN 153683W), are

appointed as statutory auditors of the company from F.Y. 2023-24 to F.Y. 2027-28
in the extra-ordinary general meeting held on 20^th January, 2024.

There are no Qualification/reservations by the Statutory Auditor's in their report
for the financial year 2023-2024.

15. DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(5) of the Companies Act, 2013,
in relation to the audited financial statements of the Company for the year ended
March 31, 2024 the Board hereby submit its Responsibility Statement:-

(a) In the preparation of the annual accounts, the applicable accounting standards
had been followed along with proper explanation relating to material
departures, wherever applicable;

(b) The directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the company
at the end of the financial year and of the profit and loss of the company for
that period;

(c) the directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act for
safeguarding the assets of the company and for preventing and detecting fraud
and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and
operating effectively.

16. MATERIAL CHANGES AND COMMITMENTS IF ANY AFTER BALANCE SHEET DATE

No material changes and commitments affecting the financial position of the
Company occurred during the year under review.

17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not provided any loans or made any investments or provided
any guarantees and securities for the year under review under section 185 and
186 of the Companies Act, 2013.

18. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED
PARTIES

All Transactions/Contracts/Arrangements entered into by the Company with
Related Party (ies) as provided under the provisions of Section 2 (76) of the
Companies Act, 2013, during the Financial Year under review were in ordinary
course of business and on an Arm's Length Basis.

Further, none of these Contracts/Arrangements/Transactions with Related Parties
could be considered material in nature as per the thresholds given in Rule 15(3) of
the Companies (Meetings of Board and its Powers) Rules, 2014 and hence no
disclosure is required to be given in this regard.

The details are disclosed in Form AOC-2 which is annexed as "Annexure-I", which
forms part of this Report.

19. NUMBER OF BOARD MEETINGS

Six Board Meetings were held during the Financial Year ended March 31, 2024, in
respect of which meetings proper notice were given and the proceedings were
properly recorded and signed in the Minutes Book maintained for the purpose.
The maximum gap between any two Board Meetings was less than one Hundred
and Twenty days.

The names of Directors of the Board, their attendance at the Board Meetings are
as under:

20. COMPANY'S POLICY ON DIRECTORS' APPOINTMENT REMUNERATION,
DETERMINING QUALIFICATIONS ETC.

Disclosures requirement on Company policy on directors' appointment and
remuneration including criteria for determining qualifications, positive attributes,
independence of a director and other matters provided under section 178(1) and
section 178(3) of Companies Act, 2013 is not applicable to the Company.

21. CORPORATE SOCIAL RESPONSIBILITY

Corporate Social Responsibility under section 135(1) of Companies Act, 2013 is
not applicable, as the company does not have Networth of Rs. 500 crores or
Turnover of Rs. 1000 crores or Net Profit of Rs. 5 crores during the period which
is under review and hence the company is not required to comply with the
provision of section 134(3)(o) of the Companies Act, 2013.

22. RISK MANAGEMENT POLICY

Risk Management is the process of identification, assessment and prioritization of
risks followed by coordinated efforts to minimize, monitor and mitigate/control
the probability and/or impact of unfortunate events or to maximize the realization
of opportunities. The Company has laid down a comprehensive Risk Assessment
and Minimization Procedure which is reviewed by the Board from time to time.
These procedures are reviewed to ensure that executive management controls
risk through means of a properly defined framework. The major risks have been
identified by the Company and its mitigation process/measures have been
formulated in the areas such as business, project execution, event, financial,
human, environment and statutory compliance.

23. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company does not have any women employees and therefore there arise no
need of adopting a policy on prevention, prohibition and redressal of sexual
harassment at workplace in line with the provisions of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 201 3 and the
Rules made thereunder.

However the Directors assured that once any women appointed on the Board of
the Company or otherwise, the needful will be done.

24. COMPLIANCE WITH THE SECRETARIAL STANDARDS

The Company has complied with all the provisions of Secretarial Standards on
Board Meetings and General Meetings issued by The Institute of Company
Secretaries of India.

25. APPRECIATION

Your Directors would like to express their sincere appreciation for the co¬
operation and assistance received from all those who have extended their valuable
sustained support and encouragement during the year under review.

Your Directors look forward for the continued support and confidence of every
stakeholder in the future.

f tlTe Order of the Boaird

VALENCIA

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_jhsa&rfS^ATEL KAUSHIKKUMARxSBHShL

Date: 16-07-2024 MANAGING DIRECTOR Director

Place: Ahmedabad DIN: 00252431 DIN: 01697664