b) Terms / right attached to equity shares

The Company has issued and allotted 3,50,000 Equity Share of Rs. 10/ each at a premium of Rs.32/- each aggregating to Rs.42/-each, to the allottees i.e. Mr. Piyush D Shah and Mrs. Chanda P Agrawal, (1,75,000 Equity Shares each) Promoters of the Company, on preferential basis, pursuant to Special Resolution approved in the 1st Extra Ordinary General Meeting of F.Y. 2021-22, held on 22.03.2022 and the resolution for allotment of the said equity shares passed in the Board of Directors meeting held on 25.03.2022.

c) Terms / right attached to equity shares

The Company has converted 6,50,000 Share Warrants of Rs.20/- each, in to Equity Shares of Rs.10/- each at premium of Rs.10/-each to M/S Riser Holdings Private Limited, a Promoter Group Company, on preferential basis, pursuant to Special Resolution approved in the 35th Annual General meeting, held on 10.09.2020 and resolution of Board of Directors meeting held on 09.02.2021.

d) The Company has only one class of equity shares of par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Nature and Purpose of Reserves

1 Capital Reserve

Capital Reserve has been created on account of forfeiture of certain Equity Shares.

2 Security Premium Reserve

Securities premium reserve has been created due to premium on issue of shares. This reserve is utilized in accordance with the provisions of the Companies Act, 2013.

3 General Reserve

General reserve is referred to as the reserve fund that is created by keeping aside a part of profit earned in business by Company.

4 Retained Earnings

Retained Earnings represents the net profits after all distributions and transfers to other reserves.

The terms of repayment of long term loans are as under:

a HDFC Bank Term Loan

Term Loan is repayable in 108 EMI, with initial moratorium period of 22 months (Only interest to be paid), 24 EMI of Rs. 48.50 Lacs each, commencing from month Jan-2023 till month Dec-2024 and 61 EMI of Rs. 74.82 lacs each, commencing

from Jan-2025 till month of January-2030 and last 01 EMI Rs.4.42 Lacs of February-2030, at the present rate of Interest @ 8.65% p.a.

b HDFC Bank Term Loan

Term Loan is repayable in 74 EMI, with initial moratorium period of 24 months (Only interest to be paid) and 49 EMI of Rs. 20.26 Lakhs each, commencing from month June-2023 till month June-2027 and last 01 EMI of Rs.20.17 of July 2027, at the rate of Interest @ 9.25% p.a. which is fully repaid on dated 26.03.2024.

c HDFC Bank Term Loan

Term Loan is repayable in 120 EMI of Rs.6.33 Lakhs each, commencing from month April-2024 till month March-2034 at the rate of Interest @ 9.00% p.a.

Security Provided:

Secured by Exclusive Charge by way of Registered Mortgage over Company's Lease Hold Land bearing City Survey No.202 to 208, Free Hold land bearing City Survey no 193 to 195 and property situated in city Survey No, 199 & 196, paiki, of the Company and further secured by Leasehol d Land owners as co-borrowers.

There is no default in repayment of Loan Instalment and interest thereon of all types of Loans.

d Unsecured loan from Director and Inter Corporate Deposit

Unsecured loan from Directors are interest bearing @ 8.00% (P.Y.: 8.00%) and received for period of 36 months. Inter Corporate Loans are carrying interest ranging from @ 08.50% to 9.00% p.a. (P.Y. 8.50% to 9.00%) and received for period of 36 months.

Note: Over Draft against property from HDFC BANK LIMITED is secured by Exclusive Charge by way of Registered Mortgage over company's Lease Hold Land bearing City Survey No.202 to 208, Free Hold land bearing City Survey no 193 to 195 and property situated on city Survey No, 199 & 196, paiki, of the Company and personal guarantee of Director of the Company and also Lease Hold Land of the owners.

Note 36 Disclosure under Ind AS 19 - Employee Benefits [A] Defined benefit plan:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The following tables summaries the components of net benefit expense recognized in the Statement of profit and loss and the funded status and amounts recognized in the balance sheet for the gratuity plan.

The following table sets out the status of the gratuity plan and the amounts recognised in the Company's financial statements at March 31, 2024.

(B) Operating Segment

The activities of the Company relate to only one segment i.e. Hoteliering. Revenue contributed by any single customer in any of the operating segments, whether reportable or otherwise, does not exceed ten percent of the Company's Total Revenues.

# Note :

1 The Service tax disputed dues has been resolved in the favour of the company as per final order from CESTAT, Ahmedabad dated 09.01.2024. The amount paid against the disputed dues received vide Refund order dated 21.02.2024 to the company.

2 Company has filed an appeal during the year against the disputed dues of Goods & Services Tax for Financial Year 2017-18 of Rs.784179.

Level 1: Level 1 hierarchy includes financial instrum ents measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates.

If all significant inputs required to fair value an instrument are observable, the instrume nt is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. There are no transfers between levels 1 and 2 during the year.

The Company's policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting period.

(ii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the fair value of the remaining financial instruments is determined using discount ed analysis.

The carrying amounts of trade receivables, electricity deposit, employee advances, cash and cash equivalents receivables, trade payables, unclaimed dividend, borrowings, and other current financial liabilities are considered to be the same as their fair values, due to their short-term nature.

Note 40 Financial Risk Management

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework.

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities.

(A) Credit risk

Credit risk is the risk that counter party will not meet its obligation under a financial instrument leading to a financial loss. The company is exposed to credit risk from investments, trade receivables, cash and cash equivalents, loans and other financial assets. The Company's credit risk is minimised as the Company's financial assets are carefully allocated to counter parties reflecting the credit worthiness.

(B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Company's short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

(i) Maturities of financial liabilities

The tables herewith analyse the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for:

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

(c) Market Risk

Market risk is the risk that changes in the market prices such as Interest Rates, Foreign Exchange Rates, Equity Prices will affect the company's income or the value of its holdings of financial instruments. The objective of the market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

(i) Interest Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's investments in deposits is with banks, Government Securities and therefore do not expose the Company to significant interest rates risk. The Company's variable rate borrowing is subject to interest rate risk. However, the management considers the impact of fair value interest rate risk on variable rate borrowings to be immaterial.

(ii) Currency Risk

The company has no significant Exposure for Export's revenue and import of raw material and Property, Plant and Equipment so the company is not subject to risk that changes in foreign currency value impact.

Note 41 Capital Management Risk management

For the purpose of the company's capital management, equity includes equity share capital and all other equity reserves attributable to the equity holders of the Company. The Company manages its capital to optimise returns to the shareholders and makes adjustments to it in light of changes in economic conditions or its business requirements. The Company's objectives are to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth and maximise the shareholders value. The management and Board of Directors monitor the return on capital as well as the level of dividends to shareholders.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes, interest bearing loans and borrowings less cash and cash equivalents, bank balances other than cash and cash equivalents and current investments.

Note 43 Disclosure pursuant Leases:

As Lessee:

Short term Leases:

The Company has obtained premises for its business operations under operating lease or leave and license agreements. These are not non-cancellable and are renewable by mutual consent on mutually agreeable terms. Lease payments are recognised in Statement of Profit and Loss under the head "Lease Rent Expense" in note no 33.

Note 44 Other Statutory Information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property

(ii) The Company does not have any transactions with companies struck off.

(iii) The Company does not have capital work-in-progress or in-tangible asset under development.

(iv) The company holds all the title deeds of immovable property in its name.

(v) The company has not granted any loans or advances to promoter, director, KMP in nature of loan.

(vi) The Company does not hold any loans or borrowings secured against current asset.

(vii) The Company is not declared wilful defaulter by bank or financial institution or other lender.

(viii) The Company has not applied for any scheme of arrangement u/s 230 to 237 of Companies Act, 2013.

(ix) The Company does not have any transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessment under the Income Tax Act, 1961.

(x) The Company is not covered under section 135 of Companies Act, 2013. Hence it is not required to make CSR expense.

(xi) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(xii) The Company have not traded or invested in Crypto currency or Virtual Currency during the period/year.

(xiii) The Company have 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 company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(xiv) The Company have 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 Company 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 45

The financial statements were authorized for issue in accordance with a resolution passed by the Board of Directors on 30th April, 2024. The financial statements as approved by the Board of Directors are subject to final approval by its Shareholders.

The accompanying notes (1 to 45) are an integral part of the financial statements.