(iii) Term Loan from Non bank financial Institution:

(a) Term Loan from PTC India Limited for 1 MW (AC)/1.23 MW (DC) Solar Project based on poly crystalline PV (Photo-Voltaic) cell technology in Satara District, Maharastra
under Maharastra Open Access Policy is repayable by 162 equal monthly installments upto June, 2030 which is secured by way of exclusive first charge by way of:

1. Mortgage over all Immovable properties and assets of the Project, both present and future.

2. Mortgage over all Project's movable properties and all other assets (including plant and machinery, machinery spares, tools and accessories, furniture, fixtures, vehicles, and all other
movable assets of the Project) of the Project, both present and future.

3. Mortgage over all book debts, operating cash flows, receivables, commissions, insurance proceeds of performance warranty,revenues of whatsoever nature and wherever arising of the
Project, both present and future.

4. Assignment or creation of charge on all the rights, titles, interests, benefits, claims and demands whatsoever of

(i) Project Documents, duly acknowledged and consented to by the relevant counter parties to such Project Documents, as amended, varied or supplemented from time to time;

(ii) All Insurance Contracts (including Insurance Proceeds),

(iii) All Clearances

(iv) All letter of credit, guarantees and performance bond provided by any counter party for any contract related to the Project in favour of the Borrower

5. Assignment or creation of charge on all the letters of credit, the Trust and Retention Account (including the Debt Service Reserve Account and Permitted Investments) and other
reserves and any other bank accounts of the Borrower wherever maintained for the Project, including in each case, all monies lying credited/deposited into such accounts.

(b) During the previous financial year, the Company executed an assignment agreement on June 21, 2022, with Yes Bank Limited and JM Financial Asset Reconstruction Company
Private Limited (JMFARC). This agreement, enacted under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act),
facilitated the transfer of certain borrowings from Yes Bank Limited to JMFARC. The principal amount of the borrowings remains unaltered, with JMFARC now assuming the role of
creditor for these borrowings. Further, by assignment dated 30.11.2022, the JMFARC has assigned its debt to UV Asset Reconstruction Company Ltd (UVARCL). The dues to UVARCL
have been settled in full during the current year.

B Fair values hierarchy

The fair value of financial instruments as referred to in note (A) above has been classified into three categories depending on the inputs used in the
valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities [Level 1 measurements]
and lowest priority to unobservable inputs [Level 3 measurements].

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market;

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs; and

Level 3: Inputs which are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a net asset
value or valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument
nor are they based on available market data.

The management assessed that fair values of current loans, current financial assets, cash and cash equivalents, other bank balances, trade receivables,
other receivables, short term borrowings, trade payables and other current financial liabilities approximate their respective carrying amounts largely
due to the short-term maturities of these instruments. The fair value of the financial assets and liabilities is included at the amount at which the
instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and
assumptions were used to estimate the fair values:

(i) Non-current investments, long-term loans and advances and non-current financial liabilities are evaluated by the Company based on parameters such as
interest rates, individual creditworthiness of the customer and other market risk factors.

(ii) The fair values of the Company's fixed interest-bearing liabilities, loans and receivables are determined by applying discounted cash flows ('DCF')
method, using discount rate that reflects the issuer's borrowing rate as at the end of the reporting period. The own non-performance risk as at March
31,2023 was assessed to be insignificant.

(iii) All the other long term borrowing facilities availed by the Company are variable rate facilities which are subject to changes in underlying interest rate
indices. Further, the credit spread on these facilities are subject to change with changes in Company's creditworthiness. The management believes that
the current rate of interest on these loans are in close approximation from market rates applicable to the Company. Therefore, the management estimates
that the fair value of these borrowings are approximate to their respective carrying values.

C Financial risk management objectives and policies

The Company s principal financial liabilities comprise loans and borrowings, security deposits taken, employee related payables, trade
and other payables. The main purpose of these financial liabilities is to finance the Company's operations. The Companys principal
financial assets include investments, loan to subsidiary, security deposits given, employee advances, trade and other receivables, cash
and short-term deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company s Board and Senior management oversees the
management of these risks. The Company's senior management is supported by Board and Risk Management Committee that advises
on financial risks and the appropriate financial risk governance framework for the Company. The Risk Management Committee
provides assurance to the Companys senior management that the Company's financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Company s policies and
risk objectives. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills,
experience and supervision. It is the Company's policy that no trading in derivatives for speculative purposes may be undertaken. The
Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity
risk. Financial instruments affected by market risk include investments, loans and borrowings, deposits and advances.

The sensitivity analysis in the following sections relate to the position as at March 31, 2024 and March 31, 2023.

The sensitivity analysis have been prepared on the basis that the amount of net debt, the ratio of floating to fixed interest rates of the
debt and the proportion of financial instruments in foreign currencies are all constant in place at March 31, 2024.

The analysis exclude the impact of movements in market variables on: the carrying values of gratuity and other post-retirement
obligations; provisions.

The following assumptions have been made in calculating the sensitivity analysis:

- The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the
financial assets and financial liabilities held at March 31, 2024 and March 31, 2023.

Interest rate 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 exposure to the risk of changes in market interest rates relates primarily to the Company's long-term debt
obligations with floating interest rates.

Foreign currency risk

The Company is exposed to foreign exchange risk in the normal course of its business. Multiple currency exposures arise from
commercial transactions like sales, purchases, borrowings, recognized financial assets and liabilities (monetary items). Certain
transactions of the Company act as natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies.
For the remaining exposure to foreign exchange risk, the Company adopts the policy of selective hedging based on risk perception of
management. Foreign exchange hedging contracts are carried at fair value. Foreign currency exposures that are not hedged by
derivative instruments outstanding as on the balance sheet date are as under:

Foreign exchange risk sensitivity analysis has been performed on the foreign currency exposures in the Company's financial assets and
financial liabilities at the reporting date, net of derivative contracts for hedging those exposures. Reasonably possible changes are based
on an analysis of historic currency volatility, together with any relevant assumptions regarding near-term future volatility.

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Compny's operating
activities.

Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company is exposed to credit risk from its operating activities including deposits with banks and financial
institutions, foreign exchange transactions and other financial instruments.

Trade receivables:

Customer credit risk is managed by company subject to the policy, procedures and control relating to customer credit risk management.
Outstanding customer receivables are regularly monitored for any expected default in repayment.

An impairment analysis is performed at each reporting date on an individual basis for major clients. 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 11. The Company does not hold collateral as
security.

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 only with approved counterparties and within credit limits assigned to each
counterparty. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty s
potential failure to make payments.

The Company s maximum exposure to credit risk for the components of the balance sheet at March 31, 2024 and March 31, 2023 is the
carrying amounts of the financial instruments.

Liquidity risk

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and
bank loans. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The
Company has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing
lenders.

The table below summarises the maturity profile of the Company's financial liabilities based on contractual undiscounted payments.

40 Capital management

For the purpose of the Company's capital management, capital includes issued equity share capital, preference share capital and all other equity
reserves attributable to the shareholders of the Company. The primary objective of the Company's capital management is to maximise the shareholder

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial
covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or
issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company's policy is
to keep the gearing ratio between 43% and 48%. The Company includes within net debt, interest bearing loans and borrowings, trade and other
payables and cash and cash equivalents.

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets financial covenants
attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would
permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and
borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2024 and March 31, 2023.

41 SEGMENT INFORMATION

Information regarding Primary Segment Reporting as per Ind AS-108

The Company is engaged in only one segment of Hotel business. The Company has presented segment information in the consolidated financial
statements which are presented in the same financial report. Accordingly, in terms of Paragraph 4 of Ind AS 108 'Operating Segments', no disclosures
related to segments are presented in these financial statements.

44 Pursuant to the Taxation Laws (Amendment) Ordinance, 2019 dated September 20, 2019, the Company has decided to exercise the option permitted under
Section 115BAA of the Income Tax Act, 1961.

45 Recent Accounting Pronouncements:

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards)
Rules as issued from time to time. During the year ended March 31,2024, MCA had not notified any new standards or amendments to the existing standards
applicable to the Company.

46 Additional information not disclosed elsewhere in the financials statements:

(a) Benami Property

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

(b) Borrowing secured against assets

The Company has borrowings from banks and financial institutions on the basis of security of all movable and non movable assets, current assets,receivables,
bank accounts and cash flow of the company.

(c) Willful defaulter

The Company is not a wilful defaulter of any loan or other borrowing from any lender.

(d) Relationship with struck off companies

The Company does not have any transaction with companies struck off.

(e) Compliance with number of layers of companies

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

(f) Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

(g) Registration of charges or satisfaction with Registrar of Companies

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

(h) Utilisation of Borrowed funds and share premium

(i) 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 company (Ultimate
Beneficiaries) or

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

⁽ⁱⁱ⁾ 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 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

(i) Undisclosed income

The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year
in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

(j) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(k) Valuation of PPE and intangible asset

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous
year.

47 The Company owns Hotel Hyatt Regency in Mumbai ("Hotel"). The lockdown and restrictions imposed on various activities due to COVID -19 pandemic in
India had significantly and adversely affected the operations of the Hotel. The Company could not run its Hotel operations as funding restrictions had been
imposed by one of the lender banks. Despite Central Government's/Reserve Bank of India's scheme to provide financial support to the
beleaguered hospitality industry through the Emergency Credit Line Guarantee Scheme (ECLGS), the lender bank of the Hotel refused to release
the funds that the Company was entitled to under ECLGS and needed as a lifeline for normalizing its operations. Such actions of the lender bank
led to suspending of the operations of the Hotel in June 2021, which in turn resulted in the Company's financial distress. On August 19, 2021, lender bank
filed Section 7 application before the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench IV claiming a default of an
amount of ^ 26,407.35 lakhs. The Adjudicating Authority (NCLT), New Delhi passed an order dated September 16, 2022 admitting the section 7
petition and initiated Corporate Insolvency Resolution Process ("CIRP") against the Company. On January 09, 2024, the National Company Law
Appellate Tribunal (NCLAT) has approved the settlement proposal under Section 12A of IBC 2016 submitted by the promoters and suspended
Directors of the Company. With the approval of the settlement proposal, the order dated September 16, 2022 admitting section 7 application under
Insolvency and Bankruptcy Code 2016 has been set aside and the CIRP of the Company has been closed. The Company is in the process of
complying with all regulatory requirements and reporting obligations. Considering the above, these standalone financial statements have been
prepared on a going concern basis assuming that the Company will continue as going concern and realize its assets and discharge its liabilities in the
normal course of business from the date of approval of these financial statements by the Board of Directors

48 The Company maintains corporate accounts in Delhi and Mumbai and the operation account relating to Hyatt Regency Hotel in Mumbai. The management
has not been able to obtain the primary records of the Company till March 31, 2023 except for the trial balance and the ledgers. Under the circumstances, the
Company has maintained its primary books of accounts for the financial year 2023-24 basis the information provided by the Registered Professional and
obtaining bank statements from all the banks. The balances at the year-end as per bank statements are reconciled with the books of accounts. Despite
diligent efforts to reconstruct financial records and gather alternative documentation, including invoices and other relevant records, the absence of complete
documentation has impacted the completeness of financial reporting for the period under review. The Management has endeavoured to ensure that
financial statements adhere to applicable accounting standards and provide stakeholders with a fair and accurate representation of its financial position,
performance and cash flows, considering the available information and alternative documentation.

49 Subsequent events

Since these standalone financial statements for the year ended March 31, 2024 are being prepared and presented in October 2024, they are
susceptible to adjustments relating to subsequent events that arise after the said financial year end date till the date of approval of these standalone
financial statements. Whilst the management has made its best endeavours to consider the relevant subsequent events in the preparation of these
financial statements in the absence of adequate information, the management is not certain if all those events have been duly considered when preparing
these standalone financial statements.

50 In terms of the framework agreement dated August 11, 2023 and amendment agreement dated November 16, 2023 entered into between the
shareholders of the Company, Novak Hotels Private Limited ("Saraf Group") agreed to advance an aggregate amount of ^ 390 Crores to the
Company as secured loan which was to be utilized for making all payments to creditors, all other regulatory and necessitated expenses and the remaining
towards redemption by the Company of the 9% non-convertible non-cumulative redeemable preference shares of the Company ("RPS"). Pursuant to this, the
Company has received an amount of ^ 373 crores till date which have been utilised for making payments to creditors, all other regulatory and necessitated
expenses. Saraf Group shall be entitled to interest on the fund infusion at the same interest rate at which Saraf Group has ontained financing from a third
party lender for the purpose of the fund infusion and start accruing the same from the date of infusion. Consequently, the Company has recognized an
expense of ^ 22 crores during the year.

51 Figures of the previous year have been regrouped and reclassified wherever necessary to make them comparable with the current year figures.

The accompanying notes are an integral part of financial statements

As per our report of even date

For J. C. Bhalla & Co. For and on behalf of Board of Directors of Asian Hotels (West) Limited

Chartered Accountants
Firm Registration No. 001111N

Akhil Bhalla Sandeep Gupta Sudhir Gupta

^Partn^er Chairman & Non-Executive Director Non -Executive Director

Membership No. 505002 DIN: 00057942 DIN: 00015217

Harish Kumar Gautam Nidhi Khandelwal

Chief Financial Officer Company Secretary

Membership No.A20562

Place : New Delhi
Date : October 07, 2024