1. We have audited the standalone financial statements of Asian Hotels (East) Limited (‘the Company”) which comprise the stand¬
alone balance sheet as at March 31,2025, the standalone statement of profit and loss (including other comprehensive income),
the standalone statement of changes in equity and the standalone statement of cash flows for the year then ended, and notes to
the standalone financial statements, including material accounting policies other explanatory information (hereinafter referred to
as “the financial statements”).

2. In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of
the matter described in the “Basis for Qualified Opinion” paragraph 3 below, the aforesaid standalone financial statements give
the information required by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and net
profit and other comprehensive income, changes in equity and its cash flows for the year then ended.

Basis for Qualified opinion

3. As disclosed in Note 44(ii) to the accompanying standalone financial statements, an order dated November 2, 2025 (the “Order”)
was issued by the Government of Odisha through the General Administration and Public Grievance Department, citing non¬
compliance by GJS Hotels Limited, a wholly owned subsidiary (the “subsidiary”) with certain terms and conditions of the lease
deed. Pursuant to this Order, the subsidiary was directed to vacate the property located in Odisha and the performance bank
guarantee of Rs. 350 lakhs, furnished by the Company, was forfeited. The subsidiary of the Company, has filed a writ petition
before the Hon'ble High Court of Orissa challenging the said Order. As at March 31,2025, the Company holds investments in the
said subsidiary amounting to Rs. 860.86 lakhs in the form of equity shares and Rs. 394.22 lakhs as loans, which also includes the
amount pertaining to the encashment of the bank guarantee.

The events and circumstances as described above, including the surrender of the property to the government, forfeiture of the
bank guarantee, and the financial position of the subsidiary, raise significant doubt regarding the recoverability of the Company's
investment in the subsidiary. However, no provision for impairment has been recognized in respect of these exposures in the
financial statements, which, in our opinion, is not in accordance with the requirements of Indian Accounting Standard (Ind AS)
36 - Impairment of Assets.

Accordingly, had the Company recognized an impairment loss, the carrying amount of the investment would have been reduced
by Rs. 1,255.08 lakhs, and total expenses, net profit before tax, total comprehensive Income and shareholders' funds would have
been increased/ (decreased) by Rs. 1,255.08 lakhs, Rs. (1,255.08) lakhs, Rs. (939.20) lakhs and Rs. (939.20) lakhs, respectively.

4. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act,
2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor's Responsibilities
for the Audit of the Standalone 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 together with the ethical requirements that are
relevant to our audit of financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our
ethical responsibilities in accordance with the requirements and the Code of Ethics. We believe that the audit evidence obtained
by us is sufficient and appropriate to provide a basis for our qualified opinion.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone
financial statements for the financial year ended March 31,2025. These matters were addressed in the context of our audit of
the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have
fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the standalone financial statements section
of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the standalone financial statements. The results of our audit
procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying standalone financial statements.

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

6. The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Corporate
Governance and Shareholder's Information etc., but does not include the standalone financial statements and our auditor's report
thereon. The Company's annual report is expected to be made available to us after the date of this auditor's report.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge
obtained during the course of our 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 report that fact. We have nothing
to report in this regard.

Responsibilities of Management and those charged with Governance

7. The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation and presentation of these standalone 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 in accordance with the accounting
principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the
Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding 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 standalone financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, 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
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 also responsible for overseeing the Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

8. Our objectives are to obtain reasonable assurance about whether the standalone 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
standalone 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 standalone 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 financial controls relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls with reference to standalone financial statements in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclo¬
sures 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 standalone 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 standalone financial statements, including the disclosures, and
whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

9. Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influ¬
enced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the
results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

10. 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.

11. 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.

12. From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the standalone financial statements for the financial year ended March 31, 2025 and are therefore the key audit
matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter 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

13. 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 Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and
4 of the Order.

14. As required by section143(3) of the Act, we report that:

a) We have sought and except for the matter described in the Basis for Qualified Opinion paragraph, obtained all the informa¬
tion and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

b) In our opinion, except for the matter described in the Basis for Qualified Opinion paragraph above, 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 except for the

matters stated in the paragraph 14(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014;

c) The standalone balance sheet, the standalone statement of profit and loss including other comprehensive income, the
standalone statement of cash flow and the standalone statement of changes in equity dealt with by this Report are in
agreement with the books of account.

d) In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph above, the
aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act;

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) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis
for Qualified Opinion paragraph and paragraph 14(b) above on reporting under Section 143(3)(b) of the Act and paragraph
14(i)(vi) below on reporting under Rule 11(g).

g) With respect to the adequacy of the internal financial controls with reference to standalone financial statement of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

h) In our opinion, the managerial remuneration for the year ended March 31, 2025 has been paid / provided by the Company

to its directors in accordance with the provisions of section 197 read with Schedule V to the Act; and

i) 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 has disclosed the impact of pending litigations as at March 31, 2025 on its financial position in its
standalone financial statements. Refer Note 41 to the standalone financial statements.

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 amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company except Rs. 0.08 lakhs of financial year 2016-2017 being restrained shares could not be trans¬
ferred due to pending legal cases. Refer Note 47 to the standalone financial statements.

iv. a) The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the

accounts, no funds 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 or entity, 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 its knowledge and belief, as disclosed in the note no 51
to the Standalone Financial Statements, no funds have been received by the company from any person or entity,
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 (refer Note 51 to the standalone financial statements);and

c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has
come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any
material mis-statement.

v. As stated in Note 37, the dividend declared and paid by the Company during the year is in accordance with section 123
of the Act to the extent it applies to payment of dividend.

vi. Based on our examination which included test checks, the company has used various accounting software(s) for
maintaining its books of account which have a feature of recording audit trail (edit log) facility and have been operated
throughout the year for all relevant transactions recorded throughout the year, except that:

a) In respect of one application, which is hosted at third party location, independent service auditors report was not
made available to us. Hence, we are unable to comment whether required provisions of the act regarding audit trail
for this software have been complied with in all aspects.

b) In respect of another application, which is hosted at third party location, audit trail functionality was not enabled at
database level. Hence, we are unable to comment whether required provisions of the act regarding audit trail for
this software have been complied with in all aspects.

Further, other than as mentioned in para vi (a) and (b) above, during the course of our examination we did not come across
any instance of audit trail feature being tampered with in respect of accounting software(s) where the audit trail has been
enabled.

Additionally, where the audit trail (edit log) facility was enabled and operated in the previous year, the audit trail has been
preserved by the company as per the statutory requirements for record retention.

For Singhi & Co.

Chartered Accountants
Firm Registration No.302049E

M L Shukla

Partner

Membership No. 051505
UDIN: 25051505BMOVND6368

Place: Kolkata
Date: May 30, 2025