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 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 factor

(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
31,2025 was assessed to be insignificant.

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 Company's 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 Company's 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, 2025 and March 31, 2024.

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, 2025.

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, 2025 and March 31, 2024.

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 is not exposed towards interest Rate Risk as the Compnay borrowed funds on fixed Interest based.

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:

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

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, 2025 and March 31, 2024 is the
carrying amounts of the financial instruments.

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
lende?

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 value.

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, 2025 and March 31, 2024.

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.

42 Disclosure required under Section 186(4) of the Companies Act 2013

A Particulars of Corporate Guarantee given:

The Company has not given any corporate gaurantee

44 Additional information not disclosed elsewhere in the standalone 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
property.

(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.

45 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 hadbeen 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 ("GRP") 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 standalone financial statements by the Board of Directors.

46 Novak Hotels Private Limited ("Saraf Group" or "lender") had advanced an amount of ^ 37,100 lakhs thl March 31, 2024 and further Rs.1,900 Lakhs
during the year thus aggregating to Rs.39,000 Lakhs to the Company which was utilized for making all payments to creditors, all other regulatory and
necessitated expenses. The amount was received in terms of a framework agreement between the promoters of the Company and Saraf Group entered
into as part of the insolvency resolution process of the Company. Whilst the Company is not a party to the framework agreement, the Company has
been informed by its promoters, who are also on the Board of Directors of the Company, that the amount was in the nature of a loan and has
accordingly been disclosed as "Borrowings" in note 22 to the standalone financial statements. The Company is in the process of executing the loan
documents with the lender in respect of the said borrowing, and finalising and agreeing to the terms and condition of the loan, including the nature of
security, interest rate and terms of repayment. The Company had recognized an interest expense of ^ 2,200 lakhs during the previous year ended
March 31, 2024. Further, during the year, the Company has recognized an interest expense of ? 198 lakhs being 9% p.a. on ? 2,200 lakhs. The Company
has not recognized the interest expense of Rs. 3,837.93 lakhs, certain expenses as reimbursement of Rs. 453.84 lakhs and an unreconciled balance of Rs.

242.64 lakhs on the amounts of Borrowings as claimed by the lender as these matter are in discussion with the lender.

47 Exceptional Items

There were certain old outstanding balances in the books of accounts for which the complete and proper details were not available with the Company.
During the year ended March 31, 2025, the Company has written off ?1,520.39 Lakhs and written back of ?290.88 lakhs in respect of such balances
resulting into net difference of ^1,229.51 Lakhs which has been disclosed under "Exceptional Items" in the standalone financials statement during the
year ended March 31, 2025. As per assessment of the Board, these balances were no longer receivable / payable by the Company and this has been
taken on record by the Board in its meeting held on May 30, 2025. Also, the Company has received a property tax demand of ^ 1,450.27 lakhs
(including penalty of ? 554.72 lakhs) from Brihanmumbai Municipal Corporation (BMC). The Company has made submission to the BMC for waiver of
the penalty amount. Pending response from the BMC, on a conservative basis, the Company has decided to make a provision of this demand of ?
1,450.27 lakhs in the standalone financial statement and has disclosed the same under the head "Exceptional Items". During the year, the Company
has made a payment of ?895.54 lakhs to the BMC against the principal amount due towards property tax.

48 The outstanding recoverable/payable balances with the government authorities are under reconciliation with the statutory records. However, the
management does not expect any material consequential adjustment due to this.

49 Audit Trail:- The Ministry of Corporate Affairs (MCA) has prescribed requirements for the Companies under the proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014, inserted by the Companies (Accounts) Amendments Rules 2021 requiring Companies covered under Act, which uses
accounting software for maintaining its books of accounts, shall only use such accounting software which has a feature of recording audit trial of each
and every transaction, creating an edit log of each change made in the books of accounts along-with the date when such changes were made and
ensuring that the audit trail cannot be disabled. The Company uses one accounting software's i.e. Tally Prime Edit Log Gold for maintain its books of
accounts. During the year, the audit trail (edit log) was not enabled in such software for the period starting from April 1, 2024 till December 21,
2024.The Company has not preserved audit trial as per the statutory requirements for record retention.

50 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 standalone financial statements

As per our report of even date For and on behalf of Board of Directors of Asian Hotels (West) Limited

For J. C. Bhalla & Co.

Chartered Accountants
Firm Registration No. 001111N

Akhil Bhalla Sandeep Gupta Rakesh Kumar Aggarwal

^Partner Chairman & Non-Executive Director ^{Executive Director}

Membership No. 505002 DIN: 00057942 DIN: 00050436

Place : New Delhi Harish Kumar Gautam Nidhi Khandelwal

Date : September 23, 2025 Chief Financial Officer Company secretary

PAN: AIWPG5168K Membership No:- A20562