Asian Hotels (North) Ltd Auditor Reports

To the Members of Asian Hotels (North) Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Asian Hotels (North) Limited ("the Company"), which comprises of the Balance Sheet as at 31st March 2024, the statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements gives the information required by the Companies Act, 2013 ("the Act") in the manner so required and gives a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs as at 31st March 2024, and its loss, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Emphasis of Matters

We draw attention to the following matters in the Notes to the standalone financial statements:

A. Contingent Liabilities

We draw attention to Note 33 which describes the uncertainty related to the outcome of certain disputes and law-suits filed against the Company. The impact (if any) of these disputes/law-suits on the standalone financial statements of the Company could not be ascertained.

B. Status of Secured and Unsecured Borrowings

- We draw attention to Note 18 to the Financial Statements relating to long term borrowings. As a fallout of the COVID-19 in India in April 2020, the RBI had issued Resolution Framework for One Time Restructuring. In accordance to the same, the financial institution lenders entered into an Inter-Creditor Agreement on December 23, 2020 invoking the resolution process. As per the terms of the One Time Restructuring, the Company was required to infuse additional funds by way of CRE Sales and also equity investment. However, the Company was unable to do either due to reasons specified in the said Notes and the matter is now sub-judice before the High Court of New Delhi..

- Accordingly, the Company has been unable to repay various Installments due till 31st March, 2024 as per OTR Sanction letter issued by the respective secured lenders amounting to Rs. 17,165.81 Lakhs (in aggregate for all secured lenders taken together) and Interest payment amounting to Rs. 19,136.04 Lakhs (in aggregate for all secured lenders taken together). Overdraft Facilities are overdue as on March 31, 2024 worth Rs. 4494.22 Lakhs. Also company unable to pay dues of unsecured lenders amounting to Rs.1340.68 Lakhs (Principal & Interest) due restriction imposed by secured lenders.

- As per Note 18 to the Financial Statements, as per the management, the delay was due to non-receipt of NOC for such sale from the lender banks despite several reminders and delay in capital infusion by prospective investor due to recover action initiated by lenders. The account of the Company has been marked as NPA by all the lender banks, but, the Company is not in agreement to the same as the lender banks did not implement the OTR due to reasons specified above. The Company has also challenged the loan recall notices issued by the banks in Delhi High Court & that the Honble High Court has granted stay on all such actions and the said matter is sub-judice.

- The Company has also argued that recovery actions of other lenders are inconsistent with Interim order passed by the Honble Delhi High Court vide order dated 24/02/2022. Honble Delhi High Court vide its order dated 02/03/2023 directed all lenders to comply with the order dated 24/02/2022 & stay all recovery actions till further decision.

- As per Note 21 to the Financial Statements, the balance in Cut Back account was INR 38.73 Lakhs as at 31st March, 2024. The lender banks and the Company had initially agreed to a 10% cut back (against the revenue receipts in the Bank Account of the Company) which will be adjusted against the principal outstanding as of 1st March, 2020. The lender banks in the meeting held in the month of April 2023 have proposed to increase the cut back to 12.5%. During the year cutback is increased to 12.5%. The Company does not expect any material issues arising from the same on the cash flows of the Company.

- Further, secured loans granted by four lenders have been assigned. The Company has also agreed one-time settlement with one of the lenders and has paid some deposit towards the same during Q3 2023-24 (Refer Note 45 to the Financial Statements). Moreover, the Company is trying to obtain settlement with other secured lenders also.

C. Current Status of Business Operations and ability to continue as a Going Concern

We draw attention to Note 46 to the Financial Statements relating to the Current Status of Business Operations. The Companys financial statements are prepared on a going concern basis, which contemplates the utilization of assets and the satisfaction of obligations in the normal course of business.

The operating profitability for the Company is improving significantly and it will be further aided by several cost reduction measures being adopted by the Company. The Company is in amicable discussions with Banks and Financial Institutions, to resolve financial matters in the best interest for bankers as well as shareholders. The Management is confident that its planned financial settlement will enable the Company to continue as a going concern.

D. Loss of control over Foreign Subsidiaries

We draw attention to Note 43 to the Financial Statements. In respect of foreign subsidiaries, i.e., M/s Fineline Hospitality & Consultancy Pte Ltd. (FHCPL) & M/s Lexon Hotels Venture Ltd., Mauritius (Lexon) notice for appointment of liquidator has been accepted by the competent authority in Mauritius.

Further, during the year liquidation order is being passed by competent authority in Mauritius for liquidation of Fineline Hospitality & Consultancy Pte Ltd. (FHCPL) & Lexon Hotels Venture Ltd., Mauritius (Lexon). Accordingly, the Company will not be presenting Consolidated Financial Statements.

E. Deferred Tax Assets

We draw attention to Note 8 to the Financial Statements. Deferred Tax Asset is not recognised during the financial year on additional business loss / unabsorbed depreciation following the concept of prudence. Deferred Tax Assets created till March 31, 2020 have not been reversed as the Company has made operational profits during FY 2023-24 and the Management has drawn plans for further improving profitability including increase of profitability through business lines such as Commercial Real Estate Sales, infusion of funds etc and settlement with the lenders. Accordingly, recognition of any additional Deferred Tax Asset in future shall be dependent on achieving / improving profitability in line with the relevant Accounting Standards. In case the standard is not met, the amount of Deferred Tax Asset outstanding in the books of account shall be reversed.

F. Payment of Penalty to SEBI

We draw attention to Note 51 to the Financial Statements. Company has paid penalty amounting to INR 6,00,000/- (Six Lakhs) on May 09, 2024 to the Securities and Exchange Board of India (SEBI) pursuant to adjudication order dated April 25, 2024 issued by SEBI pursuant to the violation of Regulation 4(1)(d), (e) & (h) and Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

G. Disposal of controlling stake by Promoter Groups entities

We draw attention to Note 16(c) & (d) to the Financial Statements. During the year the Promoter & Promoter Groups entities Shareholding was reduced from 50.69% to 0.16% as Fineline Holdings Ltd., Mauritius and Yans Enterprises (H.K.) Ltd. sold off its entire shareholding. Shares are transferred to DBS Bank Limited, Narendra Kumar Ramesh Chandra Raval, Mrs. Shreya Agarwal & Mr. Manohar Tikamdas Ruprell. Due to such disposal Promotors losses controlling stake in the company & also "Promoter & Promoter Groups" seeking to reclassification from "Promoter & Promoter Groups" category to "Public" category. The request was subsequently approved by the Board of Directors and Shareholders of the Company on May 10, 2024.

Our opinion is not modified in respect of the above matters "A" to "G" above.

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the 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 (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matter Description	Response to Key Audit Matter
A. Assessment of recoverability of Deferred Tax Assets recognized on tax losses (Refer Note 8 to the Financial Statements.)	Principal Audit Procedures
- The Company had recognised deferred tax assets on unabsorbed depreciation and deductions based on actual payments (together hereinafter referred to as "tax losses") incurred till FY 2020- 21. The assets have been recognised on the basis of the Companys assessment of availability of future taxable profit to offset such tax losses based on business projections for the future years.	Our procedures included, amongst others, the following:
- The recoverability of the deferred tax assets depends upon factors such as the projected taxable profitability of business and the period considered for such projections, the rate at which those profits will be taxed and the period over which tax losses will be available for recovery.	(i) Evaluation of the design and testing pertaining to effectiveness of Companys controls relating to taxation and the assessment of carrying amount of deferred tax assets relating to unabsorbed tax losses;
This was considered as a key audit matter as the amount is material to the financial statements and significant by the Companys Management in the preparation of forecasts of future taxable profits based on the underlying business plans.	(ii) Assessing the reasonableness of the period of projections used in the deferred tax asset recoverability assessment considering that the Company operates in a highly competitive industry which is subject to disruptions through changing macro scenario;
	(iii) Comparing the Companys performance for the year with the approved budget to assess the reasonableness of the assumptions;
	(iv) Comparing the Companys projections of future taxable profit to the approved business plans;
	(v) Testing, whether projections prepared were consistent with our understanding and knowledge of current business and the general economic environment in which the Company operates and whether the tax losses can be utilized within the forecast recoupment period;
	(vi) Testing the assumptions used by analyzing the impact on taxable profit using different growth rates and profit margins;
	(vii) Reviewing the adequacy of disclosures made in the financial statements with regard to deferred taxes.
	Following the concept of prudence the Company has not recognized fresh deferred tax assets on the additional losses incurred in FY 2021-22 and onwards. Based on the above procedures performed, our testing did not identify any material exceptions with respect to the reasonability of the assumptions and estimates used by the management in assessing the recoverability of Deferred Tax Asset recognised in respect of tax Losses in the past. However, the evaluation process is ongoing and in case of non-realization of the planned results, the Deferred Tax Asset already recognized in the past may require reversal in line with the relevant accounting standards.
B. Assessment of ability to continue as Going Concern	Our procedures included, amongst others, the following:
- The Company has earned operational profits during FY 2022-23 & FY 2023-24.	(i)Evaluation of the design and testing pertaining to effectiveness of Companys controls relating to evaluation of Going Concern Assumption;
- Due to the creation of provision for diminution in the value of investment in the Subsidiary Company in FY 2020-21, the Net Worth of the Company as at 31st March, 2024 is affected.	(ii)Assessing the reasonableness of the period of projections used in One Time Restructuring Proposals submitted to the lenders under RBI Resolution Framework for resolution of stressed assets on account of COVID-19 situation;
- The Company had approached the lenders for One Time Restructuring and that majority lenders had invoked the One Time Restructuring plan in line with RBI Resolution Framework.	(iii)Reviewing actions undertaken by management to monetize CRE Assets;
- The Company was unable to repay its loan installments as per the One Time Restructuring Plan on account of non-receipt of NOC for CRE sales from the lenders and action taken by a lender to recall the loan due to which proposed equity infusion by the prospective investor did not go through. The company is in discussion with the lenders for financial settlement.	(iv)Comparing the Companys projections of future taxable profit to the approved business plans;
- The ability of the Company to resolve the ongoing issues with the lenders and complete the financial settlement will be critical in its continuation as a Going Concern.	(v)Evaluation of Operating Financial Results of Companies operating in Comparable segments / industries
This was considered as a key audit matter as the ability to continue as a going concern is material to the preparation of financial statements.	(vi)Evaluating existence of any long term arrangements confirming the ability of the Company to continue as a going concern.
	(vii) Reviewing the adequacy of disclosures made in the financial statements with regard to Status of Business Operations.
	Based on the above procedures performed, our testing did not identify any material exceptions with respect to the reasonability of the usage of Going Concern assumption as at 31st March, 2024. However, the same will be subject to on-going review and assessment during FY 2024-25 as the ability of the Company to continue as a Going Concern will be greatly dependent on financial settlement with the lenders.

Other Matters

The Company has total MSME dues as at 31st March, 2024 amounting to INR 287.97 Lakhs which are outstanding for a period beyond 45 days as stipulated in the Micro, Small and Medium Enterprises Act, 2006. As per Section 16 of the said Act, the Company is required to pay interest on such delayed payments amounting to INR 10.43 Lakhs. As per the Company, the delay in payments is on account of temporary financial difficulties which had increased on account of COVID-19 situation affecting the Hospitality Industry in particular and that it will clear all MSME dues at the earliest.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys 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, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the standalone financial statements and our auditors report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance 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 for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company 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 of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of 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 financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys 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. Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 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 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 control 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 system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the 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 auditors 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 financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 influenced. 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.

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.

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.

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 of the current period and are therefore the key audit matters. We describe these matters in our auditors 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

1. As required by the Companies (Auditors 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 the paragraph 3 and 4 of the order, to the extent applicable.

(A) As required by Section 143 (3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b. In our opinion 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 However, the backup of the some part of books of accounts, other books and papers maintained in electronic mode has not been maintained on servers physically located in India on daily basis ;

c. The balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e. On the basis of the written representations received from the directors as on 31st March 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2024 from being appointed as a director in terms of Section 164 (2) of the Act;

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B";

(B) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies

(Audit and Auditors) Rules, 2014, 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, wherever necessary, of pending litigations on its financial position in its financial statements - Refer Note 34 to the financial statements;

ii. the Company has made provision, as required under the applicable law or Indian Accounting Standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. The Management has represented that, to the best of its knowledge and belief, 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(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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.

v. The Management has represented, that, to the best of its knowledge and belief , no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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.

vi. Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to my/our notice that has caused me/us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) contain any material mis-statement.

vii. The company has not declared or paid any dividend during the financial year ended 31st March, 2024 and thus the reporting requirement as per Rule 11(f) is not applicable.

viii. Based on our examination, which included test checks, the Company has used accounting softwares for maintaining its books of account for the year ended March 31, 2024, which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

(C) With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.

	For, V V Kale & Co
	Chartered Accountants
	Firm Reg. Number: 000897N
	Vijay V. Kale
	Partner
	Membership No: 080821
	UDIN: 24080821BKEJHY1981
Place: New Delhi
Date: May 29, 2024

Annexure - A to the Independent Auditors Report

The Annexure referred to in Independent Auditors Report to the members of Asian Hotels (North) Limited ("the Company") on the standalone financial statements for the year ended 31st March 2024, we report that:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of intangible assets

(b) As per the information and explanation given to us, physical verification of fixed assets has not been carried out during the last 5 years but more than 90% of netblock of Property Plant Equipment consists of Land & Building which does not require physical verification as same is verified during physical audit visits. In our opinion, this periodicity of physical verification is not reasonable as per nature & size of the company but as per management they are in process to do physical verification of all assets.

(c) As per the information and explanation given to us the title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the company.

(d) The Company has not revalued its Property, Plant and Equipment or intangible assets during the year and accordingly, Paragraph 3(i)(d) is not applicable to the Company.

(e) As per the information and explanations given to us, no proceedings have been initiated and / or pending against the Company under the Benami Transactions (Prohibition) Act, 1988 and the rules made thereunder and accordingly, Paragraph 3(i)(e) is not applicable to the Company.

(ii) (a) As per the information and explanation given to us, physical verification of inventory has been conducted at reasonable intervals by the management, the coverage and procedure of such verification by the management is appropriate. Discrepancies noticed on physical verification of inventory as compared to book records were not material.

(b) As per the information and explanation given to us, company has outstanding working capital limits in excess of five crore rupees during the financial year in aggregate, from banks or financial institutions on the basis of security of current assets during the year but as per information provided to us no quarterly returns or statements filed with lenders due to default in repayment of dues to lenders & working capital limits remains to be out of order during FY 2023-24. But, the Company has been providing the monthly operating results to the cash flow monitoring agencies appointed by the secured lender in the requisite format.

(iii) As informed to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013 (the Act) and accordingly, Paragraph 3(iii)(a) to Paragraph 3(iii)(f)of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made & guarantees issued by company.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits covered by the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.

(vii) (a) According to the information and explanation given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, GST, cess and other material statutory dues have been generally paid regularly with appropriate authorities during the year.

According to the information and explanations given to us, in our opinion, no undisputed amounts payable in respect of statutory dues including Provident Fund, Employees State Insurance, Income Tax, Service Tax, Goods & Services Tax, Custom Duty, Cess and other statutory dues applicable to it were in arrears as on 31st March, 2024 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and records of the company examined by us, the following dues of income tax and duty of excise as at 31st March, 2024 which have not been deposited by the Company on account of any disputes.

Nature of Statute	Year to which it relates	Amount unpaid (excluding interest) (Rs. In Lakhs)	Forum where dispute is pending
Finance Act, 1994 (Service Tax)	2002-2007	214.62 Lakhs	Honble Supreme Court of India
Income tax Act, 1961	2019-2020	21.88 Lakhs	Commissioner of Income Tax (Appeals)
Income tax Act, 1961	2021-2022	7.14 Lakhs	Commissioner of Income Tax (Appeals)

(viii) According to the information and explanations given to us there are No transactions which have been disclosed as income under the Income Tax Act, 1961 which were previously unrecorded in the books

(ix) (a) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has been unable repay Installments due till 31st March, 2024 as per OTR Sanction letter issued by the respective secured lenders amounting to Rs. 17,165.81 Lakhs (in aggregate for all secured lenders taken together) and interest payment amounting to Rs. 19,136.04 Lakhs (in aggregate for all banks taken together) & Overdraft Facilities amounting Rs. 4494.22 Lakhs are overdue & out of order due to inability to monetize CRE Assets located in hotel premises. As per the management, the delay has been due to non-receipt of NOC for such sale from the lender banks despite several reminders and that the matter is now sub-judice before the Honble Delhi High Court. Please refer Annexure C & D for Summary of principal & Interest defaults.

(b) According to the information and explanations given to us, the Company is not declared willful defaulter by any bank or financial institution or other lender.

(c) According to the information and explanations given to us, no term loans were raised by the Company (other than assignments of existing borrowings) which doesnt result in actual cash inflow but funds the interest liability by way of additional term loan) during the period and accordingly, Paragraph 3(ix)(c) of the Order is not applicable to the Company.

(d) According to the information and explanations given to us and based on our examination, the Company has not raised short term loans utilized for long term purpose except following cases :-

- Company has raised Inter Corporate Deposit of Rs. 1680.00 Lakhs to pay to advance for One time settlement proposal to secured lender(Long Term Borrowing).

- Company has raised Inter Corporate Deposit of Rs. 610.00 Lakhs raised for repayment to long term lender.

(e) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not taken any loans on account of or to meet the obligation of its subsidiaries during the year and accordingly, Paragraph 3(ix)(e) of the Order is not applicable to the Company. As explained to us, the Company did not have any joint venture and associates during the year.

(f) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not been sanctioned any loan on the pledge of securities held in its subsidiaries during the year. However, there exist loans on the pledge of securities held in the subsidiaries as on the reporting date created in earlier years. The Company has been unable to repay the instalments due against the same during the year. The value of such instalments is included and covered in the total value indicated in Para (ix)(a) above.

(x) (a) The Company has not raised any moneys by way of initial public offer or further offer (including debt instruments) during the period and accordingly, Paragraph 3(x)(a) of the Order is not applicable to the Company.

(b) According to the information and explanations given to us, the Company has not raised moneys by way of preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. and accordingly, Paragraph 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) Based upon the audit procedures performed and according to the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

(b) No report has been filed by the auditors under sub-section (12) of section 143 of the Companies Act with the Central Government during the period.

(c) No whistle blower complaints were reported during the period.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii)(a) to paragraph 3(xii)(c) of the Order is not applicable.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) (a) According to the information and explanations give to us and based on our examination of the records of the Company, the company has an internal audit system commensurate with the size and nature of its business.

(b) Internal Audit report for the period from April 2023 to March, 2024 are received and considered by us.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

(xvi) (a) The Company is not required to be registered as required, under section 45-IA of the Reserve Bank of India Act 1934.

(xvii) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has incurred cash loss of Rs. 7,379.26 Lakhs during the year ending 31st March, 2024 & Rs. 6,397.15 lakhs during year ended 31st March, 2023. The computation of cash profits / (loss) for year ending 31st March, 2024 and 31st March, 2023 is given below:

(Rs. in lakhs)

Particulars	FY 2023-24	FY 2022-23
Profit/(Loss) before tax	(8730.43)	(8482.06)
Add: Depreciation & Amortization Expenses	2189.76	2305.60
Less : Taxes (paid)/ Refund as per Cash flow Statement	(838.59)	(220.69)
Cash Profit/(Loss)	(7379.26)	(6397.15)

(xviii) There has been no resignation of the Statutory Auditors during the period.

(xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, we are of the opinion that uncertainty exists as on the date of the audit report that company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. The factors specified in the Emphasis of Matter Paragraphs and Key Audit Matters concerning to state of business operations and the impact on Going Concern are crucial to be able to meet future liabilities / obligations.

(xx) The provisions regarding Corporate Social Responsibility are not applicable on the Company since the profits are below the applicability threshold. Accordingly, the provisions of Paragraph 3(xx)(a) and Paragraph 3(xx)(b) of the Order are not applicable on the Company.

(xxi) Since this report is issued on the standalone financial statements, hence, Paragraph 3(xxi) of the order is not applicable on the Company.

	For, V V Kale & Co
	Chartered Accountants
	Firm Reg. Number: 000897N
	Vijay V. Kale
	Partner
	Membership No: 080821
	UDIN: 24080821BKEJHY1981
Place: New Delhi
Date: May 29, 2024

Annexure - B to the Independent Auditors Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Asian Hotels (North) Limited ("the Company") as of 31st March 2024 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were generally operating effectively as at 31st March 2024, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

	For, V V Kale & Co
	Chartered Accountants
	Firm Reg. Number: 000897N
	Vijay V. Kale
	Partner
	Membership No: 080821
	UDIN: 24080821BKEJHY1981
Place: New Delhi
Date: May 29, 2024

Annexure - C to the Independent Auditors Report

Summary of overdue principal on secured borrowing (Para (ix) (a)):-

S.No.	Nature of Borrowing	Name of Lender	Due date of repayment	Amount (Rs. In Lakhs)	No. of Days unpaid
1	Term Loan - I	Bank of Maharashtra	31-03-2022	115.26	732
2	Term Loan - I	Bank of Maharashtra	31-12-2022	508.00	457
3	Term Loan - I	Bank of Maharashtra	31-03-2023	508.00	367
4	Term Loan - I	Bank of Maharashtra	30-06-2023	38.00	276
5	Term Loan - I	Bank of Maharashtra	30-09-2023	38.00	184
6	Term Loan - I	Bank of Maharashtra	31-12-2023	562.00	92
7	Term Loan - I	Bank of Maharashtra	31-03-2024	562.00	1
8	Term Loan - I	Bank of Maharashtra	31-03-2022	345.00	732
9	Term Loan - I	Bank of Maharashtra	31-12-2022	112.00	457
10	Term Loan - I	Bank of Maharashtra	31-03-2023	112.00	367
11	Term Loan - I	Bank of Maharashtra	30-06-2023	36.00	276
12	Term Loan - I	Bank of Maharashtra	30-09-2023	36.00	184
13	Term Loan - I	Bank of Maharashtra	31-12-2023	152.00	92
14	Term Loan - I	Bank of Maharashtra	31-03-2024	152.00	1
15	Funded Interest Term Loan - I	Bank of Maharashtra	30-06-2022	113.85	641
16	Funded Interest Term Loan - I	Bank of Maharashtra	30-09-2022	113.85	549
17	Funded Interest Term Loan - I	Bank of Maharashtra	31-12-2022	113.85	457
18	Funded Interest Term Loan - I	Bank of Maharashtra	31-03-2023	113.85	367
19	Funded Interest Term Loan - I	Bank of Maharashtra	30-06-2023	148.88	276
20	Funded Interest Term Loan - I	Bank of Maharashtra	30-09-2023	148.88	184
21	Funded Interest Term Loan - I	Bank of Maharashtra	31-12-2023	148.88	92
22	Funded Interest Term Loan - I	Bank of Maharashtra	31-03-2024	148.88	1
23	Funded Interest Term Loan - II	Bank of Maharashtra	30-06-2022	25.12	641
24	Funded Interest Term Loan - II	Bank of Maharashtra	30-09-2022	25.12	549
25	Funded Interest Term Loan - II	Bank of Maharashtra	31-12-2022	25.12	457
26	Funded Interest Term Loan - II	Bank of Maharashtra	31-03-2023	25.12	367
27	Funded Interest Term Loan - II	Bank of Maharashtra	30-06-2023	32.85	276
28	Funded Interest Term Loan - II	Bank of Maharashtra	30-09-2023	32.85	184
29	Funded Interest Term Loan - II	Bank of Maharashtra	31-12-2023	32.85	92
30	Funded Interest Term Loan - II	Bank of Maharashtra	31-03-2024	32.85	1
39	Term Loan- III	Yes Bank Limited	31-03-2024	32.23	1
40	Term Loan-IV	Yes Bank Limited	31-03-2022	462.52	732
41	Term Loan- IV	Yes Bank Limited	30-06-2022	158.03	641
42	Term Loan- IV	Yes Bank Limited	30-09-2022	158.03	549
43	Term Loan- IV	Yes Bank Limited	31-12-2022	158.03	457
44	Term Loan- IV	Yes Bank Limited	31-03-2023	158.03	367
45	Term Loan- IV	Yes Bank Limited	30-06-2023	176.83	276
46	Term Loan- IV	Yes Bank Limited	30-09-2023	176.83	184
47	Term Loan- IV	Yes Bank Limited	31-12-2023	176.83	92
48	Term Loan- IV	Yes Bank Limited	31-03-2024	176.83	1
49	TL-III (FITL - I) (Mar20-Aug20)	Yes Bank Limited	31-03-2022	24.70	732
50	TL-III (FITL- I) (Mar20-Aug20)	Yes Bank Limited	30-06-2022	4.00	641
51	TL-III (FITL - I) (Mar20-Aug20)	Yes Bank Limited	30-09-2022	4.00	549
52	TL-III (FITL - I) (Mar20-Aug20)	Yes Bank Limited	31-12-2022	4.00	457
53	TL-III (FITL - I) (Mar20-Aug20)	Yes Bank Limited	31-03-2023	4.00	367
54	TL-III (FITL - I) (Mar20-Aug20)	Yes Bank Limited	30-06-2023	4.59	276
55	TL-III (FITL - I) (Mar20-Aug20)	Yes Bank Limited	30-09-2023	4.59	184
56	TL-III (FITL - I) (Mar20-Aug20)	Yes Bank Limited	31-12-2023	4.59	92
57	TL-III (FITL - I) (Mar20-Aug20)	Yes Bank Limited	31-03-2024	4.59	1
58	TL-IV (FITL - I) (Mar20-Aug20)	Yes Bank Limited	31-03-2022	61.20	732
59	TL-IV (FITL - I) (Mar20-Aug20)	Yes Bank Limited	30-06-2022	9.98	641
60	TL-IV (FITL - I) (Mar20-Aug20)	Yes Bank Limited	30-09-2022	9.98	549
61	TL-IV (FITL - I) (Mar20-Aug20)	Yes Bank Limited	31-12-2022	9.98	457
62	TL-IV (FITL - I) (Mar20-Aug20)	Yes Bank Limited	31-03-2023	9.98	367
63	TL-IV (FITL - I) (Mar20-Aug20)	Yes Bank Limited	30-06-2023	11.18	276
64	TL-IV (FITL - I) (Mar20-Aug20)	Yes Bank Limited	30-09-2023	11.18	184
65	TL-IV (FITL - I) (Mar20-Aug20)	Yes Bank Limited	31-12-2023	11.18	92
66	TL-IV (FITL - I) (Mar20-Aug20)	Yes Bank Limited	31-03-2024	11.18	1
67	TL-III (FITL - II) (Sep20-Mar22)	Yes Bank Limited	30-06-2022	24.90	641
68	TL-III (FITL - II) (Sep20-Mar22)	Yes Bank Limited	30-09-2022	24.90	549
69	TL-III (FITL - II) (Sep20-Mar22)	Yes Bank Limited	31-12-2022	24.90	457
70	TL-III (FITL - II) (Sep20-Mar22)	Yes Bank Limited	31-03-2023	24.90	367
71	TL-III (FITL - II) (Sep20-Mar22)	Yes Bank Limited	30-06-2023	32.56	276
72	TL-III (FITL - II) (Sep20-Mar22)	Yes Bank Limited	30-09-2023	32.56	184
73	TL-III (FITL - II) (Sep20-Mar22)	Yes Bank Limited	31-12-2023	32.56	92
74	TL-III (FITL - II) (Sep20-Mar22)	Yes Bank Limited	31-03-2024	32.56	1
75	TL-IV (FITL - II) (Sep20-Mar22)	Yes Bank Limited	30-06-2022	59.96	641
76	TL-IV (FITL - II) (Sep20-Mar22)	Yes Bank Limited	30-09-2022	59.96	549
77	TL-IV (FITL - II) (Sep20-Mar22)	Yes Bank Limited	31-12-2022	59.96	457
78	TL-IV (FITL - II) (Sep20-Mar22)	Yes Bank Limited	31-03-2023	59.96	367
79	TL-IV (FITL - II) (Sep20-Mar22)	Yes Bank Limited	30-06-2023	78.41	276
80	TL-IV (FITL - II) (Sep20-Mar22)	Yes Bank Limited	30-09-2023	78.41	184
81	TL-IV (FITL - II) (Sep20-Mar22)	Yes Bank Limited	31-12-2023	78.41	92
82	TL-IV (FITL - II) (Sep20-Mar22)	Yes Bank Limited	31-03-2024	78.41	1
83	FITL I OD Corp (Mar20-Aug20)	Yes Bank Limited	31-03-2023	172.00	367
84	FITL I OD Ops (Mar20-Aug20)	Yes Bank Limited	31-03-2023	15.66	367
85	Term Loan	Punjab National Bank	31-03-2022	97.55	732
86	Term Loan	Punjab National Bank	31-12-2022	369.00	457
87	Term Loan	Punjab National Bank	31-03-2023	369.00	367
88	Term Loan	Punjab National Bank	30-06-2023	34.00	276
89	Term Loan	Punjab National Bank	30-09-2023	34.00	184
90	Term Loan	Punjab National Bank	31-12-2023	416.00	92
91	Term Loan	Punjab National Bank	31-03-2024	416.00	1
92	Funded Interest Term Loan	Punjab National Bank	30-06-2022	74.26	641
93	Funded Interest Term Loan	Punjab National Bank	30-09-2022	74.26	549
94	Funded Interest Term Loan	Punjab National Bank	31-12-2022	74.26	457
95	Funded Interest Term Loan	Punjab National Bank	31-03-2023	74.26	367
96	Funded Interest Term Loan	Punjab National Bank	30-06-2023	97.10	276
97	Funded Interest Term Loan	Punjab National Bank	30-09-2023	97.10	184
98	Funded Interest Term Loan	Punjab National Bank	31-12-2023	97.10	92
99	Funded Interest Term Loan	Punjab National Bank	31-03-2024	97.10	1
100	Term Loan	VSJ Investments Pvt. Ltd.	31-03-2022	360.24	732
101	Term Loan	VSJ Investments Pvt. Ltd.	31-12-2022	265.00	457
102	Term Loan	VSJ Investments Pvt. Ltd.	31-03-2023	265.00	367
103	Term Loan	VSJ Investments Pvt. Ltd.	30-06-2023	25.00	276
104	Term Loan	VSJ Investments Pvt. Ltd.	30-09-2023	25.00	184
105	Term Loan	VSJ Investments Pvt. Ltd.	31-12-2023	300.00	92
106	Term Loan	VSJ Investments Pvt. Ltd.	31-03-2024	300.00	1
107	Funded Interest Term Loan	VSJ Investments Pvt. Ltd.	30-06-2022	51.58	641
108	Funded Interest Term Loan	VSJ Investments Pvt. Ltd.	30-09-2022	51.58	549
109	Funded Interest Term Loan	VSJ Investments Pvt. Ltd.	31-12-2022	51.58	457
110	Funded Interest Term Loan	VSJ Investments Pvt. Ltd.	31-03-2023	51.58	367
111	Funded Interest Term Loan	VSJ Investments Pvt. Ltd.	30-06-2023	67.45	276
112	Funded Interest Term Loan	VSJ Investments Pvt. Ltd.	30-09-2023	67.45	184
113	Funded Interest Term Loan	VSJ Investments Pvt. Ltd.	31-12-2023	67.45	92
114	Funded Interest Term Loan	VSJ Investments Pvt. Ltd.	31-03-2024	67.45	1
115	FITL OD	VSJ Investments Pvt. Ltd.	31-03-2023	23.14	367
116	Intt Capitalised (Apr22-Oct22)	VSJ Investments Pvt. Ltd.	NA	620.86	NA
117	OD	VSJ Investments Pvt. Ltd.	NA	400.58	NA
118	ECB - I	Star Strength	15-07-2022		626
119	ECB - I	Star Strength	15-10-2022	230.83	534
120	ECB - I	Star Strength	15-04-2023	1,674.38	352
121	ECB - I	Star Strength	15-10-2023	683.16	169
122	ECB - II	Star Strength	15-04-2023	580.77	352
123	OD	Standard Capital Markets Limited	NA	1,162.28	NA
124	OD	Yes Bank Limited	NA	4,494.22	NA
	Less:
	Balance in Cutback Account not remitted to lender as at 31/03/2024			(38.73)
	Cutback of Star Strength not remitted as at 31/03/2024			(177.81)
	Total			21,660.03

Annexure - D to the Independent Auditors Report

Summary of overdue Interest on secured borrowing (Para (ix) (a)) :-

S.No.	Nature of Borrowing	Name of Lender	Period of Interest	Amount (In Lakhs)
1	Term Loan	Punjab National Bank	April, 2022 to February, 2024	2,729.53
2	Funded Interest Term Loan	Punjab National Bank -	April, 2022 to February, 2024	480.13
3	TL - I	Bank of Maharashtra	April, 2022 to February, 2024	4,078.55
4	FITL - I	Bank of Maharashtra	April, 2022 to February, 2024	736.11
5	TL - II	Bank of Maharashtra	April, 2022 to February, 2024	922.85
6	FITL - II	Bank of Maharashtra	April, 2022 to February, 2024	162.43
7	TL-III	Yes Bank Limited	April, 2022 to February, 2024	898.08
8	TL-III FITL-II (Sep20 to Mar22)	Yes Bank Limited	April, 2022 to February, 2024	170.70
9	TL-IV	Yes Bank Limited	April, 2022 to February, 2024	1,976.80
10	TL-IV FITL-IV (Sep20 to Mar22)	Yes Bank Limited	April, 2022 to February, 2024	411.15
11	TL III - FITL I (Mar20-Aug20)	Yes Bank Limited	Sept, 2020 to February, 2024	115.63
12	TL IV - FITL I (Mar20-Aug20)	Yes Bank Limited	Sept, 2020 to February, 2024	285.85
13	TL	VSJ Investments Pvt. Ltd.	November, 2022 to February, 2024	1,250.93
14	FITL (Sep20-Mar22)	VSJ Investments Pvt. Ltd.	November, 2022 to February, 2024	224.57
15	Interest Apr22 to Oct22	VSJ Investments Pvt. Ltd.	November, 2022 to February, 2024	87.86
16	Overdraft Ops & Corp	Yes Bank	November, 2022 to February, 2024	630.29
17	Overdraft	VSJ Inestments Pvt Ltd	November, 2022 to March, 2024	54.14
18	OD	Standard Capital Markets Ltd	January, 2022 to March, 2024	355.76
19	OD FITL I Ops (Mar20-Aug20)	Yes Bank	Sept, 2020 to March, 2024	7.15
20	OD FITL I (Mar20-Aug20)	Yes Bank	Sept, 2020 to March, 2024	78.54
21	OD FITL (Mar20-Aug20)	VSJ Inestments Pvt Ltd	November, 2022 to March, 2024	3.50
22	ECB I	Star Strength	18/04/2022 to 15/10/2023	1,666.95
23	ECB II	Star Strength	18/04/2022 to 15/10/2023	1,808.53
	Total			19,136.04