Grand Continent Hotels Ltd Auditor Reports

To the Members of

Grand Continent Hotels Limited

(Formerly Known as Grand Continent Hotels Private Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying financial statements of Grand Continent Hotels Limited (Formerly Known as Grand Continent Hotels Private Limited) ("the Company") which comprises the Balance Sheet as at 31st March, 2025, the

Statement of Proand Loss, Statement of Cash Flows for the year then ended on that date, and to notes the financial statements, including a summary of signicant accounting policies and other explanatory information(hereinafter referred to as "Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under Section 133 of the Act, ("IGAAP") and other accounting principles generally accepted in India, of the state of aairs of the Company as at st 31 March, 2025, its Prot, and its cash ows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specied 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 ful ed our other ethicalll responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is su cient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit matters

Key audit matters ("KAM") are those matters that, in our professional judgement,? were of most signicance in our audit of the standalone financial statements of the current year. These matters were addressed in the contextof 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.

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 Companys annual report, but does not include the nancial atements and auditors report(s) thereon. Our opinion on nancial the atements does not cover the othe andalone r information and we do not express any form of assurance conclusion thereon. In connection with our audit of nancial the atements, our responsibility is to read the andalone other information and, in doing so, consider whether the other information is materially inconsi ent with the Standalone nancial Statements or Fi our knowledge obtained during the course of our audit or otherwise appears to be materially mis . ated If based on the work we have performed, we conclude that there is a material mis atement of this er information, we oth are required to report that fact. We have nothing to report in this regard, since the Companys annual report is expected to be made available to us after the date of this auditors report.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters ated in section 134(5) of the Act with respect to the preparation of these financial atementsthat give a true and fair view of the financial position andfinancial cash ows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specied 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 accounting policies; making judgments and e imates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating eectively for ensuring the accuracy and completeness g records, relevant of the accountin to the preparation atement that give a true and fair view and areand presentation of thefinancial free from material mis atement, whether due to fraud or error. In preparing the andalone financial atements, management is responsible ability to continue for assessing the Companys 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 reali ic alternative but to do so.

The Board of Directors is also responsible for overseeing the companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial atementsas a whole are free from material mis atement, 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 mis atement when it exi s. Mis atements can arise from fraud or error and are considered terial if, individually ma or in the aggregate, they could reasonably be expected to in uence the economic decisions of users aken on the basis t of the financial atements. As part of an audit in accordance with SAs, ment and maintain we exercise professional 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 su cient 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 with reference to theon the internalfinancial statements and the operating eecti veness 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 signicant 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 nancialst related disclosures in the atements 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 nancialstatements, including the disclosures, and represent the underlying transactions and events in a manner that ac whether thefinancial hieves fair presentation.

Materiality is the magnitude of mis atements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the atement may be in uenced. 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 eect of any identied mis atements in the consolidated financial atements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signicant audit ndings, including any signi identify during our audit.cant We also provide those charged with governance atementthat we have complied with relevant et with hical 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 mo signicance 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 auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circum ances, 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 intere benets 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" in atement of mattes specied paragraphs 3 and 4 of the order, to the extent possible.

2. 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; c. The Balance Sheet and the Statement of Proand 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 nancialstatements comply with the Accounting Standard s speciedunder

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, 2025 taken on record by the Board of Directors, none of the directors is disqualied as on 31 st March, 2025 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 with reference to financial statement of the Company and the operating eectiveness of such controls, refer to our separate Report in"Annexure B". g. 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 read with Schedule V of the Act.

h. 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 does not have any pending litigations which would impact its financial position ts standalone in ifinancial statements; ii. The Company did not have any long-term contracts, including derivative contracts for which there were any material foreseeable losses;

iii. There were no amounts which were 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,

a. The management has represented that, to the best of its knowledge and belief, no funds have been advanced or lent 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 persons or entities, 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 identied in directly any manner whatsoever ("Ultimate Beneciaries") by or on behalf of the Company or • provide any guarantee, security or the like to or on behalf of the Ultimate Beneciaries. b. The management has represented that, to the best of its knowledge and belief, no funds have been advanced or lent 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 persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall: • directly or indirectly lend or inve in other persons or entities identied in any manner whatsoever ("Ultimate Beneciaries") by or on behalf of the Company or • provide any guarantee, security or the like to or on behalf of the Ultimate Beneciaries. c. Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (iv)(a) and (iv)(b) contain any material misstatement. v. According to the information and explanations given to us and based on the records of the Company examined by us, there were no dividend declared or paid during the year by the Company. vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of re cording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit, we did not come across any in ance of audit trail feature being tampered with.

Annexure – A to the Independent Auditors Report

Annexure – A to the Independent Auditors Report on the Standalone Financial Statements of Grand Continent Hotel Limited (Formerly Known as Grand Continent Hotels Private Limited) for the year ended 31st March, 2025.

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements Section of our report of even date)

i. In respect of clause 3(i) of the Order -

a. The details in respect of Clause 3 i(a) of the Order are as follows -

A. The Company has maintained proper records, showing full particulars, including quantitative details and situation of Property, plant and equipment (xed assets);

B. The Company has maintained proper records showing full particulars of intangible assets; b. According to the information and explanation given to us and on the basis of our examination of the records of the Company, the Company has a regular program of physical verication of property, plant and equipmentby which all property, plant and equipment are veried in a phased manner. In accordance with this program, ertain prop c -erty, plant and equipment were veried during the year. In our opinion, this periodicity of physical verication is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verication. c. According to the information and explanation given to us, the title deeds of immovable properties is held in the name of the Company.

d. The Company has not revalued any of its Property, Plant and Equipment during the year.

e. No proceedings have been initiated during the year or are pending against the Company as at 31st March, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

ii. In respect of clause 3(ii) of the Order - a. As informed to us, the inventory edby the management during the year.has been physically veri According to the information and explanations provided to us, no material discrepancies were noticed on such veri ion. b. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been sanctioned working capital limits in excess of ve crore rupees, in aggregate, from banks or financial institutions on the basis of the security of current assets at any point of time during the year. Accordingly, Clause 3(ii)(b) of the Order is not applicable to the Company.

iii. In respect of clause 3(iii) of the Order - a. According to the information and explanations given to us and on the basis of our examination of the records, the entity has not made investment or loan and advances in the nature of loans to Subsidiary and related Party other than subsidiary in companies except stated below:

(Rs. In lakhs)

During the year, the Company has not provided guarantee or security to any companies, limited liability partnership, rms or other parties. b. According to the information and explanations given to us and based on the audit procedures conducted by us, in our opinion investments made, and terms and conditions of all loans granted during the year are, prima facie, not prejudicial to the interest of the Company. c. According to the information and explanations given to us and on the basis of our examination of the records of the

Company, in respect of the loans granted, there is no stipulated schedule of repayment of principal and payment of interest. Hence, we are unable to comment on the regularity of repayment or receipts of principal or interest. d. According to the information and explanations given to us and on the basis of our examination of the records of the

Company, since there is no stipulated schedule of repayment of principal and payment of interest and therefore, we are not able to comment on the overdue amount for more than ninety days and reasonableness of the steps taken to recover the amount.

e. According to the information and explanations given to us and on the basis of our examination of the records of the Company, since there is no stipulated schedule for the repayment of principal and payment of interest, we are unable to comment on whether any amount of loan or advance in the nature of a loan granted has fallen due during the year, or has been renewed or extended, or whether fresh loans have been granted to settle the ov erdues of existing loans given to the said parties. f. According to the information and explanations given to us and on the basis of our examination of the records of the

Company, the Company has granted loans to parties, details of which are given below.

(Rs in lakhs)

iv. According to the information and explanations given to us and on the basis of our examination of records of the Company, in respect of investments made, loans and guarantees given by the Company, in our opinion the provisions of Section 185 and 186 of the Companies Act, 2013 ("the Act") have been complied with. v. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not accepted any deposits from the public as per the provisions of section 73 to 76 of the Act and rules framed thereunder; hence the provisions of Clause 3(v) of the Order is not applicable to the Company. vi. As informed to us, the maintenance of cost records has not been specied by the Central Government under sub-section

(1) of section 148 of the Act for the business the Company operates in. Hence, reporting under Clause 3(vi) of the Order is not applicable to the Company.

vii. In respect of clause 3(vii) of the Order a. According to the information and explanations given to us and based on our examination of the records of the Company, undisputed statutory dues including Income Tax, Goods and Service Tax and other material statutory dues have generally been regularly deposited by the company with the appropriate authorities, though there have been few delays which is not serious.

According to the information and explanations given to us, there were no arrears of statutory dues as on 31st March, 2025 for a period of more than six months from the date they became payable, except a sum of Rs. 8.14 lakhs and Rs. 10.77 lakhs on account of TDS and GST respectively. b. According to the information and explanations given to us and based on our examination of the records of the Company, there are no dues outstanding in respect of service tax, custom duty cess, etc which have not been deposited on account of any dispute. viii. According to the information and explanations given to us and based on our examination of the records of the Company, there were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). Hence, reporting under Clause 3(viii) of the Order is not applicable to the Company. ix. In respect of Clause 3(ix) of the Order- a. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not defaulted in repayment of loans and borrowing or in the payment of interest thereon to any lender. b. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been declared a willful defaulter by any bank or financial institution or government authority. c. According to information and explanations given to us and on the basis of examination of records of the Company, term loans obtained during the year have been applied for the purpose for which they were obtained. d. According to information and explanations given to us and on an overall examination of the balance sheet of the

Company, we report that no funds raised on short term basis have been used for long-term purposes by the Company. e. According to information and explanations given to us and on an overall examination of the balance sheet of the

Company, we report that no funds has been taken from entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

f. According to the information and explanations given to us and procedures performed by us, we report that the

Company has not raised loans during the year on the pledge of investment held in its subsidiaries. The Company does not hold any investment in any associates or joint venture during the year ended 31st March, 2025. x. In respect of Clause 3(x) of the Order- a. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has raised funds through an Initial Public Oer during the year. As the funds were raised towards the year-end, the details of unutilized funds have been disclosed in the note no 36 to the standalone nan-cial statements. There has been no deviation in the utilization of funds as of the year-end. b. In our opinion and according to the information and explanations provided to us, the Company has raised funds through private placement of shares and has complied with the requirements of Section 42 of the Companies Act, 2013. The funds have been utilized for the purposes for which they were raised. xi. Based on examination of the books and records of the Company and according to the information and explanations given to us, considering the principles of materiality outlined in Standards on Auditing, we report that no fraud by the Company or no material fraud on the Company has been noticed or reported during the course of the audit. a. According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Act has been led by us or by secretarial auditors in Form ADT-4 as prescribed under Rule 13 of theCompanies

(Audit and Auditors) Rules, 2014 with the Central Government.

b. We have not received any whistle blower complaints during the year (and up to the date of this report), while determining the nature, timing and extent of our audit procedures. xii. According to the information and explanations given to us and based on our examination of theecords of the Company, the Company is not a Nidhi Company. Hence the requirement to report on Clause 3(xii) of the Order not applicable to is the Company. xiii. In our opinion and according to the information and explanations given to us, the Company is in compliance with section

177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial by the applicablestatements accounting standards. xiv. In respect of clause 3(xiv) of the Order - a. Based on information and explanations provided to us and our audit procedures, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

b. We have considered the internal audit reports of the Company issued till date for the year under audit. xv. In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors and hence, provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company. xvi. In respect of clause 3(xvi) of the Order- a. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable. b. The Company has not conducted any Non-Banking Financial or Housing Finance activities requiringa valid Certi -cate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi) (b) of the Order is not applicable. c. The Company is not a Core Investment Company (CIC) as dened in the regulations made by therve Bank of Rese India. Accordingly, clause 3(xvi)(c) of the Order is not applicable. d. According to the information and explanations provided to us, the Group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) does not have any CIC and accordingly, clause 3(xvi)(d) of the

Order is not applicable. xvii. The Company has not incurred cash losses during the financial year covered by our audit as well as in the immediately preceding financial year. xviii. There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is not applicable. xix. On the basis of the Financial ratios, ageing and expected dates of realization of Financial assets and payment of Financial liabilities, other information accompanying the Financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating 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. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due. xx. In respect of clause 3(xx) of the Order According to the information and explanations given to us, there is no unspent amount under sub-Section (6) of Section 135 of the Act which is required to be transferred to a fund specied in Schedule VII of the Act. Hence reporting under clause 3(xx) of the Order is not applicable to the Company.

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 with reference to standalone nancialstatements of Grand Continent Hotels Limited (Formerly Known as Grand Continent Hotels Private Limited) ("the Company") as of 31st March, 2025 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 eectively for ensuring the orderly and ent conductci 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to these Standalone

Financial Statements 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, as specied under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issuedby ICAI. 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 with reference to these Standalone cial Statements was Finan established and maintained and if such controls operated eectively 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 eectiveness. Our audit of internal financial rols overcontfinancial 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 eectiveness 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 financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is su cient and appropriate to provide a basisor our audit opinion f on the Companys internal financial controls system over financial reporting with regard to standalone financial statements.

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 nancialstatements for external purpos of es 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 re ect 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 generallyaccepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a materialeect on the standalonefinancial 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 reportingto 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 nancialcontrol wit internal h regard to financial statements system and such internal financial controls over financial reporting were operating eectively as at 31st March, 2025, 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 issued by the ICAI