Notes to Accounts of The Byke Hospitality Ltd.

Mar 31, 2023

(a) Terms / rights attached to:

Equity Shares

The Company has one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amounts in proportion to their share holding.

(b) Reconciliation of number of shares outstanding at the beginning and at the end of the reporting year

Note: The fair value of the above financial liabilities are approximately equivalent to carrying values as recognised above.

Note 37 : Financial Risk Management Objectives and Policies

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations and to provide guarantees to support its operations directly or indirectly. The Company''s principal financial assets include, trade and other receivables, other advances, cash and cash equivalents that derive directly from its operations.

The Company is exposed to credit risk and liquidity risk. The below note explains the sources of risk which the entity is exposed to and how the entity manages the risk:

Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or a customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions.

Trade receivables

Customer credit risk is managed by the Company''s established policy, procedures and control relating to customer credit risk management. The Company is in the business of Hospitality. Credit quality of a customer is assessed by the management on regular basis with market information and individual credit limits are defined accordingly. Outstanding customer receivables are regularly monitored and any further services to major customers are approved by the senior management.

An impairment analysis is performed at each reporting date on an individual basis for major customers. 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 9.

On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into account available external and internal credit risk factors and the Company''s historical experience for customers.

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 generally in the fixed deposits. The investment limits are set to minimise the concentration of risks and therefore mitigate financial loss to make payments for vendors.

The Company''s maximum exposure to credit risk for the components of the balance sheet at March 31, 2023 and March 31, 2022 is the carrying amounts as stated in balance sheet.

Liquidity Risk

The Company monitors its risk of a shortage of funds using a liquidity planning tool.

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans. The Company has access to a sufficient variety of sources of funding which can be rolled over with existing lenders. The Company believes that the working capital is sufficient to meet its current requirements.

For the purpose of the Company''s capital management, capital includes issued equity share capital, securities premium and all other reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the value of the share and to reduce the cost of capital.

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 can adjust the dividend payment to shareholders, issue new shares, etc. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents.

Note 39 : Segment Information

The Company''s only business being hoteliering, disclosure of segment-wise information under Accounting Standard (AS) 108 "Segmental Information" notified by the Companies (Accounting Standards) Rules, 2006 (as amended) does not arise. There is no geographical segment to be reported since all the operations are undertaken in India.

Note 40 : Employee Benefits:

The Company has classified the various benefits provided to employees as under:

I. Defined Contribution Plans

a. Employers'' Contribution to Provident Fund

III. Sensitivity Analysis

The below sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

IV. Risk Exposure

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed:

Interest risk A decrease in the market yields in the government bond will increase the plan liability.

The present value of defined benefit plan liability is calculated using a discount rate which , . , is determined by reference to the best estimate of the mortality of plan participants both

^Lo^nge^vity risk _durin_{B a}n_{d afer emp|oyme}n_t. An increase In the life expectancy of the plan participants will

increase the plan''s liability.

The present value of defined benefit plan liability is calculated using a discount rate which is Salary risk determined by reference to the future salaries of plan participants. As such, an increase in

the salary of the plan participants will increase the plan''s liability.

As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the Company as per the Act. The Company is spending amount for these activities, which are specified in Schedule VII of the Companies Act, 2013.

(a) Gross amount required to be spent by the Company during the year is Rs. Nil (previous year Rs. Nil), but company has spent voluntarily Rs. 3.50 Lacs (previous year Rs. 14.54 Lacs) in the year.

1) #As the Company is primarily engaged in hospitality sector (Service Industry), Inventory turnover ratio and Return on Investment ratio are not applicable to the Company.

2) The ratios have improved in the current year vis a vis last year mainly on account of increase in the volume of operations and improving efficiency in the opearational costs during the year.

Note 44 : Utilisation of Borrowed Funds and share premium:

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 group (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

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 group 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"

Note 45 : Undisclosed Income:

There have been no transactions which have not been recorded in the books of accounts, that have been surrendered or disclosed as income during the year ended March 31,2023 and March 31, 2022, in the tax assessments under the Income Tax Act, 1961. There have been no previously unrecorded income and related assets which were to be properly recorded in the books of account during the year ended March 31, 2023.

Note 46 : Utilisation of borrowings availed from banks and financial institutions:

The borrowings obtained by the company from banks has been applied for the purposes for which such loans were was taken.

Note 47 : Disclosure relating to Benami Property held:

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder

Note 48 : Wilful Defaulter:

The Company has not been declared wilful defaulter by any bank or financial institutions or government or any government authority.

Note 49 : Compliance with number of layers of Companies:

The Company has complied with the number of layers prescribed under the Companies Act, 2013. note 50 : details of crypto currency or Virtual currency:

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

Note 51 : Relationship with Struck off Companies:

The Company has not entered in any transactions with companies struck off under section 248 of the Companies Act ,2013. or section 560 of Companies Act 1956.

Note 52 : Previous Years'' Figures:

The Company has re-grouped,re-classification and/or re-arranged figures for previous year,wherever required to confirm with current year''s classification.

The accompanying notes are an integral part of these financial statements

---

Mar 31, 2018

Note 1: Company Overview

The Byke Hospitality Limited (the “Company"’) is a Public Limited Company domiciled in India and incorporated in 1990 under the provisions of Companies Act, 1956. The Company is engaged in the business of Hospitality. The equity shares of the Company were listed on The National Stock Exchange of India Limited and BSE Limited

Note 2: First Time Adoption of Ind-AS

For all periods up to March 31, 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP) Indian GAAP (“IGAAP”). These standalone financial statements of The Byke Hospitality Limited for the year ended March 31, 2018 have been prepared in accordance with Ind-AS. This is the first set of Financial Statements in accordance with Ind-AS. For the purpose of transition from the IGAAP to Ind-AS, the Company has followed guidance provided in Ind-AS 101 - First Time Adoption of Indian Accounting Standards, w.e.f. April 01, 2016 as the transition date.

The transition to Ind-AS has resulted in changes in the presentation of the financial statements, disclosures in the notes, accounting policies and principles. The accounting policies set out in Note 2 have been applied in preparing the standalone financial statements for the year ended on March 31, 2018 as well as for March 31, 2017 for comparative information. In preparing these financial statements, opening balance sheet was prepared as at 1 April 2016. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at 1 April 2016 and the financial statements as at and for the year ended March 31, 2017.

Exemptions on first time adoption of Ind-AS availed in accordance with Ind-AS 101, have been described below:

Exemptions availed on first time adoption of Ind AS 101

Ind-AS 101 allows certain optional exemptions and mandatory exemptions on first time adoption of Ind-AS from the retrospective application of certain provisions of Ind-AS. The Company has accordingly applied the following exemptions:

Ind AS optional exemptions:

(i) Property, Plant and Equipment and Intangible Assets

Ind-AS 101 permits, a first time adopter to elect to continue with the carrying values for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind-AS 38 Intangible Assets and Investment properties covered by Ind-AS 40 Investment Properties.

Accordingly, the Company has elected to measure all of its property, plant and equipment, Investment properties and intangible assets at their previous GAAP carrying value.

(ii) Measurement of Investment in subsidiaries, associates and joint ventures

Ind-AS allows entity that subsequently measures an investment in a subsidiary, joint ventures or associate at cost, may measure such investment at cost (determined in accordance with Ind-AS 27) or deemed cost (fair value or previous GAAP carrying amount) in its separate opening Ind-AS balance sheet.

For investments in equity instruments of subsidiary, the Company has elected to apply separate exemption available under Ind-AS 101 by measuring at their previous GAAP carrying amount, which is the deemed cost at the date of transition to Ind-AS.

Ind AS mandatory exceptions:

(i) Estimates

An entity’s estimates in accordance with Ind-AS at the date of transition to Ind-AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

Ind-AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind-AS at the date of transition as these were not required under previous GAAP:

- Impairment of financial assets based on expected credit loss model.

(ii) Classification and measurement of financial assets

Ind-AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind-AS.

Accordingly, the Company has determined the classification of financial assets based on the facts and circumstances that exist on the date of transition.

Note 3 : Reconciliations Between Previous GAAP and Ind-AS

The following reconciliations provides the effect of transition to Ind-AS from IGAAP in accordance with Ind-AS 101:

A. Equity as at beginning of April 1, 2016

B. Equity as at March 31, 2017

C. Net profit for the year ended March 31, 2017

Notes :

1. Secured Loan

Under Indian GAAP, transaction costs incurred in connection with borrowings are charged to profit or loss/ capitalised as and when incurred. Under Ind-AS, transaction costs are included in the initial recognition amount of financial liability and charged to profit or loss/ capitalised using the effective interest method. Accordingly, borrowings have been reduced by Rs.0.30 lakhs with a corresponding increase in retained earnings of Rs. 0.19 lakhs, deferred tax liability of Rs.0.11 lakhs as at April 1, 2016.

2. Trade Receivables

Under Indian GAAP, the Company has created provision for impairment of trade receivables consists only in respect of specific amount for incurred losses. Under Ind-AS, impairment allowance has been determined based on Expected Credit Loss model (ECL). Accordingly, trade receivables have been reduced by Rs.12.88 lakhs with a corresponding decrease in retained earnings of Rs.8.43 lakhs and deferred tax liability of Rs.4.45 lakhs as at April 1, 2016.

3. Non-Current Financial Assets - Other

Under Indian GAAP, deposits were recorded at absolute amount of deposit paid. Under Ind-AS, deposits are recorded at present value by discounting the amount of security deposit paid at an appropriate discounting rate. Accordingly effect of the same has been effected by reducing other non-current financial assets by INR 354.69 lakhs and a corresponding increase in other Non current assets as at April 1, 2016.

4. Provisions

Under Indian GAAP, proposed dividends including DDT are recognised as a liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, a proposed dividend is recognised as a liability in the period in which it is declared by the company (usually when approved by shareholders in a general meeting) or paid.

In the case of the Group, the declaration of dividend occurs after period end. Therefore, the liability of INR 482.61 lacs for the year ended on 31 March 2016 recorded for dividend (Including dividend distribution Tax) has been derecognised against retained earnings on 1 April 2016. The proposed dividend (Including dividend distribution Tax) for the year ended on 31 March 2017 of INR 482.61 recognized under Indian GAAP was reduced from other payables and with a corresponding impact in the retained earnings.

Notes :

1. Secured Loan

Under Indian GAAP, transaction costs incurred in connection with borrowings are charged to profit or loss/ capitalised as and when incurred. Under Ind-AS, transaction costs are included in the initial recognition amount of financial liability and charged to profit or loss/ capitalised using the effective interest method. Accordingly, borrowings have been increased by Rs.0.11 lakhs with a corresponding decrease in retained earnings of Rs.0.07 lakhs, decrease in deferred tax liability of Rs.0.04 lakhs as at March 31, 2017.

2. Trade Receivables

Under Indian GAAP, the Company has created provision for impairment of trade receivables consists only in respect of specific amount for incurred losses. Under Ind-AS, impairment allowance has been determined based on Expected Credit Loss model (ECL). Accordingly, trade receivables have been reduced by Rs.13.91 lakhs with a corresponding decrease in retained earnings of Rs.9.09 lakhs and deferred tax liability of Rs.4.81 lakhs as at March 31, 2017.

3. Non-Current Financial Assets - Other

Under Indian GAAP, deposits were recorded at absolute amount of deposit paid. Under Ind-AS, deposits are recorded at present value by discounting the amount of security deposit paid at an appropriate discounting rate. Accordingly effect of the same has been effected by reducing other non-current finacial assets by INR 511.70 lakhs and a corresponding increase in other Non current assets as at March 31, 2017.

Notes :

1. Interest Income on Deposits

As per the requirements of Ind-AS 109, notional income of INR 50.46 Lakhs for interest on deposits for rent under the head “Other Income” is recognised during the financial year 2016-17.

2. Other comprehensive income (OCI)

Concept of other comprehensive income did not exist under Indian GAAP. Under Ind-AS, all items of income and expenses recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income or expenses that are not recognised in profit or loss but are shown in the statement of profit and loss as ‘Other comprehensive income’ includes remeasurement of defined employee benefits plans. The amount related to remeasurement of defined employee benefit plan of Rs.1.35 lakhs and tax effect of Rs.0.47 lakhs is presented as part of OCI during the financial year 2016-17.

3. Finance Cost

Ind-AS 109 requires transaction costs incurred towards origination of borrowings to be deducted from the carrying amount of borrowings on initial recognition. These costs are recognised in the profit or loss over the tenure of the borrowing as part of interest expense by applying the effective interest method (also refer Note 4-B(1) above).

4. Deferred Tax

Various Ind-AS transitional adjustments lead to temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised in relation to the underlying transaction either in retained earnings or a separate component of equity. Effect of timing difference is considered for calculation of deferred tax for the financial year 2016-17 (also refer Note 4-B(1) and 4-B(2) above).

1. Asset under construction

Capital Work-in Progress as at March 31, 2018 comprises expenditure for Renovation of the The Byke - Delotel at Borivali, The Byke -Brightland at Matheran, The Byke - Signature Inn at Banguluru, (March 31 2017 The Byke- Delotel at Borivali, The Byke- Nature vilass at Shimla), (April 1 2016 The Byke- Riddi Inn at Udaipur, The Byke- Delotel at Borivali)

2. The Gross carrying amount of any fully depreciated property, plant and equipment is Rs.1095.95 lakhs (March 31, 2017: Rs.1039.04 lakhs; March 31, 2016: Rs.897.96 lakhs) that is still in use.

(a) Terms / rights attached to:

Equity Shares

The Company has one class of equity shares having a par value of H 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential amounts in proportion to their share holding.

Note:

(a) These facilities are secured against the following charge on various assets of the Company :

1 . Primary : Hypothecation charge on the entire current assets of the Company both present & future.

2 . Personal Guarantees of : Mr. Anil Patodia Pramod Patodia and property owners.

3 . Corporate Guarantee of : Hotel Relax Private Limited.

Note 4 : Financial Risk Management Objectives and Policies

The Company’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations and to provide guarantees to support its operations directly or indirectly. The Company’s principal financial assets include, trade and other receivables, other advances, cash and cash equivalents that derive directly from its operations.

The Company is exposed to credit risk and liquidity risk. The below note explains the sources of risk which the entity is exposed to and how the entity manages the risk :

Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions.

Trade receivables

Customer credit risk is managed by the Company’s established policy, procedures and control relating to customer credit risk management. The Company is in the business of Hospitality. Credit quality of a customer is assessed by the management on regular basis with market information and individual credit limits are defined accordingly. Outstanding customer receivables are regularly monitored and any further services to major customers are approved by the senior management.

An impairment analysis is performed at each reportting date on an individual basis for major customers. 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 9.

On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into account available external and internal credit risk factors and the Company’s historical experience for customers.

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 generally in the fixed deposits. The investment limits are set to minimise the concentration of risks and therefore mitigate financial loss to make payments for vendors.

The Company’s maximum exposure to credit risk for the components of the balance sheet at March 31, 2018 and March 31, 2017 is the carrying amounts as stated in balance sheet.

Liquidity Risk

The Company monitors its risk of a shortage of funds using a liquidity planning tool.

The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans. The Company has access to a sufficient variety of sources of funding which can be rolled over with existing lenders. The Company believes that the working capital is sufficient to meet its current requirements.

Note 5 : Capital Management

For the purpose of the Company’s capital management, capital includes issued equity share capital, securities premium and all other reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to maximise the value of the share and to reduce the cost of capital.

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 can adjust the dividend payment to shareholders, issue new shares, etc. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents.

Note 6 : Employee Benefits

The Company has classified the various benefits provided to employees as under:

I. Defined Contribution Plans

a. Employers’ Contribution to Provident Fund

III. Sensitivity Analysis

The below sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

Note 7 : Expenditure on Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the Company as per the Act. The Company is spending amount for these activities, which are specified in Schedule VII of the Companies Act, 2013.

(a) Gross amount required to be spent by the Company during the year Rs.75.67 Lakhs (previous year Rs.57.52 Lakhs)

Note 8 : Previous Years’ Figures

The financial statements have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and polices to the extent applicable. The Company has adopted Ind-AS on April 1, 2017 with the transition date as April 1, 2016, and adoption was carried out in accordance with Ind-AS 101 - First Time Adoption of Indian Accounting Standards. The previous period’s figures have been regrouped or rearranged wherever necessary.

---

Mar 31, 2016

(a) Term Loan from Banks is secured by way of first charge on all fixed assets of the Company and assignments of rights under lease agreements for hotels taken on lease basis, personal guarantee of promoters and corporate guarantee of Hotel Relax Pvt. Ltd. Rate of Interest is 12.45% p. a. (Previous year 13.20% p. a.)

(b) Vehicle Loan from Bank is secured by hypothecation of Motor Vehicle Purchased there against. Rate of Interest on Car Loan is 9.41% p.a.

Notes: (a) Overdraft facility is secured against fixed deposit receipt of Rs,20,00,000 (P.Y.Rs,20,00,000). Cash Credit facility is secured by way of first charge on all

current assets of the Company including hypothecation of inventory/book debts/consumable stores & spares and extension of assignments of rights under lease agreements for hotels taken on lease basis, personal guarantee of promoters & corporate guarantee of Hotel Relax Pvt. Ltd. Rate of interest is 12.20% p.a. (Previous year 12.95% p.a.)

Note: Based on the information available with the Company, there are no parties who have been identified as micro, small and medium enterprises based on the confirmations circulated and responses received by the management.

Note: There ar e no amounts due as at March 31, 2016, which needs to be credited into the Investor Education and Protection Fund under Section 124 of the Companies Act, 2013.

1: Other Notes

1. | Corporate Information

The Byke Hospitality Limited “TBHL” or the “Company”, is a listed public limited company incorporated in 1990. It is promoted by Hotel Relax Pvt. Ltd., which holds a significant stake in the Company. The Company is primarily engaged in the business of owning, operating & managing hotels & resorts.

2. Balances of the debtors, creditors, advances and deposits are subject to confirmation, reconciliation and adjustments, if any. The management does not expect any material difference affecting the current year’s financial statements.

3. In the opinion of the management, all the assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4. | Disclosure pursuant to Accounting Standard - 15 ‘Employee Benefits’

Employee benefit plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs,9,65,454 (Year ended 31 March, 2015 Rs,2,30,014) for Provident Fund contributions in the Statement of Profit and Loss.

The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The following tables set out the disclosure prescribed by AS-15 in respect of company’s unfunded status of the defined benefit schemes and the amount recognized in the financial statements:

* The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations. Estimates of future salary increases, considered in a actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

Since the Company was not obliged to fund for its gratuity liability, there is no returns on the planned assets and hence the details related to changes in fair value of assets have not been given.

5. | Related Party Disclosure

a. Details of Related Parties

Description of Relationship Names of Related Parties

(a) Key Management Personnel (KMP) and their relatives Anil Patodia (Managing Director)

Satyanarayan Sharma (Director)

(b) Individuals owning directly or indirectly interest in voting power Arch_ana P_atodia that gives them control and their relatives

Vinita Patodia Kamal Poddar Arun Poddar Hemlata Poddar

(c) Enterprises over which (a) & (b) are able to ^{Hotel Relax Pvt}. ^Ltd. exercise significant influence Manbhari Biofuels Pvt. Ltd.

Aqua Pumps Pvt. Ltd.

Anil Patodia HUF Sunil Patodia HUF Choice International Ltd.

Ms. Shree Shakambhari Exims

Note: Related parties have been identified by the management

6. | Expenditure on Corporate Social Responsibility

(a) Gross amount required to be spent by the Company during the year Rs,40,78,626/-

7. | Previous Year''s Figures

Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.

---

Mar 31, 2015

1. Corporate Information

The Byke Hospitality Limited "TBHL" or the "Company", is a listed public limited company incorporated in 1990. It is promoted by Hotel Relax Pvt. Ltd., which holds a significant stake in the Company. The Company is primarily engaged in the business of owning, operating & managing hotels & resorts.

2. Balances of the debtors, creditors, advances and deposits are subject to confirmation, reconciliation and adjustments, if any. The management does not expect any material difference affecting the current year's financial statements.

3. In the opinion of the management, all the assets other than foxed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

5. Disclosure pursuant to Accounting Standard - 15 'Employee Benefits' Employee benefit plans Defend contribution plans

The Company makes Provident Fund contributions to defend contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs. 2,30,014 (Year ended 31 March, 2014 Rs. 2,62,082) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defend benefit plans

The following tables set out the disclosure prescribed by AS-15 in respect of company's unfunded status of the defned benefit schemes and the amount recognized in the financial statements:

6. Previous Year's Figures

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

---

Mar 31, 2014

1. Corporate Information

The Byke Hospitality Limited "TBHL" or the "Company", is a listed public limited company incorporated in 1990. It is promoted by Hotel Relax Pvt. Ltd., which holds a significant stake in the company. The Company is primarily engaged in the business of owning, operating & managing hotels & resorts.

2. Balances of the debtors, creditors, advances and deposits are subject to confirmation, reconciliation and adjustments, if any. The management does not expect any material difference affecting the current year''s financial statements.

3. In the opinion of the management, all the assets other than fixed assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

4. Details of Leasing Arrangements

EMPLOYEE BENEFIT PLANS

Defined contribution plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.2,62,082 (Year ended 31 March, 2013 Rs.2,56,385) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The following tables set out the disclosure prescribed by AS-15 in respect of company''s unfunded status of the defined benefit schemes and the amount recognised in the financial statements:

a. Changes in the present value of defined benefit obligation representing reconciliation of opening and closing balances thereof:

* The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations. Estimates of future salary increases, considered in a actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

Since the company was not obliged to fund for its gratuity liability, there is no returns on the planned assets and hence the details related to changes in fair value of assets have not been given.

5. Related Party Disclosure

a. Details of Related Parties

Description of Relationship Names of Related Parties

(a) Key Management Personnel (KMP) Anil Patodia (Managing Director) and their relatives Satyanarayan Sharma (Director)

(b) Individuals owning directly or Archana Patodia indirectly interest in voting Vinita Patodia power that gives them control and Kamal Poddar their relatives Arun Poddar Hemlata Poddar

© Enterprises over which (a) & (b) Hotel Relax Pvt. Ltd. are able to exercise significant Manbhari Biofuels Pvt. Ltd. influence Aqua Pumps Pvt. Ltd. Anil Patodia HUF Sunil Patodia HUF Choice International Ltd. Choice Capital Advisors Pvt. Ltd. Choice Equity Broking Pvt. Ltd. Choice Merchandise Broking Pvt Ltd. Choice Business Services Pvt Ltd. Choice Wealth Management Pvt Ltd. Choice Corporate Services Pvt Ltd. Choice Insurance Brokers Pvt Ltd. S.K.Patodia & Associates Ms. Shree Shakambhari Exims

8. Previous Year''s Figures

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

---

Mar 31, 2013

1. CORPORATE INFORMATION

The Byke Hospitality Limited or "The Byke" or the "Company", is a listed public limited company incorporated in 1990. It is promoted by Hotel Relax Pvt. Ltd., which holds a significant stake in the company. The company is primarily engaged in the business of owning, operating & managing hotels & resorts.

2. Balances of the debtors, creditors, advances and deposits are subject to confirmation, reconciliation and adjustments, if any. The management does not expect any material difference affecting the current year''s financial statements.

3. In the opinion of the management, all the assets other than fixed assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

4. DISCLOSURE PURSUANT TO ACCOUNTING STANDARD – 15 ''EMPLOYEE BENEFITS'' EMPLOYEE BENEFIT PLANS

Defined contribution plans:

The company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the company is required to contribute a specified percentage of the payroll costs to fund the benefits. The company recognised Rs.2,56,385 (Year ended 31 March, 2012 Rs.1,12,176) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the company are at rates specified in the rules of the schemes.

---

Mar 31, 2012

A) Term Loan is secured by way of first charge on all fixed assets of the company, both present Sc future and assignments of rights under lease agreements for hotels taken on lease basis, personal guarantee of promoters, corporate guarantee of Hotel Relax Pvt. Ltd.

b) Term Loan is secured by way of first charge on all fixed assets of the company, both present Sc future and assignments of rights under lease agreements for hotels taken on lease basis, personal guarantee of promoters Sc corporate guarantee of Hotel Relax Pvt. Ltd. (Promoter). Rate of interest is 13.7 5% p.a.

Cash Credit facility is secured by way of first charge on all current assets of the company including hypothecation of inventory/book debts/ consumable stores Sc spares and extension of assignments of rights under lease agreements for hotels taken on lease basis, personal guarantee of promoters Sc corporate guarantee of Hotel Relax Pvt. Ltd. Rate of interest is 13.50% p.a.

Overdraft facility is secured against fixed deposit receipt.

1. CORPORATE INFORMATION

The Byke Hospitality Limited "TBHL" or the "Company" is a listed public limited company incorporated in 1990. It is promoted by Hotel Relax Pvt. Ltd., which holds a significant stake in the company. The Company is primarily engaged in the business of owning, operating &: managing hotels Sc resorts.

2. MONIES RECEIVED AGAINST SHARE WARRANTS

The company had issued 75,00,000 share warrants convertible into 75,00,000 equity shares of Rs. 10/- each at a premium of Rs. 34/- to its promoters Sc others on preferential basis, convertible within 18 months, vide special resolution passed at extra ordinary general meeting held on 02nd July, 2010. Out of75,00,000 warrants, 10,00,000 share warrants have been converted into shares during the year and 65,00,000 warrants had already been converted into shares in previous year.

3* Balances of the debtors, creditors, advances and deposits are subject to confirmation, reconciliation and adjustments, if any The management does not expect any material difference affecting the current year s financial statements.

4. In the opinion of the management, all the assets other than fixed assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

5. DISCLOSURE PURSUANT TO ACCOUNTING STANDARD - 15 'EMPLOYEE BENEFITS'

EMPLOYEE BENEFIT PLANS Defined contribution plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 1,12,176 (Year ended 31 March, 2011 Rs. NIL) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

6. PREVIOUS YEAR'S FIGURES

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significandy impacted the disclosure and presentation made in the financial statements. Previous year s figures have been regrouped / reclassified wherever necessary to correspond with the current year s classification / disclosure.

---

Mar 31, 2011

1) Balances of the debtors, creditors, advances and balances of deposits are subject to confrmation, reconciliation and adjustments, if any. The management does not expect any material difference affecting the current years financial statements.

2) In the opinion of management, the current assets and advances have the value as stated in the balance sheet, if realised in the ordinary course of business.

3) Based on the guiding principles stated in accounting standard 17 "Segment reporting", the management does not recognise any distinguishable component of the company that is engaged in providing an individual product or service or a group of related products or services. Hence the disclosure requirements of AS-17 in this regard is not applicable.

4) In opinion of the management there is no contingent liabilities as on 31st March 2011. (P.Y. NIL)

5) The company has issued 7,500,000 share warrants convertible into 7,500,000 equity shares of Rs.10/- each at a premium of Rs.34/- to its promoters and others on preferential basis, convertible within 18 months, vide special resolution passed at extra ordinary general meeting held on 2nd July, 2010 out of which during the year 6,500,000 share warrants have been converted into 6,500,000 equity shares of Rs.10/- each at a price of Rs. 44/- per share.

6) Related party disclosures: Key management personnel & their relatives Satyanarayan Sharma (Managing Director) Anil Patodia (Executive Director appointed on 30.3.2011) Pramod Patodia (Non-Executive Director appointed on 30.3.2011) Sandeep Sharma (Executive Director resigned on 30.3.2011) Sameer Sharma (Non-Executive Director resigned on 30.3.2011) Manorama Sharma

Enterprises over which above persons are able to exercise significant infuence -

Hot-n-Ice Entertainment Pvt. Ltd.

Boyce Ply Pvt. Ltd.

Anil C. Patodia HUF (Since 30.03.2011)

Hotel Relax Pvt. Ltd. (Since 30.03.2011)

Aqua Pumps Pvt. Ltd. (Since 30.03.2011)

Manbhari Biofuels Pvt. Ltd. (Since 30.03.2011)

M/s. Shree Shakambhari Exim (Since 30.03.2011)

Transactions that are done earlier to the date on which person had became related party are not being disclosed under related party transactions.

7) There is no outstanding dues of micro and small enterprises suppliers as defned under The Micro, Small and Medium Enterprises Development Act, 2006.

8) Capital work-in-progress includes advances given for development of properties

9) Previous years fgures have been regrouped / reclassifed / rearranged / recast wherever necessary to match with current years presentation.

10) Quantitative details - Not Applicable

---

Mar 31, 2010

1)Balances or the debtors, creditors, advances and balances or deposits are subject to confirmation, reconciliation and adjustments, if any. The management does not expect any material difference affecting the current years financial statements.

2) Based on the guiding principles stated in accounting standard 17 "Segment reporting", the management does not recognise any distinguishable component of the company that is engaged in providing an individual product or service or a group of related products or services. Hence the disclosure requirements of AS-17 in this regard is not applicable.

3) In opinion of the management there is no contingent liabilities as on 31st March 2010. (P.Y. NIL)

4) The company has unclaimed dividend of financial year 2008-2009 amounting to Rs.158,715.80/- as on 31st March 2010 and the same is represented by the demand drafts issued but not presented in bank hence not reflected in balance sheet. (P.Y. - NIL)

5) The company has issued 7,500,000 share warrants convertible into 7,500,000 equity shares of Rs.10/- each at a premium of Rs.34/- to its promoters and others on preferential basis,convertible within 18 months, vide special resolution passed at extra ordinary general meeting held on 2nd July, 2010.

6) There is no outstanding dues of micro and small enterprises suppliers as denned under The Micro, Small and Medium Enterprises Development Act, 2006.

7) Previous years figures have been regrouped / reclassified / rearranged / recast wherever necessary to match with current years presentation.

8) Quantitative details - Not Applicable

Additional information pursuant to the provisions of Part-IV to Schedule-VI to the Companies Act, 1956: