Notes to Accounts of UVS Hospitality and Services Ltd.

Mar 31, 2025

l) Provisions, Contingent Liabilities, and Contingent Assets

Provisions are recognized when there is a present legal or constructive obligation due to past
events and it is probable that an outflow of resources will be required. Contingent liabilities are
disclosed when the possibility of outflow is not remote. Contingent assets are not recognized but
disclosed when inflow is probable.

m) Earnings Per Share (EPS)

Basic EPS is calculated by dividing net profit for the year attributable to equity shareholders by
the weighted average number of equity shares outstanding. Diluted EPS adjusts the figures for
the effects of all dilutive potential equity shares.

n) Cash and Cash Equivalents

Cash and cash equivalents include balances with banks, cash on hand, and short-term deposits
with original maturities of three months or less that are readily convertible to known amounts of
cash.

Thanking You

For UVS HOSPITALITY AND SERVICES LIMITED

(Formerly known as Thirdwave Financial Intermediaries Ltd)

Sd/-

Utkarsh Vartak
Director
DIN: 09306253
Date: 30/05/2025
Place: Mumbai

* On 15th May, 2024 , All Mr. Utkarsh Vartak, Mr. Kiran Prakash Hurkadli and Mr.Sachin Dilip Nanche
collectively transferred 100% of their shareholding in UVS Investment Management PTY Ltd to
Thirdwave Financial Intermediaries Limited subject to terms and conditions of the share purchase
agreement executed amongst the parties thereto.

* The company alloted 2,50,00,000 shares to Mr. Utkarsh Vartak, Mr. Kiran Prakash Hurkadli and Mr.
Sachin Nanche towards the discharge of consideration for the aforesaid transfer on share swap basis.

* On 14th November, 2024, All the shareholders of the M/s. British Brewing Company collectively
transferred 100% of their shareholding to UVS Hospitality and Services Limited (Formerly known as M/s.
Thirdwave Financial Intermediaries Limited subject to terms and conditions of the share purchase
agreement executed amongst the parties thereto. the company has discharged the consideration on cash
basis.

* The investment has been recorded at cost and the management has estimated that there is no permanent
diminution in the value of investment as on 31st March 2025.

* The additional Investment in subsidiaries mentioned as EQUITY CONTRIBUTION is the equity
component in fair valuation of loan given to subsidiary M/s. British Brewing Company Private Limited at
concessional rate as per Ind AS.

b) The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital:

Equity Capital

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets on winding up. The equity shares are
entitled to receive dividend as declared from time to time, subject to preferential right of preference shareholders to payment of dividend. The voting rights of an equity shareholder on a poll are in
proportion to his/its share of the paid-up equity share capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable has not been paid.
Failure to pay any amount called up on shares may lead to their forfeiture. On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company,
remaining after distribution of all preferential amounts, in proportion to the number of equity shares held.

Fair value hierarchy

Fair value hierarchy explains the judgement and estimates made in determining the fair values of the financial instruments that are¬
a) Recognised and measured at fair value

b) Measured at amortised cost and for which fair values are disclosed in the financial statements.

To provide an indicatton about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into
the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table:

Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices This includes listed equity instruments, traded bonds and
mutual funds that have quoted price The fair value of all equity instruments (including bonds) which are traded in the stock exchanges is valued using
the closing price as at the reporting period The mutual funds are valued using the closing NAV

Level 2 - The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the counter derivatives) is
determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates If
all significant inputs required to fair value an instrument are observable, the instrument is included in level 2

Level 3 - If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3 This is the case for
unlisted equity securities, contingent consideration and indemnification asset included in level 3

B Measurement of fair values

(i) Valuation techniques and significant unobservable inputs

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidaton sale. The following methods and assumptions were used to estimate
the fair values:

The fair values of the Company''s interest-bearing loans are determined by using DCF method using discount rate that reflects the issuer''s
borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 March 2025 was assessed to be insignificant.

The following tables show the valuation techniques used in measuring Level 2 fair values. The significant unobservable inputs used have not been
disclosed as no financial assets and liabilities have been measured at fair value:

C Financial risk management

The Company has exposure to the following risks arising from financial instruments

- credit risk (see (b));

- liquidity risk (see (c)); and

- market risk (see (d)).

(a) Risk management framework

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Company''s risk management policies are established to identify and analyse the risks faced
by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s
activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and
constructive control environment in which all employees understand their roles and obligations.

Board oversees how management monitors compliance with the Company''s risk management policies and procedures, and
reviews the adequacy of the risk management framework in relation to the risks faced by the Company. Board is assisted in
its oversight role by Internal Audit Internal Audit undertakes both regular and ad hoc reviews of risk management controls
and procedures, the results of which are reported to the Audit Committee.

(b) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company''s receivables from customers; loans and investments in debt
securities.

The carrying amounts of financial assets represent the maximum credit risk exposure.
i) Trade receivables and loans:

The Company''s trade receivable primarily includes receivables from E-Commarce Platform such as Swiggy, Zomato and third
parties payment collector such as UPI, Card swipe POS Machine.The Company has established a credit policy under which
each new customer is analysed individually for credit worthiness before the Company''s standard payment and delivery
terms and conditions are offered. The Company''s review includes external ratings, if they are available, financial
statements, credit agency information, industry information and in some cases bank references.

The Company''s loans include recoverable from loans given to wholly owned subsidiaries

The Company considers the probability of default upon initial recognition of asset and whether there has been a
significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a
significant increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting
date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive
forwarding-looking information.

Based on the above analysis, the Company does not expect any credit risk from its trade receivables and loans recoverable for
any of the years reported in this financial statements.

(d) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices,
which will affect the Company’s income or the value of its holdings of financial instruments. The objective of
market risk management is to manage and control market risk exposures within acceptable parameters, while optimising
the return.
i) Currency risk

The Company is not exposed to any currency risk. The currencies in which these transactons are denominated is INR.

37 Capital management

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

The Company monitors capital using a ratio of net debt to equity. For this purpose, net debt is defined as total
liabilities, comprising borrowings, trade payables and other liabilities less cash and cash equivalents. Equity comprises all
components of equity. The Company''s net debt to equity rato at 31 March 2025 was as follows.

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Mar 31, 2024

Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

(*) The fair value of these investment in equity shares are calculated based on discounted cash flow approach for unquoted market instruments which are classified as level III fair value hierarchy.

(^A) The carrying value of these accounts are considered to be the same as their fair value, due to their short term nature. Accordingly, these are classified as level 3 of fair value hierarchy.

24 NOTES TO ACCOUNTS

I.

The Outbreak of Corona Virus (Covid-19) is causing significant disturbance and slowdown of economic in India and across the globe. Measures taken by the Government to contain the virus, like lock-downs, travel bans and other measures, have affected economic activity and caused disruption to regular business operations The company has evaluated the impact of this pandemic on its business operations. Based on its review and current indicators of economic conditions, there is no significant impact on financials of this year. The company will continue to closely monitor any material changes arising of future economic conditions and impact on its business.

II Payment of Gratuity Act, 1972 is not applicable to the Company

II Earning and Expenditure in foreign currency

Total Earning in Foreign Currency-NIL/-Total expenditure in foreign Currency-NIL/-

^IV Due to small scale industrial undertaking

There are no Micro, Small and Medium Enterprise, to whom the company owes dues, which are outstanding for more than 45 days on the Balance Sheet Date, computed on Unit wise basis. The above information regarding Micro, Small and Medium Enterprise has been determined to the extent such parties have been identified on the basis of information available with the Company.

V Contingent Liabilities & Commitments (To the extent not Provided for) Contingent Liabilities a. Claims against the Company not acknowledged as debt	Nil
b. Guarantee	Nil
c. Other Money for which the company is contingently liable	Nil
Commitments
a. Estimated amount of contracts remaining to be executed on Capital account and not provided for	Nil
b. Uncalled liability on shares & Other investments which are Partly paid	Nil
c. Other Commitments	Nil

X Previous year figures have been regrouped / rearranged where ever necessary.

ADDITIONAL REGULATORY INFORMATION

Title deeds of Immovable Property not held in name of the Company:

The Company does not have any immovable property

Revaluation of PPE

Not Applicable as the company do not have any Property, Plant or Equipment

Loans & Advances in the nature of Loans are granted to promoters, directors, KMPs & Related parties

No such loans & advances have been granted by the company to persons in said category

Capital Work-in-Progress

Not Applicable

Intangible Assets under development

Not Applicable

Details of Benami Property held by the company

No proceedings have been initiated during the year or are pending against the Company as at March 31, 2023 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made there-under

Borrowing from Banks or Financial Institutions on the basis of security of Current Assets

No such facility availed by the company

Willful Defaulter

The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

Relationship with Struck-off companies

Not Applicable

Registration of charges or satisfaction with Registrar of Companies

Not Applicable

Compliance with number of layer of companies

Not Applicable

Compliance with approved Scheme(s) of Arrangements

No such schemes involving the company during the year

Utilisation of Borrowed Funds & Share Premium

Not Applicable

Corporate Social Responsibility

There is no liability of the company under the provisions of section 135 of the Companies Act, relating to Corporate Social Responsibility.

Details of Crypto Currency or Virtual Currency Transactions

No such transactions were entered into by the company during the year.

EXPLANATION FOR CHANGES IN RATIO BY MORE THAN 25%

Improved profitability from Share Trading has resulted into changes in Net Profit Ratio, Return on Capital Employed, Return on Equity and deterioration of Trade Receivable Turnover Ratio.

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Mar 31, 2014

1. SHARE CAPITAL

RIGHTS, PREFERENCE AND RESTRICTIONS ATTACHED TO EQUITY SHARES

The Equity Shares of the company, having paid up value of Rs. 10/- per share, rank parri-passu in all respects including entitlement to dividend. Partly paid Equity Shares are entitled to dividend only to the extent of paid up value and are liable to for-feiture in case of non-payment of call/allotment money. Repayment of Capital in the event of the winding up of the company will inter alia be subject to provisions of Articles of Association of the Company and as may be determined by the Company in General Meeting, prior to such winding up.

2. There are no amount due to small and micro enterprises for the year.

3. Income/Expenditure in foreign currency - NIL.

4. Payment to Auditors includes Audit Fees Rs. 15,000/-, Tax Audit Fees NIL, For other services NIL.

5. and reimbursement of expenses NIL.

6. Liability for retirement benefits - NIL.

7. Investment in subsidiary companies - NIL.

8. Corresponding figures of the previous year have been regrouped to confirm with this year''s grouping wherever necessary.

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Mar 31, 2013

1. There are no amount due to small and micro enterprises for the year.

2. Payment to Auditors includes Audit Fees Rs. 2,500/-, Tax Audit Fees NIL, For other services NIL and re-imbursement of expenses NIL.

3. Related Party Disclosure

Sanwarmal Agarwal Salary Paid Rs. 2,40,000/-

Interest Fee Loan taken Rs. 4,00,000/-

4.Corresponding figures of the previous year have been regrouped to confirm with this year''s grouping wherever necessary.

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Mar 31, 2012

RIGHTS, PREFERENCE AND RESTRICTIONS ATTACHED TO EQUITY SHARES

The Equity Shares of the company, having paid up value of Rs. 10/- per share, rank pani-passu in all respects including entitlement to dividend. Partly paid Equity Shares are entitled to dividend only to the extent of paid up value and are liable to for-feature in case of non-payment of call/allotment money. Repayment of Capital in the event of the winding up of the company will inter alia be subject to provisions of Articles of Association of the Company and as may be determined by the Company in General Meeting, prior to such winding up.

1.Corresponding figures of the previous year have been regrouped to confirm with this year's grouping wherever necessary.

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Mar 31, 2011

1. Related Party Disclosure

Sanwarmal Agarwal Salary Paid Rs. 1,80,000/-

2.Corresponding figures of the previous year have been regrouped to confirm with this years grouping wherever necessary.

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Mar 31, 2010

1.Corresponding figures of the previous year have been regrouped to confirm with this years grouping wherever necessary.

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Mar 31, 2009

1. Related Party Disclosure

Vinay K Agarwal Remuneration Paid Rs. 30,000/-

Sanwarmal Agarwal Salary Paid Rs. 1,80,000/-

2.Corresponding figures of the previous year have been regrouped to confirm with this years grouping wherever necessary.