(vii) Provisions and contingencies

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be reasonably estimated, and it is probable that
an outflow of economic benefits will be require to settle the obligation.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by the occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of
resources or where a reliable estimate of the obligation cannot be made

(viii) Employee Benefit

a) Short term

Short term benefits include salaries and performance incentives. The undiscounted amount of short-term employee’s benefits expected to be paid in exchange of service

rendered by the employees are recognized as an expense in the statement of profit and loss during the year when the employees render the service to the company.

b) Long term

The company has defined contribution and defined benefits plan. The plans are financed by the company and in case of some defined contribution plans by company along

with employees

•Defined contribution plans

The company’s contribution to provident fund and family pension fund made to regular authorities and where company has no further obligation are considered as define
contribution plans and are charged as expenses in the statement of profit and loss as they fall due based on amount of contribution required to be made.

• Defined benefit plans

Expenses for defined benefits gratuity are calculated as at the balance sheet date by independent actuaries (using the projected unit credit method) in a manner that
distributes expenses over the employees working life These commitment are valued at the present value of the expected future payment with consideration for calculated
future salary increase , using discount rate corresponding to the interest rate estimated by the actuary having regard to the interest rate on government bonds with
remaining term that is almost equivalent to the average balance working period of employees Actuarial gain/ losses are recognized in the statement of profit and loss in
the year in which they arise.

c) Other employee benefits

The Company has a scheme for compensated absences (Leave Encashment) for employees, the liability for which is determined on the basis of an actuarial valuation,
carried out at the Balance Sheet date.

fix) Foreign Currency

Functional currency

The functional currency of the Company is the Indian Rupee. These financial settlements are presented in Indian Rupees.

Transactions

Foreign-currency denominated monetary assets and liabilities are translated into the functional currency at exchange rates in effect at the balance sheet date The gains or
losses resulting from such translation are included in net profit in the statement of profit and loss.

Transaction gains or losses realised upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction in
settled. Revenue, expense and cash flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on
the date of the transaction,

(x) Leases

The Company's significant leasing arrangements are in respect of leases for residential and office premises The leasing arrangements, which are non-cancel table, are in
(he range of eleven months and usually renewable by mutual consent on agreed terms. The aggregate lease rentals payable is charged as rent including lease rentals.

(xi) Borrowing Costs

Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are treated as direct cost and are capitalised as part of cost of such
assets. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use. All other borrowing costs are recognised as an
expense in the period in which they are incurred.

(xll) Income Tax

The income tax expense or credit for the period is the tax payable on the cunent period’s taxable income based on the applicable income tax rate adjusted by changes in
deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Deferred income tax is provided in lull, using the liability method on temporaiy differences arising between the tax bases of assets and liabilities and their carrying amount in
the financial statement. Defetred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and
are excepted to apply when the related deferred income tax assets is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it is probable (hat future taxable amounts will be available to utilise
those temporary differences and losses.

Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in
equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

(xlii) Cash flow statement

Cash flows ere reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of
past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing
end financing activities of the Company are segregated

(xiv) in the opinion of the Management of die Company, carrying amount of all Current Assets, Loans and Advances end other receivables is not less than their realisable value in
the ordinary course of business

(xv) In the opinion of management of the Company, amount included under the heads loans and advances are good and realizable in the ordinary course of business,

(xvf) Income tax provision, including for Minimum Alternate Tax (MAT), has not been made in view of the carried forward business loss and tax depreciation. The Company has
not recognised Deferred Tax Assets on unabsorbed depreciation and earned forward tax losses in the absence of virtual certainty of future taxable income against which such
deferred tax assets can be realised.

(1) Cash Credit facility ( Presently converted to WCTL) from Union Bank of India is secured by hypothecation
of book debts and stock of foreign currencies and encashed travellers' cheques present and future, and
guaranteed by some of the Directors of the Company. In addition, the Company has undertaken to create charge
in favour of Banks on immovable property at Flat No. 12-B .bldg 91, Pacharatna Society, Thane, Flat No. 12-
B, bldg no,53, Sevakunj Society, Thane and Unit No.6, Surya Vihar, Dundahera, Gurgaon, Delhi.

Rate of interest - The company's borrowings from banks are at floating rate of MCLR 3.75% subject to change
time to time as per the sanction letter No. UBI:MSM;ADV;35;2023-24 Dated:- 21-03-2024
This Account is restrutered vide sanction letter no UBI:MSM:ADV:35;2023-24 Dated - 21-03-2024 all cash
credit facility is converted to WCTL and repayment shedule statring from February 2022.

(2a) Cash Credit facility from Bank Of Baroda is secured by hypothecation of book debts and guaranteed by
some of the Directors of the Company. In addition, the Company has undertaken to create charge in favour of
Banks on immovable property at unit No.l 101,1102,1103 Mittal Tower B-Wing, Bangalore, Unit No.141 and
44 of Adarsh IndEstate, Andheri, Mumbai, and Flat No.2, B Wing. Aarti Soceity, Mumbai 400 034 and
Corporate guarantee of M/s. Narayani Hospitality & Academic Institutions Pvt. Ltd., M/s. Trade Wings Logistics
(India) Pvt. Ltd.

(2b) Shop No. 9, First Floor, "Manoram Arcade" at Vakilwadi, Nashik land bearing survey No. 609/A/2B,
Municipal No. 430-J-l, admeasuring about 362.04 sq.mtrs.

(2c) Office No. 110, on the first floor 350.37 sq. ft. i.e. 32,55 sq. mtrs carpet area in the project known as Shanti
City at village Talegaon Dabhade ofTaluka Maval, Dist. Pune land bearing survey No. 532 (old S. No. 714) CTS
No. 2431 to 2435 and 3294 totally admeasuring about 2.94 hect. i.e. 29400 sq. mbs and 16542.4 sq. mtrs.

(2d) Shop No. 12/13, first floor, "Manoram Arcade" S.No. 609/A/2B off. M.G.Road, opp. Sharda Sankul &
Nilesh Dry Fruites, Vakilwadi, Nashik.

(2e) Company has restnied part of it's credit facility to working capital term loan wide Bank of Baroda Sanction
letter No.SME2/ADV/2020-21/21 Dated :- 17.05.2021 Repayment starting from March 2022. with interst Rate
BRLLR 1.25% For WCTL & BRLLR 2.25% For Cash Credit.

This Facility reneuwed on time to time & vide there sanction letter no SME/ADV/2023/24 Dated:- 09.01.2024.

Corporate guarantee of M/s. Narayani Hospitality & Academic Institutions Pvt. Ltd., M/s. Trade Wings Logistics
(India) Pvt. Ltd. & Personal guarantee of Dr.Shailendra P Mittal.

(i) Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares
outstanding during the period. Diluted earnings for equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted
average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued
upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at
fair value (i.e., the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless
issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

(v) Cuniiul Management

The Company manages its capital to ensure that it will be able to continue as going concern while maximising the return to stakeholders through the optimisation of the debt
and equity balance The capital structure of the Company consists of net debt and total equity of the Company.

The Company determines the amount of capital required on the basis of annual as well as long term operating plans and other strategic investment plans. The funding
requirements are met through non convertible debt securities or other long-term /short-term borrowings.The Company monitors the capital structure on the basis of total debt to
equity ratio and maturity profile of the overall debt portfolio of the Company.

(vi) Financial risk management objectives

The company monitors and manages the financial risks to the operations of the company. These risks include market risk, credit riskjiquidity risk and interest rate risk.

a. Market Risk

Market risk is the risk that changes in market prices that will affect company's income. The objective of market risk management is to manage and control market risk exposure
within acceptable parameters while optimising the returns. Market risk is attributable to all market risk sensitive financial instruments The company is exposed to market risk
primarily related to its investments.

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 investment securities. The carrying amounts of financial assets represent the maximum credit exposure.

The Company held cash and cash equivalents with credit worthy banks and financial institutions of INR 1,92,13,206 /- and INR 3,99,56,653/- as at 31 March 2024 and 31
March 2023 respectively. The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.

c. Liquidity Risk

Liquidity Risk refers to insufficiency of funds to meet the financial obligations. Liquidity Risk Management implies maintenance of sufficient cash and marketable securities
and the availability of funding through an adequate amount of committed credit lines to meet obligations when due.

The Company manages liquidity risk by banking facilities and by continuously monitoring forecast and actual cash flows, and by assessing the maturity profiles of financial
assets and liabilities. The below table sets out details of additional undrawn facilities that the Company has at its disposal to further reduce liquidity risk.

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn
up based on the earliest date on which the Company can be required to pay. The tables include principal cash flows.

(xii) Sundry Debtors and Sundry Creditors are subject to confirmation.

{jtiii) Fixed Assets and other current assets used in the Company’s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and
services are used interchangeably between segments. The company believes that it is currently not practicable to provide segment disclosures relating to total assets and
liabilities since a meaningful segregation of the available data is onerous. Fixed assets includes Rs. 11,30,000/- related to purchase of property at Calcutta for which proper
documentation and Registration procedures are pending Auditor has relied upon the value of the property confirm and certified by management.

(xiv) During the year, the company has written off sundry debit balance of Rs.417272/- (Previous Year Rs.220445/-), Loans and advance are Nil/-(Previous year Nil/-) and written
back Rs 13203/- (Previous Year Rs. 303009/-) as approved by board of directors. The effect of write off and write back has been shown in the Profit and Loss account.

(w) Amount due to small scale industrial undertaking if any have not been separately disclosed as required by part I of schedule of the Companies Act, 2013 as the suppliers have
not provided information as to their status as Small-Scale Industrial undertakings.

(XVI) Contingent Liabilities

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources
or where a reliable estimate of the obligation cannot be made in books

Company has received notice from BSB in matter of compulsoiy delisting of securities of Trade Wings Ltd on which there is possible fees liabilities as mentioned below:

a. The Company does not hold any Intangible Assets. Accordingly, reporting on revaluation of Intangible Assets is not applicable.

b. The Company has not advanced loans or advances in the nature of loans to promoters, directors, KMPs and the related parties.

c The Company does not hold any Capital-work-in-progress. Accordingly, reporting on Capital Work-in-progress ageing and completion schedule is not
applicable.

d. The Company does not hold any Intangibles assets under development Accordingly, reporting on Intangibles assets under development ageing and
completion schedule is not applicable.

e. The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any benami
property.

f. The Company is not declared wilful defaulter by and bank or financials institution or lender during the year.

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

h. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

i. Reporting under Compliance with approved Scheme(s) of Arrangements is not applicable to the Company.

j. The Company has not advanced or loaned or invested funds to any other persons) or Company!ies), including foreign entities (Intermediaries) with the
understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (ultimate
beneficiaries) or

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

k. The Company has not received any fund from any person(s) or Companies), including foreign entities (funding party) with the understanding (whether
recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate
beneficiaries) or

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

k. The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income
during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,

1961,

m. Reporting on Corporate Social Responsibility (CSR) is not applicable to the Company.

n. The Company has not traded or invested in Ciypto currency or Virtual Currency during the financial year.

(xiv) This accounts has been approved in the Board Meeting held on 28th May 2024

31 Financial Ratios

Working of Financial Ratio is shown in separate Annuxer

32 Figures for the previous period are re-arranged, wherever necessary, to conform to the figures of the current period.

The accompanying notes from 1 to 32 are an integral part of the standalone financial statements.

As per our report of even date

For Aalok Mehta & Co. For Trade Wings Limited

Chartered Accountants ^

Firm Registration No. 126756W

f\

CA Aalok Mehta C____ \t- \\ \ /£ljj

Proprietor 1Dr.Jjbaitfndra P, MittnlA^ S---O/r

Membership No.: 114970 ' VVl«*» Ji Director nx4

UDINt VS.⁴’ \ /--j< ^{DIN: 00221661}

Place: Mumbai Place: Mumbai

Date:28/05/2024 Date: 2 8/05/2 024