1. We were engaged to audit the accompanying standalone financial statements of Asian Hotels
(West) Limited ('the Company'), which comprise the Balance Sheet as at March 31, 2024, the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash
Flow and the Statement of Changes in Equity for the year then ended, and notes to the
standalone financial statements, including a summary of the significant accounting policies
and other explanatory information (hereinafter referred to as the "standalone financial
statements").

2. We do not express an opinion on the accompanying standalone financial statements of the
Company. Because of the significance of the matters described in the Basis for Disclaimer of
Opinion section of our report, we have not been able to obtain sufficient appropriate audit
evidence to provide a basis for an audit opinion on these standalone financial statements.

Basis for Disclaimer of Opinion

3. We draw attention to Note 48 of the standalone financial statements, wherein, we encountered
significant limitations in obtaining and auditing the complete financial information and its
supporting financial documents/records of the Company for the year ended March 31, 2024.
Similar limitation existed in respect of the books of account for the immediately preceding
financial year ended March 31, 2023 and we had expressed a disclaimer of opinion on the
financial statements for such year-end vide our audit report dated October 07, 2024. Such
limitation has not been resolved as on the date of this audit report. These limitations have
significantly restricted our ability to perform the necessary audit procedures to verify the
financial information, its classification, presentation and disclosures in the standalone
financial statements. Consequently, we are not able to confirm the accuracy, completeness,
and validity of the financial transactions and balances recorded in these standalone financial
statements as well as the presentation and disclosures in these standalone financial statements.
As a result of these restrictions, we are unable to obtain sufficient appropriate audit evidence
to provide a basis for an audit opinion.

4. We draw attention to Note 49 in the standalone financial statements, wherein, the
Management has stated that they are uncertain if all relevant subsequent events since the
balance sheet date have been duly considered in the preparation of these standalone financial
statements as per Ind AS 10 "Events after the reporting period" for the reasons stated therein.
Since adequate information such as subsequent period books of account, board minutes etc.
have not been provided to us, we are unable to comment on the impact of the non¬
consideration of the subsequent events, if any, on these standalone financial statements.

5. We were appointed as auditors of the Company on February 14, 2024. However, we were not
been invited to participate in the physical verification, if any, of the inventory carried out by
the Company as at March 31, 2024. Further, since the management could not provide us with
supporting records relating to inventories to enable us to perform alternate audit procedures,
we are unable to comment on the existence of inventory of Rs. 169.80 lakhs as at March 31,
2024.

6. The Company has neither maintained proper records showing full particulars including
quantitative details and situation of property, plant and equipment nor provided us with the
physical verification report of property, plant and equipment. Further, the Company has not
provided us with the title deeds of the immovable properties (other than properties where the
Company is the lessee and the lease agreements are duly executed in favour of the lessee) for
verification. Therefore, we are unable to comment on the existence of the property, plant and
equipment balance of Rs. 20,433.85 lakhs as stated in the accompanying standalone financial
statements. Further, the management has not carried out an impairment assessment in respect
of the carrying value of the Company's property, plant and equipment. Therefore, we are
unable to comment on the carrying value of the Company's property, plant and equipment in
the absence of the impairment assessment.

7. During the year, the Company has recognized an interest expense of Rs. 2,200 lakhs and
Interest Income of Rs. 345.81 lakhs pertaining to Novak Hotels Private Limited. We have not
been provided with the necessary information in respect of the same. Therefore, we are unable
to comment on their recognition in the statement of profit and loss.

Emphasis of Matter

8. We draw attention to Note 47 in the standalone financial statements, which states regarding
the initiation of Corporate Insolvency Resolution Proceedings (CIRP) and the subsequent
resolution of the same in January 2024. Consequent to such resolution, these financial
statements have been prepared by the management on a going concern basis.

Responsibilities of Management and Those Charged with Governance for the Standalone

Financial Statements

9. The accompanying standalone financial statements have been approved by the Company's
Board of Directors. The Company's Board of Directors are responsible for the matters stated
in section 134(5) of the Act with respect to the preparation and presentation of these
standalone financial statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, changes in equity and cash flows of the
Company in accordance with the Ind AS specified under section 133 of the Act and other
accounting principles generally accepted in India. 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 estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

10. In preparing the standalone financial statements, the Board of Directors are responsible for
assessing the Company's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
Board of Directors either intend to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

11. Those Board of Directors are also responsible for overseeing the Company's financial
reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

12. Our responsibility is to conduct an audit of the standalone financial statements in accordance
with Standards on Auditing and to issue an auditor's report. However, because of the matters
described in the Basis for Disclaimer of Opinion section of our report, we were not able to
obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these
standalone financial statements.

We are independent of the Company in accordance with the ethical requirements in
accordance with the requirements of the Code of Ethics issued by ICAI and the ethical
requirements as prescribed under the laws and regulations applicable to the Company.

Report on Other Legal and Regulatory Requirements

13. As required by the Companies (Auditor's Report) Order, 2020 ('the Order') issued by the
Central Government of India in terms of section 143(11) of the Act, we give in the Annexure I,
a statement on the matters specified in paragraphs 3 and 4 of the Companies (Auditor's
Report) Order, 2020('the Order') issued by the Central Government of India in terms of section
143(11) of the Act.

14. As required by section 143(3) of the Act based on our audit, we report, to the extent applicable,
that:

a) We sought and as described in the Basis for Disclaimer of Opinion paragraph, were
unable to obtain all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit of the accompanying
standalone financial statements;

b) Due to the effects of the matter described in the Basis for Disclaimer of Opinion section of
our report, whose financial effects are not quantifiable, we are unable to state whether
proper books of account as required by law have been kept by the Company;

c) Except for the effects of the matter described in the Basis for Disclaimer of Opinion section
of our report, the accompanying standalone financial statements dealt with by this Report
are in agreement with the books of account, to the extent maintained and provided to us
for the purposes of the audit;

d) Due to the effects of the matter described in the Basis for Disclaimer of Opinion section of
our report, whose financial effects are not quantifiable, we are unable to state whether the
aforesaid standalone financial statements comply with with Ind AS specified under
section 133 of the Act.;

e) The matter described in the Basis for Disclaimer of Opinion paragraph above, in our
opinion, may have an adverse effect on the functioning of the Company;

f) In the absence of written representation from all the directors and taken on record by the
Board of Directors, we are unable to comment on disqualification of directors as on March
31, 2024 in terms of section 164 (2) of the Act;

g) The reservation relating to the maintenance of accounts and other matters connected
therewith are as stated in the Basis for Disclaimer of section of our report;

h) With respect to the other matters to be included in the Auditor's report in accordance
with the requirements of section 197(16) of the Act, as amended:

To the best of our information and according to the explanations given to us, the Company
has not paid any managerial remuneration to its directors during the year and accordingly
provisions of the Section 197 of the Act are not applicable to the Company.

i) With respect to the adequacy of the internal financial controls with reference to standalone
financial statements of the Company as on March 31, 2024 and the operating effectiveness
of such controls, refer to our separate Report in Annexure II wherein we have provided
Disclaimer of Opinion; and

j) With respect to the other matters to be included in the Auditor's Report in accordance with
rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion
and to the best of our information and according to the explanations given to us:

i. Due to the effects of the matter described in the Basis for Disclaimer of Opinion
section of our report, we are unable to state whether the Company has disclosed the
impact of pending litigations on its financial position in its standalone financial
statements;

ii. Due to the effects of the matter described in the Basis for Disclaimer of Opinion
section of our report, we are unable to state whether the Company has made
provision for material foreseeable losses, if any, on long-term contracts including
derivative contracts. as at March 31, 2024;

iii. The Company was required to transfer a sum of Rs. 9.08 lakhs of unpaid/ unclaimed
dividends to account of Investor Education and Protection Fund, however, the same
has not been transferred.

iv. (a) The management of the Company has represented that, to the best of its knowledge

and belief, as disclosed in note 46(h)(i) to the standalone financial statements, no
funds have been advanced or loaned or invested (either from borrowed funds or
securities premium or any other sources or kind of funds) by the Company to or in
any person(s) or entity(ies), including foreign entities ('the intermediaries'), with the
understanding, whether recorded in writing or otherwise, that the intermediary
shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company ('the Ultimate
Beneficiaries') or provide any guarantee, security or the like on behalf the Ultimate
Beneficiaries;

(b) The management of the Company has represented that, to the best of its knowledge
and belief, as disclosed in note 46(h)(ii) to the standalone financial statements, no
funds have been received by the Company from any person(s) or entity(ies),
including foreign entities ('the Funding Parties'), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether directly or
indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ('Ultimate Beneficiaries') or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

(c) Due to the effects of the matter described in the Basis for Disclaimer of Opinion
paragraph, we are unable to comment on whether the management representations
under sub-clauses (a) and (b) above contain any material misstatement.

v. The Company has neither declared nor paid any dividend during the year.

vi. The Company has used tally accounting software for maintaining its books of account
for the financial year 2023-24. The audit trail feature of this software did not operate
throughout the year.

For J. C. Bhalla & Co.

Chartered Accountants

Firm Registration No. 001111N

Akhil Bhalla

Partner

Membership No: 505002

UDIN: 24505002BKBYSW7526

Place: New Delhi

Date : October 07, 2024