CONSOLIDATED ANNUAL ACCOUNTS

FOR THE

YEAR

2022-23

OF

MAYFAIR HOTELS & RESORTS LIMITED

8B, Jayadev Vihar
Bhubaneswar

-: AUDITORS :-

P. A. ASSOCIATES
CHARTERED ACCOUNTANTS
12, Govind Vihar, Bamikhal
Bhubaneswar – 751010

TEL : + 91 674 2571 1065/25701744

Email: bhubaneswar@paassociates.in
 INDEPENDENT AUDITOR’S REPORT

To

The Board of Directors of

MAYFAIR Hotels & Resorts Limited

Report on the Consolidated Financial Statements

Opinion

We have audited the accompanying Consolidated financial statements of Mayfair Hotels

& Resorts Limited (hereinafter referred to as “the Holding Company”) and its
Subsidiaries and Associates (the Holding Company and its Subsidiaries and Associates
together referred to as “the Group”), comprising of the Consolidated Balance Sheet as at
March 31, 2023, the Consolidated Profit and Loss Statement, the Consolidated Cash
Flow Statement for the year then ended, and a summary of the significant accounting
policies and other explanatory information (hereinafter referred to as “ the
Consolidated Financial statements”).

In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Consolidated financial statements give the information
required by the Companies Act, 2013 (“the Act”) in the manner so required and give a
true and fair view in conformity with the accounting principles generally accepted in
India:, of the state of affairs of the company as at 31st March, 2023 and its Profits and its
cash flows for the year ended on that date.

Basis for Qualified Opinion

Provision for retirement benefits as required by Accounting Standard 15 (revised) –

“Employee Benefits” issued by the Institute of Chartered Accountants of India has not been
made in one of the associate considered for consolidation, the impact of which on the
Company’s profit is not ascertained.

In our opinion and to the best of our information and according to the explanations
given to us, except for the effects of the matter described in the Basis for Qualified
Opinion paragraph aforesaid, the financial statements give the information required by
the Act in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:, of the state of affairs of the company
as at 31st March, 2023 and its Profits and its cash flows for the year ended on that date.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those Standards are further
described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements section of our report. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the Consolidated
financial statements under the provisions of the Act and the Rules there under, and we
have fulfilled our other ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.

Responsibility of Management for the Consolidated Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section
134(5) of the Act with respect to the preparation of these Consolidated financial
statements that give a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under Section 133 of the
Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding 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 Consolidated financial statements that give a true and fair view and
are free from material misstatement, whether due to fraud or error.

In preparing the Consolidated 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
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the company’s financial
reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due to
 fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these Consolidated financial statements.

1. As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our audit of
the aforesaid consolidated financial statements.
(b) In our opinion, proper books of account as required by law relating to preparation
of the aforesaid consolidated financial statements have been kept so far as it
appears from our examination of those books.
(c) The Consolidated Balance Sheet, the Consolidated Profit and Loss Statement, and
the Consolidated Cash Flow Statement dealt with by this Report are in agreement
with the relevant books of account maintained for the purpose of preparation of
the consolidated financial statements.
(d) In our opinion, the aforesaid consolidated financial statements comply with the
Accounting Standards prescribed under Section 133 of the Act, read with Rule 7 of
the Companies(Accounts) Rules, 2014
(e) On the basis of the written representations received from the directors of the
Holding Company as on March 31, 2023 taken on record by the Board of Directors
of the Holding Company and the reports of the Statutory auditors of its subsidiary
companies, none of the directors of these entities is disqualified as on March 31,
2023 from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting
and the operating effectiveness of such controls, refer to our Report in “Annexure A”,
which is based on the auditors’ reports of the Holding company and subsidiary
companies.
(g) With respect to the other mattes to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditor’s) Rules, 2014, in
our opinion and to the best of our information and according to the explanations
given to us:
i. The consolidated financial statements disclose the impact of pending
litigations on the consolidated financial position of the Group, as referred to in
note 28 to the consolidated financial statements.
ii. The Group did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses; and
iii. The Group had no amount that is required to be transferred to the Investor
Education and Protection Fund.
iv. (a) The respective Managements of the Company and its subsidiaries which
are companies incorporated in India, whose financial statements have
been audited under the Act, have represented to us that, to the best of
their knowledge and belief, no funds (which are material either
individually or in the aggregate) have been advanced or loaned or
invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company or any of such subsidiaries to or
in any other person or entity, including foreign entity (“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 or any of such subsidiaries (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;
(b) The respective Managements of the Company and its subsidiaries which
are companies incorporated in India, whose financial statements have
been audited under the Act, have represented to us that, to the best of
their knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the Company or
any of such subsidiaries from any person or entity, including foreign entity
(“Funding Parties”), with the understanding, whether recorded in writing
or otherwise, that the Company or any of such subsidiaries 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;
(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.
v. The holding company or its subsidiaries or associate companies have not
declared any dividend during the year.
2. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies
(Auditor’s Report) Order, 2020 (the “Order”/ “CARO”) issued by the Central
Government in terms of Section 143(11) of the Act, to be included in the Auditor’s
report, according to the information and explanations given to us, and based on the
CARO reports issued by us for the Company and its subsidiaries included in the
Consolidated Financial Statements of the Company, to which reporting under CARO is
applicable, we report that there are no qualifications or adverse remarks in these CARO
reports.

For P.A. & Associates.

Chartered Accountants
FRN : 313085E

(Prashant Panda)
Place : Bhubaneswar Partner
Dated : The 24thday of June, 2023 M. No.: 051092
UDIN-
Annexure to the Independent Auditors Review Report on the Audited
Consolidated Financial Results for the quarter and year ended 31 st March, 2023.

a) List of Subsidiaries:

i. Mayfair Hotels & Resorts ( Sikkim) Pvt Ltd.

b) Associate:

i. Mayfair Hotels & Resorts ( Bengal) Pvt Ltd

ii. Jute & Store Limited

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS OF MAYFAIR HOTELS AND RESORTS LIMITED.
(Referred to in paragraph (f) of our Report on Other Legal and Regulatory
Requirements)

Report on the Internal Financial Controls under Clause(i) of sub-section 3 of Section 143
of the Companies Act, 2013 (‘the Act’).

In conjunction with our audit of the consolidated financial statements of the Company
as of and for the year ended March 31, 2023, We have audited the internal financial
controls over financial reporting of Mayfair Hotels & Resorts Limited. (hereinafter
referred to as ‘the Holding Company’) and its subsidiaries(the Holding Company and
its subsidiaries together referred to as “the Group”) as of 31st March, 2023 , as of that
date.

Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of the Holding Company and its subsidiaries are
responsible for establishing and maintaining internal financial controls based on the
internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls over Financial Reporting issued by the Institute of
Chartered Accountants of India (‘ICAI’). These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to the Company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Holding Company’s internal financial

controls over financial reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI
and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial controls, both applicable to an
audit of Internal Financial Controls and both issued by the Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financial controls over financial reporting
were established and maintained and if such controls operated effectively in all material
respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy
of the internal financial control system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditors’ judgment, including the assessment of the
risk of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Group’s internal financial controls system
over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to

provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. a company’s internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the Company are being made only in accordance with authorizations of
the Management and directors of the Company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition use, or disposition
of the Company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial

reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control over
financial reporting may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Holding Company and its subsidiaries have, in all material respects,
an adequate internal financial controls system over financial reporting and such
internal financial controls over financial reporting were operating effectively as at 31
March 2023, based on the internal control over financial reporting criteria established
by these entities considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls over Financial reporting issued by
the Institute of Chartered Accountants of India.

For P.A. & Associates.

Chartered Accountants
FRN : 313085E

(Prashant Panda)
Partner
Place : Bhubaneswar
M. No.: 051092
Dated : The 24th day of June , 2023 UDIN-
MAYFAIR HOTELS & RESORTS LIMITED

CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH (Rs. In Lakhs)

Note 2023 2022
₹ ₹
EQUITY AND LIABILITIES
I. Shareholders' Funds
a Share Capital 2 1,596.32 1,596.32
b Surplus 3 20,605.25 12,977.26
c Minority Interest (234.66) 480.35

II. Non-Current Liabilities

a Long Term Borrowings 4 44,535.13 48,428.25
b Deferred Tax Liabilities(Net) 5 3,095.40 2,693.46
c Other Long Term Liabilities 6 206.82 403.37
47,837.35 51,525.07
III. Current Liabilities
a Short Term Borrowings 7 5,938.30 4,347.57
b Trade Payables 8 612.45 372.84
c Other Current Liabilities 9 5,150.87 6,979.67
d Short Term Provisions 10 1,430.35 324.67
13,131.97 12,024.75
TOTAL 82,936.24 78,603.77

ASSETS
IV. Non-current Assets
a Property, Plant & Equipment
i Tangible Assets 11 47,091.11 48,381.00
ii Right to use Assets 11 96.67
iii Intangible Assets 11 50.87 51.05
iv Capital work-in-Progress 11 7,037.58 2,204.62
Total 54,276.22 50,636.66
b Non- Current Investments 12 821.11 820.15
c Long-term loans and advances 13 12,626.91 14,155.92
d Other Non-Current Assets 14 246.05 202.38
67,970.29 65,815.11
V. Current Assets
a Inventories 15 1,848.71 1,503.51
b Trade Receivables 16 1,612.57 1,001.66
c Cash and Cash Equivalents 17 651.76 654.93
d Short term loans and advances 18 10,852.91 9,628.56
14,965.95 12,788.66
TOTAL 82,936.24 78,603.77

VI. Significant Accounting Policies 1

VII. Note No. 1 to 52 form an integral part of these Financial Statement

As per our separate report of even date For and on behalf of the Board

For P.A. & Associates ( Dilip Ray ) ( Pooja Ray )

Chartered Accountants Chairman Managing Director
FRN : 313085E DIN-00937564 DIN-02945569

( Prashant Panda ) ( CA. M. K. Gouda ) ( CS. Sujata Sarkar )

Partner Wholetime Director & CFO Company Secretary
M. No. 051092 DIN-03208696 M. No. F10519

Place : Bhubaneswar
Dated :The 24th day of June, 2023
MAYFAIR HOTELS & RESORTS LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE PERIOD ENDED ON 31ST MARCH (Rs. In Lakhs)

Note 2023 2022

₹ ₹
I. Total Income
a Revenue from Operations 19 43,234.55 27,993.50
b Other Income 20 1,381.39 1,482.78

44,615.95 29,476.28

II. EXPENSES
a Cost of material consumed 21 4,949.34 3,322.12
b Purchases of Traded Goods 22 - -
c (Increase)/Decrease in inventories of traded goods 23 (71.13) -
d Employee benefits expense 24 9,580.31 6,532.83
e Finance Cost 25 4,091.32 4,217.97
f Depreciation and amortisation Expenses 11 3,168.08 3,212.06
g Other Expense 26 15,149.62 10,225.12

TOTAL 36,867.55 27,510.09

III. Profit Before Tax 7,748.40 1,968.68

IV. Provision For Tax

a) Current Income Tax 1,381.17 324.67

b) Deferred Tax 656.54 767.32
c) Tax paid for eariler years - -

V. Profit for the year from continuing operations 5,710.69 876.70

VI. Less : Profit/(Loss) Attributable to Minority Interest (102.03) (22.57)

VII. Carried Forward MAT Credit (322.24) 293.64

VIII Balance of profit from continuing operations 5,490.48 1,192.91

IX Earning per Equity Share

( Face Value of ₹ 10 each)
Basic / Diluted Earning Per Share 27 34.39 7.47

X Significant Accounting Policies 1

XI. Note No. 1 to 52 form an integral part of these Financial Statement

As per our separate report of even date For and on behalf of the Board

For P.A. & Associates ( Dilip Ray ) ( Pooja Ray )

Chartered Accountants Chairman Managing Director
FRN : 313085E DIN-00937564 DIN-02945569

( Prashant Panda ) ( CA. M. K. Gouda ) ( CS. Sujata Sarkar )

Partner Wholetime Director & CFO Company Secretary
M. No. 051092 DIN-03208696 M. No. F10519

Place : Bhubaneswar
Dated :The 24th day of June, 2023
MAYFAIR HOTELS & RESORTS LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED ON 31ST MARCH
(Rs. In Lakhs)
2023 2022
₹ ₹
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before Taxation & Exceptional items 7,748.40 1,900.58
Add : Adjustments for :
Depreciation/ amortisation 3,171.42 3,212.06
Finance Cost 4,091.32 4,217.97
15,011.13 9,330.61
Add loss on Sale of Fixed Assets 18.41 11.02
Add: Loss on Sale of Investment 419.33 -
Less Profit on Sale of Fixed asset 1.71 -

Operating Profit before Working Capital Changes 15,447.17 9,341.63

Add : Adjustments for :

Trade & Other Receivables (672.16) (1,590.15)
Inventories (345.19) 100.60
Trade Payable & Other liabilities (195.01) 839.57
(1,212.37) (649.99)
Cash Generation from Operation 14,234.80 8,691.64

Current Income tax 1,381.17 324.67

Net cash Flow from Operating Activities 12,853.63 8,366.97

B CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed Assets (9,393.91) (5,455.66)
Sale of Fixed Assets 18.14 6.53
Sale of Investment 3,789.36 5.10
Other Long Term Liabilities - -
Non-Current Investment (0.96) (1.00)
Minority Interest 715.01 -

Net cash flow from Investing Activities (4,872.36) (5,445.03)

C CASH FLOW FROM FINANCING ACTIVITIES

Finance Cost (4,091.32) (4,217.97)
Repayment of Borrowings (14,028.00) (4,915.91)
Borrowings Availed 10,135.06 5,991.00

Net cash flow from Financing activities (7,984.26) (3,142.88)

D Increase/(Decrease) in cash and (3.16) (220.93)

cash equivalent
E Cash and cash equivalent as at beginning 654.93 875.86
F Cash and cash Equivalent as at closing 651.76 654.93

As per our separate report of even date

For P.A. & Associates ( Dilip Ray ) ( Pooja Ray )

Chartered Accountants Chairman Managing Director
FRN : 313085E DIN-00937564 DIN-02945569

( Prashant Panda ) ( CA. M. K. Gouda ) ( CS. Sujata Sarkar )

Partner Wholetime Director & CFO Company Secretary
M. No. 051092 DIN-03208696 M. No. F10519

Place : Bhubaneswar
Dated :The 24th day of June, 2023
Notes on Consolidated Financial Statements
1. Significant Accounting Policies

1.1 Basis of Accounting

The Consolidated financial statements have been prepared under the historical cost convention on
accrual basis of accounting, in accordance with generally accepted accounting principles in India [Indian
GAAP] and the relevant provisions of the Companies Act, 2013.
1.2 Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles in
India (‘Indian GAAP’) requires management to make estimates and assumptions that may affect the
reported amounts of assets and liabilities and the disclosure of contingent liabilities as at the date of the
financial statements and the reported amounts of revenues and expenses during the reporting period.
Management believes that the estimates made in the preparation of the financial statements are prudent
and reasonable. Actual results could differ from those estimates. Any revision to such estimates is
recognized in the period in which the results are known / materialized.
1.3 Property, Plant & Equipment
Freehold land is carried at historical cost .All other items of Property, Plant & Equipment are stated at
cost of acquisition/construction inclusive of taxes, duties, freight and other incidental expenses related
to bringing the asset to the location and condition necessary for making them operational for their
intended use less accumulated depreciation / amortization and impairment loss, if any.
Subsequent expenditure relating to property, plant and equipment is capitalized only when it is probable
that future economic benefits associated with these will flow to the company and the cost of the item can
be measured reliably.
Software which is not an integral part of related hardware is treated as intangible asset.
1.4 Depreciation on Property, Plant & Equipment
Depreciation on Property, Plant & Equipment other than land is provided on Straight Line Method based
on useful life as prescribed under Schedule –II of the Companies Act, 2013.
Intangible assets recognized as above are amortized over a period of five years or its license period,
whichever is less.
Depreciation on addition / deletion of property, plant & equipment during the year is provided on pro-rata
basis with reference to the date of addition / deletion.
1.5 Assets taken on lease
Operating lease payments are recognized as expenditure in the Statement of Profit and Loss on a
straight-line basis over the lease term, unless another basis is more representative of the time pattern of
benefits received from the use of the assets taken on lease.
1.6 Impairment of Assets
Assets that are subject to amortization are reviewed for impairment periodically including whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable .An
impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its
recoverable amount. An impairment loss is charged to the Statement of Profit and Loss in the year in
which an asset is identified as impaired.
 The impairment loss recognized in prior accounting period is reversed if there has been a change in
the estimate of recoverable amount.

1.7 Investments

Long term investments are stated at cost. Provision for diminution in the value of long-term
investments is made only if such a decline is other than temporary on an individual basis.

Current investments are carried at lower of cost and market value on an individual basis.

1.8 Investments in Subsidiaries , Associates and Joint Ventures

The company measures Investments in Subsidiaries, Associates and Joint Ventures at cost .

1.9 Revenue Recognition

Revenue is recognized at an amount which the company expects to be entitled in exchange of

transferring the control of goods or services to a customer. Revenue from sale of goods or rendering
of services is net of discounts. Revenue includes room revenues, sale of food and beverages,
banquet services, allied services relating to hotel operations. Revenue is recognized only when it can
be reliably measured and reasonable to expect its ultimate collection.

Interest

Interest income is accrued on a time proportion basis having regard to the amount outstanding and
the rate applicable.

Dividend

Dividend income is recognized when the company’s right to receive the amount is established.

1.10 Borrowing Costs

Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are
treated as direct cost until such time as the assets are substantially ready for their intended use and
are considered 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.

Other borrowing costs are recognized as an expense in the period in which they are incurred.

1.11 Foreign Currency Transactions

Transactions denominated in foreign currency are recorded at the exchange rate prevailing on the
date of transaction. Exchange differences arising on foreign exchange transactions settled during the
year are recognized in the statement of profit and loss of the year.

Monetary assets and liabilities in foreign currency, which are outstanding at the year-end and not
covered by forward contracts, are translated at the year-end at the closing exchange rate and the
resultant exchange differences are recognized in the statement of profit and loss.

Non-monetary foreign currency items are carried at cost.

1.12 Inventories

Inventories are valued at cost (determined based on weighted average method) or Net realizable
value whichever is lower.

Crockery, Cutlery & Linen issued to floor are valued at fifty percent of their cost.

Cost includes the cost of purchase including duties and taxes (other than those refundable), inward
freight, and other expenditure directly attributable to the purchase. Net realizable value is the
estimated selling price less estimated cost for completion of the sale.
1.13 Taxes on Income
Current income tax is recognized based on the taxable profit for the year, using tax rates and tax laws
that have been enacted or made applicable on the date of balance sheet.
Deferred tax on timing differences between book profit and taxable profit for the year is accounted for
applying the tax rates and laws that have been enacted or substantively enacted as on the Balance
Sheet date.
Deferred Tax assets arising from timing differences are recognized to the extent there is a reasonable
certainty that the assets can be realized in future.
1.14 Employee Benefits
Employee benefits are recognised in the year the services are rendered by the employee.
Contribution to Provident Fund and Employee State Insurance are charged to the Statement of Profit
and Loss of the period when the contribution to the funds are due.
In respect of defined benefit scheme, such as Gratuity benefit etc., it is charged to the Statement of
profit and loss based on valuations, as at the balance sheet date, made by the independent actuary.
1.15 Provisions , Contingent Liabilities and Contingent Assets
Provisions are recognized when there is a present obligation as a result of past event(s) and it is
probable that an outflow of resources will be required to settle the obligation and a reliable estimate of
the amount can be made.
Contingent liabilities are disclosed only when there is a possible obligation arising from past events,
due to 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.
Contingent Assets are neither recognized nor disclosed in the financial statements.

1.16 Earning Per Share (EPS).

Basic EPS is calculated by dividing the net profit or loss after tax for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year.
Diluted EPS is computed using the weighted average number of equity and dilutive potential equity
shares outstanding during the year.
 MAYFAIR HOTELS & RESORTS LIMITED

Notes on Consolidated Financial Statements (Rs. In Lakhs)

2023 2022
₹ ₹
2 SHARE CAPITAL

Authorised :
3,00,00,000 Equity shares of ₹ 10/- each 3,000.00 3,000.00

Issued, Subscribed & Paid up

1,59,63,233 Equity shares of

₹ 10/- each fully paid 1,596.32 1,596.32

1,596.32 1,596.32

a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
No. of Shares

i. At the beginning of the period 15,963,233 15,963,233

ii. Outstanding at the end of the period 15,963,233 15,963,233

b. Details of shareholders holding more than 5% shares

As at 31st March 2023 As at 31st March 2022

Name of the Shareholder No. of Shares % No. of Shares %

a) Dilip Ray 15,866,587 99.39% 15,866,587.00 99.39%

15,866,587 99.39% 15,866,587.00 99.39%

As per records of the company, including its register of shareholders/members and other declarations received
from shareholders regarding beneficial interest,the above shareholding represents both legal and beneficial
ownerships of shares.

c. Terms / right attached to equity shares

The company has only one class of equity share having a face value of ₹ 10/- per share. Each holder of equity
shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitles to receive remaining assets
of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholders.

d) Details of shareholders of Promoters as on 31st March

2023 2022

% change
Promoter Name No. of Shares % held No. of Shares % held % change during the year
during the year

a) Dilip Ray 15,866,587 99.39% 0% 15,866,587 99.39% 0%

15,866,587 99.39% 15,866,587 99.39%

 MAYFAIR HOTELS & RESORTS LIMITED

Notes on Consolidated Financial Statements (Rs. In Lakhs)

2023 2022
₹ ₹
3 SURPLUS

a. General Reserve
Balance as per last Balance Sheet 231.78 231.78
General Reserve Jutes and Stores Limited 2.00 -
Closing Balance 233.78 231.78

b. Capital reserve 0.75 -

c. Security premium 164.05 -

d. Revaluation Reserve 772.70 -

e. Surplus /(deficit) in the statement of profit and loss

Balance as per last financial Statements 12,745.48 11,620.67
Add: Profit for the year 5,490.48 1,124.81

Less:Loss of Existing Entity included in OB (1,198.01) -

Total Appropriations (1,198.01) -

Net surplus in the statement of profit and loss 19,433.97 12,745.48

Total 20,605.25 12,977.26

4 LONG TERM BORROWINGS

Non-Current Current
31st March 2023 31st March 2022 31st March 2023 31st March 2022

i) Term Loan - Secured

From Bank 38,164 35,578 7,472.60 6,078.12

ii) Loans & Advances- Unsecured

From Others 6,371 12,850 - -
44,535 48,428 7,472.60 6,078.12

a) Term Loan- Secured

i) Interest rate varies from 7.85% p.a. to 9.25% p.a. and the loans are repayable in 36 to 120 monthly installments
after moratorium period allowed against each loan.

ii) Secured by way of equitable mortgage of land and building and hypothecation of all movable fixed assets,
stock, book debts and other current assets, both present and future.

b) Loans & Advances - Unsecured

i) Unsecured loan from others, carries an interest rate of 9.0% per annum and repayment
schedule is neither stipulated, nor will start before 31.03.2026.
 MAYFAIR HOTELS & RESORTS LIMITED

Notes on Consolidated Financial Statements (Rs. In Lakhs)

2023 2022
₹ ₹
5 DEFERRED TAX LIABILITY(Net)

a Deferred Tax Liabilities

i Related to Fixed Assets
As at last balance sheet date 2,328.31 2,067.81
Add:-OB of New Unit(Jute & Store) 0.15 -
Less:-OB of Exit Unit(MHRL Goa Pvt. Ltd.) (254.75) -
Addition during the year 149.54 260.50
2,223.24 2,328.31

ii Related to Deduction U/s-35AD of Income Tax Act,1961

As at last balance sheet date 921.83 935.74
Addition during the year (58.38) (13.91)
863.45 921.83

b Deferred Tax Assets

i Related to Carried Forward Loss
As at last balance sheet date 556.68 1,077.40
Addition during the year (565.39) (520.73)
(8.71) 556.68

c Net Deferred tax Liabilities 3,095.40 2,693.46

6 OTHER LONGTERM LIABILITIES

Security Deposit Received (Unsecured) 206.82 403.37

206.82 403.37

7 SHORT TERM BORROWINGS

Secured

Cash Credit loan from Bank (1,534.30) (1,730.54)

Current maturities of long-term borrowing 7,472.60 6,078.12
.
5,938.30 4,347.57

i. Cash Credit loan is secured by way of equitable mortage of land and building and hypothecation of
all movable fixed asset, stock book debts and other current assets.

ii. The cash credit loan is repayable on demand and interest rate ranges from 8.05 % to 8.20% pa.
 MAYFAIR HOTELS & RESORTS LIMITED

Notes on Consolidated Financial Statements (Rs. In Lakhs)

2023 2022
₹ ₹
8 TRADE PAYABLES
Outstanding for the following periods from duedate of payment
i) MSME
a.) Less than 1 year 49.51 29.18
b.) 1-2 years
c.) 2-3 years
d.) More than 3 years

ii) Others
a.) Less than 1 year 556.80 343.67
b.) 1-2 years 6.14 -
c.) 2-3 years - -
d.) More than 3 years - -

iii) Disputed Dues-MSME

iv) Disputed Dues-Others

612.45 372.84
(The company has no dues outstanding against MSME creditors exceeding 45 days)

9 OTHER CURRENT LIABILITIES

a Creditor for Capital Expenditures 1,221.30 859.46

b Statutory dues payable 743.30 672.22

c Other Payable 3,186.26 5,447.99

5,150.87 6,979.67

10 SHORT TERM PROVISIONS

a Provision for Income Tax 1,381.17 324.67

b Other Provison 49.18 -
1,430.35 324.67
 MAYFAIR HOTELS & RESORTS LIMITED
Notes on Consolidated Financial Statements
(Rs. In Lakhs)
11 PROPERTY,PLANT & EQUIPMENT AND INTANGIBLE ASSETS
PROPERTY, PLANT & EQUIPMENT INTANGIBLE ASSETS
Right to Use
Land Freehold Land Leasehold Buildings Plant & Equipment Computers Fixtures Vehicles Total Intangible Assets
At Cost ₹ ₹ ₹ ₹ ₹ ₹ ₹ ₹ ₹ ₹
As at 1st April 2021 2,354.32 3,360.31 33,279.53 12,671.00 578.26 9,582.56 996.62 62,822.59 205.77

Additions - 2,956.27 - 24.24 2,516.26 76.10 3,691.14 27.42 9,291.44 1.27

Deletions - - - 36.73 - - - 36.73 -

As at 31s March 2022 2,354.32 6,316.58 33,303.77 15,150.53 654.36 13,273.70 1,024.04 72,077.31 207.04

Additions 16.81 714.93 - 1,609.10 1,166.40 60.09 503.56 373.17 4,444.06 17.57 100.00
Deletions 385.63 1.25 - 2,688.33 671.18 30.98 270.72 116.46 4,164.54 -
At 31st March 2023 1,985.50 7,030.26 32,224.54 15,645.75 683.47 13,506.55 1,280.76 72,356.83 224.61 100.00

Depreciation
As at 1st April 2021 - - 8,495.91 5,411.45 474.35 5,701.96 442.52 20,526.19 133.22

For the year - - 1,126.39 902.27 57.75 992.12 110.76 3,189.29 22.77
Deletions - - - 19.17 - - - 19.17 -

As at 31s March 2022 - 12.28 9,622.29 6,294.54 532.11 6,694.08 553.29 23,696.31 155.99

OB of New Entity 1.67 50.71 94.27 4.70 6.36 8.76 166.46 0.36
For the year - - 1,041.13 889.13 60.06 1,031.85 128.52 3,150.69 17.40 3.33
Depreciation on Revalued Value 8.14 - - - - 8.14 -
Deletions - - 979.05 452.33 23.48 214.67 86.35 1,755.88 -

At 31st March 2023 - 13.95 9,743.23 6,825.60 573.39 7,517.61 604.21 25,265.71 173.75 3.33

Net Block
As at 31st March 2022 2,354.32 6,304.30 23,681.48 8,855.99 122.25 6,579.62 470.76 48,381.00 51.05 -

As at 31st March 2023 1,985.50 7,016.31 22,481.31 8,820.15 110.08 5,988.94 676.55 47,091.11 50.87 96.67

Capital Work In Progress

As at 31st March 2022 - 45.61 - 1,551.69 297.19 - 310.13 2,204.62 -

As at 31st March 2023 - 176.54 - 5,783.86 491.84 7.66 577.67 - 7,037.58

 MAYFAIR HOTELS & RESORTS LIMITED

Notes on Consolidated Financial Statements (Rs. In Lakhs)

2023 2022
₹ ₹
12 NON CURRENT INVESTMENTS

14,98,700 fully paid up equity shares 810.65 810.65

of ₹ 10/-each in Lotus Projects Pvt. Ltd.

85,000 fully paid up equity shares 8.50 8.50

of ₹ 10/-each in Mayfair Elixir Pvt. Ltd.

10,000 fully paid up equity shares 1.96 1.00

of Rs.10/-each in Star Green Ventures ( Pvt ) Ltd

821.11 820.15

13 LONG TERM LOANS & ADVANCES

(Unsecured, Considered Good)
Inter Corporate Loans 10,310.00 10,000.00
( Repayment terms stipulated with moratorium upto 31-Mar-2026 )

Inter Corporate Loans - Others 2,316.91 4,155.92

( Repayment terms stipulated with moratorium of 3 Years )

12,626.91 14,155.92

14 OTHER NON-CURRENT ASSETS

Security Deposits 245.91 202.25
Preliminery Expenses 0.14 0.14
(to the extent not written off or adjusted)

246.05 202.38

15 INVENTORIES

a F&B Stock 518.66 291.71

b Stores and Operating Supplies 1,330.05 1,211.80

1,848.71 1,503.51
 MAYFAIR HOTELS & RESORTS LIMITED

Notes on Consolidated Financial Statements (Rs. In Lakhs)

2023 2022
₹ ₹
16 TRADE RECEIVABLES

i) Undisputed Trade receivables-Considered good

a.) Less than 6 months 1,369.20 782.70

b.) 6 months -1year 50.76 74.32
c.) 1-2 years 80.58 53.07
d.) 2-3 years 30.87 24.74
e.) More than 3 years 69.68 55.38
1,601.11 990.20
ii) Undisputed Trade receivables-Considered doubtful

a.) Less than 6 months - -

b.) 6 months -1year - -
c.) 1-2 years 54.41 -
d.) 2-3 years - -
e.) More than 3 years 166.47 61.15
164.73 112.77
Less provision for doubtful debt 220.88 173.93
- -
iii) Disputed Trade receivables-Considered good

a.) Less than 6 months - -

b.) 6 months -1year - -
c.) 1-2 years - -
d.) 2-3 years - -
e.) More than 3 years 8.38 8.38

iv) Disputed Trade receivables-Considered doubtful

a.) Less than 6 months - -

b.) 6 months -1year - -
c.) 1-2 years - -
d.) 2-3 years - -
e.) More than 3 years 3.08 3.08

1,612.57 1,001.66

17 CASH & CASH EQUIVALENTS

Cash on Hand 88.24 48.00

Balance with Scheduled Banks :

a In Current Accounts 425.16 475.88
b In Fixed Deposit Accounts 133.82 128.92
c Interest Accrued on Fixed Deposits 4.55 2.13

651.76 654.93

1 Fixed deposits of Rs. 133.82 lakhs ( P.Y. : Rs. 128.92 lakh ) are pledged with different Govt authorities.
2 Fixed deposit amounting to Rs. 33.56 lakh are due for maturity within 12 month.
 MAYFAIR HOTELS & RESORTS LIMITED

Notes on Consolidated Financial Statements (Rs. In Lakhs)

2023 2022
₹ ₹
18 SHORT TERM LOANS & ADVANCES
(Unsecured, Considered Good)

Others Loans & Advances

i Capital Advances 2,437.28 1,735.64

ii Carried Forward MAT Credit 1,176.50 1,498.74

iii Advance to Employees 155.16 102.04

iv Prepaid Expenses 359.84 280.62

v Balance with Statutory Authorities 1,985.33 933.18

vi Others 4,738.80 5,078.33

10,852.91 9,628.56

19 REVENUE FROM OPERATIONS

a Sale of Products 22,683.28 13,665.86

b Sale of Services 19,273.91 13,814.32

c Other Operating Revenue 1,277.36 513.33

43,234.55 27,993.50

20 OTHER INCOME
a Interest Income 1,305.41 1,413.89
b Non Operating Income 75.99 68.88

1,381.39 1,482.78

21 COST OF RAW MATERIALS CONSUMED

a Opening Stock 291.71 247.10
b Add:Purchases 5,074.22 3,366.74
5,365.93 3,613.83

c Less: Closing Stock 416.59 291.71

4,949.34 3,322.12

22 PURCHASE OF TRADED GOODS

Traded Goods - -

- -
 MAYFAIR HOTELS & RESORTS LIMITED

Notes on Consolidated Financial Statements (Rs. In Lakhs)

2023 2022
₹ ₹
23 (INCREASE) / DECREASE IN INVENTORIES OF TRADED GOODS

Inventories at the end of the year 102.07 -

Inventories at the beginning of the year 30.94 -

(71.13) -

24 EMPLOYEE BENEFITS EXPENSE

a Salary, Wages and Bonus 7,870.46 5,306.23

b Contribution to Provident and other Fund 360.63 277.25

c Gratuity Expenses 191.88 -

d Staff Welfare Expenses 1,157.34 949.35

9,580.31 6,532.83

25 FINANCE COST

a Interest Expenses 3,830.17 4,060.44

b Bank Charges 261.15 157.54

4,091.32 4,217.97

26 OTHER EXPENSES

Operating Expenses

a Room Maintenance Cost 1,137.23 889.50

b Spa Cost 62.95 45.37

c F & B other Cost 1,752.68 928.92

d Fuel & Energy cost 2,498.99 1,966.56

e Lease Rent 2,743.00 2,574.00

f Repairs to
i Building 2,700.36 581.94
ii Plant & Equipment 708.70 471.02
iii Others 583.07 354.56

12,186.99 7,811.86
 MAYFAIR HOTELS & RESORTS LIMITED

Notes on Consolidated Financial Statements (Rs. In Lakhs)

2023 2022
₹ ₹
Establishment Expenses

a Travelling & Conveyance 314.40 196.27

b Telephone Expenses 38.16 44.26
c Printing & Stationery 81.51 67.23
d Rent 160.91 164.07
e Rates & Taxes 26.37 27.46
f Internal Audit Fee 92.40 67.70
g Payment to Auditor : -
i As Audit Fees 66.12
h Insurance Charges 72.95 84.08
i Loss on sale of Fixed Asset 18.41 11.02
j Loss on sale of Investment 419.33 -
k Security Service Charges 51.39 45.72
l Directors Sitting Fees 16.10 9.70
m CSR Expenses 3.35 6.36
n Lease Rent 53.56 47.61
o Misc.Expenses 711.55 1,083.05

2,126.51 1,854.52

Selling & Distribution Expenses

a Selling Expenses 306.73 213.20
c Advertisement & Publicity 24.89 15.71
d Bad Debts written off 5.35 2.21
e Provision for doubtful debts 54.41 -
f Commission on Sale 444.73 327.62

g GST/VAT/Service Tax - -
836.11 558.74

15,149.62 10,225.12
 MAYFAIR HOTELS & RESORTS LIMITED

Notes on Consolidated Financial Statements (Rs. In Lakhs)

2023 2022
₹ ₹

27 EARNING PER SHARE

The following reflects the profit and share data used in the basic and diluted EPS computations:

Net Profit after tax as per Statement of

Profit and Loss attributable to Equity Shareholders 5,490.48 1,192.91

Weighted Average number of equity shares used

as denominator for calculating EPS 159.63 159.63

Basic and Diluted Earning Per Share 34.39 7.47

Face Value per Equity Share 10.00 10.00

In No. In No.
Weighted average number of equity shares in calculating
basic/diluted EPS 159.63 159.63

Basic/Diluted EPS (₹) 34.39 7.47

 Notes on Consolidated Financial Statements

28. Liabilities of contingent nature not provided for in the books of account

i) Claims against the company pending Appellate Decisions not acknowledged as debt

a) Demand on assessment of VAT of Rs. 13.37 lacs including Interest of Rs. 7.98 lacs for the
financial year 2012-13 and 2013-14.

ii) Guarantees

a) Estimated liability on account of Bank Guarantees is Rs.215.68 lacs ( P.Y. Rs.187.29 lacs).

29. The Company has used the borrowings from Banks and Financial Institutions for the specific purpose for
which it was taken during the year.

30. All of the Title Deed of Immovable property are held in the name of company except the following.

Name of the Description of property Area Gross Held in Whether Perio Reason for
Company/St carrying the promoter d held not held in
atus cost name , director the name of
of or their the
( Rs in
relative company
lacs)
or
employee

Mayfair Plot No: 63(Pt), 64(Pt) Ac3.005 150.25 Govt No 23 Awaiting

Khata No. 1427 Dec
Hotels and of years forest
Jaydev Vihar Bhubaneswar
Resorts Odisha diversion
Limited Plot No: 284(Pt) Ac0.232 11.60 clearance
Khata No. 1427 Dec for signing
(Holding
Jaydev Vihar Bhubaneswar of lease
Company)
deed

31. The Company has not revalued its Property, Plant and Equipment during the year as defined under Rule 2 of
the Companies (Registered Valuers and Valuation) Rules, 2017.

32. Details of Loans or advances in the nature of loans are granted to promoter, director, KMPs and the related
parties that are repayable on demand or without specifying any terms or period of repayment.

Name of the Parties Type of Borrower Amount of loan or advance % to the total loans and
in the nature of loan advances in the nature of
outstanding loans

NIL
33. Capital Work In progress (CWIP)

a. Ageing schedule of Capital-work-in progress (CWIP)

(Rs. In Lacs)

CWIP Amount in CWIP for a period of Total

Less than 1 1-2 years 2-3 years More than 3
year years

Projects in 5537.46 1329.09 - - 6866.55*

progress

*1. The above does not include capital stock of Rs.157.65 lacs held at corporate office to be issued
for different units.

2. The above does not include Rs.58.26 lacs pre-operative expenses at Chilika & Sanctuary Land on
which there are a proposal to build a hotel in future.

34. There is no Intangible Asset under development.

35. There have been no proceedings initiated or pending against the company for holding any Benami Property
under the Benami Transaction (Prohibition) Act, 1988.

36. The company is not declared willful defaulter by any banks or financial institution or other lender.

37. Details of transaction with Struck off companies:

Name of struck off Nature of transactions with Balance outstanding Relationship with
Company struck-off Company the Struck off company, if any,
to be disclosed

NIL

38. All the charges or satisfaction where applicable have been registered with the Registrar of Companies (ROC)
within stipulated statutory period.

39. Company has complied to number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017.
40. The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other source or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries).

The company has not received any fund from any person(s) or entity (ies), including foreign entities
(Funding Party) (Intermediaries).

41. The company has neither disclosed and unrecorded transactions nor disclosed any undisclosed income
during the year.

42. Disclosure of Corporate Social Responsibility (CSR)

(Rs. In Lacs)

Sl. No. Particulars Amount

1 Amount required to be spend during FY 2022-23 2.59

2 Amount of expenditure incurred for FY 2022-23 3.35
3 Shortfall at end of the year Nil
4 Total of previous years shortfall Nil
5 Reason of shortfall Not Applicable
6 Nature of CSR activities Contribution to Forest Department
Raipur for Tree Plantation.
7 Details of Related party transactions Nil
8 Movement in the provision with respect to a liability Nil
incurred by entering into a contractual obligation during
the year

43. The company has not traded or invested in Crypto Currency or Virtual Currency during the Financial Year.

44. Traded goods, Raw Materials & Consumables are purchased indigenously.

45. The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act,
2006 has been determined to the extent such parties have been identified on the basis of information
available with the company in this regard. The disclosures relating to Micro and Small Enterprises as at 31 st
March are as under :
(Rs. in Lacs)
Particulars 2023 2022

Principal Interest Principal Interest

Principal amount and the interest due 49.51 Nil 29.18 Nil
there on remaining unpaid to any supplier
as at the end of each accounting year.

(The company has no dues outstanding against MSME creditors exceeding 45 days)
46. Balances of Trade Receivables and Other Recoverable shown under ‘Current Assets’ and Trade and Other
Payables shown under ‘Current Liabilities’, include balances subject to confirmation/reconciliation and
consequential adjustment, if any. Reconciliations are carried out on a continuous basis.

47. a) CIF value of imports:

The CIF Value of Imports for the period ending on 31st March, is as follows.

(Rs. In lacs)
Particulars 2022-23 2021-22

Capital goods & Consumables 96.80 Nil

b) Earnings in Foreign Exchange:

The Earnings in Foreign Exchange for the year ending on 31st March, is as follows.
(Rs. In lacs)

Particulars 2022-23 2021-22

Sale of Rooms / F & B Income 785.18 432.71

The earnings in Foreign Exchange, as reported in 48 (b) above, are on the basis of actual receipts
during the year.
48. As per Accounting Standard 18 “Related Party Disclosure” notified by the Ministry of Corporate Affairs, the
details of transaction between the company and the related parties are given below.

Name & Nature of Relationship Nature Amount Ref. Schedule

of Transaction (Rs. In lacs)

Dilip Ray Rent 69.60 Other expenses

(Chairman)

Pooja Ray Salary 180.00 Payments & benefits to employees

(Managing Director)
Rent 12.00 Other expenses

Ashta Ray Salary 90.00 Payments & benefits to employees

(Director)

H.K. Ray & Sons (HUF) Rent 18.00 Other expenses

Chairman is the Karta

Sanjana Ray Salary 90.00 Payments & benefits to employees

(Director in Subsidiary Company)

Jayant Ray Salary 45.00 Payments & benefits to employees

(Director in Associate Company)

Alliya Khan Salary 45.00 Payments & benefits to employees

(Daughter-in-law of Chairman)
Ranjeeta Mohapatra
Salary 19.20 Payments & benefits to employees
(Sister of Chairman)
CA Manoj Gouda Salary 65.78 Payments & benefits to employees
Whole time Director & CFO

Rashmita Gouda Car Hiring Charges 22.20 Other expenses

Wife of Whole time Director & CFO

Sujata Sarkar Salary 12.54 Payments & benefits to employees

Company Secretary

B R Sponge & Power Ltd Loan 285.30 Longterm Borrowing

(Shareholder) Interest 23.75 Finance cost

 List of Key Managerial Personnel

Sl. No. Name of Key Managerial Personnel Relation

1. Dilip Ray Chairman
2. Pooja Ray Managing Director
3. Astha Ray Whole-time Director
4. Jayant Ray Whole-time Director in Associate Company
5 Sanjana Ray Whole-time Director in Subsidiary Company

6. CA Manoj Kumar Gouda Whole-time Director & CFO

7. CS Sujata Sarkar Company Secretary

49. The company operates only one segment i.e. (Hotels & Restaurants), Hence disclosure of “Segment
Reporting” under Accounting Standard – 17 is not required.

50. Property, Plant and Equipment at gross carrying cost includes Rs.5156.83 Lakhs Installed/ available at three
Units not owned by the Company and are under operational management.

51. Figures except number of shares and where otherwise stated have been rounded off to nearest rupees in
lakhs.

52. Previous year figures have been rearranged and regrouped wherever considered necessary.

As per our separate report of even date. For and on behalf of the Board

FOR P.A. & Associates ( Dilip Ray ) ( Pooja Ray )

Chartered Accountants Chairman Managing Director
FRN : 313085E DIN-00937564 DIN-02945569

( Prashant Panda ) ( CA. M. K. Gouda ) ( CS. Sujata Sarkar )

Partner Whole-time Director & CFO Company Secretary
M.No. 051092 DIN-03208696 M.No.F10519

Place : Bhubaneswar
Dated : The 24th day of June, 2023