Notes to Accounts of Sheraton Properties & Finance Ltd.

Mar 31, 2024

(f) Provisions

A provision is recognized when the Company has a present obligation Legal or Constructive that is reasonably estimated and it is probable that an outflow
of economic benefits will be required to settle the obligation. These estimates are reviewed at each Balance Sheet date and adjusted to reflect the current
best estimates.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific
to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

(g) Earnings per Share

Basic earnings per share are calculated by dividing the net profit/ loss for the year attributable to equity shareholders by the weighted average number of
equity shares outstanding during the year

For the purpose of calculating diluted earnings per share, the net profit for the year attributable to equity shareholders and the weighted average number
of shares outstanding during the year are adjusted for the effects of diluted potential equity shares, if any.

(h) Employee Benefits

Employee benefits are provided in the books in the following manner:

The liability for encashment of Gratuity and earned leave has been provided as per actual entitlements.

(i) Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or
more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow
of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial
statements.

(j) Financial Instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instruments.

Financial Assets

Initial recognition and measurement:

All financial assets are initially recognised at fair value. Transaction costs of acquisition of financial assets carried at Fair value through profit or loss are
expensed in the Statement of profit and loss. Financial assets are classified, at initial recognition and subsequent measurements ,as financial assets at fair
value or as financial assets measured at amortised cost.

A financial asset is measured at amortised cost less impairment, if the objective of the company''s business model is to hold the financial asset to collect the
contractual cash flows.

Impairment of financial assets:

The company assesses on a forward basis the expected credit losses associated with its financial assets carried at amortised cost. For trade receivables , the
company applies the simplified approach permitted by Ind AS 109 Financial instruments, which requires expected credit losses to be recognised from initial

recognition of the receivables.

Derecognistion:

The company derecognises a financial asset only when the contractual rights to the cash flows from the asset expires or it transfers the financial asset and
substantially all the risks and rewards of ownership of the asset.

Financial liabilities

Initial recognition and measurement

All financial liabilities are recognized initially at fair value . The company''s financial liabilities include trade and other payables.

Financial liabilities are classified as ''Financial liabilities at fair value through profit or loss'' if they are held for trading or if they are designated as financial
liabilities upon initial recognition at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose
of repurchasing in the near term.

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange
or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognized in the statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offsetted and the net amount is reported in the balance sheet if there is a currently enforceable legal right to
offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

(k) Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place
either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be
accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming
that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic

benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred
between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole)
at the end of each reporting year.

(l) Recent Accounting Pronouncements

Ministry of Corporate Affairs ("MCA") has notified the following new amendments to Ind AS which the Company has applied as they are effective for annual
periods beginning on or after April 1, 2023.

(i) Amendment to Ind AS 1 "Presentation of Financial Instruments"

The amendments require companies to disclose their material accounting policies rather than their significant accounting policies. Accounting policy
information is material if, together with other information can reasonably be expected to influence decisions of primary users of general purpose financial
statements. The amendment does not have any significant impact on the company.

(ii) Amendment to Ind AS 12 "Income Taxes"

The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The amendments
narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer applies to transactions
that, on initial recognition, give rise to equal taxable and deductible temporary differences. The amendment does not have any significant impact on the
company..

(iii) Amendment to Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors"

The amendments will help entities to distinguish between accounting policies and accounting estimates. The definition of a change in accounting estimates
has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are "monetary amounts in financial
statements that are subject to measurement uncertainty". Entities use measurement techniques and inputs to develop accounting estimates if accounting
policies require items in financial statements to be measured in a way that involves measurement uncertainty. The amendment does not have any
significant impact on the company.

3 Use of Judgment''s, Estimates and Assumptions

The preparation of the Company''s financial statements requires management to make judgments, estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities and the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future
periods. Difference between actual results and estimates are recognised in the periods in which the results are known / materialise. The estimates and
associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances existing
when the financial statements were prepared. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting
estimates is recognised in the year in which the estimates are revised .

29 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 company. The primary objective ofthe company''s capital management is to maximise the shareholder valueand to safeguardthe companies ability to
remain as a going concern.

The company manages its capital structure and makes adjustments to it, in light of changes in economic conditions and the requirements ofthe financial covenants.
To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The
current capital structure of the company is equity based with no financing through borrowings. The company is not subject any externally imposed capital
requirement.

No changes were made in the objectives, policies or processes during the year ended 31st March, 2024 and 31st March, 2023 respectively.

30.4 Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The
Company is exposed to credit risk primarily from trade receivables, cash and cash equivalents, and financial assets measured at amortised cost.

A Cash and cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits and
accounts in different banks across the country.

B Other financial assets measured at amortised cost

Other financial assets measured at amortised cost includes loans and advances, security deposits and others. Credit risk related to these other financial
assets is managed by monitoring the recoverability of such amounts continuously and is based on the credit worthiness of those parties.

30.5 Liquidity risk is the risk that the company will not be able to meet its financial obligation as they fall due. Liquidity risk arises because of the possibility
that the company could be required to pay its liabilities earlier than expected. Liquidity risk is managed by monitoring on a regular basis that sufficient
funds are available to meet any future commitments. The company manages its liquidity risk by maintaining sufficient bank balance .

As on 31st March, 2024, the company''s financial liabilities of? 1.18 Lakhs (31st March, 2023 ? 0.88 Lakhs) are all current and due in the next financial
year.

34 Additional regulatory information required by Schedule III of Companies Act,2013

34.1 Details of Benami property:

No proceeding have been initiated or are pending against the Company for holding any Benami property under the Benami Transaction (Prohibition)
Act,1988 (45 of 1988) and the rules made thereunder.

34.2 Utilisation of borrowed funds and share premium:

The Company has not advanced or loaned or invested funds to any other person (s) or entity (ies), including foreign entities (Intermediaries) with

(a)

the understanding that the Intermediary shall:

i) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate
Beneficiaries) or

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

The Company has not received any fund from any person (s) or entity (ies), including foreign entities (Funding Party) with the understanding

(b)

(whether recorded in writing or otherwise) that the Company shall:

i) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate
Beneficiaries) or

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

34.3 Compliance with number of layers of companies:

The Company has complied with the number of layers prescribed under the Companies Act,2013.

34.4 Compliance with approved scheme (s) of arrangements:

The Company has not entered into any scheme or arrangement which has an accounting impact on current or previous year.

34.5 Undisclosed income:

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that
has not been recorded in the books of account.

34.6 Details of crypto currency or virtual currency:

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

34.7 Valuation of Property, Plant and Equipment:

The Company does not have any Plant & Machinery , hence the question of revaluation during the current or previous year does not arise.

34.8 Willful Defaulter:

The Company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof
or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.

34.9 Details of Transaction with Struck of Companies:

There are no Transactions with Struck of Companies during the Current and Previous Year.

35 The previous year figures have been regrouped/ reclassified, wherever necessary to confirm to the current year presentation.

SIGNATORIES TO SCHEDULES "1 TO 35"

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

For and on behalf of
B L Dasharda & Associates

Chartered Accountants B.M.Bhansali Jayesh B.Bhansali

F.R.No: 112615W Director Director

Sushant Mehta Alpesh Patel Vijay Thakur

Partner Chief Financial Officer Company Secretary

M. No. 112489

Parag Trivedi
Chief Executive Officer

Place: Mumbai Place: Mumbai

Dated : 21st May ,2024 Dated : 21st May ,2024

UDIN NO:

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Mar 31, 2014

COMPANY INFORMATION:

Sheraton Properties & Finance Limited (''The Company) is a public limited company domiciled in India.

2 Contingent Liabilities are not provided form the accounts. The details of contingent liabilities are as follows:

As at 31/03/2014 As at 31/03/2013 (Rs.. in Lacs) {Rs.. in Lacs)

Income lax Liability including Interest (up to the last notice of Demand recieved) due for the A.Y. J 990-91 163.32 163.32

(The appeal is punding before Higher authority. the Company has deposited Rs.. 1.24,83,600/- towards said demands. The Company has not acknowledged the liability as debt.)

3) There are no employees during the year hence the company has not provided for the employees liability as required by AS-15 revised 2005 "Limpioycc Benefits".

4) Segment reporting in accordance with Accounting Standards is not applicable to Company.

5) Related Party Disclosure:

As per Accounting Standard of issued b> the Institute of Chartered Accountant of India the Company''s related parties and transaction are disclosed below-

(i) List of realted parties there control exists and related parties with whom transactions have taken place and relationships;

6) Previous year figures are rearranged/ regrouped wherever necessary

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Mar 31, 2013

1) Deferred Taxation :

a. In the absence of block of assets no provision for deferred tax has been made as required by the Accounting Standard - 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

b. Provision for Current Year Income Tax if any has been made in the accounts for the financial year as per Income Tax Act 1961.

2) Contingent Liabilities are not provided for in the accounts. The details of contingent liabilities are as follows:

(The appeal is pending before Higher authority. The Company has deposited Rs. 1,24,83,600/- towards said demands. The Company has not acknowledged the liability as debt)

3) There are no employees during the year hence the company has not provided for the employees liability as required by AS-15 revised 2005 "Employee Benefits".

4) Segment reporting in accordance with Accounting Standards 17 is not applicable to Company.

5) Previous year figures are rearranged/ regrouped wherever necessary.

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Mar 31, 2012

1.1 Terms / rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs 10/- per share . Each equity shareholder is entitled to one vote per share. The company declars and pays dividend in Indian rupees.

The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General meeting.

2) Deferred Taxation :

a. In the absence of block of assets no provision for deferred tax has been made as required by the Accounting Standard - 22 'Accounting for Taxes on Income' issued by the Institute of Chartered Accountants of India.

b. Provision for Current Year Income Tax if any has been made in the accounts for the financial year as per Income Tax Act 1961.

3) Contingent Liabilities are not provided for in the accounts:

As at 31/03/2011 As at 31/03/2010 (RS in Lacs) (RS in Lacs)

Income Tax Liability including Interest (up . to the last notice of Demand recieved) due for the A. Y. 1990-91 163.32 163.32

(The appeal is pending before Higher authority. The Company has deposited Rs. 1,24,93,600/- towards said demands. The Company has not acknowledged the liability as debt.)

4) There are no employees during the year hence the company has not provided for the employees liability as required by AS-15 revised 2005 '`Employee Benefits”.

5) Segment reporting in accordance with Accounting Standards 17 is not applicable to Company.

6) Previous year figures are rearranged/regrouped wherever necessary.

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Mar 31, 2011

1) Contingent Liabilities are not provided for in the accounts:

As at 31/03/2011 As at 31/03/2010 (RS in Lacs) ( RS in Lacs)

Income Tax Liability including Interest (up to the last notice of Demand received) due for the A.Y. 1990-91 Rs. 163.32 Rs. 163.32

(The appeal is pending before Higher authority. The Company has deposited Rs.1.24,3 3,600/- towards said demands. The Company has not acknowledged the liability as debt.)

2) The Earning Per Share is Rs.(0.044).

3) There are no employees during the year hence the company has not provided for the employees liability as required by AS-15 revised 2005 "Employee Benefits".

4) Segment reporting in accordance with Accounting Standards 17 is not applicable to Company.

5) Additional information required under part II of the schedule VI of the Companies Act, 1956 are either NIL or NOT APPLICABLE to the Company.

6) Other information required under Part IV of the Schedule VI of the Companies Act, 1956 is enclosed as Annexure.

7) Previous year figures are rearranged/regrouped wherever necessary.

8) Signatures of Schedule 'A' to" P.