EIH : 2024

EIH HOLDINGS LTD

BOARD

Mr. Prithviraj Singh Oberoi (Resigned 15 March 2023) Mr. Deepak Madhok (Resigned 30 March 2023)

Mr. Pathmanaban Selvadurai (Resigned 30 March 2023) Mr. Kallol Kundu (Appointed 30 March 2023)

Mr. Rajaraman Shankar (Appointed 30 March 2023)

AUDITORS

Ernst & Young

Ernst & Young Building

121, King William Street

Adelaide SA 5000

Australia

REGISTERED OFFICE

Commerce House

Romasco Place, Wickhams Cay 1,

Road Town, Tortola,

British Virgin Islands

Directors' Report

DIRECTORS

The directors have pleasure in submitting the Statement of Financial Position of EIH Holdings Ltd (the 'Company') as at 31 March 2024, and the related statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended and report as follows:

The names of the directors in office at the date of this report are:

Kallol Kundu

Rajaraman Shankar

The Directors were in office for the entire year unless otherwise stated.

PRINCIPAL ACTIVITY

The principal activity of the Company during the course of the year was investment and operational management of hotels.

RESULT

The net profit for the year was $10,629,886 (2023: loss of $13,157,499) after provision for income tax expense of $341,012 (2023: $172,810).

EVENTS AFTER THE BALANCE DATE

No material matters or circumstances have arisen since the end of the year that requires disclosure in the financial statements.

ENVIRONMENTAL REGULATIONS AND

PERFORMANCE

The Company's operations are not regulated by any significant environmental regulation.

SIGNIFICANT CHANGES IN STATE OF AFFAIRS

There are no significant changes in state of affairs.

The results of the Company operations during the period have not, in the opinion of the Directors, been affected by any item, transaction or event of a material or unusual nature.

DIVIDENDS

During the year, no dividend (2023: nil) was declared and paid.

DIRECTORS' REMUNERATION

No director has received or become entitled to receive a benefit, other than benefits disclosed in the financial statements or the fixed salary of a full-time employee of the Company or a related body corporate, by reason of a contract made by the Company or a related body corporate with the director or with a firm of which he is a member, or with a company in which he has a substantial financial interest.

SHARE OPTIONS

No options over issued shares or interests in the company were granted during or since the end of the year and there were no options outstanding at the date of this report.

AUDITOR'S INDEPENDENCE

A copy of the auditor's independence declaration is attached to this financial report.

This report has been made in accordance with a resolution of directors.

10 May 2024

Kallol Kundu

Director

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Independent Auditor's Report

To the Directors of EIH Holdings Ltd

Opinion

We have audited the financial report of EIH Holdings Ltd (the Company), which comprises the statement of financial position as at 31 March 2024, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration.

In our opinion, the accompanying financial report presents fairly, in all material respects, the financial position of the Company as at 31 March 2024, and its financial performance and its cash flows for the year then ended in accordance with International Accounting Standards.

Basis for Opinion

We conducted our audit in accordance with International Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter - Basis of Accounting and Restriction on Use

Without modifying our opinion, we draw attention to Note 2 to the financial report which describes the basis of accounting. The financial report is prepared to assist the directors of EIH Holdings Ltd to meet their financial reporting requirements. As a result the financial report may not be suitable for another purpose. Our report is intended solely for the members of EIH Holdings Ltd and should not be distributed to parties other than the members

Information Other than the Financial Report and Auditor's Report Thereon

The directors are responsible for the other information. The other information is the directors' report accompanying the financial report.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation and fair presentation of the financial report in accordance with International Accounting Standards and for such internal control as the directors determine is necessary to enable the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 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 the International Auditing Standards 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 this financial report.

As part of an audit in accordance with the International Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•    Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

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• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

•    Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Ernst & Young

Adelaide

10 May, 2024

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191

Statement of Comprehensive Income

For the year ended 31 March, 2024

				Expressed in United States dollars ($)
		Notes	Year ended		Year ended
		31 March, 2024		31 March, 2023
Continuing Operations
Turnover		3		3,695,276		5,536,728
Cost of sales				-		-
Gross profit				3,695,276		5,536,728
Operating Expenses
Administration and general expenses				1,105,906		1,977,616
Project development expenses				42,143		-
Total Operating Expenses				11,480,49		1,977,616
Other Income/(Expense)
Other income/(expense)				(8,769)		(92,535)
Provision for impairment of receivables		8		400,000		(4,412,038)
Provision for impairment of investments		7		8,032,440		(12,039,228)
Total Other Income/(Expense)				8,423,671		(16,543,801)
Profit/(loss) before taxation		4		10,970,898		(12,984,689)
Taxation		5		(341,012)		(172,810)
Profit/(loss)after taxation				10,629,886		(13,157,499)
Other comprehensive income
Other comprehensive income				-		-
Total comprehensive income/(loss)				10,629,886		(13,157,499)

The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

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Statement of Financial Position

As at 31 March, 2024

					Expressed in United States dollars ($)
		Notes	As at		As at
		31 March, 2024		31 March, 2023
Non-Current Assets
Investments		7			42,889,547		32,591,871
Amount due from related parties		8			2,885,566		2,885,566
					45,775,113		35,477,437
Current Assets
Cash and cash equivalents		9			4,293,463		1,183,390
Receivables		10			847,450		3,060,965
Total Current Assets					5,140,913		4,244,355
Total Assets					50,916,026		39,721,792
Current Liabilities
Payables		11			477,858		119,263
Amount due to related parties		8			38,770		-
Provision for taxation					166,983		-
Total Current Liabilities					683,611		119,263
Total Liabilities				683,611		119,263
Total Net Assets					50,232,415		39,602,529
					-		-
Equity
Share Capital		12			47,085,714		47,085,714
Retained Earnings					3,146,701		(7,483,185)
Total Equity					50,232,415		39,602,529

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

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Statement of Changes in Equity

For the year ended 31 March, 2024

						Expressed in United States dollars ($)
		Note		Share Capital	Retained Earnings		Total Equity
As at 1 April, 2023	12	47,085,714	(7,483,185)		39,602,529
Income for the year				-		10,629,886	10,629,886
Other Comprehensive income/(loss)				-		-	-
Issue of capital				-		-	-
Dividend paid				-		-	-
As at 31 March, 2024		12		47,085,714		3,146,701	50,232,415
As at 1 April, 2022	12	47,085,714	5,674,314	52,760,028
Income for the year				-		(13,157,499)	(13,157,499)
Other Comprehensive income/(loss)				-		-	-
Issue of capital				-		-	-
Dividend paid				-		-	-
As at 31 March 2023		12		47,085,714		(7,483,185)		39,602,529

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

194

Statement of Cash Flows

For the year ended 31 March, 2024

		Expressed in United States dollars ($)
		Year ended		Year ended
		31 March, 2024		31 March, 2023
Cash flows from operating activities
Profit/(loss) before taxation		10,970,898		(12,984,689)
Adjustment for:
Interest income		(27,207)		-
Dividend income		(56,958)		(73,315)
Impairment of Receivables		(400,000)		4,412,038
Impairment of Investments		(8,032,440)		12,039,228
Other				92,535
(Increase)/Decrease in assets:
Decrease/(increase) in receivables		2,363,515		284,409
		-		-
(Decrease)/Increase in liabilities:
(Decrease)/increase in payables		564,348		(42,978)
Cash generated from operations		5,382,156		3,727,228
Tax paid		(341,012)		(172,810)
Net cash flows from operating activities		5,041,144		3,554,418
Cash flows from investing activities
Dividends paid		-		-
Dividend income		56,958		73,315
Increase in investments		(2,265,236)		-
Interest received		27,207		(140,129)
Advances to related parties		-		-
Net cash flows from/(used by) investing activities		(2,181,071)		(66,814)
Cash flows from financing activities
Payments on loans provided to related parties		-		-
Issue of share capital		-		-
Loan received from related parties		-		-
Repayment of related party borrowings		250,000		(2,500,000)
Net cash flows used by financing activities		250,000		(2,500,000)
Net increase (decrease) in cash and cash equivalents	3,110,073	987,606
Cash and cash equivalents at beginning of year		1,183,390		195,784
Effect of exchange rate changes on cash balances		-		-
Cash and cash equivalents at end of year (Note 9)		4,293,463		1,183,390

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

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Notes to the Financial Statements

For the year ended 31 March, 2024

1. Corporate information
   The financial report of EIH Holdings Ltd (the "Company") for the year ended 31 March 2024 was authorised for issue on 10 May 2024.
   EIH Holdings Ltd is a company limited by shares and incorporated in British Virgin Island. The principal activity of the Company during the course of the year was investment and management.
   The immediate holding company is EIH International Ltd, and the ultimate parent of the Company is EIH Limited, a company incorporated in India.
2. Summary of Material Accounting Policy Information
3. 1. Basis of Preparation
      The financial report has been prepared in accordance with the requirements of International Financial Reporting Standards ('IFRS'), except as outlined below.
      The financial report has also been prepared on a historical cost basis.
      The financial report is presented in United States dollars and all values are rounded to the nearest dollars unless otherwise stated.
   2. Compliance with IFRS
      The financial report complies with International Financial Reporting Standards as issued by the International Accounting Standards Board, with the following exceptions:
   3. • IFRS 10 "Consolidated Financial Statements", as consolidated financial statements have not been prepared.
      • IFRS 9 "Financial Instruments" on the basis the company carries its unlisted equity investments at cost less any impairment loss.
   4. Changes in accounting policies and disclosures
      Accounting standards issued in the current period or those issued but not yet effective have been considered by management and are not expected to have a material impact on the business.
      Remaining accounting policies adopted are consistent with those of the previous financial year.
   5. Foreign Currencies Translation
      Transactions in foreign currency are initially recorded in the functional currency by applying the exchange rates ruling at the date of the

transaction. Monetary assets and liabilities in foreign currencies are translated into United States dollars at the exchange rates ruling at the balance date.

Non-monetary items measured at fair value in a foreign currency in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction. Non- monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

Exchange gains and losses on foreign currency translation are dealt with in the Statement of Comprehensive Income account.

1. Cash and Cash Equivalents
   Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
2. Receivables
   Receivables, which generally have 30-60 day terms, are recognised initially at fair value and subsequently measured at amortised cost.
3. Investments
   As outlined in Note 2 (b), the Company's unlisted equity investments are recorded at cost on acquisition less any permanent diminution in value as there is no quoted market price in an active market the fair value cannot be reliably measured. The Company does not intend to dispose its investment in the near future.
4. Investments in associates and joint ventures
   An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.
   A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

196