Saj Hotels Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2025

2.1 Terms/Rights attached to the equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company''s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder is in proportion to its paid-up equity capital of the Company. Each holder of equity share is entitled to one vote per share.

2.4 Shares reserved for issue under option

The Company has not granted any options in any of the years covered above.

2.5 Pursuant to resolution passed in Extra-ordinary General Meeting of members dated 1st September, 2023, the Company has split the face value of the equity shares in the ratio 1:10 i.e face value of shares from INR 100 to INR 10 per share.

Pursuant to resolution passed in Extra-ordinary General Meeting of members dated 5th September, 2023, the authorized share capital of the Company has been increased from INR 10,00,00,000 (Rupess Ten Crore only) to INR 20,00,00,000 (Rupees Twenty Crore only).

2.6 The Board of directors and shareholders of the company at their meeting held on October 2, 2023, and October 5, 2023 respectively, have approved capitalization of the free reserves of the company for issuance of four bonus share for every one fully paid equity shares having face value of INR 10 per share.

2.7 The Company had completed an Initial Public Offer (IPO) of 42,50,000 equity shares of face value of Rs. 10 each at an issue price of Rs. 65 per share (including a share premium of Rs. 55 per Equity Share) consisting of a fresh issue of 42,50,000 equity shares aggregating to Rs. 2,762.50 Lakhs. The equity shares of the Company was listed on Emerge platform of National Stock Exchange of India Limited ("NSE Emerge") w.e.f. October 07, 2024.

During the allotment process, 10,000 equity shares were not allotted to certain eligible shareholders due to a technical glitch at the end of the Registrar and Share Transfer Agent (RTA) of the Company. The issue has been identified and acknowledged by the RTA, and corrective measures

2.8 are currently being undertaken to ensure allotment of the said shares in accordance with applicable regulatory procedures. The Company is closely coordinating with the RTA and relevant authorities to resolve the matter at the earliest. Hence, the company is yet to realize issue proceedings in relation to the captioned 10,000 equity shares.

(a) The Company has adopted revaluation model for its Land & Hotel Building block. During previous year(s), Land & Building of the the company were revalued based on the valuation report. The revaluation report obtained by the company is not from the registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017.

(b) As per the Company''s accounting policy, the Company was required to carry out revaluation ofits land and building as the Company had opted for revaluation model of accounting. The Company had obtained a valuation report in previous year(s), wherein the market value as per the report was substantially different than the book value of the land and building. However, there was an inadvertent omission on behalf of the Company to give its effect in the financial statements. The same had been effected in the financials.

(c) This error pertains to incorrect application of Company''s accounting policy pertaining to treatment of revaluation surplus on depreciation on revalued portion of Company’s buildings. Earlier, the Company had erreneously routed the depreciation on revalued portion through profit and loss, rather than directly transferring the said amount to reserves & surplus. Also, the amount of such depreciation was incorrect. The same was rectified.

4B Union Bank of India term loan are secured by (loan is sanctioned but yet to be disbursed as on reporting date) -Details of Collateral Security:-

-Registered Mortgage of resort situated at Saj Hotels,Tourist resort survey no 18/2A, Village - Metgutad, Mahabaleshwar- Panchgani Road, Taluka Mahabaleshwar, district Statara, Mahabaleshwar-412806 (Owned by saj hotels limited).

-Registered mortgage ofDuplex Flat no 601, 6th and 7th Floor, Crystal Apartment, Vallabhnagar CHSL, NS Road, No. 03JVPD Scheme, Vile parle, Mumbai: 40056 (Owner Rahul M Timbadia, Amita R TImbadia Parth Timbadia, Almitra Timbadia.)

-Registered Mortgage of Office No 201, 2nd Floor, Navkar Plaza, TPS VI, Bajaj Road , Vile Parle West Mumbai: 400056.

-Registered Mortgage of Resort situated at Gat No:171/2 (p), 173/1A/173/1B/,173/2A/ Village Kranjale, Ward: Junner, District: Pune (Owner: Saj Hotels Limited). -Personal guarantees of all the promoters/directors i.e., Mr.Kartik Maganlal Timbadia,Mr.RahulMaganlal Timbadla,Mr.Parth RahulTimbadia,Mr.KarnaKartik Timbadia, Ms. Arnita R Timbadia, Ms. Almitra P. Timbadla.

- Corporate Gaurantee of La tim metal & industries limited & La tim lifestyle & resort limited.

Rate of Interest:

Term Loan: EBLR 1.20%

CC: EBLR - 0.05%

* The Company has entered into a memorandum of agreement dated 13th April 2018 followed by a supplemental agreement dated 27th July, 2018 and a joint venture agreement of holiday resort cum license ofland dated 1st April, 2023 with existing land owner of for ofits property. The companyhas constructed and is operating a resort on the said land in Pench National Park, Madhya Pradesh. As per the above agreements, the company is desirous to buy the land from the existing owner for a fixed price against which the Company has already given advance as stated above. On account of pending statutory approvals, the said land is still in the name of earlier owner. In order to operate the existing functional resort of the company smoothly, a land license document as above has been entered into with the existing land owner wherein he has given his unfettered right of ingress and egress into and over the said land to the company for a term of 60 years. The said irrevocable license and permission shall automatically stand merged into the ownership of the company upon receiving permission from various statutory authorities granting permission to transfer the said land in favour of the company.

Reason for change more than 25% - 31st March 2025

Current ratio - During the reporting period, The Company had completed an Initial Public Offer (IPO) resulting into increase of current assets during the year.

Debt equity ratio - The company has repaid substantial amount of its short term debt & also due to IPO proceedings.

Debt service coverage ratio - The Debt Service Coverage Ratio has improved, primarily due to improved profitability during the year.

Trade receivable turnover ratio - Decrease due to increase in outstanding receivables during the year.

Trade Payable turnover Ratio - Improved due to increase in outstanding creditors compared to previous year

Net capital turnover ratio - During the reporting period, the Company had completed an Initial Public Offer (IPO) resulting into increase of current assets during the year.

33 Segment Information

As the Company''s business activities fall within single primary business segment, Hospitality / Hotel Business and the Company at present operates in one geopgraphical segment only, accordingly the disclosure requirements of Accounting Standard 17 - Segment Reporting (AS-17) are not applicable.

A. The Company has not carried out any revaluation of Property, Plant and Equipment during the current financial year hence reporting is not applicable. The Company has adopted revaluation model for its Land & Hotel Building block. During previous year(s), Land & Building of the the company were revalued based on the valuation report. The revaluation report earlier obtained by the company was not from the registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017.

B. The company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder

C. As the company does not have any borrowing for the reporting period from banks or financial institutions, there is no requirement to file any statements.

D. The Company does not have any transactions with companies struck off.

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

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

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

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

H. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

I. The Company has not traded or invested in crypto currency or virtual currency during the reporting period.

J. The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act read with the Companies ( Restriction on number of Layers) Rules, 2017.

K. During the reporting period, The Company has completed an Initial Public Offer (IPO) of 42,50,000 equity shares of face value of Rs. 10 each at an issue price of Rs. 65 per share (including a share premium of Rs. 55 per Equity Share) consisting of a fresh issue of 42,50,000 equity shares aggregating to Rs. 2,762.50 Lakhs. The equity shares of the Company was listed on Emerge platform of National Stock Exchange of India Limited ("NSE Emerge") w.e.f. October 07, 2024. Details of utilization of net IPO proceedings are as follows:

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Mar 31, 2023

2.1 Terms/Rights attached to the equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company''s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder is in proportion to its paid-up equity capital of the Company. Each holder of equity share is entitled to one vote per share.

On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company after distribution of all preferential amounts, in proportion to the number of equity shares held.

2.4 Shares reserved for issue under option

The Company has not granted any options in any of the years covered above.

2.5 Pursuant to resolution passed in Extra-ordinary General Meeting of members dated 1st September, 2023, the Company has split the face value of the equity shares in the ratio 1:10 i.e face value of shares from INR 100 to INR 10 per share.

Pursuant to resolution passed in Extra-ordinary General Meeting of members dated 5th September, 2023, the authorized share capital of the Company has been increased from INR 10,00,00,000 (Rupess Ten Crore only) to INR 20,00,00,000 (Rupees Twenty Crore only).

2.6 The Board of directors and shareholders of the company at their meeting held on October 2, 2023, and October 5, 2023 respectively, have approved capitalization of the free reserves of the company for issuance of four bonus share for every one fully paid equity shares having face value of INR 10 per share.

2.7 The Company had completed an Initial Public Offer (IPO) of 42,50,000 equity shares of face value of Rs. 10 each at an issue price of Rs. 65 per share (including a share premium of Rs. 55 per Equity Share) consisting of a fresh issue of 42,50,000 equity shares aggregating to Rs. 2,762.50 Lakhs. The equity shares of the Company was listed on Emerge platform of National Stock Exchange of India Limited ("NSE Emerge") w.e.f. October 07, 2024.

During the allotment process, 10,000 equity shares were not allotted to certain eligible shareholders due to a technical glitch at the end of the Registrar and Share Transfer Agent (RTA) of the Company. The issue has been identified and acknowledged by the RTA, and corrective measures

2.8 are currently being undertaken to ensure allotment of the said shares in accordance with applicable regulatory procedures. The Company is closely coordinating with the RTA and relevant authorities to resolve the matter at the earliest. Hence, the company is yet to realize issue proceedings in relation to the captioned 10,000 equity shares.

(a) The Company has adopted revaluation model for its Land & Hotel Building block. During previous year(s), Land & Building of the the company were revalued based on the valuation report. The revaluation report obtained by the company is not from the registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017.

(b) As per the Company''s accounting policy, the Company was required to carry out revaluation ofits land and building as the Company had opted for revaluation model of accounting. The Company had obtained a valuation report in previous year(s), wherein the market value as per the report was substantially different than the book value of the land and building. However, there was an inadvertent omission on behalf of the Company to give its effect in the financial statements. The same had been effected in the financials.

(c) This error pertains to incorrect application of Company''s accounting policy pertaining to treatment of revaluation surplus on depreciation on revalued portion of Company’s buildings. Earlier, the Company had erreneously routed the depreciation on revalued portion through profit and loss, rather than directly transferring the said amount to reserves & surplus. Also, the amount of such depreciation was incorrect. The same was rectified.

4B Union Bank of India term loan are secured by (loan is sanctioned but yet to be disbursed as on reporting date) -Details of Collateral Security:-

-Registered Mortgage of resort situated at Saj Hotels,Tourist resort survey no 18/2A, Village - Metgutad, Mahabaleshwar- Panchgani Road, Taluka Mahabaleshwar, district Statara, Mahabaleshwar-412806 (Owned by saj hotels limited).

-Registered mortgage ofDuplex Flat no 601, 6th and 7th Floor, Crystal Apartment, Vallabhnagar CHSL, NS Road, No. 03JVPD Scheme, Vile parle, Mumbai: 40056 (Owner Rahul M Timbadia, Amita R TImbadia Parth Timbadia, Almitra Timbadia.)

-Registered Mortgage of Office No 201, 2nd Floor, Navkar Plaza, TPS VI, Bajaj Road , Vile Parle West Mumbai: 400056.

-Registered Mortgage of Resort situated at Gat No:171/2 (p), 173/1A/173/1B/,173/2A/ Village Kranjale, Ward: Junner, District: Pune (Owner: Saj Hotels Limited). -Personal guarantees of all the promoters/directors i.e., Mr.Kartik Maganlal Timbadia,Mr.RahulMaganlal Timbadla,Mr.Parth RahulTimbadia,Mr.KarnaKartik Timbadia, Ms. Arnita R Timbadia, Ms. Almitra P. Timbadla.

- Corporate Gaurantee of La tim metal & industries limited & La tim lifestyle & resort limited.

* The Company has entered into a memorandum of agreement dated 13th April 2018 followed by a supplemental agreement dated 27th July, 2018 and a joint venture agreement of holiday resort cum license ofland dated 1st April, 2023 with existing land owner of for ofits property. The companyhas constructed and is operating a resort on the said land in Pench National Park, Madhya Pradesh. As per the above agreements, the company is desirous to buy the land from the existing owner for a fixed price against which the Company has already given advance as stated above. On account of pending statutory approvals, the said land is still in the name of earlier owner. In order to operate the existing functional resort of the company smoothly, a land license document as above has been entered into with the existing land owner wherein he has given his unfettered right of ingress and egress into and over the said land to the company for a term of 60 years. The said irrevocable license and permission shall automatically stand merged into the ownership of the company upon receiving permission from various statutory authorities granting permission to transfer the said land in favour of the company.

30 Contingent liabilities	As at 31-Mar-25	As at 31-Mar-24
Contingent liabilities in respect of:
Guarantees to bank against credit facilities extended to the group companies *	5,401.10	3,576.01
TDS defaults with respect to delay filing fee, short deduction and interest thereon Other money for which company is contingently liable:	3.82	0.03
In respect of service tax matters pending before authorities	25.21	25.21
Total	5,430.13	3,601.25
* to the extent facilities availed by the group company (including sanctioned amount yet to be disbursed) in which the company is a co-borrower

Reason for change more than 25% - 31st March 2025

Current ratio - During the reporting period, The Company had completed an Initial Public Offer (IPO) resulting into increase of current assets during the year.

Debt equity ratio - The company has repaid substantial amount of its short term debt & also due to IPO proceedings.

Debt service coverage ratio - The Debt Service Coverage Ratio has improved, primarily due to improved profitability during the year.

Trade receivable turnover ratio - Decrease due to increase in outstanding receivables during the year.

Trade Payable turnover Ratio - Improved due to increase in outstanding creditors compared to previous year

Net capital turnover ratio - During the reporting period, the Company had completed an Initial Public Offer (IPO) resulting into increase of current assets during the year.

33 Segment Information

As the Company''s business activities fall within single primary business segment, Hospitality / Hotel Business and the Company at present operates in one geopgraphical segment only, accordingly the disclosure requirements of Accounting Standard 17 - Segment Reporting (AS-17) are not applicable.

A. The Company has not carried out any revaluation of Property, Plant and Equipment during the current financial year hence reporting is not applicable. The Company has adopted revaluation model for its Land & Hotel Building block. During previous year(s), Land & Building of the the company were revalued based on the valuation report. The revaluation report earlier obtained by the company was not from the registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017.

B. The company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder

C. As the company does not have any borrowing for the reporting period from banks or financial institutions, there is no requirement to file any statements.

D. The Company does not have any transactions with companies struck off.

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

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

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

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

H. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

I. The Company has not traded or invested in crypto currency or virtual currency during the reporting period.

J. The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act read with the Companies ( Restriction on number of Layers) Rules, 2017.