Kamat Hotels (India) Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018

1. The above standalone financial results have been reviewed by the Audit Committee and are approved by the Board of Directors al their meeting held on 5th February, 2019. The Statutory auditors have carried out a limited review of the above standalone financial results.

2 The above standalone financial results have been prepared in accordance with guidelines issued by Securities and Exchange Board of India ('SEBI') and the Indian Accounting Standards [Ind AS] prescribed under section 133 of the Companies Act, 2013, including Ind AS 115 "Revenue from Contract with Customers" effective 1st April 2018.Statement of unaudited standalone financial results for the quarter and nine months ended 31st December, 2018

3. Breakup of exceptional items (net) included in above standalone financial results is as tabulated below:For Table, kindly refer Corporate Announcements on www.bseindia.com.

4. As per standalone financial results, Company's accumulated losses as at 31st December, 2018 are in excess of its paid up capital & other equity and its current liabilities exceed the current assets as on that date. Further, in respect of loans, there are delays in repayment of principal and overdue instalments as at 31st December, 2018. In the opinion of the management, considering the Future business prospects and the fact that the fair values of the assets of the Company are significantly higher than the borrowings/debts, these standalone financial results have. been prepared on a going concern basis which contemplates realisation of assets and settlement of liabilities in the normal course of Company's business. Further, management is also evaluating options for arranging/ infusing additional funds in the Company. The statutory auditors have drawn reference of above matter in their limited review report on the standalone financial results for the quarter
ended 31st December, 2018. Further, reference was also drawn by the auditors in their limited review report for the quarter ended September 2018, June 2018,
quarter and year ended 31st March 2018 and earlier quarters.

5. The Company Is operating only In the hospitality service segment. Therefore, disclosures of segment wise Information Is not applicable.

6. Subsequent to the quarter end, an Asset Reconstruction Company (ARC) has permitted extension of repayment tenure of the secured debt with revised settlement amount. Additional cost (interest and processing fees) Incurred in this connection are accounted In accordance with requirement of Ind AS 109 - Financial Instruments.

7. In standalone financial results, no provision Is made for income tax for the nine months ended 31st December, 2018 as (a) there is no taxable income as per normal provision of Income Tax Act, 1961 in view of brought forward losses and deductions available on payment basis; (b) there is negative book profit u/s 115JB of Income Tax Act, 1961 in view of brought forward losses as per books.

8. In the previous quarter, the Company had restated/reduced opening balance of deferred tax asset accounted In earlier years (prior to 1st April, 2017) by Rs. 66.84
lakhs which had also resulted In corresponding reduction in opening 'Other Equity' as on 1st April, 2017.

9. In view of seasonality of the sector, the standalone financial results for the quarter and nine months are not indicative or full year's expected performance.

10. The figures for the previous period/ year have been regrouped or rearranged or reclassified wherever considered necessary.

Vittal Kamat
Executive Chairman & Managign Director