Accounting Policies of Ajwa Fun World & Resorts Ltd. Company

Mar 31, 2025

2 SIGNIFICANT ACCOUNTING POLICIES
a Basis of Preparation

These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India
(''Indian GAAP'') to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, as applicable.
The financial statements have been prepared under the historical cost convention on accrual basis, except for certain financial
instruments which are measured at fair value.

b Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of
contingent liabilities, at the end of the reporting period. Although these estimates are based on the management''s best
knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

c Reenue Recognition

Expenses and Income considered payable and receivable respectively are accounted for on accrual basis.

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can
be reliably measured.

d Property, Plant and Equipment

Property, Plant and Equipment are stated at cost, less accumulated depreciation / amortisation. Costs include all expenses
incurred to bring the asset to its present location and condition.

e Depreciation and amortization

Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written down Value (WDV) Method/SLM
method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.

f Impairment of assets

At each balance sheet date, the management reviews the carrying amounts of its assets included in each cash generating unit to

g Investment

Long-term investments and current maturities of long-term investments are stated at cost, less provision for other than
i Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of the qualifying assets are capitalized as part of the cost
of such assets. A qualifying assets is one that necessarily takes a substantial period of time to get ready for its intended uses or
sale. All other borrowing costs are charged to revenue in the year of incurrence

j Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are
subject to an insignificant risk of change in value and having original maturities of three months or less from the date of
purchase, to be cash equivalents.

k Employee Benefits

Post-employment benefit plans

Contributions to defined contribution retirement benefit schemes are recognised as expense when employees have rendered
The retirement benefits are accounted for as and when liability becomes due for payment.

Other employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by
Compensated absences which are not expected to occur within twelve months after the end of the period in which the

l Foreign currency transactions

Income and expense in foreign currencies are converted at exchange rates prevailing on the date of the transaction. Foreign
m Taxation

Current income tax expense comprises taxes on income from operations in India and in foreign jurisdictions. Income taxpayable
Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which gives rise to future economic benefits in
Deferred tax expense or benefit is recognised on timing differences being the difference between taxable income and
Advance taxes and provisions for current income taxes are presented in the balance sheet after off-setting advance tax paid and
income tax provision arising in the same tax jurisdiction for relevant tax paying units and where the Company is able to and
intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes
n Earnings Per Shares

Basic earning per share is computed by dividing the net profit or loss for the period attributable to equity shareholders by the

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Mar 31, 2024

A. Significant Accounting Policies

1. Basis of accounting:-

1.1 Corporate Information: Ajwa Fun World and Resorts Ltd (''the Company'') is a listed public limited
company domiciled and incorporated in India. The registered office of the Company is located at A -
Tower, 1^st Floor, Kunj-Resi-Cum Plaza, Palace Road, Vadodara, Gujarat, India - 390001. Its Equity
Shares are listed on the main boards of BSE Limited with effect from 14^th November 1994, The
Company was a pioneer in Amusement industry, water park, resort, party plots in Gujarat and has
been loved by three generation since 32 years.

These financial statements have been prepared in accordance with the Generally Accepted
Accounting Principles in India (Indian GAAP) including the Accounting Standards notified under
Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014
and the relevant provisions of the Companies Act, 2013.

The financial statements have been prepared under the historical cost convention on accrual basis.

2. Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires the management
to make judgments, estimates and assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting
period. Although these estimates are based on the management''s best knowledge of current events
and actions, uncertainty about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

3. Revenue Recognition: -

Expenses and Income considered payable and receivable respectively are accounted for on accrual
basis.

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured.

4. Property, Plant & Equipment :-

Property, Plant & Equipment including intangible assets are stated at their original cost of
acquisition including taxes, freight and other incidental expenses related to acquisition and
installation of the concerned assets less depreciation till date.

Company has adopted cost model for all class of items of Property Plant and Equipment.

5. Depreciation :-

Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written down
Value (WDV) Method/SLM method. Depreciation is provided based on useful life of the assets as
prescribed in Schedule II to the Companies Act, 2013.

Depreciation on assets acquired during the year is recognized on a pro-rata basis to the statement
of profit and loss till the date of sale.

The carrying amount of assets is reviewed at each balance sheet date if there is any indication of
impairment based on internal/external factors. An impairment loss is recognized wherever the
carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater
of the assets, net selling price and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and risks specific to the asset.

After impairment, depreciation is provided on the revised carrying amount of the asset over its
remaining useful life.

6. Foreign currency Transactions: -

Transactions arising in foreign currencies during the year are converted at the rates closely
approximating the rates ruling on the transaction dates. Liabilities and receivables in foreign
currency are restated at the year-end exchange rates. All exchange rate differences arising from
conversion in terms of the above are included in the statement of profit and loss.

7. Investments :-

Investments, which are readily realizable and intended to be held for not more than one year from
the date on which such investments are made, are classified as current investments. All other
investments are classified as non-current investments.

On disposal of an investment, the difference between its carrying amount and net disposal proceeds
is charged or credited to the statement of profit and loss.

8. Inventories :-

Inventories are valued as under:-

1. Inventories : Lower of cost(FIFO/specific cost/Weighted avg) or net realizable value

2. Scrap : At net realizable value.

9. Borrowing cost:-

Borrowing costs that are attributable to the acquisition or construction of the qualifying assets are
capitalized as part of the cost of such assets. A qualifying assets is one that necessarily takes a
substantial period of time to get ready for its intended uses or sale. All other borrowing costs are
charged to revenue in the year of incurrence.

10. Retirement Benefits:-

The retirement benefits are accounted for as and when liability becomes due for payment.

11. Taxes on Income:-

Provision for current tax is made on the basis of estimated taxable income for the current
accounting year in accordance with the Income Tax Act, 1961. The deferred tax for timing
differences between the book and tax profits for the year is accounted for, using the tax rates and
laws that have been substantively enacted by the balance sheet date. Deferred tax assets arising
from timing differences are recognized to the extent there is virtual certainty with convincing
evidence that these would be realized in future. At each Balance Sheet date, the carrying amount of
deferred tax is reviewed to reassure realization.

No provision of tax as required by AS-22 issued by the Institute of Chartered Accountants of India
has been made due to uncertainty that sufficient taxable income against which such deferred tax
assets can be realized. The impact of same has also not been determined.

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Mar 31, 2014

1 The financial statements of the Company are prepared under the historical cost convention on an accrual basis of accounting in accordance with the Generally Accepted Accounting Principles, Accounting standards notified under Section 211(3C) of the Companies Act, 1956 read with the General Circular 15/2013 and in accordance with the accountingprinciples generally accepted in india and the relevant provisions thereof.

2 Use of estimates

The preparation of the financial statements is conformity with Indian GAAP requires the management to make estimates and assumption considered in the reported amount of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The management belives that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual and the estimates are recognized in the periods in which the results are known / materialize.

3 Inventories

Inventories of stores, beverages & eatables are valued at cost. Cost is arrived at by following Weighted Average method of accounting.

4 Cash and Cash equivalents (for purpose of Cash Flow Statement)

Cash comprises Cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of change in Value.

5 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (Loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

6 Depreciation and amortization

Depreciation on Fixed assets is provided on the Written down Value Method (W.D.V.), at the rates specified in Schedule XIV to the Companies Act, 1956, as amended up to the date of Balance Sheet. Fixed Assets individually costing rupees five thousand or less are depriciated 100% over a period of one year.

Depreciation on Fixed Assets, for which no rates have been specified in Schedule XIV to the Companies Act, 1956, is provided on the Written down Value Method at the rates at which the assets are depreciated over its estimated useful life.

Depreciation is Provided on pro-rata basis from the month in which assets have been put to use and up to the date on which assets have been disposed, discarded or sold.

7 Revenue recognition

Sale / Income from Operations

Parks Income is accounted on accrual basis i.e date of visit of park is the date of reckoning the income however in the case of the Membership for a specified period, the income has been treated as accrued proportionateley on the basis of span of period of membership. Also in the case of life membership deposits, the income is recognized by spreading deposit over a period of ten years.

Income from the services

Revenue / Income and Cost / Expenditure are generally accounted on accrual basis as they are earned or incurred except employee''s retirement benefits, which are accounted as and when actually paid.

8 Tangible fixed assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost includes pre-Operation expenses net of revenue. The Fixed Assets which are not yet completed are treated as Capital Work -in- Progress and no depreciation is provided for the same.

The assets having average life of about two yeas such as. Restaurant Crockery etc. are being clubbed under Miscellaneous Assets and have been written off after a period of two years.

9 Amortization of Miscellaneous Expenses

The preliminary expenses and issue expenses are amortized during the previous year. Expenses towards intensive advertisement campaign as well as sales promotion and foreign traveling, the benefit of which are expected to accrue over a number of years are treated deferred revenue expenditure. Appropriate amounts are being written off every year.

Advertisement & Other traveling & office expenses relating to the Periodic Membership Schemes whose income have been treated as accrued on proportionate basis are treated as deferred revenue expenditure and appropriate amounts are written off every year, over the period of such Schemes.

10 Taxes on Income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economics benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax is liabilities are recognized for all timing differences. The company has been advised by experts that due to business loss and claim of depreciation as per the provisions of the income Tax Act, 1961, the company does not have any tax liability for the current financial year and therefore no provision for Income Tax has been made. Also, due to carried forward depreciation and business loss as per the provisions of Income Tax Act,1961, there is no need to provide any deferred Tax liability under Accounting Standard 22(AS 22).

11 Other Disclosure

A Figures of Previous year have been regrouped / recast wherever necessary to make them comparable with the figures of the Current year.

B The company has not provided for the gratuity liability as well as employees'' other retirement benefits though it should have provided for the same in line with the accounting standard made mandatory.

14 LOANS & ADVANCES INCLUDE THE FOLLOWING:

Rs.54,49,636/- given as loan to M/s. Mahavir Estate Pvt. Ltd. Maximum outstanding during the year Rs. 54,49,636/- (Previous year both amount are Rs.4,25,394/-)

[All these companies are under the same management as defined U/s 3701(B) of the Companies Act, 1956.]

15 Directors'' Remuneration (Current year as well as previous year) represents Directors salary only.

16 The Inventory of stores includes stocks of Stores, Spares, and Restaurant Items etc. and is stated In the Balance Sheet as taken, valued and certified by the management.

17 CONTINGENT LIABILITIES ;

I. Demand raised by the Gujarat Electricity Board for Rs. 1,95,070/- towards Installation charges and interest but contested by the company.

The Income Tax and Sales Tax assessments for the Asst. Year 2005-06 and onwards and financial year 2004-05 respectively are yet too made by the concerned authorities.

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Mar 31, 2013

1 The financial statements of the Company am prepared under the historical cost convention on an accrual basis of accounting in accordance with the Generally Accepted Accounting Principles, Accounting standards notified under Section 211{3C) of trie Companies Act, 1&5tf and the relevant provisions thereof.

2 to of estimates

The preparation of the financial statements is conformity with Indian GAAP requires the management lo make estimates and assumption considered m the reported amount of assets and liabilities {including contingent liabilities) and the reported Income and expenses during the year. The management helives that the estimates used in preparation of trie financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual and the estimates are recognised in the periods m which the results are known i materialize.

3 Inventories

Inventories of stores, beverages & eatables At* valued at cost Cost is arrived at by following Weighted Average method of accounting.

4 Cash and Cash equivalents (for purpose of Cash Flow Statement)

Cash comprises Cash on hand and damand deposits witti banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the dale of acquisition), highly liquid Investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of change In Value.

5 Cash flow statement

Cash Hows stB reported using the Indirect melhod, whereby profit / (Loss) before extraordinary items and lax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing acuities of the Company are segregated based on the available information.

6 Depredation and amortisation

Depreciation on Fixed assets Is provided on the Written down Value Method (W.D.V.). at the rates specified In Schedule XIV to the Companies Act. 1956. as amended up to the date of Balance Sheet. Fixed Assets individually costing rupees five thousand or less are depriciated 100% over a period of one year.

Depreciation on Fixed Assets, for which no rates have been specified in Schedule XIV to the Companies Aet.1S56r is provided on the Written down Value Method at the rates at which the assets are depreciated over its estimated useful Irfe.

Depreciation is Provided on pro-rata basis from the month in which assets have been put to use and up to the date on which assets have been diypud. discyddd or sold.

7 Revarcue recognition

Sale) Income from Operations

Parks Income Is accounted on accrual basis i.e data of visit of park Is ttie data of reckoning the income however in the case of the Membership for e specified period, the income has been tr&alAd as accrued proportionaleley on the- basis of span of period of membership. Also in the case- of life membership deposits, the income- is recognized by spreading deposit over a period of ten years.

Income from the services

Revenue l Income end Cost: Expenditure are generally accounted on accrual basis as they an earned or incurred except employee''s retirement benefits, which are accounted as and when actually paid.

8 Tangi bla fixed atisels

Fixed Assets are slated at cost of acquisition less accumulated depreciation. Cost includes pre-Oberalion expenses net of revenue. The Fixed Assets which an not yet completed are treated as Capital Work -in-Progress and no depredabon is provided for the same.

The assets having average life of about two yeas such as, Restaurant Crockery etc. are being clubbed under Miscellaneous Assets and have ben wntten off after a period of two years.

9 Amortization of MiseftlLartoomt

The preliminary expenses and issue expenses aro amortized during the previous year. Expenses towards intensive advertisement campaign as well as sales promotion and foreign traveling, the benefit of which an expected to accrue over a number of years are treated deferred revenue expenditure. Appropriate amounts aro being written off every year.

Advertisement & Other traveling 4 office expenses relating to the Periodic Membership Schemes whoso income have been treated as accrued on proportionate basis an treated as deferred revenue expenditure and appropriate amounts are written uff avury year, over the period of such Schemes.

10 Taxes on Intone

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) paid in accordance with the lax laws, which gives future economics benefits In the form of adfuslmenl to future Income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly. MAT is recognized as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will now to the Company.

Deferred lax is recognized on timing differences, being the differences between Hie taxable income and the accounting income that originate in one period and an capable of reversal in one or more subsuqcui'' periods. Deferred fax is measured using the tax rales and the tax laws enacted or substantially enacted as at the reporting dale. Deferred- fax is liabilities an recognized for all timing differences. The company- has been advised by experts that due to business loss and claim of depreciation as per the provisions of the Income Tax Act. 1961, the company does not have any lax liability for the current financial year and therefore no provision for Income Tax has been made. Also, due- to earned forward depreciation and business loss as per the provisions of Income Tax Act. 1951, there is no need to provide any deferred Tax liability under Accounting Standard £2fAS22).

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Mar 31, 2012

1.1 Basis of accounting and preperation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provision of the Companies Act 1956.

1.2 Use of estimates

The preparation of the financial statements is conformity with Indian GAAP requires the management to make estimates and assumption considered in the reported amount of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The management belives that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could oifter due to these estimates and the differences between the actual and the estimates are recognized in the periods in which the results are known / materialize.

1.3 inventories

Inventories of stores, beverages & eatables are valued at cost. Cost is arrived at by following Weighted Average method of accounting.

1.4 Cash and Cash equivalents (for purpose of Cash Flow Statement)

Cash comprises Cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of change in Value.

1.5 Cash fiow statement

Cash flows are reported using the indirect method, whereby profit / (Loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.6 Depreciation and amortization

Depreciation on Fixed assets is provided on the Written down Value Method (W.D.V.), at the rates specified in Schedule XIV to the Companies Act, 1956, as amended up to the date of Balance Sheet.

Depreciation on Fixed Assets, for which no rates have been specified in Schedule XIV to the Companies Act, 1956, is provided on the Written down Value Method at the rates at which the assets are depreciated over its estimated useful life.

Depreciation is Provided on pro-rata basis from the month in which assets have been put to use and up to the date on which assets have been disposed, discarded or sold.

1.7 Revenue recognition

Sale/ Income from.Operations. .

Parks Income is accounted on accrual basis i.e date of visit of park is the date of reckoning the income however in the case of the Membership for a specified period, the income has been treated as accrued proportionateley on the basis of span nf period of membership. Also in the case of life membership deposits, the income is recognized by spreading deposit over a period of ten years.

Income from the services

Revenue / Income and Cost I Expenditure a*e generally accounted on accrual basis as they are earned or incurred except employee''s retremen: benefits. are accounted as and when actually paid.

1.8 Tangible fixed assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost includes pre-Operation expenses net of revenue The Fixed Assets which are not yet completed are treated as Capital Work -in- Progress and no depreciation >s provided for the same,

The assets having average life of aoout two yeas such as, Restaurant Crockery etc. are being clubbed under Miscellaneous Assets and have been written off after a period of two years.

1.9 Amortization of Miscellaneous Expenses

The preliminary expenses and issue expenses are amortized during the previous year. Expenses towards intensive advertisement campaign as well as sales promotion and foreign traveling, the benefit of which are expected to accrue over a numbe: of years are treated deferred revenue expenditure. Appropriate amounts are being written off every year.

Advertisement & Other traveling & office expeprfes relating to the Periodic Membership Schemes whose income have been treated as accrued on proportionate basis are treated as deferred revenue expenditure and appropriate amounts are written off every year, over the period of such Schemes.

1.10 Taxes on.Income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the income Act. 1961

Minimum Alternate lax (MAT) paiu m accordance witn me tax laws, which gives future economics benefits in the form of adjustment io future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay norma! income tax Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probaoie that f.iu. e economic benefit associated with it will flow to the Company.

Deferred tax is recognized on timing differences being the differences between the taxable income and the accounting income that originate in one penod and are capable of reversal in one or more subsequent periods. Deferred tax is measured jsmg use tax rates and the tax iaws enacted or substantially enacted as at the reporting date. Deferred tax is liabilities are recognized for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognized for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax iaws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their reafsabu.

1.11 Other Disclosure

a Figures of Previous year have been regrouped I recast wherever necessary to make them comparable with the figures of the Current year.

b The company has not provided for the gratuity liability as well as employees'' other retirement benefits though it should have provided for the same in line with the accounting standard made mandatory.

c Since the company is following cash method of accounting in this respect, the liability in respect of gratuity is not being worked out by it.

d No provision has been made for penalty and interest which may levied upon the Company for non deduction I short deduction of TDS and delay / default in remitting money to various authorities because the amount is not ascertainable as on the date of Balance Sheet. The same shall be accounted for as and when levied by such authorities.

f Balance due to or due from parties/ banks from whom confirmations are not received, are subject to adjustment on receipt of necessary confirmations.

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Mar 31, 2011

1. The financial statements have been prepares under the historical cost conventions in accordance with the generally accepted accounting principles and as per the provisions of the Companies Act, 1956 except non following of Accounting Standard No,13. 15 and 17 regarding ''Segment Reporting'' ''Accounting or Investments'' and ''Accounting for Retirement benefits in the financial statement of Employers'', respectively.

2. Accounting policies not specifically referred to otherwise are consistent and in consonance with geniality accepted accounting principles as consistently followed by the Company.

2. RECOGNITION Of INCOME / EXPENDITURE:

Revenue / Income -ravel Cost / Expenditure are generally accounted on accrual basis as they are earned or incurred except employees'' retirement benefits, which are accounted as and when actually paid.

3. SALES/INCOME FROM OPERATIONS:

Parks Income is accounted on accrual basis i.e. date of visit to park is the date of reckoning the income, however m the case or the Membership for a specified period, the income has been treated as accrued proportionately on lie basis of span of period of membership. Also in the case of life membership deposits, (be income is recognized by spreading deposit over a period often years.

4. INVESTMENTS:

i. Investments are stated at cost,

ii. Profit/(Lass) on sale of investments is accounted reckoning the first in first out (FIFO) method of accounting.

5. FIXED ASSETS AND DEPRECIATION.

1. Fixed Assets state if ,it routs of acquisition less accumulated depreciation. Cost includes pre-operation expenses net of revenue. The Fixed Assets, which are not yet completed, are treated as Capital Work-in-Progress and no depreciation is provided for sentry.

2. Depreciation on Fixed Assets is provided on the Written Down Value Method (W.D.V.}, at the rates specified in Schedule XIV to the Companies Act, 1956, as amended up to tree waifs of Balance Sheet.

3. Depreciation on Fixed Assets, for which no rates have been specified in Schedule XIV to the Companies Act, 1956, is provided on the Written Down Value Method at the rates at which the assets are depreciated over its estimated useful life.

4. Depreciation is provided on pro-rata basis from the month in which assets have been put to use and up to the date on which assets have been disposed, discarded or sold.

5. The assets having average life of about two years such as Restaurant, Crockery etc. are being clubbed under Miscellaneous Assets and have been written off after a period of two years, .

6. VALUATION OF INVENTORIES:

Inventories of stores, beverages & eatables are valued at cost. Cost is arrived at by following Weighted Average method of accounting.

7. A ORTISATION OF MISCELLANEOUS EXPENSES :

i. The preliminary expenses and issue expenses are amortized over a period of ten years.

ii. Expenses towards intensive advertisement campaign as well as safes promotion and foreign travelling, the benefit of which are expected to accrue over a number of years are treated as deferred revenue expenditure. Appropriate amounts are being written off every year,

iii. Advertisement & other travelling & office expenses relating to the Periodic Membership Schemes whose income have been treated as accrued on proportionate basis are treated as deferred revenue expenditure and appropriate amounts are being written off every year, over the period of such Schemes,

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Mar 31, 2010

1. ACCOUNTING CONVENTIONS:

1. The Financial statements have been prepared under the historical cost conventions in accordance with the generally accepted accounting principles and as per the provisions of the Companies Act, 1956 except non following of Accounting Standard No. 13 and 15 regarding accounting of investments and Accounting for Retirement benefits in the financial statement of Employers, respectively.

2. Accounting policies not specifically referred to-otherwise are consistent and in consonance with generally accepted accounting principles as consistently followed by the Company.

2. RECOGNITION OF INCOME/ EXPENDITURE: .

Revenue / Income and Cost / Expenditure are generally accounted on accrual basis as they are earned or incurred except employees retirement benefits, which are accounted as and when actually paid.

3. SALES/INCOME FROM OPERATIONS:

Parks Income is accounted on accrual basis i.e. date of visit to park is the date of reckoning the income, however in the case of the Membership for a specified period, the income has been treated as accrued proportionately on the basis of span of period of membership. Also in the case of life membership deposits, the income is recognised by spreading deposit over a period of ten years.

4. INVESTMENTS:

i. Investments are stated at cost.

ii. Profit/(Loss) on sale of investments is accounted reckoning the first in first out (FIFO>method of accounting.

5. FIXED ASSETS AND DEPRECIATION:

1. Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost includes pre-operation expenses net of revenue. The Fjxed Assets, which are not yet completed, are treated as Capital Work-in-Progress and no depreciation is provided for the same.

2. Depreciation on Fixed Assets is provided on the Written Down Value Method (W.D.V.), at the rates specified in Schedule XIV to the Companies Act, 1956, as amended upto the date of Balance Sheet.

3. Depreciation on Fixed Assets, for which no rates have been specified in Schedule XIV to the Companies Act, 1956, is provided on the Written Down Value Method at the rates at which the assets are depreciated over its estimated useful life.

4. Depreciation is provided on pro-rata basis from the montt in which assets have been put to use and upto the date on which assets have bee> disposed, discarded or sold.

5. The assets having average life of about two years such as Costumes, Restaurant, Crockery etc. are being clubbed under Miscellaneous Assets and have been written off after a period of two years.

6. VALUATION OF INVENTORIES:

Inventories of stores, beverages & eatables are valued at cost. Cost is arrived at by following Weighted Average method of accounting.

7. A AMORTISATION OF MISCELLANEOUS EXPENSES :

i. The preliminary expenses and issue expenses are amortised over a period of ten years.

ii. Expenses towards intensive advertisement campaign as well as sales promotion and foreign travelling, the benefit of which are expected to accrue over a number of years are treated as deferred revenue expenditure. Appropriate amounts are being written off every year.

iii. Advertisement & other travelling & office expenses relating to the Periodic Membership Schemes whose income have been treated as accrued on proportionate basis are treated as deferred revenue expenditure and appropriate amounts are being written off every year, over the period of such Schemes.