Accounting Policies of Nicco Parks & Resorts Ltd. Company

Mar 31, 2025

2.2. MATERIAL ACCOUNTING POLICIES

2.2.1. Property, Plant and Equipment (PPE)

Property, plant and equipment held for use in the production or/ and supply of goods or services, or for administrative purposes,
are stated in the balance sheet at cost, less any accumulated depreciation and accumulated impairment losses (if any).

Cost of an item of PPE acquired comprises its purchase price (after deducting any trade discounts and rebates), including
import duties and non-refundable purchase taxes, borrowing cost, if capitalization criteria is met and any directly attributable
costs of bringing the assets to its working condition and location for its intended use and present value of any estimated cost of
dismantling and removing the item and restoring the site on which it is located.

Parts of an item of PPE having different useful lives and material value and subsequent expenditure on PPE arising on account
of capital improvement or other factors are accounted for as separate components.

The cost of replacing part of an item of PPE is recognized in the carrying amount of the item if it is probable that the future
economic benefits embodied within the part will flow to the company and its cost can be measured reliably. The cost of day-to¬
day servicing of PPE are recognized in the statement of profit & loss as and when incurred.

In case of self-constructed assets, cost includes the costs of all materials used in construction, direct labour, directly attributable
borrowing costs and allocation of directly attributable overheads incurred in bringing the item to working condition for its
intended use, and estimated cost of dismantling and removing the item and restoring the site on which it is located. The costs
of testing whether the asset is functioning properly are also added to the cost of self-constructed assets.

Capital work in progress includes cost of PPE under installation/ under development as at the balance sheet date. Advances
paid towards the acquisition of PPE outstanding at each balance sheet date are classified as Capital Advances under other non¬
current assets.

2.2.1.1. Depreciation

Depreciation on PPE is provided under straight line method (except for vehicle where written down value method is followed) at
rates based on the estimated useful lives of assets prescribed by Schedule II of the Companies Act, 2013 except for the following
assets where the useful life estimated by the management is with the help of external technical experts other than that under
Schedule II.

The residual value of assets is not more than 5% of the original cost of the asset. Depreciation in respect of PPE added/ disposed off
during the year is provided on pro-rata basis, with reference to the date of addition/ disposal.

The residual values, useful lives and methods of depreciation of PPE are reviewed at the end of each financial year wherever appropriate.

2.2.1.2. De-recognition of PPE

An item of PPE is de-recognized upon disposal or when no future economic benefits are expected to arise from its use or
disposal. Gain or loss arising on the disposal or retirement of an item of PPE is determined as the difference between the sales
proceeds and the carrying amount of the asset and is recognized in the statement of profit and loss.

2.2.2. Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost. Such assets are carried at cost less accumulated
amortization and accumulated impairment loss, if any.

For this purpose, cost includes acquisition price, license fees (if any), non-refundable taxes and cost of implementation/ system
integration services and any directly attributable expenses, wherever applicable for bringing the asset to its working condition
for its intended use.

2.2.2.1. Amortization

Intangible assets being Computer Software are amortized on straight line basis over its estimated useful life of 5 years. The
amortization expense is recognized in the statement of profit and loss unless such expenditure forms part of the carrying value
of another asset.

Amortization methods and useful lives are reviewed, and adjusted as appropriate, at the end of each financial year.

2.2.2.2. De-recognition of Intangible assets

An item of Intangible Asset is de-recognized upon disposal or when no future economic benefits are expected to arise from its
use or disposal. Gain or loss arising on the disposal or retirement of an item of Intangible Asset is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognized in the statement of profit and loss.

2.2.3. Leases

2.2.3.1 Company as a Lessee

The Company’s lease assets primarily consist of land taken on lease for business operations. The Company assesses whether a
contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right
to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset,
(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the
Company has the right to direct the use of the asset.

Lease payments associated with short term leases and leases in respect of low value assets are charged off as expenses on
straight line basis over the lease term or other systematic basis, as applicable.

At commencement date, the value of “Right of Use Asset” is capitalized at the present value of outstanding lease payments plus
any initial direct cost and estimated cost, if any, of dismantling and removing the underlying asset. The right-of-use asset is
depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments
are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates
of these leases. Subsequent measurement, if any, is made using cost model.

Each lease payment is allocated between the liability created and finance cost. The finance cost is charged to statement of profit
& loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each
period.

Lease modifications, if any are accounted as a separate lease if the recognition criteria specified in the standard are met.

2.2.3.2. Company as a Lessor

Assets given on lease are either classified as operating lease or as finance lease. A lease is classified as finance lease if it transfers
substantially all the risks and rewards incidental to ownership of an underlying asset. Initially, asset held under finance lease
is recognised in Balance Sheet and presented as a receivable at an amount equal to the net investment in the lease. Finance
income is recognised over the lease term, based on a pattern reflecting a constant periodic rate of return on Company’s net
investment in the lease. A lease which is not classified as a finance lease is an operating lease. The Company recognises lease
payments in case of assets given on operating leases as income on a straight-line basis.

2.2.4. Impairment of Tangible and Intangible ROU Assets

Tangible, Intangible and ROU Assets are reviewed at each balance sheet date for impairment. In case events and circumstances
indicate any impairment, recoverable amount of assets is determined. An impairment loss is recognized in the statement of
profit and loss, whenever the carrying amount of assets either belonging to Cash Generating Unit (CGU) or otherwise exceeds
recoverable amount. The recoverable amount is the higher of assets’ fair value less cost to disposal and its value in use. In
assessing value in use, the estimated future cash flows from the use of the assets are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

Impairment losses recognized earlier may no longer exist or may have come down. Based on such assessment at each reporting
date the impairment loss is reversed and recognized in the statement of profit and loss. In such cases the carrying amount of the
asset is increased to the lower of its recoverable amount and the carrying amount that has been determined, net of depreciation/
amortization, had no impairment loss been recognized for the asset in prior years.

2.2.5. Financial instruments - Financial assets and Financial liabilities

Financial assets and financial liabilities (financial instruments) are recognized when the Company becomes a party to the
contractual provisions of the instruments.

2.2.5. !. Initial Recognition

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to
the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial
assets or financial liabilities, as appropriate, on initial recognition except for the financial assets and liabilities measured at fair
value through profit or loss, in which case the same is charged immediately in the statement of profit and loss. However, trade
receivables that do not contain a significant financial component are measured at transactions price.

The classification of financial instruments whether to be measured at Amortized Cost, at Fair Value through Profit and Loss
(FVTPL) or at Fair Value Through Other Comprehensive Income (FVTOCI) depends on the objective and contractual terms to
which they relate. Classification of financial instruments is determined on initial recognition.

2.2.5.2. Subsequent Measurement

The Company makes an election to present changes in fair value either through other comprehensive income (OCI) or through
profit or loss on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable. If
company decides to classify an equity instrument at FVTOCI, then all fair value changes on the instrument, excluding dividends
are recognized in OCI. Profit or loss arising on sale thereof is also taken to OCI and the amount accumulated in this respect is
transferred within the Equity.

The Company has elected to present the fair value changes for investment in other equity instruments in Other Comprehensive
Income.

For the purpose of subsequent measurement, financial assets are classified in the following categories:

a) at amortized cost,

b) at fair value through other comprehensive income (FVTOCI), or

c) at fair value through profit or loss (FVTPL).

a) Financial assets at amortized cost:

A ‘financial asset’ is measured at the amortized cost if the following two conditions are met:

i. The asset is held within a business model whose objective is to hold the asset for collecting contractual cash flows, and

ii. Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.

Amortized cost is determined using the Effective Interest Rate (“EIR”) method. Discount or premium on acquisition and
fees or costs forms an integral part of the EIR.

b) Financial assets at fair value through other comprehensive income (FVOCI)

Financial assets are measured at fair value through other comprehensive income if these financial assets are held both for
collection of contractual cash flows and for selling the financial assets, and contractual terms of the financial assets give
rise to cash flows representing solely payments of principal and interest.

c) Financial assets at fair value through profit or loss (FVTPL)

Financial assets that are not classified in any of the categories above are classified at fair value through profit or loss.

d) Equity investments

Equity investments in the scope of Ind AS 109 are measured at fair value except for investments in associates, which are
carried at cost.

The Company may make an irrevocable election to present in OCI subsequent changes in the fair value. The Company
makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is
irrevocable.

If Company decides to classify an equity instrument at fair value through other comprehensive income (FVTOCI), then
all fair value changes on the instrument are recognized in other comprehensive income. However, dividends on equity
instruments on fair value through other comprehensive income (FVTOCI) is recognized in profit or loss.

In addition, profit or loss arising from sales is also taken to other comprehensive income. The amount accumulated in this
respect is transferred within the Equity on derecognition.

2.2.53. Equity Share Capital

An equity instrument is a contract that evidences residual interest in the assets of the company after deducting all of its
liabilities. Par value of the equity shares is recorded as share capital and the amount received in excess of par value is classified
as Securities Premium.

Costs directly attributable to the issue of ordinary shares are recognized as a deduction from other equity, net of any tax effects.

2.2.54. Impairment of financial assets

A financial asset is assessed for impairment at each reporting date. A financial asset is considered to be impaired if objective
evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.

The company measures the loss allowance for a financial asset at an amount equal to the lifetime expected credit losses if the
credit risk on that financial instrument has increased significantly since initial recognition. If the credit risk on a financial
instrument has not increased significantly since initial recognition, the company measures the loss allowance for that financial
instrument at an amount equal to 12-month expected credit losses.

However, for trade receivables that result in relation to revenue from contracts with customers, the company measures the loss
allowance at an amount equal to lifetime expected credit losses.

2.2.5.5. Derecognition of financial instruments

The Company derecognizes a financial asset or a group of financial assets when the contractual rights to the cash flows from
the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to
another party.

On derecognition of a financial asset (except for equity instruments designated as FVTOCI), the difference between the asset’s
carrying amount and the sum of the consideration received and receivable are recognized in statement of profit and loss.

On derecognition of assets measured at FVTOCI, the cumulative gain or loss previously recognized in other comprehensive
income is reclassified to Retained Earnings.

Financial liabilities are derecognized if the Company’s obligations specified in the contract expire or are discharged or cancelled.
The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is
recognized in the Statement of Profit and Loss.

2.2.6. Inventories

Inventories (other than Contract Work in Progress) are valued at lower of cost of net realizable Value and the cost is computed
on FIFO basis.

The cost of inventories has been computed to include all cost of purchases, cost of conversion and other related costs incurred
in bringing the inventories to their present location and condition.

Net realizable value (NRV) is the estimated selling price in the ordinary course of business, less estimated costs of completion
and the estimated costs necessary to make the sale.

Contract Work in Progress, if any, is valued at a cost which relates to future activities on the contract.

Appropriate allowance is also made for such cost, recovery of which is not possible.

2.2.7. Foreign Currency Transactions

Transactions in foreign currencies are initially translated into the functional currency at the exchange rates prevailing on the
date of the transactions. Foreign currency monetary assets and liabilities outstanding on the balance sheet date are translated
at the year-end exchange rates. Non-monetary items which are carried in terms of historical cost denominated in a foreign
currency are reported using the exchange rate at the date of transaction. Foreign exchange gain/ loss to the extent considered
as an adjustment to interest cost are considered as part of borrowing cost. The loss or gain thereon and on the exchange
differences on settlement of the foreign currency transactions during the year are recognized as income or expense in the
statement of profit and loss.

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Mar 31, 2024

2.2. MATERIAL ACCOUNTING POLICIES

2.2.1. Property, Plant and Equipment (PPE)

Property, plant and equipment held for use in the production or/ and supply of goods or services, or for administrative purposes, are stated in the balance sheet at cost, less any accumulated depreciation and accumulated impairment losses (if any).

Cost of an item of PPE acquired comprises its purchase price (after deducting any trade discounts and rebates), including import duties and non-refundable purchase taxes, borrowing cost, if capitalization criteria is met and any directly attributable costs of bringing the assets to its working condition and location for its intended use and present value of any estimated cost of dismantling and removing the item and restoring the site on which it is located.

Parts of an item of PPE having different useful lives and material value and subsequent expenditure on PPE arising on account of capital improvement or other factors are accounted for as separate components.

The cost of replacing part of an item of PPE is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the company and its cost can be measured reliably. The cost of day-today servicing of PPE are recognized in the statement of profit & loss as and when incurred.

In case of self-constructed assets, cost includes the costs of all materials used in construction, direct labour, directly attributable borrowing costs and allocation of directly attributable overheads incurred in bringing the item to working condition for its intended use, and estimated cost of dismantling and removing the item and restoring the site on which it is located. The costs of testing whether the asset is functioning properly are also added to the cost of self-constructed assets.

Capital work in progress includes cost of PPE under installation/ under development as at the balance sheet date. Advances paid towards the acquisition of PPE outstanding at each balance sheet date are classified as Capital Advances under other noncurrent assets.

2.2.1.1. Depreciation

Depreciation on PPE is provided under straight line method (except for vehicle where written down value method is followed) at rates based on the estimated useful lives of assets prescribed by Schedule II of the Companies Act, 2013 except for the following assets where the useful life estimated by the management is with the help of external technical experts other than that under Schedule II.

The residual value of assets is not more than 5% of the original cost of the asset. Depreciation in respect of PPE added/ disposed off during the year is provided on pro-rata basis, with reference to the date of addition/ disposal.

The residual values, useful lives and methods of depreciation of PPE are reviewed at the end of each financial year wherever appropriate.

2.2.1.2. De-recognition of PPE

An item of PPE is de-recognized upon disposal or when no future economic benefits are expected to arise from its use or disposal. Gain or loss arising on the disposal or retirement of an item of PPE is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the statement of profit and loss.

2.2.2. Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost. Such assets are carried at cost less accumulated amortization and accumulated impairment loss, if any.

For this purpose, cost includes acquisition price, license fees (if any), non-refundable taxes and cost of implementation/ system integration services and any directly attributable expenses, wherever applicable for bringing the asset to its working condition for its intended use.

2.2.2.1. Amortization

Intangible assets being Computer Software are amortized on straight line basis over its estimated useful life of 5 years. The amortization expense is recognized in the statement of profit and loss unless such expenditure forms part of the carrying value of another asset.

Amortization methods and useful lives are reviewed, and adjusted as appropriate, at the end of each financial year.

2.2.2.2. De-recognition of Intangible assets

An item of Intangible Asset is de-recognized upon disposal or when no future economic benefits are expected to arise from its use or disposal. Gain or loss arising on the disposal or retirement of an item of Intangible Asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the statement of profit and loss.

2.2.3. Leases

2.2.3.1 Company as a Lessee

The Company’s lease assets primarily consist of land taken on lease for business operations. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset, (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

Lease payments associated with short term leases and leases in respect of low value assets are charged off as expenses on straight line basis over the lease term or other systematic basis, as applicable.

At commencement date, the value of “Right of Use Asset” is capitalized at the present value of outstanding lease payments plus any initial direct cost and estimated cost, if any, of dismantling and removing the underlying asset. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates of these leases. Subsequent measurement, if any, is made using cost model.

Each lease payment is allocated between the liability created and finance cost. The finance cost is charged to statement of profit & loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Lease modifications, if any are accounted as a separate lease if the recognition criteria specified in the standard are met.

2.2.3.2. Company as a Lessor

Assets given on lease are either classified as operating lease or as finance lease. A lease is classified as finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Initially, asset held under finance lease is recognised in Balance Sheet and presented as a receivable at an amount equal to the net investment in the lease. Finance income is recognised over the lease term, based on a pattern reflecting a constant periodic rate of return on Company’s net investment in the lease. A lease which is not classified as a finance lease is an operating lease. The Company recognises lease payments in case of assets given on operating leases as income on a straight-line basis.

2.2.4. Impairment of Tangible and Intangible ROU Assets

Tangible, Intangible and ROU Assets are reviewed at each balance sheet date for impairment. In case events and circumstances indicate any impairment, recoverable amount of assets is determined. An impairment loss is recognized in the statement of profit and loss, whenever the carrying amount of assets either belonging to Cash Generating Unit (CGU) or otherwise exceeds recoverable amount. The recoverable amount is the higher of assets’ fair value less cost to disposal and its value in use. In assessing value in use, the estimated future cash flows from the use of the assets are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

Impairment losses recognized earlier may no longer exist or may have come down. Based on such assessment at each reporting date the impairment loss is reversed and recognized in the statement of profit and loss. In such cases the carrying amount of the asset is increased to the lower of its recoverable amount and the carrying amount that has been determined, net of depreciation/ amortization, had no impairment loss been recognized for the asset in prior years.

2.2.5. Financial instruments - Financial assets and Financial liabilities

Financial assets and financial liabilities (financial instruments) are recognized when the Company becomes a party to the contractual provisions of the instruments.

2.2.5. !. Initial Recognition

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition except for the financial assets and liabilities measured at fair value through profit or loss, in which case the same is charged immediately in the statement of profit and loss. However, trade receivables that do not contain a significant financial component are measured at transactions price.

The classification of financial instruments whether to be measured at Amortized Cost, at Fair Value through Profit and Loss (FVTPL) or at Fair Value Through Other Comprehensive Income (FVTOCI) depends on the objective and contractual terms to which they relate. Classification of financial instruments is determined on initial recognition.

2.2.5.2. Subsequent Measurement

The Company makes an election to present changes in fair value either through other comprehensive income (OCI) or through profit or loss on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable. If company decides to classify an equity instrument at FVTOCI, then all fair value changes on the instrument, excluding dividends are recognized in OCI. Profit or loss arising on sale thereof is also taken to OCI and the amount accumulated in this respect is transferred within the Equity.

The Company has elected to present the fair value changes for investment in other equity instruments in Other Comprehensive Income.

For the purpose of subsequent measurement, financial assets are classified in the following categories:

a) at amortized cost,

b) at fair value through other comprehensive income (FVTOCI), or

c) at fair value through profit or loss (FVTPL).

a) Financial assets at amortized cost:

A ‘financial asset’ is measured at the amortized cost if the following two conditions are met:

i. The asset is held within a business model whose objective is to hold the asset for collecting contractual cash flows, and

ii. Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Amortized cost is determined using the Effective Interest Rate (“EIR”) method. Discount or premium on acquisition and fees or costs forms an integral part of the EIR.

b) Financial assets at fair value through other comprehensive income (FVOCI)

Financial assets are measured at fair value through other comprehensive income if these financial assets are held both for collection of contractual cash flows and for selling the financial assets, and contractual terms of the financial assets give rise to cash flows representing solely payments of principal and interest.

c) Financial assets at fair value through profit or loss (FVTPL)

Financial assets that are not classified in any of the categories above are classified at fair value through profit or loss.

d) Equity investments

Equity investments in the scope of Ind AS 109 are measured at fair value except for investments in associates, which are carried at cost.

The Company may make an irrevocable election to present in OCI subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.

If Company decides to classify an equity instrument at fair value through other comprehensive income (FVTOCI), then all fair value changes on the instrument are recognised in other comprehensive income. However, dividends on equity instruments on fair value through other comprehensive income (FVTOCI) is recognised in profit or loss.

In addition, profit or loss arising from sales is also taken to other comprehensive income. The amount accumulated in this respect is transferred within the Equity on derecognition.

2.2.53. Equity Share Capital

An equity instrument is a contract that evidences residual interest in the assets of the company after deducting all of its liabilities. Par value of the equity shares is recorded as share capital and the amount received in excess of par value is classified as Securities Premium.

Costs directly attributable to the issue of ordinary shares are recognized as a deduction from other equity, net of any tax effects.

2.2.54. Impairment of financial assets

A financial asset is assessed for impairment at each reporting date. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.

The company measures the loss allowance for a financial asset at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. If the credit risk on a financial instrument has not increased significantly since initial recognition, the company measures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses.

However, for trade receivables that result in relation to revenue from contracts with customers, the company measures the loss allowance at an amount equal to lifetime expected credit losses.

2.2.5.5. Derecognition of financial instruments

The Company derecognizes a financial asset or a group of financial assets when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.

On derecognition of a financial asset (except for equity instruments designated as FVTOCI), the difference between the asset’s carrying amount and the sum of the consideration received and receivable are recognized in statement of profit and loss.

On derecognition of assets measured at FVTOCI, the cumulative gain or loss previously recognized in other comprehensive income is reclassified to Retained Earnings.

Financial liabilities are derecognized if the Company’s obligations specified in the contract expire or are discharged or cancelled. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in the Statement of Profit and Loss.

2.2.6. Inventories

Inventories (other than Contract Work in Progress) are valued at lower of cost of net realizable Value and the cost is computed on FIFO basis.

The cost of inventories has been computed to include all cost of purchases, cost of conversion and other related costs incurred in bringing the inventories to their present location and condition.

Net realizable value (NRV) is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

Contract Work in Progress, if any, is valued at a cost which relates to future activities on the contract.

Appropriate allowance is also made for such cost, recovery of which is not possible.

2.2.7. Foreign Currency Transactions

Transactions in foreign currencies are initially translated into the functional currency at the exchange rates prevailing on the date of the transactions. Foreign currency monetary assets and liabilities outstanding on the balance sheet date are translated at the year-end exchange rates. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of transaction. Foreign exchange gain/ loss to the extent considered as an adjustment to interest cost are considered as part of borrowing cost. The loss or gain thereon and on the exchange differences on settlement of the foreign currency transactions during the year are recognized as income or expense in the statement of profit and loss.

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Mar 31, 2018

1. Summary of Significant Accounting Policies

A summary of the significant accounting policies applied in the preparation of the financial statements are as given below. These accounting policies have been applied consistently to all the periods presented in the financial statements.

a Property, plant and equipment

i) Property, plant and equipment held for use in the production or/and supply of goods or services, or for administrative purposes, are stated in the balance sheet at cost, less any accumulated depreciation and accumulated impairment losses (if any).

ii) Cost of an item of property, plant and equipment acquired comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting any trade discounts and rebates, borrowing cost, if capitalization criteria is met and any directly attributable costs of bringing the assets to its working condition and location for its intended use and present value of any estimated cost of dismantling and removing the item and restoring the site on which it is located.

iii) In case of self-constructed assets, cost includes the costs of all materials used in construction, direct labour, allocation of directly attributable overheads, directly attributable borrowing costs incurred in bringing the item to working condition for its intended use, and estimated cost of dismantling and removing the item and restoring the site on which it is located. The costs of testing whether the asset is functioning properly, after deducting the net proceeds from selling items produced while bringing the asset to that location and condition are also added to the cost of self-constructed assets.

iv) Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is classified as Capital Advances under other non-current assets.

v) Capital work in progress includes cost of property, plant and equipment under installation / under development as at the balance sheet date.

vi) Gains or losses arising from de-recognition of property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized.

vii) The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

viii) The Company identifies and determines cost of asset significant to the total cost of the asset having useful life that is materially different from that of the remaining life.

Subsequent Expenditure

i) Subsequent costs are included in the asset’s carrying amount, only when it is probable that future economic benefits associated with the cost incurred will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced.

ii) Major Inspection/ Repairs/ Overhauling expenses are recognized in the carrying amount of the item of property, plant and equipment as a replacement if the recognition criteria are satisfied. Any Unamortized part of the previously recognized expenses of similar nature is derecognized.

b Depreciation on Property, plant and equipment

i) Depreciation on property, plant and equipment is provided under Straight Line Method (except for Vehicle where Written Down Method is followed) at rates based on the estimated useful lives of assets prescribed by Schedule II of the Companies Act, 20i3 except for the following assets where the useful life estimated by the management is lower than the life prescribed under Schedule II.

As per the above policy, depreciation on the following assets have been provided at rates which are different from the corresponding rates prescribed in Schedule II based on the estimated life of the assets.

ii) Depreciation in respect of property, plant and equipment added / disposed off during the year is provided on pro-rata basis, with reference to the date of addition/disposal.

c Intangible Assets

i) Intangible assets acquired separately are measured on initial recognition at cost. Such assets are carried at cost less accumulated amortisation and accumulated impairment loss, if any.

ii) Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. Intangible assets being Computer Software are amortised on straight line basis over its estimated useful life of 5 years. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit and loss unless such expenditure forms part of carrying value of another asset.

iii) Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss when the asset is derecognised.

d Leases

The determination of whether an agreement is, or contains, a lease is based on the substance of the agreement at the date of inception.

i) Finance leases:

A. Lease where the company has substantially transferred all the risks and rewards of ownership of the related assets are classified as finance leases. Assets under finance leases are capitalised at the commencement of the lease at the lower of the fair value or the present value of Minimum lease payments and a liability is created for an equivalent period. Each lease rental paid is allocated between the liability and interest cost, so as to obtained a constant periodic rate of interest on the outstanding liability for each period.

B. Assets given under finance lease are recognised as a receivable at an amount equal to the net investment in the lease. Lease income is recognised over the period of the lease so as to yield a constant rate of return on the net investment in the lease.

ii) Operating Leases:

The leases which are not classified as finance lease are operating leases.

A. Lease rentals on assets under operating leases are charged to the Statement of Profit and Loss on a straight line basis over the term of the relevant lease.

B. Assets leased out under operating leases are continued to be shown under the respective class of assets. Rental income is recognised based on a straight line basis over the term of the relevant lease.

e Borrowing Costs

Borrowing costs (including other ancillary borrowing cost) directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.

f Foreign Currency Transactions

Functional currency

The functional currency of the company is Indian Rupees (‘INR’). These financial statements are presented in Indian Rupees and all the values are rounded to the nearest lakhs, except otherwise indicated.

Transactions and translations

Foreign currency transactions are translated into the functional currency using the spot rates of exchanges at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchanges at the reporting date.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities are generally recognized in profit or loss in the year in which they arise except for exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those qualifying assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings, the balance is presented in the Statement of Profit and Loss within finance costs.

Non monetary items are not retranslated at period end and are measured at historical cost (translated using the exchange rate at the transaction date).

g Inventories

i) Inventories other than Contract Work in Progress , are valued at lower of Cost of Net Realisable Value and is computed on FIFO Basis.

The cost of inventories have been computed to include all cost of purchases, cost of conversion and other related costs incurred in bringing the inventories to their present location and condition.

ii) Contract Work in Progress , if any, is valued at cost which relates to future activities on the contract. Appropriate allowance is also made for such cost, recovery of which is not possible.

h Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and revenue can be reliability measured, regardless of when the payment is being made. Advances received for services and products are reported as customer deposits until all conditions for revenue recognition are met.

A. Sale of Products

Revenue from the sale of products is recognized when significant risks and rewards of ownership are transferred to customers and the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold. Revenue from the sale of products is measured at the fair value of the consideration received or receivables, net of returns and allowances, trade discounts and volume rebates.

Construction Contract

Revenue on construction contracts is recognized on percentage completion method based on the stage of completion of the contract. The stage of completion is determined as a proportion that contract costs incurred for work performed upto the reporting date bears to the estimated total costs. When it is probable that the total contract cost will exceed the total contract revenue, the expected loss is recognized immediately. For this purpose, total contract costs are ascertained on the basis of actual costs incurred and costs to be incurred for completion of contracts in progress, which is arrived at by the management based on current technical data, forecasts and estimate of expenditure to be incurred in future including contingencies. Revisions in projected profit or loss arising from change in estimates are reflected in each accounting period which, however, cannot be disclosed separately in the financial statements as the effect thereof cannot be accurately determined. Cost and earnings in excess of billings are classified as unbilled revenue while billing in excess of cost and earnings is classified as unearned revenue.

B. Sale of Services

Revenue from rendering services is recognised when the performance of agreed contractual task has been completed.

(i) Income from Entry Fees/Rides/Games etc.

Revenues from theme park/water park ticket sales are recognized when the tickets are issued.

The accounting policy for recognizing revenue from sale of Passes/Fun Tickets-Annual Membership with all days validity which are Non-Refundable in nature are recognized when Passes/ Tickets are sold.

(ii) Recreational Facility Income

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

C. Barter Transactions

The company recognises revenue from Barter transactions involving Advertising at Fair Value of the advertising services involved in the Barter Transaction by taking reference to a non barter transaction of similar nature and accordingly recognise it over the period of the rights given to the party. When the fair value of the goods or services received cannot be measured reliably, the revenue is measured at the fair value of the goods or services given up, adjusted by the amount of any cash or cash equivalents transferred.

D. Dividend income

Dividend incomes from investments are recognized when the Company’s right to receive the payment of the same is established by the Balance Sheet date.

E. Interest Income

Interest income from financial assets is recognised using effective interest rate method.

i Government Grant

Government grants are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions.

Government grants are recognised in the statement of profit or loss on a systematic basis over the periods in which the Company recognises the related costs for which the grants are intended to compensate. Capital grant received from sponsors for construction of specific asset are recognised as deferred revenue in the Balance Sheet and transferred to the profit or loss on a systematic and rational basis over the useful lives of the related asset.

j Income Taxes

Taxes on Income comprises of current tax and deferred tax. Current tax and deferred tax are recognized in profit and loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax expense is also recognized in other comprehensive income or directly in equity, respectively.

Current Tax

Current tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Deferred Tax

(i) Deferred Tax assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

(ii) Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes (i.e., tax base). Deferred tax is also recognized for carry forward of unused tax losses and unused tax credits.

(iii) Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.

(iv) The carrying amount of deferred tax assets is reviewed at the end of each reporting period. The Company reduces the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or that entire deferred tax asset to be utilized. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profit will be available.

(v) Deferred tax relating to items recognized outside the Statement of Profit and Loss is recognized either in other comprehensive income or in equity. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.

(vi) Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

k Earnings per Share

Earnings per share is calculated by dividing the net profit or loss before OCI for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss before OCI for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

l Provisions, Contingent Liability & Contingent Assets

A provision is recognized if, as a result of a past event, the company has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Provisions are determined based on the best estimate required to settle the obligation at the balance sheet date. A contingent liability is disclosed unless the possibility of an outflow of resources embodying economics benefits is remote. A contingent asset is neither recognized nor disclosed.

m Cash flow Statement

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

n Cash and Cash equivalents

Cash and cash equivalents for the purpose of cash flow statement/ balance sheet comprise of cash and cheques on hand, cash at bank including short term deposits and highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

o Retirement and other employee benefits

(i) Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation other than the contribution payable to the Provident fund. Contribution payable the provident fund is recognised as an expenditure in the statement of profit and loss and/or carried to Construction work-in-progress when an employee renders the related service.

(ii) The Company’s obligation towards gratuity, a defined benefit employee retirement scheme is recognized on the basis of period end actuarial valuation determined under the Projected Unit Credit Method. The trustees of the Scheme have entered with the Life Insurance Corporation of India (LIC). Payments are made by the Company based on demand raised by LIC.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.

(iii) Short term compensated absences are provided for based on estimates. The Company treats accumulated leave expected to be carried forward beyond twelve months as long term employee benefit for measurement purposes. Such long term compensated absences are provided for based on the actuarial valuation using the unit projected credit method at the end of each financial year.

p Financial Instruments

Financial Assets

A. Initial recognition and measurement

All financial assets are initially recognized when the company becomes a party to the contractual provisions of the instruments. A financial asset is initially measured at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

B. Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

(a) Measured at Amortized Cost;

(b) Measured at Fair Value Through Other Comprehensive Income (FVTOCI);

(c) Measured at Fair Value Through Profit or Loss (FVTPL); and

(d) Equity Instruments measured at Fair Value Through Other Comprehensive Income (FVTOCI).

Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its business model for managing financial assets.

a) Financial assets carried at amortised cost (AC)

A debt instrument is measured at the amortized cost if both the following conditions are met:

i) The asset is held within a business model whose objective is achieved by both collecting contractual cash flows; and

ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method.

b) Financial assets at fair value through other comprehensive income (FVTOCI)

A debt instrument is measured at the FVTOCI if both the following conditions are met:

i) The objective of the business model is achieved by both collecting contractual cash flows and selling the financial assets; and

ii) The asset’s contractual cash flows represent SPPI.

Debt instruments meeting these criteria are measured initially at fair value plus transaction costs. They are subsequently measured at fair value with any gains or losses arising on remeasurement recognized in other comprehensive income, except for impairment gains or losses and foreign exchange gains or losses. Interest calculated using the effective interest method is recognized in the statement of profit and loss in investment income.

c) Financial assets at fair value through profit or loss (FVTPL)

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as FVTPL. In addition, the company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the statement of profit and loss.

C. Derecognition

The Company derecognizes a financial asset on trade date only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

D. Impairment of Financial Assets

The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS - 109 requires expected credit losses to be measured through a loss allowance. The company recognizes lifetime expected losses for all contract assets and/ or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured at an amount equal to the i2 month expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.

E. Investments in Associates

The Company has accounted for its Investments in Associates at cost.

F. Other Equity Investments

All other equity investments are measured at fair value, with value changes recognised in Statement of Profit and Loss , except for those equity investments for which the Company has elected to present the value changes in “Other Comprehensive Income.

Financial Liabilities:

A. Initial recognition and measurement

All financial liabilities are recognised initially at fair value and in case of Loans & Borrowings and payables, net of directly attributable cost.

B. Subsequent measurement

Financial liabilities are measured subsequently at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is classified as held-for-trading, or it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest rate method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

C. Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.

D. Off-setting of financial instruments

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the counterparty.

q Operating Segment

The identification of operating segment is consistent with performance assessment and resource allocation by the chief operating decision maker. An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses including revenues and expenses that relate to transactions with any of the other components of the Company and for which discrete financial information is available. Operating segments of the Company comprises three segments Park Operations, Consultancy , Contracts & Sale of components for Rides and F&B and Other Recreational Activities.

All operating segments’ operating results are reviewed regularly by the chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance.

r Measurement of Fair Value

A number of the Company’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

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:

(a) In the principal market for the asset or liability, or

(b) 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.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

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

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

(b) Level 2 — Inputs other than quoted prices included within Level i, that are observable for the asset or liability, either directly or indirectly; and

(c) Level 3 — Inputs which are unobservable inputs for the asset or liability. s Standards Issued but not yet effective

Ind AS 115-Revenue from Contracts with Customers

Ind AS 115-Revenue from Contracts with Customers-The Ministry of Corporate Affairs (MCA) on March 28, 2018 has notified new Indian Accounting Standard as mentioned above .The new standard will come to into force from accounting period commencing on or after April 0i, 2018.It replaces existing recognition guidance, including Ind AS i8 Revenue and Ind AS ii Construction contract. The standard is likely to affect the measurement, recognition and disclosure of revenue. The Company has evaluated and there is no material impact of this amendment on the Financial Statement of the Company except disclosure. The Company will adopt the Ind AS ii5 on the required effective date.

Ind AS 21, The Effect of Changes in Foreign Exchange Rates -

The amendments to Ind AS 2i addresses issue to determine the date of transactions for the purpose of determining the exchange rate to be used on initial recognition of related assets, expenses or income when entity has received or paid advances in foreign currencies by incorporating the same in Appendix B to Ind AS 2i. The amendment will come into force from accounting period commencing on or after April 0i, 2018. The Company has evaluated this amendment and impact of this amendment will not be material.

t Significant Judgements and Key sources of Estimation in applying Accounting Policies

Information about Significant judgements and Key sources of estimation made in applying accounting policies that have the most significant effects on the amounts recognized in the financial statements is included in the following notes:

i) Recognition of Deferred Tax Assets: The extent to which deferred tax assets can be recognized is based on an assessment of the probability of the Company’s future taxable income against which the deferred tax assets can be utilized. In addition, significant judgement is required in assessing the impact of any legal or economic limits.

ii) Useful lives of depreciable/ amortisable assets (tangible and intangible): Management reviews its estimate of the useful lives of depreciable/ amortisable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to actual normal wear and tear that may change the utility of plant and equipment.

iii) Defined Benefit Obligation (DBO): Employee benefit obligations are measured on the basis of actuarial assumptions which include mortality and withdrawal rates as well as assumptions concerning future developments in discount rates, anticipation of future salary increases and the inflation rate. The Company considers that the assumptions used to measure its obligations are appropriate. However, any changes in these assumptions may have a material impact on the resulting calculations.

iv) Provisions and Contingencies: The assessments undertaken in recognising provisions and contingencies have been made in accordance with Indian Accounting Standards (Ind AS) 37, ‘Provisions, Contingent Liabilities and Contingent Assets’. The evaluation of the likelihood of the contingent events is applied best judgement by management regarding the probability of exposure to potential loss.

v) Impairment of Financial Assets: The Company reviews its carrying value of investments carried at amortized cost annually, or more frequently when there is indication of impairment. If recoverable amount is less than its carrying amount, the impairment loss is accounted for.

vi) Allowances for Doubtful Debts: The Company makes allowances for doubtful debts through appropriate estimations of irrecoverable amount. The identification of doubtful debts requires use of judgment and estimates. Where the expectation is different from the original estimate, such difference will impact the carrying value of the trade and other receivables and doubtful debts expenses in the period in which such estimate has been changed.

vii) Fair value measurement of financial Instruments: When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow model. The input to these models are taken from observable markets where possible, but where this not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility.

3 The abridged financial statements have been prepared pursuant to Section 136(1) of the Companies Act, 2013 and Rule 10 of the Companies (Accounts) Rules, 2014, and are based on the annual financial statements for the year ended March 31, 2018 approved by the Board of Directors at their meeting held on May 17, 2018. Notes to Accounts and other particulars with reference to Schedule number and Note number as appearing in Audited Financial Statements.

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Mar 31, 2017

1.1 Basis of Accounting

The financial statements of the company have been prepared under historical cost convention in accordance with the generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respects with the accounting standards specified under section 133 of the Companies Act 2013, read with Companies (Accounts) Rules, 2014.

1.2 Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the results of operations during the reporting period end. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Differences between actual results and estimates are recognized in the year in which the results are known / materialized.

1.3 Fixed Assets

(a) Tangible Fixed Assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met, and directly attributable cost of bringing the asset to its working condition for the intended use.

(b) Land (leasehold) represents only site development expenses not relating to specific building (there being no lump sum payment). These expenses are being amortized over the lease period with annual lease rentals being charged to revenue.

(c) Depreciation on Fixed Assets, other than Motor Vehicles, has been provided on Straight Line Method based on useful life prescribed in Schedule II to the Companies Act, 2013 (‘the Act’) except for following items for which depreciation has been provided at different rates based on their useful lives as estimated by the Management on the basis of technical evaluation. Certain components where useful life is less than the life of the main asset has been amortized over the shorter life of the component. Depreciation on Motor Vehicles has been provided on Written Down Value Method based on useful life prescribed in Schedule II to the Act.

(d) Assets if any, acquired under Finance Lease (i.e. Hire Purchase arrangements) are capitalized at lower of their fair value and the present value of the minimum lease payments.

(e) An impairment loss is recognized wherever the carrying amount of the fixed assets exceeds the recoverable amount, i.e., the higher of the assets’ net selling price and its value in use.

(f) Capital grant received from sponsors for construction of specific asset are credited to Capital Reserve and is recognized as income in the Profit and Loss Account to the extent of depreciation charge of related asset.

1.4 Intangible Assets

(a) Intangible Assets are stated at acquisition cost, net of accumulated amortization and accumulated impairment losses, if any.

(b) Intangible Assets are amortized over a period of five years.

1.5 Borrowing Costs

Borrowing costs attributable to the acquisition and construction of qualifying assets are added to the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

1.6 Foreign Exchange Transactions

Transactions in foreign currency are accounted for at exchange rates prevailing on the date of transactions. Year-end foreign currency balances of monetary items, if any, are translated at the appropriate year-end rates. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rates at the date of transaction. Resultant translation differences arising on settlement of transactions and /or restatement are appropriately dealt with in the Statement of Profit and Loss.

1.7 Inventory Valuation

(a) Inventories other than Stores and Spares and Contract Work-in-Progress, if any are valued at lower of cost or net realizable value.

(b) Stores and Spares are valued at cost or under. Cost includes freight and other related incidental expenses and is computed on FIFO basis.

(c) Contract Work-in-Progress, if any is valued at cost which relates to future activities on the contract. Appropriate allowance is also made for such cost, recovery of which is not probable.

1.8 Revenue Recognition

(a) Revenue from fixed price construction contract is recognized on the percentage of completion method, measured by reference to the proportion that contract costs (other than those relating to future activities on such contract) incurred up to the reporting date bears to the estimated total contract costs.

(b) Other items of Income and Expenditure are recognized on accrual and prudent basis.

(c) Interest income is recognized on time proportion basis taking into account the amount outstanding, rate applicable and company’s right to receive interest is established.

(d) Dividend income is recognized when right to receive the same is established by the reporting date.

1.9 Investments

(a) Long Term Investments are stated at cost as reduced by provision for diminution, if any, other than temporary, in the related carrying amounts.

(b) Current Investments are carried at lower of cost or net realizable value.

1.10 Taxation

Tax expenses comprise Current Tax and Deferred Tax. Current Tax is accounted for based on the estimated taxable income for the period as per the related tax laws followed. Deferred Tax is recognized, subject to consideration of prudence in respect of deferred tax assets, on timing differences between taxable income and accounting income that originates in one period and are capable of being reversal in one or more subsequent periods and is measured using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

1.11 Employee Benefits

(a) Contributions payable in keeping with Defined Contribution Plans are funded and recognized as period’s expenditure.

(b) Contribution under Defined Benefit Plans, as determined by Life Insurance Corporation of India (LIC) are funded as per arrangement with them. But the expenditure is recognized as per actuarial valuation, as per AS 15 (Revised).

(c) Provision for other long term benefit, like leave encashment liability for qualifying employees is made on the basis of actuarial valuation.

1.12 Provisions, Contingent Liabilities & Contingent Assets

A provision is made when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on management estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates. Contingent Liabilities are not recognized and are disclosed in the notes to the accounts. Contingent Assets are neither recognized nor disclosed in the financial statements.

1.13 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or 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 result for the period attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

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Mar 31, 2016

1.1 BASIS OF ACCOUNTING

The financial statements of the company have been prepared under historical cost convention in accordance with the generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respects with the accounting standards specified under section 133 of the Companies Act 2013, read with Company (Accounts) Rule 2014.

1.2 USE OF ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting principles in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the results of operations during the reporting period end. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Differences between actual results and estimates are recognized in the period in which the results are known / materialized.

1.3 FIXED ASSETS & DEPRECIATION

(a) Fixed Assets are stated at cost less depreciation. Land (leasehold) represents only site development expenses not relating to specific building (there being no lump sum payment). These expenses are being amortized over the lease period with annual lease rentals being charged to revenue.

(b) Depreciation on Fixed Assets, other than Motor Vehicles, has been provided on Straight Line Method at applicable rates prescribed in Schedule II to the Companies Act, 2013 (‘the Act’) except for following items for which depreciation has been provided at different rates based on their useful lives as estimated by the Management on the basis of technical evaluation. Certain components where useful life is less than the life of the main asset has been amortized over the shorter life of the component.

(c) Depreciation on Motor Vehicles has been provided on written down Value Method at applicable rate prescribed in Schedule II to the Act.

(d) Intangible Assets are amortized over a period of five years.

(e) Assets if any, acquired under Finance Lease (i.e. Hire Purchase arrangements) are capitalized at lower of their fair value and the present value of the minimum lease payments.

(f) An impairment loss is recognized wherever the carrying amount of the fixed assets exceeds the recoverable amount, i.e., the higher of the assets’ net selling price and its value in use.

(g) Capital grant received from sponsors for construction of specific asset are credited to Capital Reserve and is recognized as income in the Profit and Loss Account to the extent of depreciation charge of related asset.

1.4 BORROWING COSTS

Borrowing costs attributable to the acquisition and construction of qualifying assets are added to the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

1.5 FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currency are accounted for at exchange rates prevailing on the date of transactions. Year-end foreign currency balances of monetary items, if any, are translated at the appropriate year-end rates. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rates at the date of transaction. Resultant translation differences arising on settlement of transactions and /or restatement are appropriately dealt with in the Statement of Profit and Loss.

1.6 INVENTORY VALUATION

(a) Inventories other than Stores and Spares and Contract Work-in-Progress, if any are valued at lower of cost and net realizable value.

(b) Stores and Spares are valued at cost or under. Cost includes freight and other related incidental expenses and is computed on FIFO basis.

(c) Contract Work-in-Progress, if any is valued at cost which relates to future activities on the contract. Appropriate allowance is also made for such cost, recovery of which is not probable.

1.7 REVENUE RECOGNITION

(a) Revenue from fixed price construction contract is recognized on the percentage of completion method, measured by reference to the proportion that contract costs (other than those relating to future activities on such contract) incurred up to the reporting date bears to the estimated total contract costs.

(b) Other items of Income and Expenditure are recognized on accrual and prudent basis.

(c) Interest income is recognized on time proportion basis taking into account the amount outstanding, rate applicable and company’s right to receive interest is established.

(d) Dividend income is recognized when right to receive the same is established by the reporting date.

1.8 INVESTMENTS

(a) Long Term Investments are stated at cost as reduced by provision for diminution, if any, other than temporary, in the related carrying amounts.

(b) Current Investments are carried at lower of cost and net realizable value.

1.9 TAXATION

Tax expenses comprise Current Tax and Deferred Tax. Current Tax is accounted for based on the estimated taxable income for the period as per the related tax laws followed. Deferred Tax is recognized, subject to consideration of prudence in respect of deferred tax assets, on timing differences between taxable income and accounting income that originates in one period and are capable of being reversal in one or more subsequent periods and is measured using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

1.10 EMPLOYEE BENEFITs

(a) Contributions payable in keeping with Defined Contribution Plans are funded and recognized as period’s expenditure.

(b) Contribution under Defined Benefit Plans, as determined by Life Insurance Corporation of India (LIC) are funded as per arrangement with them. But the expenditure is recognized as per actuarial valuation, as per AS 15 (Revised).

(c) Provision for other long term benefit, like leave encashment liability for qualifying employees is made on the basis of actuarial valuation.

1.11 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS

A provision is made when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on Management estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates. Contingent Liabilities are not recognized and are disclosed in the notes to the accounts. Contingent Assets are neither recognized nor disclosed in the financial statements.

1.12 EARNINGS PER SHARE

Basic earnings per share are calculated by dividing the net profit or loss for the period 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 result for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

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Mar 31, 2015

1.1 BASIS OF ACCOUNTING

The financial statements are historical cost conventions, in accordance with the generally accepted accounting principles.

1.2 FIXED ASSETS & DEPRECIATION

(a) Fixed Assets are stated at cost less depreciation. Land (leasehold) represents only site development expenses not relating to specific building (there being no lump sum payment). These expenses are being amortized over the lease period with annual lease rentals being charged to revenue.

(b) Depreciation on Fixed Assets, other than Motor Vehicles, has been provided on Straight Line Method at applicable rates prescribed in Schedule II to the Companies Act, 2013 ('the Act') except for following items for which depreciation has been provided at different rates based on their useful lives as estimated by the Management on the basis of technical evaluation:-

(c) Depreciation on Motor Vehicles has been provided on written down Value Method at applicable rate prescribed in Schedule II to the Act.

(d) Intangible Assets are amortized over a period of five years.

(e) Assets if any, acquired under Finance Lease (i.e. Hire Purchase arrangements) are capitalized at lower of their fair value and the present value of the minimum lease payments.

(f) An impairment loss is recognised wherever the carrying amount of the fixed assets exceeds the recoverable amount, i.e., the higher of the assets' net selling price and its value in use.

(g) Capital grant received from sponsors for construction of specific asset are credited to Capital Reserve and is recognised as income in the Profit and Loss Account to the extent of depreciation charge of related asset.

1.3 BORROWING COSTS

Borrowing costs attributable to the acquisition and construction of qualifying assets are added to the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.

1.4 foreign exchange transactions

Transactions in foreign currency are accounted for at exchange rates prevailing on the date of transactions. Year-end foreign currency balances of monetary items, if any, are translated at the appropriate year-end rates. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rates at

the date of transaction. Resultant translation differences arrising on settlement of transactions and /or restatement are appropriately dealt with in the Statement of Profit and Loss.

1.5 INVENTORY VALUATION

(a) Inventories other than Stores and Spares and Contract Work-in-Progress, if any are valued at lower of cost and net realisable value.

(b) Stores and Spares are valued at cost or under. Cost includes freight and other related incidental expenses and is computed on FIFO basis.

(c) Contract Work-in-Progress, if any is valued at cost which relates to future activities on the contract. Appropriate allowance is also made for such cost, recovery of which is not probable.

1.6 REVENUE RECOGNITION

(a) Revenue from fixed price construction contract is recognised on the percentage of completion method, measured by reference to the proportion that contract costs (other than those relating to future activities on such contract) incurred up to the reporting date bears to the estimated total contract costs.

(b) Other items of Income and Expenditure are recognised on accrual and prudent basis.

1.7 INVESTMENTS

(a) Long Term Investments are stated at cost as reduced by provision for diminution, if any, other than temporary, in the related carrying amounts.

(b) Current Investments are carried at lower of cost and net realisable value.

1.8 TAXATION

Tax expenses comprise Current Tax and Deferred Tax. Current Tax is accounted for based on the estimated taxable income for the period as per the related tax laws followed. Deferred Tax is recognised, subject to consideration of prudence in respect of deferred tax assets, on timing differences between taxable income and accounting income that originates in one period and are capable of being reversal in one or more subsequent periods and is measured using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

1.9 employee benefits

(a) Contributions payable in keeping with Defined Contribution Plans are funded and recognised as period's expenditure.

(b) Contribution under Defined Benefit Plans, as determined by Life Insurance Corporation of India (LIC) are funded as per arrangement with them. But the expenditure is recognized as per actuarial valuation, as per AS 15 (Revised).

(c) Provision for other long term benefit,like leave encashment liability for qualifying employees is made on the basis of actuarial valuation.

1.10 provisions, contingent liabilities & contingent assets

A provision is made when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on Management estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates. Contingent Liabilities are not recognised and are disclosed in the notes to the accounts. Contingent Assets are neither recognised nor disclosed in the financial statements.

a) The company has one class of issued shares i.e. equity shares having par value of Re.i per share. Each holder of ordinary shares is entitled to one vote per share and equal right for dividend.

b) There has been no change/movements in number of shares outstanding at the beginning and at the end of the reporting period.

c) The Company does not have any holding company/ultimate holding company.

d) Details of shareholders holding more than 5% shares in the company:

e) No shares have been reserved for issue under options and contracts/ commitments for the sale of shares/ disinvestment as at the balance sheet date.

f) No shares have been allotted or has been bought back by the company during the period of 5 years preceding the date as at which the Balance Sheet is prepared.

g) No convertible securities has been issued by the company during the period.

h) No calls are unpaid by any Director and Officer of the Company during the period.

i. Nature of Security

A first charge by way of hypothecation of all the moveables (save and except book debts) alongwith moveable machinery, machinery spares, tools and accessories, present and future subject to prior charge created and/or to be created in favour of Borrower's bankers on borrower's stock etc., and also first mortgage charge by way of mortgage of immovable properties comprising of leasehold rights of land admeasuring about 40 acres together with buildings, structures, erections, etc, constructed or to be constructed therein in both present or future and the plant , equipments and machinery attached to the earth ranking pari passu for existing term loans of TFCI and Allahabad Bank.

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Mar 31, 2014

1.1 BAMS OF ACCOUNTING

Tite financial statements are historical cost conventions, in accordance with tlie generally accepted accounting principal.

1.2 FIXED ASSETS & DEPRECIATION

(a} Fixed Assets are stated at cost less depreciation. Land (leasehold) represents only site development expenses not relating to specific building (them being no lump sum payment). These expenses arc being amortized over the lease period with annual lease rentals being charged to revenue.

(b) Depreciation on Fixed Assets, other than Vehicles, has been provided on Straight Line Method at applicable rates prescribed in Schedule XIV to the Companies Act, 1956 ('the Act') except for following items For which depreciation has been provided at higher rates based on their useful lives as estimated by the Management on the basis of technical evaluation

Particulars Useful Life (in years)

Machinery for Sports facilities 10

Inflatable Rides 4

Civil Works and Buildings at Water 10 and 2.0 respectively Park& Banquet Hall

Machinery, Equipment (Others), Rides, 10 Electrical Installation, Furniture and Fittings at Water Park. Banquet Hall & Haunted House

Theme Derby Rides 4

(cj Depreciation on Vehicles has been provided on Written Down Value Method at applicable rate presc ribed in Schedule XIV to (he Act.

(d) Intangible Assets are amortized over a (teriod of five years.

|e) Assets if any, acquired under Finance Lease {i.e. Hire Purchase arrangements) are capitalized at lower of their (air value and the present value of the minimum lease payments,

if) An impairment loss is recognised wherever the carrying amount of the fixed assets exceeds the recoverable amount, i.e., the higher of the assets' net selling price and its value in use,

(g) Capital grant received from sponsors for construction ofsrecific asset are credited to Capital Reserve and is recognised as income in the Profit and Loss Account to the extent of depreciation charge of related asset.

1.3 BORROWING COSTS

Borrowing costs attributable to the acquisition and construction of qualifying assets are added <0 the cost of such assets tip to the date when such asset is ready for its ml ended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.

1.4 FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currency are accounted for at exchange rates prevailing on the date of transactions. Year-end foreign Currency balances of monetary items, if any, are translated at the appropriate year-end rates. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rates at the date of trails ad ion. Resultant translation differences am sing on settlement of transactions atid /or restatement are appropriately dealt with in the Statement of Profit and Loss.

INVENTORY VALUATION

(a) Inventories other tlian Stores and Spares and Contract Work-in-Progress, if any are valued at lower of cost and net realisable value.

(b) Stores and Spares ate valued at cost or under. Cost includes freight and other related incidental expenses and is computed on FIFO basis.

(c) Contract Work-in-Progress, if any is valued at cost which relates to Future activities on tlte contract. Appropriate allowance is also made for such cost, recovery of which is not probable.

1.6 REVENUE RECOGNITION

(a) Revenue from fixed price construction contract is recognised on the percentage of completion method, measured by reference to the proportion that contract costs (oilier than those relating to future activities on stick contract) incurred up to the reporting date bears to lire estimated total contract costs.

(b) Other items ofi nCOtne and Expenditure are recognised on accrual and prudent basis. jr-7 INVESTMENTS

(a) Long Term Investments are staled at cost as reduced by provision for diminution, if any, other than temporary, in the related carrying amounts.

(b) Current Investments are carried at lower of tost and net realisable value.

1.8 TAXATION

Tax expenses comprise Current Tax arid Deferred Tax. Current Tax is accounted for based on the estimated taxable income for the period as pet the related tax laws followed. Deferred Tax is tecognised. Subject to consideration of prudence in respect of deferred lax assets, on timing differences between taxable income and accounting income that originates in one |Kriod and are capable of being reversal iti one or more subsequent periods and is measured using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date

1.9 EMPLOYEE BENEFITS

(a] Contributions payable in keeping with Defined Contribution Plans are funded and recognised as period's expenditure.

(b) Contribution under Defined Benefit Plans, as determined by Life Insurance Corporation of India (L1C) are funded as per arrangement with them. Bui the expenditure is recognised as per actuarial valuation, as per AS 15 (Revised).

(cj Provision for oilier long lertn benefit, I ike leave encashment liability for qualifying employees is made oil the basis of actuarial valuation.

1.10 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS

A provision is made when an enterprise has a preset!t obligation as a result of past event and il is probable that an outflow of resources will be required to settle [lie obligation, in res fleet of which a reliable estimate can be made. Provisions are not discounted to tls present value and are determined based on Management estimate required to settle lire obligation at tlte balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the currem management estimates. Contingent Liabilities are not recognised and are disclosed m tire notes to the accounts. Contingent Assets are neitlier recognised nor disclosed in the financial statements.

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Mar 31, 2013

1.1 BASIS OF ACCOUNTING

The financial statements are historical cost conventions, in accordance with the generally accepted accounting principal.

1.2 FIXED ASSETS & DEPRECIATION

(a) Fixed Assets are stated at cost less depreciation. Land (leasehold) represents only site development expenses not relating to specific building (there being no lump sum payment). These expenses are being amortized over the lease period with annual lease rentals being charged to revenue.

(b) Depreciation on Fixed Assets, other than Vehicles, has been provided on Straight Line Method at applicable rates prescribed in Schedule XIV to the Companies Act, 1956 (''the Act'') except for following items for which depreciation has been provided at higher rates based on their useful lives as estimated by the Management on the basis of technical evaluation :-

(c) Depreciation on Vehicles has been provided on Written Down Value Method at applicable rate prescribed in Schedule XIV to the Act.

(d) Depreciation on Theme Derby Rides has been charged to 25% p.a. on Straight Line Method from earlier rate of 4.75% on Straight Line Method based on its useful lives as estimated by the Management on the basis of technical evaluation.

(e) Intangible Assets are amortized over a period of five years.

(f) Assets if any, acquired under Finance Lease (i.e. Hire Purchase arrangements) are capitalized at lower of their fair value and the present value of the minimum lease payments.

(g) An impairment loss is recognised wherever the carrying amount of the fixed assets exceeds the recoverable amount, i.e., the higher of the assets'' net selling price and its value in use.

(h) Capital grant received from sponsors for construction of specific asset are credited to Capital Reserve and is recognised as income in the Profit and Loss Account to the extent of depreciation charge of related asset.

1.3 BORROWING COSTS

Borrowing costs attributable to the acquisition and construction of qualifying assets are added to the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.

1.4 FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currency are accounted for at exchange rates prevailing on the date of transactions. Period-end foreign currency balances of monetary items, if any, are translated at the appropriate period-end rates and the resultant translation differences are dealt with in the the appropriate period-end rates and the resultant translation differences are dealt with in the Profit and Loss Account. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rates at the date of transaction.

1.5 INVENTORY VALUATION

(a) Inventories other than Stores and Spares and Contract Work-in-Progress, if any are valued at lower of cost and net realisable value.

(b) Stores and Spares are valued at cost or under. Cost includes freight and other related incidental expenses and is computed on FIFO basis.

(c) Contract Work-in-Progress, if any is valued at cost which relates to future activities on the contract. Appropriate allowance is also made for such cost, recovery of which is not probable.

1.6 REVENUE RECOGNITION

(a) Revenue from fixed price construction contract is recognised on the percentage of completion method, measured by reference to the proportion that contract costs (other than those relating to future activities on such contract) incurred up to the reporting date bears to the estimated total contract costs.

(b) Other items of Income and Expenditure are recognised on accrual and prudent basis.

1.7 INVESTMENTS

(a) Long Term Investments are stated at cost as reduced by provision for diminution, if any, other than temporary, in the related carrying amounts.

(b) Current Investments are carried at lower of cost and net realisable value.

1.8 TAXATION

Tax expenses comprise Current Tax and Deferred Tax. Current Tax is accounted for based on the estimated taxable income for the period as per the related tax laws followed. Deferred Tax is recognised, subject to consideration of prudence in respect of deferred tax assets, on timing differences between taxable income and accounting income that originates in one period and are capable of being reversal in one or more subsequent periods and is measured using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

1.9 EMPLOYEE BENEFITS

(a) Contributions payable in keeping with Defined Contribution Plans are funded and recognised as period''s expenditure

(b) Contribution under Defined Benefit Plans, as determined by Life Insurance Corporation of India (LIC) are funded as per arrangement with them. But the expenditure is recognized as per actuarial valuation, as per AS 15 (Revised).

(c) Provision for other long term benefit, like leave encashment liability for qualifying employees is made on the basis of actuarial valuation.

1.10 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS

A provision is made when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on Management estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates. Contingent Liabilities are not recognised and are disclosed in the notes to the accounts. Contingent Assets are neither recognised nor disclosed in the financial statements.

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Mar 31, 2012

1.1 BASIS OF ACCOUNTING

The financial statements are historical cost conventions, in accordance with the generally accepted accounting

principal.

1.2 FIXED ASSETS & DEPRECIATION

(a) Fixed Assets are stated at cost less depreciation. Land (leasehold) represents only site development expenses not relating to specific building (there being no lump sum payment). These expenses are being amortised over the lease period with annual lease rentals being charged to revenue.

(b) Depreciation on Fixed Assets, other than Vehicles, has been provided on Straight Line Method at applicable rates prescribed in Schedule XIV to the Companies Act, i956 ('the Act') except for following items for which depreciation has been provided at higher rates based on their useful lives as estimated by the Management on the basis of technical evaluation :-

(c) Depreciation on Vehicles has been provided on Written Down Value Method at applicable rate prescribed in Schedule XIV to the Act.

(d) Assets if any, acquired under Finance Lease (i.e. Hire Purchase arrangements) are capitalized at lower of their fair value and the present value of the minimum lease payments.

(e) An impairment loss is recognized wherever the carrying amount of the fixed assets exceeds the recoverable amount, i.e., the higher of the assets' net selling price and its value in use.

(f) Capital grant received from sponsors for construction of specific asset are credited to Capital Reserve and is recognized as income in the Profit and Loss Account to the extent of depreciation charge of related asset.

1.3 BORROWING COSTS

Borrowing costs attributable to the acquisition and construction of qualifying assets are added to the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.

1.4 FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currency are accounted for at exchange rates prevailing on the date of transactions. Period- end foreign currency balances of monetary items, if any, are translated at the appropriate period-end rates and the resultant translation differences are dealt within the appropriate period-end rates and the resultant translation differences are dealt with in the Profit and Loss Account. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rates at the date of transactions.

1.5 INVENTORY VALUATION

(a) Inventories other than Stores and Spares and Contract Work-in-Progress, if any, are valued at lower of cost and net realizable value.

(b) Stores and Spares are valued at cost or under. Cost includes freight and other related incidental expenses and is computed on FIFO basis.

(c) Contract Work-in-Progress, if any, is valued at cost which relates to future activities on the contract. Appropriate allowance is also made for such cost, recovery of which is not probable.

1.6 REVENUE RECOGNITION

(a) Revenue from fixed price construction contract is recognized on the percentage of completion method, measured by reference to the proportion that contract costs (other than those relating to future activities on such contract) incurred up to the reporting date bears to the estimated total contract costs.

(b) Other items of Income and Expenditure are recognized on accrual and prudent basis.

1.7 INVESTMENTS

(a) Long Term Investments are stated at cost as reduced by provision for diminution, if any, other than temporary, in the related carrying amounts.

(b) Current Investments are carried at lower of cost and net realizable value.

1.8 TAXATION

Tax expenses comprise Current Tax and Deferred Tax. Current Tax is accounted for based on the estimated taxable income for the period as per the related tax laws followed. Deferred Tax is recognised, subject to consideration of prudence in respect of deferred tax assets, on timing differences between taxable income and accounting income that originates in one period and are capable of being reversal in one or more subsequent periods and is measured using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

1.9 EMPLOYEE BENEFITS

(a) Contributions payable in keeping with Defined Contribution Plans are funded and recognized as period's expenditure.

(b) Contribution under Defined Benefit Plans, as determined by Life Insurance Corporation of India (LIC) are funded as per arrangement with them. But the expenditure is recognized as per actuarial valuation, as per AS i5 (Revised)

(c) Provision for other long term benefit, like leave encashment liability for qualifying employees is made on the basis of actuarial valuation.

1.10 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS

A provision is made when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on Management estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates. Contingent Liabilities are not recognized and are disclosed in the notes to the accounts. Contingent Assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2011

1. Fixed Assets are stated at cost less depreciation. Land (leasehold) represents only site development expenses not relating to specific building (there being no lump sum payment). These expenses are being amortised over the lease period with annual lease rentals being charged to revenue.

Depreciation on Vehicles has been provided on Written Down Value Method at applicable rate prescribed in Schedule XIV to the Act.

Assets if any, acquired under Finance Lease (i.e. Hire Purchase arrangements) are capitalised at lower of their fair value and the present value of the minimum lease payments.

An impairment loss is recognised wherever the carrying amount of the fixed assets exceeds the recoverable amount, i.e., the higher of the assets net selling price and its value in use.

2 Borrowing costs attributable to the acquisition and construction of qualifying assets are added to the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.

3 Capital grant received from sponsors for construction of specific asset are credited to Capital Reserve and is recognised as income in the Profit and Loss Account to the extent of depreciation charge of related asset.

4 Transactions in foreign currency are accounted for at exchange rates prevailing on the date of transactions. Period-end foreign currency balances of monetary items, if any, are translated at the appropriate period-end rates and the resultant translation differences are dealt with in the Profit and Loss Account. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rates at the date of transactions.

5. (a) Inventories other than Stores and Spares and Contract Work-in-Progress, if any are valued at lower of cost and net realisable value.

(b) Stores and Spares are valued at cost or under. Cost includes freight and other related incidental expenses and is computed on FIFO basis.

(c) Contract Work-in-Progress, if any is valued at cost which relates to future activities on the contract. Appropriate allowance is also made for such cost, recovery of which is not probable.

6. (a) Revenue from fixed price construction contract is recognised on the percentage of completion method, measured by reference to the proportion that contract costs (other than those relating to future activities on such contract) incurred up to the reporting date bears to the estimated total contract costs.

(b) Other items of Income and Expenditure are recognised on accrual and prudent basis.

7. (a) Long Term Investments are stated at cost as reduced by provision for diminution, if any, other than temporary, in the related carrying amounts.

(b) Current Investments are carried at lower of cost and net realisable value.

8. Tax expenses comprise Current Tax and Deferred Tax. Current Tax is accounted for based on the estimated taxable income for the period as per the related tax laws followed. Deferred Tax is recognised, subject to consideration of prudence in respect of deferred tax assets, on timing differences between taxable income and accounting income that originates in one period and are capable of being reversal in one or more subsequent periods and is measured using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

9. (a) Contributions payable in keeping with Defined Contribution Plans are funded and recognised as periods expenditure.

(b) Contribution under Defined Benefit Plans, as determined by Life Insurance Corporation of India (LIC) on the basis of actuarial valuation, are funded as per arrangement with LIC and recognized as years expenditure.

(c) Provision for other long term benefit, like leave encashment liability for qualifying employees is made on the basis of actuarial valuation.

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Sep 30, 2010

1. Fixed Assets are stated at cost less depreciation. Land (leasehold) represents only site development expenses not relating to specific building (there being no lump sum payment). These expenses are being amortised over the lease period with annual lease rentals being charged to revenue.

Depreciation on Fixed Assets, other than Vehicles, has been provided on Straight Line Method at applicable rates prescribed in Schedule XIV to the Companies Act, 1956 (the Act) except for following items for which depreciation has been provided at higher rates based on their useful lives as estimated by the Management on the basis of technical evaluation :-

Particulars Useful Life (in years)

Machinery for Sports facilities 10 Inflatable Rides 4 Civil Works and Buildings at Water Park 10 and 20 respectively Machinery, Equipment(Others), Rides, Electrical Installation, Furniture and Fittings at Water Park 10

Depreciation on Vehicles has been provided on Written Down Value Method at applicable rate prescribed in Schedule XIV to the Act.

Assets if any, acquired under Finance Lease (i.e Hire Purchase arrangements) are capitalised at lower of their fair value and the present value of the minimum lease payments.

An impairment loss is recognised wherever the carrying amount of the fixed assets exceeds the recoverable amount, i.e., the higher of the assets net selling price and its value in use.

2. Borrowing costs attributable to the acquisition and construction of qualifying assets are added to the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.

3. Capital grant received from sponsors for construction of specific asset are credited to Capital Reserve and is recognised as income in the Profit and Loss Account to the extent of depreciation charge of related asset.

4. Transactions in foreign currency are accounted for at exchange rates prevailing on the date of transactions. Period-end foreign currency balances of monetary items, if any, are translated at the appropriate period-end rates and the resultant translation differences are dealt with in the Profit and Loss Account. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rates at the date of transactions.

5. (a) Inventories other than Stores and Spares and Contract Work-in-Progress, if any are valued at lower of cost and net realisable value.

(b) Stores and Spares are valued at cost or under. Cost includes freight and other related incidental expenses and is computed on FIFO basis.

(c) Contract Work-in-Progress, if any is valued at cost which relates to future activities on the contract. Appropriate allowance is also made for such cost, recovery of which is not probable.

6. (a) Revenue from fixed price construction contract is recognised on the percentage of completion method, measured by reference to the proportion that contract costs (other than those relating to future activities on such contract) incurred up to the reporting date bears to the estimated total contract costs.

(b) Other items of Income and Expenditure are recognised on accrual and prudent basis.

7. (a) Long Term Investments are stated at cost as reduced by provision for diminution, if any, other than temporary, in the related carrying amounts.

(b) Current Investments are carried at lower of cost and net realisable value.

8. Tax expenses comprise Current Tax and Deferred Tax. Current Tax is accounted for based on the estimated taxable income for the period as per the related tax laws followed. Deferred Tax is recognised, subject to consideration of prudence in respect of deferred tax assets, on timing differences between taxable income and accounting income that originates in one period and are capable of being reversal in one or more subsequent periods and is measured using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

9. (a) Contributions payable in keeping with Defined Contribution Plans are funded and recognised as years expenditure.

(b) Contribution under Defined Benefit Plans, as determined by Life Insurance Corporation of India (LIC) on the basis of actuarial valuation, are funded as per arrangement with LIC and recognized as years expenditure.

(c) Provision for other long term benefit, like leave encashment liability for qualifying employees is made on the basis of actuarial valuation.

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Sep 30, 2009

1. Fixed Assets are stated at cost less depreciation. Land (leasehold) represents only site development expenses not relating to specific building (there being no lump sum payment). These expenses are being amortised over the lease period with annual lease rentals being charged to revenue.

Depreciation on Fixed Assets, other than Vehicles, has been provided on Straight Line Method at applicable rates prescribed in Schedule XIV to the Companies Act, 1956 (the Act)except for following items for which depreciation has been provided at higher rates based on their useful lives as estimated by the Management on the basis of technical evaluation :-

Particulars Useful Life (in years)

Machinery for Sports facilities 10

Inflatable Rides 4

Civil Works and Buildings at Water Park 10 and 20 respectively

Machinery, Equipment(Others), Rides,

Electrical Installation, Furniture and Fittings at Water Park 10

Depreciation on Vehicles has been provided on Written Down Value Method at applicable rate prescribed in Schedule XIV to the Act. (Refer Note B.17 below)

Assets if any, acquired under Finance Lease (i.e. Hire Purchase arrangements) are capitalised at lower of their fair value and the present value of the minimum lease payments.

An impairment loss is recognised wherever the carrying amount of the fixed assets exceeds the recoverable amount, i.e., the higher of the assets net selling price and its value in use.

2. Borrowing costs attributable to the acquisition and construction of qualifying assets are added to the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.

3. Capital grant received from sponsors for construction of specific asset are credited to Capital Reserve and is recognised as income in the Profit and Loss Account to the extent of depreciation charge of related asset.

4. Transactions in foreign currency are accounted for at exchange rates prevailing on the date of transactions. Year-end foreign currency balances of monetary items, if any, are translated at the appropriate year-end rates and the resultant translation differences are dealt with in Profit and Loss Account. Non-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rates at the date of transactions.

5. (a) Inventories other than Stores and Spares and Contract Work-in-Progress, if any are valued at lower of cost and net realisable value.

(b) Stores & Spares are valued at cost or under. Cost includes freight and other related incidental expenses and is computed on FIFO basis.

(c) Contract Work-in-Progress, if any is valued at cost which relates to future activities on the contract. Appropriate allowance is also made for such cost, recovery of which is not probable.

6. (a) Revenue from fixed price construction contract is recognised on the percentage of completion method, measured by reference to the proportion that contract costs (other than those relating to future activities on such contract) incurred up to the reporting date bears to the estimated total contract costs.

(b) Other items of Income and Expenditure are recognised on accrual and prudent basis.

7. (a) Long Term Investments are stated at cost as reduced by provision for diminution, if any, other than temporary, in the related carrying amounts.

(b) Current Investments are carried at lower of cost and net realisable value.

8. Tax expenses comprise Current Tax, Fringe Benefit Tax for the applicable period and Deferred Tax. Current Tax is accounted for based on the estimated taxable income for the period as per the related tax laws followed. Based on such tax laws, Fringe Benefit Tax is accounted for based on the estimated value of fringe benefits for the applicable period as per the related provisions of the Income Tax Act. Deferred Tax is recognised, subject to consideration of prudence in respect of deferred tax assets, on timing differences between taxable income and accounting income that originates in one period and are capable of being reversal in one or more subsequent periods and is measured using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

9. (a) Contributions payable in keeping with Defined Contribution Plans are funded and recognized as years expenditure.

(b) Contribution under Defined Benefit Plans, as determined by Life Insurance Corporation of India (LIC) on the basis of actuarial valuation, are funded as per arrangement with LIC and recognized as years expenditure.

(c) Provision for other long term benefit, like leave encashment liability for qualifying employees is made on the basis of actuarial valuation.

10. Securities Issue Expenses (net of tax effect), if any, are adjusted against Securities Premium Account.