Notes to Accounts of Nicco Parks & Resorts Ltd.

Mar 31, 2025

2.2.8. Provisions, Contingent Liabilities and Contingent Assets

2.2.8.1. Provisions

Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or constructive
obligation as a result of past events, and it is probable that there will be an outflow of resources and a reliable estimate can
be made of the amount of obligation. Provisions are not recognized for future operating losses. The amount recognized as a
provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period,
considering the risks and uncertainties surrounding the obligation.

2.2.8.2. Contingent Liabilities

Contingent liabilities are not recognized and are disclosed by way of notes to the standalone financial statements when there is a
possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of the Company or when there is a present obligation that
arises from past events where it is either not probable that an outflow of resources will be required to settle the same or a reliable
estimate of the amount in this respect cannot be made.

2.2.8.3. Contingent Assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the control of the entity. During the normal course
of business, unresolved claims remain outstanding. The inflow of economic benefits, in respect of such claims cannot be
measured due to uncertainties that surround the related events and circumstances.

2.2.9. Employee Benefits

2.2.9.1. Short term employee benefits: They are accrued in the year in which services are rendered by the employees and are measured
on an undiscounted basis. Short-term employee benefits are recognized as an expense in the statement of profit and loss for the
year in which the related service is rendered.

2.2.9.2. Defined Contribution Plan: 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
recognized 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.

2.2.93. Defined Benefit Plan: The Company’s obligation towards gratuity and superannuation, 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 funded the planned assets 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.

2.2.9.4. Other long term employee benefits: 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.

2.2.10. Revenue Recognition

2.2.10.1. Revenue from Operations

The Company runs a theme amusement park and generates revenue by way of sale of entry and ride tickets, sale of merchandise,
cooked foods and beverages. The Company also earns revenue from construction and supply of ride components and related
consultancies and incidental income from recreational facilities (venue charges etc.) and license fees, sponsorship & branding.

Revenue is measured at the transaction price based on the considerations specified in a contract with a customer and excludes
amounts collected on behalf of third parties. The revenue from sales is recognized when control over a product or service has
been transferred and/ or products/ services are delivered/provided to the customers. Transaction price of goods sold is net
of variable consideration on account of discounts offered by the Company and excludes amounts collected on behalf of third
parties.

a. Sale of Services

- Income from Entry Fees/ Rides/ Games etc.

Revenues from theme park/ water park ticket sales are recognized when the tickets are issued. 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. Revenue in respect of sale of tickets through agent for which validity period is beyond
the reporting date is recognized based on the usage of the tickets.

- Recreational Facility Income

Venue charges recovered are categorized as recreational facility income and revenue in this respect is recognized to the
extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

b. Revenue from Sale of Products:

Sale of products comprises of sale of food and beverages, merchandise and supply of components for rides. Revenue
from the sale of products is recognized at the point in time when control of the products is transferred to customers.
Revenue from the sale of products is measured at the fair value of the consideration received or receivables, net of
allowances, trade discounts and volume rebates (if any).

c. Revenue from Construction Contract

Revenue from construction contracts is recognized based on the stage of completion of the contract when the
performance creates an asset with no alternative use and an enforceable right to payment as performance is completed.

d. Barter Transactions

The Company recognizes 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 recognize 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.

2.2.10.2. Other Income

a. Dividend Income

Dividend income from investments is recognized when the Company’s right to receive the payment of the same is
established.

b. Interest Income

Interest income from financial assets is recognized using an effective interest rate (EIR) method. EIR is the rate that
exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period,
where appropriate, to the gross carrying amount of the financial asset.

2.2.11. Borrowing Costs

Borrowing cost comprises of interest and other costs incurred in connection with the borrowing of the funds. All borrowing
costs are recognized in the statement of profit and loss using the effective interest method except to the extent attributable to
qualifying assets which are capitalized to the cost of the related assets. A qualifying PPE is an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale. Borrowing cost also includes exchange differences to the
extent considered as an adjustment to the borrowing costs.

2.2.12. Government Grants

Government grants are recognized 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 recognized in the statement ofprofit & loss on a systematic basis over the periods in which the Company
recognizes the related costs for which the grants are intended to compensate.

Capital grant received from sponsors for construction of specific asset are recognized as deferred revenue in the balance sheet
and transferred to profit or loss on a systematic and rational basis over the useful lives of the related asset.

2.2.13. Taxes on Income

Income tax expense representing the sum of current tax expenses and the net charge of the deferred taxes is recognized in the
statement of profit and loss except to the extent that it relates to items recognized directly in equity or other comprehensive
income.

2.2.13.1. Current Tax

Current tax is provided on the taxable income and 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 end of the reporting period.

The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized
amounts and where it intends either to settle on a net basis or to realize the assets and settle the liabilities simultaneously.

2.2.13.2. Deferred Tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the standalone
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are
generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible
temporary differences to the extent that it is probable that taxable profits will be available against which those deductible
temporary differences can be utilized.

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

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilized.

The Company offsets deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set offthe recognized
amounts and where it intends either to settle on a net basis or to realize the assets and settle the liabilities simultaneously.

2.2.14. Earnings Per Share

Basic earnings per share are computed by dividing the net profit attributable to the equity shareholders of the company by the
weighted average number of equity shares outstanding during the period.

Diluted earnings per share is computed by dividing the net profit attributable to the equity holders of the company by the
weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average
number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

2.2.15. Statement of Cash Flows

Cash flows are reported using the indirect method, whereby profit or loss before tax 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.

2.2.16. Cash and Cash Equivalents

All highly liquid financial instruments, which are readily convertible into determinable amounts of cash, and which are subject
to an insignificant risk of change in value and are having original maturities of three months or less from the date of purchase,
are considered as cash equivalents. Cash and cash equivalents include balances with banks which are unrestricted for withdrawal
and usage.

2.2.17. Segment Reporting

The identification of operating segment is consistent with performance assessment and resource allocation by the Chief
Operating Decision Maker (CODM). 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.

2.3. CRITICAL ACCOUNTING JUDGMENTS, ASSUMPTIONS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY

The preparation of the Standalone Financial Statements in conformity with the measurement principle under Ind AS requires
management to make estimates, judgements and assumptions. These estimates, judgments and assumptions affect the
application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and
liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Accounting
estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates
are made as management becomes aware of changes in circumstances surrounding the estimates. Differences between the
actual results and estimates are recognized in the year in which the results are known/ materialized and, if material, their
effects are disclosed in the notes to the financial statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the use
of assumptions in the financial statements have been disclosed below.

2.3.1. Depreciation/ amortization of and impairment loss on property, plant and equipment / intangible assets

Property, Plant and Equipment, ROU Assets and intangible assets are depreciated/amortized on straight-line basis over the estimated
useful lives (or lease term if shorter) in accordance with internal assessment and independent evaluation carried out by technical
expert/ Schedule II of the Companies Act, 2013, taking into account the estimated residual value, wherever applicable.

The company reviews it is carrying value of its Tangible and Intangible Assets whenever there is objective evidence that the assets
are impaired. The required level of impairment losses to be recognized is estimated by reference to the estimated value in use or
recoverable amount of the respective assets. In such situation Assets’ recoverable amount is estimated which is higher of assets or
cash generating units (CGU) fair value less cost of disposal and its value in use. In assessing value in use, the future cash flows are
estimated based on assumptions involving future projections and profitability which are inherently uncertain and are discounted
using pre-tax discount rate which reflect the current assessment of time value ofmoney. In determining fair value less cost of disposal,
recent market realizations are considered or otherwise in absence of such transactions appropriate valuations are adopted.

The Company reviews the estimated useful lives ofthe assets regularly in order to determine the amount ofdepreciation/ amortization
to be recorded during any reporting period. This reassessment may result in a change in such expenses in future periods.

2.3.2. Impairment loss on trade receivables

The Company evaluates whether there is any objective evidence that trade receivables are impaired and determines the amount of
impairment allowance as a result of the inability of the customers to make required payments. The Company bases the estimates on
the ageing of the trade receivables balance, creditworthiness of the trade receivables and historical write-off experience. If the financial
conditions of the trade receivable were to deteriorate, actual write-offs would be higher than estimated.

2.3.3. Current Tax and Deferred Tax

Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during
the estimation of the provision for income taxes. Also, there are many transactions and calculations during the ordinary course
of business for which the ultimate tax determination is uncertain.

The extent to which deferred tax assets can be recognised is based on the assessment of the probability of the Company’s future
taxable income against which the deferred tax assets can be utilised. In addition, significant judgement is required in assessing
the impact of any legal or economic benefits.

2.3.4. Defined benefit obligation (DBO)

The present value of the defined benefit obligations and long-term employee benefits depends on a number of factors that are
determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost (income)
include the discount rate. Any changes in these assumptions will impact the carrying amount of defined benefit obligations. The
Company determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine
the present value of estimated future cash outflows expected to be required to settle the obligations. In determining the appropriate
discount rate, the Company considers the interest rates of Government securities that have terms to maturity approximating the
terms of the related defined benefit obligation. Other key assumptions for obligations are based on current market conditions.

2.3.5. Impairment of Financial Assets

The Company reviews its carrying value of investments carried at 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.

2.3.6. Going Concern

The renewal of the lease agreement between the company and the Government of West Bengal is under active consideration and
tenure thereof is expected to be extended. Pending outcome of the steps taken as above, operations and related arrangements have
been considered as ongoing and standalone financial statements has been continued to be made on the Going concern basis.

2.3.7. Provisions and Contingencies

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting
from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification
of the liability requires the application of judgement to existing facts and circumstances, which can be subject to change.

*Ail**lT

Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/ claim/
litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to take
account of changing facts and circumstances.

20.1 Refer Statement of Changes in Equity for movement in Balances of Other Equity.

20.2 Nature of Other Equity

Securities Premium: Securities Premium represents the amount received in excess of par value of securities and is available for utilisation
as specified under Section 52 of the Companies Act, 2013.

General Reserve: General Reserve is created from time to time by appropriating profits from Retained Earnings. It is not earmarked for
any specific purpose.

Retained Earnings: Retained Earnings represents undistributed profit/ amount of accumulated earnings of the company. This also
includes Other Comprehensive Income/ (Loss) of '' (265.57 Lakhs) and Previous year '' (257.64 Lakhs) relating to Remeasurement of
Defined Benefit Plans (Net of Tax) which cannot be reclassified to Profit or Loss.

Other Comprehensive Income: This reserve represents the cumulative gains and losses arising on Equity Instruments measured at Fair
Value through Other Comprehensive Income. The company transfers amounts from this reserve directly to Retained Earnings when
the relevant Equity Instruments are disposed.

D) Notes:

* Post Employment Benefit Contribution does not include contribution towards Gratuity and Superannuation Fund for individual
KMPs as individual data for the same is not available and the same is provided for based on Actuarial Valuation.

(i) The above related parties information is as identified by the management and verified upon by the auditor based on the information
and explanations provided to them.

(ii) Terms and Conditions of Transactions with Related Parties:

In respect of above parties, the amount outstanding are unsecured and will be settled in cash. No guarantees have been given or
received. All transactions from related parties are made in ordinary course of business. No provision for bad and doubtful debts has
been recognized in current year and previous year in respect of the amounts owed by related parties. This assessment is undertaken
each financial year through examining the financial position of the related party and the market in which the related party operates.

(iii) As provided in the Articles of the Company, the Sitting fees paid to the Government Nominee Directors are drawn in the name of
Nominating Institutions.

44. Segment reporting

a) The Managing Director and Chief Executive Officer has been identified as the Company’s Chief Operating Decision Maker (CODM) in
terms of Ind AS 108 - “Operating Segments”. The CODM evaluates the Company’s performance and allocates resources based on an
analysis of various performance indicators by business segments. Management has determined the operating segments based on the
information reviewed by the CODM for the purpose of allocating and assessing performance. The Company has identified three business
segments viz, Park Operations, Consultancy, Contracts & Sale of Ride Components and F & B and other Recreational Facilities and
presented the same in the Financial Statements on a consistent basis. Revenue and Expenses have been identified to a segment on the
basis of relationship to operating activities of the segment. Indirect Costs are allocated to park operations only as amount to be attributed to
the other segments are not readily available and ascertainable. There are no inter segment revenues during the year. Revenue and Expenses
which relate to enterprise as a whole and are not allocable to any segment on reasonable basis have been disclosed as “Unallocable”.

Segment Assets and Segment Liabilities represent Assets and Liabilities of respective segment. The Assets and Liabilities which are
not allocable to an operating segment have been disclosed as ‘’Unallocable’’.

The expected contribution for the next Financial Year will be in line with FY 2024-25.

47. In the opinion of the management and to the best of their knowledge and belief, the Value on realization of Trade Receivables, Current
Assets, loans and Advances in the ordinary course of business would not be less than the amount at which they are stated in balance
sheet. The debit/credit Balances of parties are however, subject to confirmation and subsequent adjustments, if any.

48. Capital Management

The Company’s objective while managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide
maximum returns to Shareholders and other Stake Holders. The Company manages its capital structure and makes adjustments in the
light of changes in the financial condition and the requirements of the financial covenants and return of capital to Shareholders. Even
though the company is predominantly equity financed, it also aims to ensure that it meets financial covenants attached to the interest¬
bearing loans and borrowings. The Company has complied with these covenants and there have been no breaches in the financial
covenants of any interest-bearing loans and borrowings. The Company does not have any debt outstanding as on 31st March, 2025 and
31st March, 2024.

No changes were made in the objectives, policies or processes for managing capital during the year ended 31st March, 2025 and 31st
March, 2024.

The gearing ratio has not been disclosed as the Company has no debt.

49-² Fair Value Techniques

The Fair Values of the Financial Assets and Liabilities are included at the amount 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 following methods and assumptions were used to estimate the Fair Values:-

The Fair Value of Cash and Cash Equivalents, Bank Balance other than Cash and Cash Equivalents, Current Loans, Trade Receivables
and Trade Payables, Current Financial Liabilities and Assets approximate their carrying amount largely due to the short-term nature
of these instruments. The management considers that the carrying amounts of Financial Assets and Financial Liabilities recognised at
Cost/ Amortised Cost in the Financial Statements approximate their Fair Values.

Investments in Mutual Funds are valued based on the Net Asset Value (NAV) of those units at each reporting date. Investment in
Unquoted Equity Share of Companies (other than Investments in Associates) is valued based on the fair value report as per the latest
Audited Financial Statements.

49.3 Fair value hierarchy

The following table presents Fair Value hierarchy of Assets and Liabilities measured at Fair Value on a recurring basis as at balance sheet
date:

50. Financial Risk Management Objectives and Policies

The Company’s activities expose it to the following risks:

a) Credit Risk

b) Liquidity Risk

c) Market Risk

The Company’s senior management under the supervision of Board of Directors oversees the management of these risks. The Company’s
financial risks are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in
accordance with the Company’s policies and risk objectives.

50.1 Credit Risk

Credit risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract leading to a
financial loss. The Company is exposed to credit risk from its operating activities (primarily Trade Receivables) and from its financing
activities including Deposits with Banks and Financial Institutions, Investments and other financial instruments. Outstanding customer
receivables are regularly monitored and the maximum exposure to credit risk at reporting date is the carrying value of trade receivables
disclosed in note no. 12.

50.2 Liquidity Risk

Liquidity risk is the risk that the company will encounter difficulty in meeting its obligations associated with its financial liabilities.
The Company determines its liquidity requirement in the short, medium and long term. Its objective is to maintain optimum levels of
liquidity to meet its cash and collateral requirements at all times. The Company relies on a mix of borrowings and excess operating cash
flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium/ long term expansion
needs. The Company monitors rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs.

50.3 Market risk

Market risk is the risk that the Fair Value of future cash flows of a financial instrument will fluctuate because of changes in market

prices. Market risk comprises three types of risk i.e., interest rate risk operational risk, foreign currency risk and other price risk.

Financial instruments affected by market risk include borrowings, Trade Receivables and Trade Payables.

i) Foreign currency risk is the risk that the Fair Value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The company engages consultants imports goods and other services, and sells component goods and services,
wherein the payments and /or receipts are made in foreign currency. There is no outstanding asset/ liability in foreign currency as
on the Balance Sheet date.

ii) Interest rate risk is the risk that the Fair Value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. Currently, the Company does not have either short term or long term borrowings and accordingly, the
Company is not exposed to interest rate risk.

iii) Other price risk is related to the change in market reference price of the investments which are fair valued and exposes the company
to price risks.The carrying amount of financial assets and liabilities subject to price risk is as below:

52. As per the Joint Sector Agreement hereinafter referred to as (“JSA”)dated 23.02.1990 executed between The National Insulated Cable
Company of India Limited (known as Nicco Corporation Limited, hereinafter referred to as NCL) under liquidation, West Bengal Tourism
Development Corporation Limited herein after referred to as (WBTDC) and West Bengal Industrial Development Corporation Limited
hereinafter referred to as (WBIDC), the Company’s land, on which Amusement Park and where is defined F&B & other recreational
operations are being carried out was made available to the Company for a period of 33 years on lease with renewal clause for two more
terms of similar period. Pursuant to liquidation proceedings against NCL, shares of the Company held by them has been transferred
and thereby, the JSA as specified therein has become infructuous and inoperative. Moreover, the first tenure of the lease of 33 years vide
agreement dated 05.07.1991 between the Governor of the State of West Bengal and the Company had expired on 28.02.2023. Necessary
application for the renewal of lease agreement has been made with the Department of Tourism, Government of West Bengal vide
letter dated 11.10.2022, is pending this and finalisation of the terms and condition thereof , The provision for the fees and charges as
estimatyed by the management applying its own judgement for possible enhancement etc. following the prudent principal of accounting
has been made in these Financial Statements. However ,such fees and charges as agreed upon in terms of earlier agreement , have been
continued to be paid and expensed during the relevent period. As stated by the management, the application for renewal is under active
consideration and the tenure of lease is expected to be renewed. Accordingly, operations and related arrangements have been considered
as ongoing as per the terms and conditions provided in the above agreement and required provisions including for depreciation etc. has
been recognised as estimated and the Financial Statement has been continued to be prepared on Going Concern Basis.

53- Nicco Jubilee Park Limited (NJPL) had incurred losses in earlier years and on prudence basis the entire investment was impaired. There
has been a turn around in the performance of Nicco Jubilee Park Limited in recent years (specially post covid) and the Net worth is
positive now. After the review of the performance throughout the current and previous year, management has decided to reverse the
impairment done in earlier years and accordingly, an exceptional item of '' 81 lakhs has been credited to the statement of profit and loss.

54. Other Statutory Information

i. Based on the information available with the Company from the website of Ministry of Corporate affairs, the Company, neither had
any transaction during the years ended 31st March, 2025 and 31st March, 2024 with companies, which have been struck off by the
Registrar of Companies, nor any balance is outstanding from such companies as at the end of reporting years.

ii. There are no proceedings which have been initiated or pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 and the Rules made thereunder.

iii. The Company has not been declared as a wilful defaulter by any bank or financial institution or other lender.

iv. The Company has not carried out any such transactions which is not recorded in the books of accounts that have been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

v. The Company has not traded or invested in crypto currency or virtual currency during the financial year.

vi. There is no charge or satisfaction yet to be registered with Registrar of Companies (ROC) beyond the statutory period.

vii No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of
funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company
(Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the
Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

viii. The company has complied with the number of layers under clause (87) of Section 2 of the Companies Act, 2013, read with
Companies ( Restriction on Number of Layers) Rules, 2017 for the financial years ended 31st march 2025 and 31st March,2024.

55. “Events after the Balance Sheet:

On 27th May, 2025, the Company’s Board of Directors declared the fourth interim dividend of '' 0.40 per equity share for the year ended
31st March, 2025. This is in addition to the three interim dividends already declared and paid by the company during the year 2024-25
aggregating to '' 0.80 per equity shares. The Company has paid the 4th interim dividend @ '' 0.50 pertaining to the year 2023-24 during
the year ended 31st March, 2025. In view of the interim dividends paid by the Company, no final dividend has been proposed by the
Board of Directors for the year ended 31st March, 2025.”

56. The previous year’s figures have been regrouped and rearranged wherever necessary to make them comparable with those of current
year’s figures.

57. The Standalone Financial Statements have been approved by Board of Directors of the Company in their meeting dated 27th May, 2025
for issue to the Shareholders for their approval.

As per our Report of even date attached. For and on behalf of the Board of Directors

S/d S/d

For Lodha & Co LLP Vijay Dewan Rajesh Raisinghani

Chartered Accountants Independent Director Managing Director & CEO

Firm’s Registration No. 301051E/ E300284 (DIN: 00051164) (DIN: 07137479)

S/d S/d S/d

Indranil Chaudhuri Rahul Mitra Subhra Das Mukherjee

Partner Executive President -Company Secretary & Vice President &

Membership No. 058940 Compliance Officer Chief Financial Officer

(Membership No: ACS20714) (Membership No: 058557)

Place: Kolkata
Date: 27th May, 2025

---

Mar 31, 2024

2.2.8. Provisions, Contingent Liabilities and Contingent Assets

2.2.8.1. Provisions

Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or constructive obligation as a result of past events, and it is probable that there will be an outflow of resources and a reliable estimate can be made of the amount of obligation. Provisions are not recognized for future operating losses. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, considering the risks and uncertainties surrounding the obligation.

2.2.8.2. Contingent Liabilities

Contingent liabilities are not recognized and are disclosed by way of notes to the standalone financial statements when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or when there is a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the same or a reliable estimate of the amount in this respect cannot be made.

2.2.8.3. Contingent Assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. During the normal course of business, unresolved claims remain outstanding. The inflow of economic benefits, in respect of such claims cannot be measured due to uncertainties that surround the related events and circumstances.

2.2.9. Employee Benefits

2.2.9.1. Short term employee benefits: They are accrued in the year in which services are rendered by the employees and are measured on an undiscounted basis. Short-term employee benefits are recognized as an expense in the statement of profit and loss for the year in which the related service is rendered.

2.2.9.2. Defined Contribution Plan: 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 recognized 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.

2.2.93. Defined Benefit Plan: The Company’s obligation towards gratuity and superannuation, 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 funded the planned assets 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.

2.2.9.4. Other long term employee benefits: 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.

2.2.10. Revenue Recognition

2.2.10.1. Revenue from Operations

The Company runs a theme amusement park and generates revenue by way of sale of entry and ride tickets, sale of merchandise, cooked foods and beverages. The Company also earns revenue from construction and supply of ride components and related consultancies and incidental income from recreational facilities (venue charges etc.) and license fees, sponsorship & branding.

Revenue is measured at the transaction price based on the considerations specified in a contract with a customer and excludes amounts collected on behalf of third parties. The revenue from sales is recognized when control over a product or service has been transferred and/ or products/ services are delivered/provided to the customers. Transaction price of goods sold is net of variable consideration on account of discounts offered by the Company and excludes amounts collected on behalf of third parties.

a. Sale of Services

- Income from Entry Fees/ Rides/ Games etc.

Revenues from theme park/ water park ticket sales are recognized when the tickets are issued. 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. Revenue in respect of sale of tickets through agent for which validity period is beyond the reporting date is recognized based on the usage of the tickets.

- Recreational Facility Income

Venue charges recovered are categorized as recreational facility income and revenue in this respect is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

b. Revenue from Sale of Products:

Sale of products comprises of sale of food and beverages, merchandise and supply of components for rides. Revenue from the sale of products is recognized at the point in time when control of the products is transferred to customers. Revenue from the sale of products is measured at the fair value of the consideration received or receivables, net of allowances, trade discounts and volume rebates (if any).

c. Revenue from Construction Contract

Revenue from construction contracts is recognized based on the stage of completion of the contract when the performance creates an asset with no alternative use and an enforceable right to payment as performance is completed.

d. Barter Transactions

The Company recognizes 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 recognize 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.

2.2.10.2. Other Income

a. Dividend Income

Dividend income from investments is recognized when the Company’s right to receive the payment of the same is established.

b. Interest Income

Interest income from financial assets is recognized using an effective interest rate (EIR) method. EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset.

2.2.11. Borrowing Costs

Borrowing cost comprises of interest and other costs incurred in connection with the borrowing of the funds. All borrowing costs are recognized in the statement of profit and loss using the effective interest method except to the extent attributable to qualifying assets which are capitalized to the cost of the related assets. A qualifying PPE is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale. Borrowing cost also includes exchange differences to the extent considered as an adjustment to the borrowing costs.

2.2.12. Government Grants

Government grants are recognized 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 recognized in the statement ofprofit & loss on a systematic basis over the periods in which the Company recognizes the related costs for which the grants are intended to compensate.

Capital grant received from sponsors for construction of specific asset are recognized as deferred revenue in the balance sheet and transferred to profit or loss on a systematic and rational basis over the useful lives of the related asset.

2.2.13. Taxes on Income

Income tax expense representing the sum of current tax expenses and the net charge of the deferred taxes is recognized in the statement of profit and loss except to the extent that it relates to items recognized directly in equity or other comprehensive income.

2.2.13.1. Current Tax

Current tax is provided on the taxable income and 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 end of the reporting period.

The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis or to realize the assets and settle the liabilities simultaneously.

2.2.13.2. Deferred Tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the standalone financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.

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

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilized.

The Company offsets deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set offthe recognized amounts and where it intends either to settle on a net basis or to realize the assets and settle the liabilities simultaneously.

2.2.14. Earnings Per Share

Basic earnings per share are computed by dividing the net profit attributable to the equity shareholders of the company by the weighted average number of equity shares outstanding during the period.

Diluted earnings per share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

2.2.15. Statement of Cash Flows

Cash flows are reported using the indirect method, whereby profit or loss before tax 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.

2.2.16. Cash and Cash Equivalents

All highly liquid financial instruments, which are readily convertible into determinable amounts of cash, and which are subject to an insignificant risk of change in value and are having original maturities of three months or less from the date of purchase, are considered as cash equivalents. Cash and cash equivalents include balances with banks which are unrestricted for withdrawal and usage.

2.2.17. Segment Reporting

The identification of operating segment is consistent with performance assessment and resource allocation by the Chief Operating Decision Maker (CODM). 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.

2.3. CRITICAL ACCOUNTING JUDGMENTS, ASSUMPTIONS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY

The preparation of the Standalone Financial Statements in conformity with the measurement principle under Ind AS requires management to make estimates, judgements and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Differences between the actual results and estimates are recognized in the year in which the results are known/ materialized and, if material, their effects are disclosed in the notes to the financial statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the use of assumptions in the financial statements have been disclosed below.

2.3.1. Depreciation/ amortization of and impairment loss on property, plant and equipment / intangible assets

Property, Plant and Equipment, ROU Assets and intangible assets are depreciated/amortized on straight-line basis over the estimated useful lives (or lease term if shorter) in accordance with internal assessment and independent evaluation carried out by technical expert/ Schedule II of the Companies Act, 2013, taking into account the estimated residual value, wherever applicable.

The company reviews it is carrying value of its Tangible and Intangible Assets whenever there is objective evidence that the assets are impaired. The required level of impairment losses to be recognized is estimated by reference to the estimated value in use or recoverable amount of the respective assets. In such situation Assets’ recoverable amount is estimated which is higher of assets or cash generating units (CGU) fair value less cost of disposal and its value in use. In assessing value in use, the future cash flows are estimated based on assumptions involving future projections and profitability which are inherently uncertain and are discounted using pre-tax discount rate which reflect the current assessment of time value ofmoney. In determining fair value less cost of disposal, recent market realizations are considered or otherwise in absence of such transactions appropriate valuations are adopted.

The Company reviews the estimated useful lives ofthe assets regularly in order to determine the amount ofdepreciation/ amortization to be recorded during any reporting period. This reassessment may result in a change in such expenses in future periods.

2.3.2. Impairment loss on trade receivables

The Company evaluates whether there is any objective evidence that trade receivables are impaired and determines the amount of impairment allowance as a result of the inability of the customers to make required payments. The Company bases the estimates on the ageing of the trade receivables balance, creditworthiness of the trade receivables and historical write-off experience. If the financial conditions of the trade receivable were to deteriorate, actual write-offs would be higher than estimated.

2.3.3. Current Tax and Deferred Tax

Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during the estimation of the provision for income taxes. Also, there are many transactions and calculations during the ordinary course of business for which the ultimate tax determination is uncertain.

The extent to which deferred tax assets can be recognised is based on the assessment of the probability of the Company’s future taxable income against which the deferred tax assets can be utilised. In addition, significant judgement is required in assessing the impact of any legal or economic benefits.

2.3.4. Defined benefit obligation (DBO)

The present value of the defined benefit obligations and long-term employee benefits depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost (income) include the discount rate. Any changes in these assumptions will impact the carrying amount of defined benefit obligations. The Company determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the obligations. In determining the appropriate discount rate, the Company considers the interest rates of Government securities that have terms to maturity approximating the terms of the related defined benefit obligation. Other key assumptions for obligations are based on current market conditions.

2.3.5. Impairment of Financial Assets

The Company reviews its carrying value of investments carried at 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.

2.3.6. Going Concern

The renewal of the lease agreement between the company and the Government of West Bengal is under active consideration and tenure thereof is expected to be extended. Pending outcome of the steps taken as above, operations and related arrangements have been considered as ongoing and standalone financial statements has been continued to be made on the Going concern basis.

2.3.7. Provisions and Contingencies

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgement to existing facts and circumstances, which can be subject to change.

Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/ claim/ litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to take account of changing facts and circumstances.

3-3-1 As per the Joint Sector Agreement (“JSA”) dated 23rd February, 1990 executed between The National Insulated Cable Company of India Limited (also known as Nicco Corporation Limited, hereinafter referred to as NCL) under liquidation, West Bengal Tourism Development Corporation Limited (WBTDC) and West Bengal Industrial Development Corporation Limited (WBIDC), the Company’s land on which Amusement Park and F&B and other recreational operations are being carried out was made available to the Company for a period of 33 years on lease with renewal clause for two more terms. Pursuant to liquidation proceedings against NCL, shares of the Company held by them was transferred and thereby, the JSA as specified therein have become infructuous and inoperative. Moreover, the first tenure of the lease of 33 years vide agreement dated 5th July,i99i between Governor of the State of West Bengal and the Company had expired on 28th February, 2023. Necessary application for the renewal of lease agreement has been made with Department of Tourism, Government of West Bengal vide letter dated 11th October, 2022, which is pending to be executed as on this date. Pending this, the fees and charges as agreed upon in terms of earlier agreement, have been continued to be paid and expensed in the statement of profit & loss. As stated by the management, the application for renewal is under active consideration and the lease is expected to be renewed. Accordingly, operations and related arrangements have been considered as ongoing as per the terms and conditions provided in the above agreement and required provisions including for depreciation etc. has been recognised as estimated and the financial statement has been continued to be prepared on Going Concern Basis.

D) Notes:

* Post Employment Benefit Contribution does not include contribution towards Gratuity and Superannuation Fund for individual KMPs as individual data for the same is not available and the same is provided for based on Actuarial Valuation.

(i) The above related parties information is as identified by the management and verified upon by the Auditor based on the information and explanations provided to them.

(ii) Terms and conditions of transactions with related parties:

In respect of above parties, the amount outstanding are unsecured and will be settled in cash. No guarantees have been given or received. All transactions from related parties are made in ordinary course of business. No provision for Bad and Doubtful Debts has been recognized in current year and previous year in respect of the amounts owed by related parties. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

(iii) As provided in the Articles of the Company, the Sitting fees paid to the Government Nominee Directors are drawn in the name of Nominating Institutions.

41 Segment reporting

a) As required under Ind AS 108 “Operating Segments”, the Chief Operating Decision Maker (CODM) evaluates the Company’s performance and allocates resources based on an analysis of various performance indicators by business segments. Management has determined the operating segments based on the information reviewed by the CODM for the purpose of allocating and assessing performance. The Company has identified three business segments viz, Park Operations, consultancy, Contracts & sale of components for rides and F & B and other recreational facilities and presented the same in the Financial Statements on a consistent basis. Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Indirect Costs are allocated to park operations only as amount to be attributed to the other segments are not readily available and ascertainable. There are no inter segment revenues during the year. Revenue and Expenses which relate to enterprise as a whole and are not allocable to any segment on reasonable basis have been disclosed as “Unallocable”.

Segment Assets and segment Liabilities represent Assets and Liabilities of respective segment. The Assets and Liabilities which are not allocable to an operating segment have been disclosed as ‘’Unallocable’’

(b) Defined Benefit Plans i) Gratuity and Superannuation Fund

The company provides for gratuity and superannuation, a defined benefit retirement plan covering eligible employees. Liabilities with regard to the gratuity and superannuation plan are determined by actuarial valuation as set out in Note 2.2.11 “Employee Benefits” under significant accounting policies, based upon which, the company makes contributions to the respective funds.

The following tables summarize the components of net benefit expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the balance sheet for the said plan.

45 Capital management

The Company’s objective while managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide maximum returns to Shareholders and other Stake Holders. The Company manages its capital structure and makes adjustments in the light of changes in the financial condition and the requirements of the financial covenants and return of capital to Shareholders. Even though the company is predominantly equity financed, it also aims to ensure that it meets financial covenants attached to the interestbearing loans and borrowings. The Company has complied with these covenants and there have been no breaches in the financial covenants of any interest-bearing loans and borrowings. The Company does not have any debt outstanding as on 31st March, 2024.

46 Disclosure on financial instruments

This section gives an overview of the significance of financial instruments for the company and provides additional information on balance sheet items that contains financial instruments.

The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and Expenses are recognised in respect of each class of Financial Asset, Financial Liability and Equity Instrument are disclosed in note no. 2.2.7 to the Financial Statements.

46.2 Fair Value Techniques

The Fair Values of the Financial Assets and Liabilities are included at the amount 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 following methods and assumptions were used to estimate the Fair Values:-

The Fair Value of Cash and Cash Equivalents, Bank Balance other than Cash and Cash Equivalents, Current Loans, Trade Receivables and Trade Payables, Current Financial Liabilities and Assets approximate their carrying amount largely due to the short-term nature of these instruments. The management considers that the carrying amounts of Financial Assets and Financial Liabilities recognised at Cost/ Amortised Cost in the Financial Statements approximate their Fair Values.

Investments in Mutual Funds are valued based on the Net Asset Value (NAV) of those units at each reporting date. Investment in Unquoted Equity Share of Companies (other than Investments in Associates) is valued based on the fair value report as per the latest Audited Financial Statements.

46.3 Fair value hierarchy

The following table presents Fair Value hierarchy of Assets and Liabilities measured at Fair Value on a recurring basis as at balance sheet date:

47 Financial risk management objectives and policies

The Company’s activities expose it to the following risks:

a) Credit risk

b) Liquidity risk

c) Market risk

The Company’s senior management under the supervision of Board of Directors oversees the management of these risks. The Company’s financial risks are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives.

47.1 Credit risk

Credit risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily Trade Receivables) and from its financing activities including Deposits with Banks and Financial Institutions, Investments and other financial instruments. Outstanding customer receivables are regularly monitored and the maximum exposure to credit risk at reporting date is the carrying value of trade receivables disclosed in note no. 10.

47.2 Liquidity risk

The Company determines its liquidity requirement in the short, medium and long term. Its objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times. The Company relies on a mix of borrowings and excess operating cash flows to meet its needs for funds. The Current committed lines of credit are sufficient to meet its short to medium/ long term expansion needs. The Company monitors rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs.

473 Market Risk

Market risk is the risk that the Fair Value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk i.e., interest rate risk and foreign currency risk. Financial instruments affected by market risk include borrowings, Trade Receivables and Trade Payables.

i) Foreign currency risk is the risk that the Fair Value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The company does not have significant foreign currency exposure and hence, is not exposed to any significant foreign currency risk.

ii) Interest rate risk is the risk that the Fair Value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The company’s exposure to the risk of changes in market interest rates relates primarily to the company’s longterm borrowing obligations.

Interest rate sensitivity

The Company is exposed to risk due to interest rate fluctuation on its long term borrowings. Such borrowings are based on fixed as well as floating interest rate. Interest rate risk is determined by Current market interest rates, projected debt servicing capability and view on future interest rate. Such interest rate risk is actively evaluated and is managed through portfolio diversification and exercise of prepayment/refinancing options where considered necessary. The Company do not have any outstanding balance of a floating rate instrument as at 31st March 2024 or 31st March 2023 and accordingly, interest rate sensitivity is not required to be presented.

50 Other Statutory Information

i. Based on the information available with the Company from the website of Ministry of Corporate affairs, the Company, neither had any transaction during the years ended 31st March, 2024 and 31st March, 2023 with companies, which have been struck off by the Registrar of Companies, nor any balance is outstanding from such companies as at the end of reporting years.

ii. There are no proceedings which have been initiated or pending against the Company for holding any benami property under the benami transacions (Prohibition) Act, 1988 and the rules made thereunder.

iii. The company has not been declared as a willful defaulter by any bank or financial institution or other lender.

iv. The Company has not carried out any such transactions which is not recorded in the books of accounts that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

v. The Company has not traded or invested in crypto currency or virtual currency during the financial year.

vi. There is no charge or satisfaction yet to be registered with Registrar of companies (ROC) beyond the statutory period.

vii No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

51 “Events after the Balance Sheet:

On 3rd May, 2024, the Company’s Board of Directors declared the fourth interim dividend of Re. 0.50 per equity share for the year ended 31st March, 2024, resulting in a cash outflow of approximately Rs. 234 lakhs. This is in addition to the three interim dividends already declared and paid by the company during the year 2023-24 amounting to Rs. 1.00 per equity shares. The Company has also paid the final dividend for 2022-23 amounting to Rs. 0.50 per equity shares during the year ended 31st March, 2024. In view of the interim dividends paid by the Company, no final dividend has been proposed by the Board of Directors for the year ended 31st March, 2024.”

52 The previous year’s figures have been regrouped and rearranged wherever necessary to make them comparable with those of current year’s figures.

53 These Standalone Financial Statements have been approved by Board of Directors of the Company in their meeting dated 3rd May, 2024 for issue to the Shareholders for their approval.

As per our Report of even date attached. For and on behalf of the Board of Directors

S/d S/d

For Lodha & Co LLP Anand Chatrath Rajesh Raisinghani

Chartered Accountants Independent Director Managing Director & CEO

Firm’s Registration No. 301051E/ E300284 (DIN: 00234885) (DIN: 07137479)

S/d S/d S/d

Indranil Choudhary Rahul Mitra Pankaj Kumar Roy

Partner Executive President-Company Secretary & Vice President &

Membership No. 058940 Compliance Officer Chief Financial Officer

(Membership No: ACS20714) (Membership No: 055438)

Place: Kolkata Date: 3rd May, 2024

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Mar 31, 2018

1 BACKGROUND / CORPORATE INFORMATION

Nicco Parks & Resorts Limited (“the Company”) is a listed entity incorporated in India in i99i having its Registered Office at “Jheel Meel”, Sector V, Saltlake City, Kolkata -700106. The Company is associated with the only wholesome family entertainment cum amusement destination in East India. The company is engaged in the business and operations of theme based entertainment including theme park, water park and associated activities including retail merchandising and food and beverages

1 BASIS OF ACCOUNTING

1.1 Statement of Compliance

The financial statement are prepared in accordance with Indian Accounting Standards (“IND- AS”) as prescribed under Section i33 of the Companies Act, 20i3 (“the Act”), as notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by Companies (Indian Accounting Standard ) Amendment Rules, 2016 and other accounting principles generally accepted in India.

The financial Statements for all periods up to and including the year ended 3i March 2017, were prepared in accordance with the accounting standards notified under Section i33 of the Companies Act 20i3, read with Rule 7 of The Companies (Accounts) Rules, 20i4, the Companies Act, 20i3 and in accordance with the Generally Accounting Principal in India.

These financial statements for the year ended 3i March 2018 are the first the Company has prepared in accordance with Indian Accounting Standards (“Ind-AS”). Further, in accordance with the Rules, the Company has restated its Balance Sheet as at ist April 2016 also as per Ind-AS. For preparation of opening balance sheet under Ind-AS as at April i, 2016, the Company has availed exemptions and first time adoption policies in accordance with Ind-AS 10i “First-time Adoption of Indian Accounting Standards”, the details of which have been explained thereof in Note 49 to the financial statements.

The financial statements for the year ended 31st March, 2018 has been approved by the company’s Board of Director’s at their meeting held on 17th May, 2018.

2.2 Basis of Measurement

The financial statements have been prepared on historical cost convention on accrual basis except for following assets and liabilities which have been measured at fair value or revalued amount:

(i) Financial assets and liabilities that is measured at Fair value/ Amortised cost;

(ii) Plan assets under defined benefit plans - Measured at fair value.

2.3 Functional and Presentation Currency

The Financial Statements have been presented in Indian Rupees (INR), which is also the Company’s functional currency. All financial information presented in INR has been rounded off to the nearest lakhs as per the requirements of Schedule III, unless otherwise stated.

2.4 Use of Estimates and Judgements

The preparation of financial statements require judgements, estimates and assumptions to be made that affect the reported amount of assets and liabilities including contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between actual results and estimates are recognized in the period prospectively in which the results are known/ materialized.

2.5 Operating Cycle

All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 20i3 and Ind AS i “Presentation of Financial Statements”. The Company has ascertained its operating cycle as twelve months for the purpose of current and non-current classification of assets and liabilities.

3 Operating Segment

(Refer Note 40 to Annual Accounts)

a) 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 Company’s other components, and for which discrete financial information is available. All operating segments’ operating results are reviewed regularly by the Board of Directors as the Company’s Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segments and assess their performance. The Company runs a Theme and Amusement park rendering services in the nature of education and cultural recreation facilities mainly by way of sale of Entry and Ride tickets, taken together considered as “Park Operations”. The Company also has income from consultancy contracts, technical know-how fees,sale of ride components, venues and food & beverages. Indirect costs are allocated to park operations only as such amount to be attributed to the other segments are not readily available. There are no Inter-Segment Revenues during the year.

Reconciliation of Reportable Segments with the Financial Statements

* Excluding Total Equity

b) The Company operates predominantly within the geographical limits of India. Accordingly, Secondary Segment has not been considered.

4 First Time Adoption

(Refer Note 49 to Annual Accounts)

These financial statements, for the year ended 31 March 2018, are the first the Company has prepared in accordance with Ind AS. For periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with generally accepted accounting principles in India (Previous GAAP).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on or after 31 March 2018, together with the comparative period data as at and for the year ended 31 March 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Company’s opening statement of financial position was prepared as at 1 April 2016, the Company’s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Previous GAAP financial statements as at 1 April 2016 and the financial statements as at and for the year ended 31 March 2017.

Exceptions and Exemptions Applied

IND AS 101 “First-time adoption of Indian Accounting Standards” (hereinafter referred to as Ind AS 101) allows first time adopters certain mandatory exceptions and optional exemptions from the retrospective application of certain IND AS, effective for 1st April, 2016 opening balance sheet. In preparing these Standalone financial statements, the Company has applied the below mentioned optional exemptions and mandatory exceptions.

I. Applicable Mandatory Exceptions

(i) Estimates

As per para 14 of Ind AS 101, an entity’s estimates in accordance with Ind AS at the date of transition to Ind AS at the end of the comparative period presented in the entity’s first Ind AS financial statements, as the case may be, should be consistent with estimates made for the same date in accordance with the previous GAAP unless there is objective evidence that those estimates were in error. However, the estimates should be adjusted to reflect any differences in accounting policies.

(ii) Classification and measurement of financial assets

Para B8 - B8C of Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortized cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable.

II. Optional Exemptions Availed

(i) Property Plant and Equipment and Intangible Assets

As permitted by para D5-D8B of Ind AS 101, the Company has elected to continue with the carrying values under previous GAAP for all the items of property, plant and equipment. The same election has been made in respect of intangible assets.

(ii) Determining whether an arrangement contains a Lease

Para D9-D9AA of Ind AS 101 includes an optional exemption that permits an entity to apply the relevant requirements in Appendix C of Ind AS 17 “Leases” for determining whether an arrangement existing at the date of transition contains a lease by considering the facts and circumstances existing at the date of transition (rather than at the inception of the arrangement). The Company has applied the above transitional provision and has assessed all the arrangements at the date of transition.

(iii) Investments in Associates

As permitted by para D14 & D15 of Ind AS 101, the Company has elected to measure the investments in equity shares of associates at Deemed Cost calculated at the previous GAAP carrying amount as on the date of transition, as the company has elected to measure such investments at Cost under Ind AS 27 “Separate Financial Statements.

5 Transition to IND AS - Reconciliations

(Refer Note 50 to Annual Accounts)

5(i) Reconciliation of Balance Sheet as on March 31, 2017 and April 1, 2016

5 (ii) Reconciliation of Total Equity as at April 1, 2016 and March 31, 2017

5 (iii) Reconciliation of Profit and Loss Account and total comprehensive income for the year ended March 31, 2017.

5 (iv) Reconciliation on Effect of Ind AS adoption on the Statement of Cash Flow for the year ended March 31,2017 .

I) Long term borrowings

Under IGAAP, the Company accounted for long term borrowings measured at transaction value. Under Ind AS, the Company has recognised the long term borrowings at amortised cost using effective interest rate (EIR).

II) Financial Instruments

(a) Equity investments measured at FVOCI

Under IGAAP, investments in long term equity instruments were carried at cost less provision for other than temporary decline in the value of such investments. Under IND AS, the same has been accounted as Fair value through Other Comprehensive income.

(b) Investment in Mutual Funds measured at FVTPL

Under IGAAP, current investments were carried at lower of cost or net realisable value. Under IND AS, the same has been measured at fair value through Profit and Loss

(c ) Security Deposit

Under IGAAP, Security deposit received from licensee were accounted at their carrying value. Under IND AS, the Company has initially recognised security deposit at fair value and subsequently at amortised cost as per IND AS 109.

III) Dividend

Under IGAAP, proposed dividends including Dividend Distribution Taxes (DDT) are recognized as a liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, a proposed dividend is recognized as a liability in the period in which it is declared by the company (usually when approved by shareholders in a general meeting) or paid. Therefore liability recorded for Proposed dividend including DDT has been derecognised against retained earnings as at 0i.04.2016

IV) Deferred Revenue

Under IGAAP, grants received from government agencies against Property, Plant and Equipment was accounted as “Capital Reserve” under Reserve and Surplus. Under IND AS, the same has been presented as deferred revenue grant under Other liabilities and is being amortised in the statement of profit & loss on a systematic basis.

V) Deferred tax

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS i2 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP.

In addition, the various transitional adjustments lead to temporary differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity.

VI) Leases

Under IGAAP, the Company had capitalised site development expenses as leasehold land under Property, Plant and Equipment and the same was being amortised over the lease period of 33 years from 2nd March, i990. Under INDAS, the lease has been classified as operating lease as per IND AS-17, and the balance amount as on transition date has been reclassified as Prepaid Lease rentals which shall be subsequently charged to the Statement of Profit and loss over the remaining lease period

VII) Re-classifications

a) Assets / liabilities which do not meet the definition of financial asset / financial liability have been reclassified to other asset / liability.

b) Remeasurement gain/loss on long term employee defined benefit plans are re-classified from statement of profit and loss to OCI.

6. Previous GAAP figures have been reclassified / regrouped to conform to the presentation requirements under IND AS and the requirements laid down in Schedule-III (Division -II) of the Companies Act, 2013. (Refer Note 51 to Annual Accounts).

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Mar 31, 2017

1. 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, 2017 approved by the Board of Directors at their meeting held on May 10, 2017. Notes to Accounts and other particulars with reference to Schedule number and Note number as appearing in Audited Financial Statements.

2. Capital Commitments :

Estimated amount of capital commitment (net of advances) as at 31st March, 2017 is Rs.15.47 lakhs (Previous Year Rs 8.34 lakhs)

3. Segment Reporting as per Accounting Standard - 17 prescribed under the Act.

a) Primary Segment (Business)

The Company runs a Theme and Amusement park rendering services in the nature of education and cultural recreation facilities mainly by way of sale of Entry and Ride tickets, taken together considered as “Park Operations”. The Company also has income from consultancy contracts, technical know-how fees, sale of ride components, venues and food & beverages. Indirect costs are allocated to park operations only as such amount to be attributed to the other segments are not readily available. There are no Inter Segment Revenues during the year.

4. Employee Benefits as per Accounting Standard -15 (Revised)

(a) Defined Contribution Plans

The Company makes contributions to Provident Fund Trust for certain employees, at a specified percentage of the employees’ salary. The Company has an obligation to make good the shortfall, if any, between the return from the investments of trust and the notified interest rates.

The Company also makes contributions for remaining employees to a Government administered Provident Fund and other funds/ scheme towards which the Company has no further obligations beyond its monthly contribution.

(b) Defined Benefits Plans

i) Gratuity and Superannuation Fund

The Company provides for Gratuity & Superannuation, a defined benefit retirement plan covering eligible employees. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation as set out in Note i.ii (b) under Significant Accounting Policies, based upon which, the Company makes contributions to the respective funds.

ii) Other Long Term Employee Benefits - Leave Encashment Benefits

The Company makes provision for the leave encashment liability for qualifying employees based on Actuarial Valuation.

The following Table sets forth the particulars in respect of the Defined Benefit Plans of the Company for the year ended 31st March, 2017 :

The company expects to contribute Rs.4.08 lakhs to the Superannuation Fund during the year 2017-18.

The estimate of future salary increase takes into account inflation, seniority, promotion and other relevant factors.

The expected return on plan assets is determined after taking into consideration composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets, the Company’s policy for plan asset, management and other relevant factors.

5.II Exceptional Items:

Pursuant to amendment of the Payment of Bonus Act, 1965 with retrospective effect from 1st April, 20i4, the Company has provided additional liability amounting to Rs.23.34 lakhs during the previous year shown under ‘Exceptional items’.

6 The disclosure requirement as envisaged in Notification GSR 308E dated 30th March, 2017. The detailed transactions in respect of Specified Bank Notes (SBN) during the period 8th November, 20i6 to 30th December, 20i6 are as follows: (Refer Note 2.39 to Annual Accounts)

7. The Board of Directors of the Company recommended a final dividend @ I5% (Re. 0.15 per share on face value Re. I), subject to the approval of Shareholders in the Annual General Meeting, in addition to an Interim Dividend @ 15% (Re 0.15 per share on face value of Re. I) declared at its earlier meeting dated IIth February, 2017. (Refer Note 2.40 to Annual Accounts)

8. Previous Year’s figures have been re-arranged / re-grouped wherever necessary

Complied from the Audited standalone financial statements of the Company referred to in our report dated 10th May 2017.

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Mar 31, 2016

a) The company has one class of issued shares i.e. equity shares having par value of Re.1 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.

a) Term Loan from Tourism Finance Corporation of India Ltd.

i. Nature of Security

For Term Loan I

A first charge by way of hypothecation of all the moveable’s (save and except book debts) along with 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.

For Term Loan II :

a) Extension of first charge on all the fixed assets including hypothecation of movables and mortgage of leasehold rights of land admeasuring 40 acres together with buildings/structures thereon ranking pari-passu for existing term loans of TFCI and Allahabad Bank.

b) Exclusive charge by way of hypothecation on the movables including plant, machinery and other assets to be acquired under the expansion scheme of water park by way of addition of multi-platform base ride, etc. present and future, subject to prior charges created and / or to be created in favour of the Borrower’s bankder’s on the Borrowers’s such of the movables, as may be agreed to by the Lenders for securing the borrowings for working capital requirements in the ordinary course of business.

ii. Terms of Repayment

b) Term Loan from small Industries Development Bank of India

i. Nature of Security

First Charge on pari passu basis by way of hypothecation of all the moveable’s including plant and machinery, equipment acquired/to be acquired under the project and also as a collateral security first charge on pari passu basis by way of hypothecation of all the moveable including plant and machinery, equipment, miscellaneous Fixed Assets etc. acquired/to be acquired by the Company.

ii. Terms of Repayment

c) car Loans from Banks

i. Nature of Security

Car loan from Banks were secured by hypothecation of specific vehicles. The repayments have been completed as per schedule and NOC has been received from the Banks.

(b) CAPITAL COMMITMENT

Estimated amount of capital commitment (net of advances) as at 31st March, 2016 is Rs.8.34 lakhs (Previous Year Rs 20.35 lakhs)

(c) LEASEHOLD LAND

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 of 33 years from 2nd March,i990 , with annual lease rentals being charged to revenue.

(d) As per the requirement of Component Accounting under schedule II of the Companies Act, 2013, the Company has depreciated certain components over the shorter useful life based on technical evaluation. Consequently, an amount of Rs.9.62 lakh (net of deferred tax credit Rs.4.76 lakh) has been adjusted with retained earnings in respect of components where the useful life has become Nil.

a) Loans and Advances to Related Parties include:

(i) Nil (Previous Year Rs 4.51 lakhs) recoverable from M/s Nicco Jubilee Park Limited, Associate.

a) Repairs & Maintenance includes stores and spares consumed Rs.179.01 lakhs (Previous Year Rs.208.10 lakhs)

b) Project Expenses include cost of turnkey contract executed by the Company and comprises of purchases of components of Rs.74.27 lakhs(Previous Year Rs.86.32 lakhs), sub-turnkey contract made by the company Rs.2.41 lakhs(Previous Year Rs.23.45 lakhs) and other related overhead expenditure of Rs.2.33 lakhs (Previous Year Rs.5.44 lakhs).

Figure in brackets relates to corresponding previous year.

1 Segment Reporting as per Accounting Standard - 17 prescribed under the Act.

a) Primary Segment (Business)

The Company runs a Theme and Amusement park rendering services in the nature of education and cultural recreation facilities mainly by way of sale of Entry and Ride tickets, taken together considered as “Park Operations”. The Company also has income from consultancy contracts, technical know-how fees, sale of ride components, venues and food & beverages. Indirect costs are allocated to park operations only as such amount to be attributed to the other segments are not readily available. There are no Inter-Segment Revenues during the year.

* Excluding Shareholders’ Funds

Figure in brackets relates to previous year.

(b) The Company operates predominantly within the geographical limits of India. Accordingly, Secondary Segment has not been considered.

2. Disclosures relating to construction contract-in-progress as at 31st March,20i6 as per Accounting standard - 7 prescribed under the Act.

3. Employee Benefits as per Accounting standard -15 (Revised)

(a) Defined Contribution Plans

The Company makes contributions to Provident Fund Trust for certain employees, at a specified percentage of the employees’ salary. The Company has an obligation to make good the shortfall, if any, between the return from the investments of trust and the notified interest rates.

The Company also makes contributions for remaining employees to a Government administered Provident Fund and other funds/scheme towards which the Company has no further obligations beyond its monthly contribution.

(b) Defined Benefits Plans

i) Gratuity and Superannuation Fund

The Company provides for Gratuity & Superannuation, a defined benefit retirement plan covering eligible employees. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation as set out in Note

4. (b) under Significant Accounting Policies, based upon which, the Company makes contributions to the respective funds.

ii) Other Long Term Employee Benefits - Leave Encashment Benefits

The Company makes provision for the leave encashment liability for qualifying employees based on Actuarial Valuation.

The company expects to contribute Rs.4.00 lakhs to the Superannuation Fund during the year 2016-17.

The estimate of future salary increase takes into account inflation, seniority, promotion and other relevant factors.

The expected return on plan assets is determined after taking into consideration composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets, the Company’s policy for plan asset, management and other relevant factors.

5. Trade payables (Note 2.7) and Trade Receivable (Note 2.12) include few balances, which are subject to confirmations.

6. Disclosure as required under Micro, Small, and Medium Enterprises Development Act, 2006

7. Exceptional Items:

Pursuant to amendment of the Payment of Bonus Act, 1965 with retrospective effect from 1st April, 2014, the Company has provided additional liability amounting to Rs.47.13 lakh which includes Rs.23.34 lakhs for the previous year ended 31.03.2015 shown under ‘Exceptional items’.

8. Previous Year’s figures have been re-arranged / re-grouped wherever necessary

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Mar 31, 2015

1. The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Accounting Standard - 3 on Cash Flow Statements issued by the Institute of Chartered Accountants of India.

2. Previous Years's figures have been re-arranged /re-grouped wherever necessary.

b) Term Loan from Small Industries Development Bank of India

i. Nature of Security

First Charge on pari passu basis by way of hypothecation of all the moveables including plant and machinery, equipment acquired/to be acquired under the project and also as a collateral security first charge on pari passu basis by way of hypothecation of all the moveable including plant and machinery, equipment, miscellaneous Fixed Assets etc. acquired/to be acquired by the Company.

i. Nature of Security Car loan from Banks are secured by hypothecation of specific vehicles.

ii. Terms of Repayment

The total sanctioned loan of Rs. 13.50 lakhs from HDFC Bank (Two Bolero Cars of Rs. 6.75 lakhs each) is repayable in 36 equated monthly installments of Rs. 0.22 lakhs each (inclusive of interest) starting 5th April, 2013 and ending on 5th March, 2016.

The total sanctioned loan of Rs. 2.70 lakhs from Allahabad Bank ( Maruti Omni - Ambulance ) is repayable in 35 equated monthly installments of Rs. 0.09 lakhs each (inclusive of interest) starting from 30 th April, 2013 and ending on 29th February, 2016.

a) Based on the information available with the Company,there were no dues during the year to entities covered under Micro, Small and Medium Enterprises Development Act,2006. As a result , no interest provisions /payments have been made by the company to such creditors, if any, and no disclosures are required to be made in these accounts.

a) Amount aggregating to Rs. 3.99 lakhs relating to F.Y. 2000-01 to 2002-03 was lying under "Unpaid Dividend" as on 31st March, 2014 since the banker had not transferred the said amount to Investor Education & Protection Fund inspite of the company filing a Writ Petition against the banker. During the year, the banker had released demand drafts aggregating to Rs. 3.99 lakhs payable to Pay & Accounts Officer, Ministry of Corporate Affairs which was deposited with Ministry of Corporate Affairs on 7th August, 2014 . Subsequently, the writ petition against the banker was withdrawn under Court's order dated 11th November, 2014.

(a) CAPITAL WORK IN PROGRESS 32.55 46.23

(b) CAPITAL COMMITMENT

Estimated amount of capital commitment (net of advances) as at 31st March, 2015 is Rs. 20.35 lakhs (Previous Year Rs. 66.80 lakhs)

(c) LEASEHOLD LAND

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 of 33 years from 2nd March, 1990 , with annual lease rentals being charged to revenue.

(d) As per the requirements of Schedule II of the Companies Act, 2013 ("The Act") effective from 1st April, 2014, the Company has charged depreciation based on the useful lives as prescribed under the said Schedule except in certain cases where useful lives has been revised based on technical evaluation. Consequently, depreciation charge is lower by Rs. 16.20 lakhs for the year ended 31st March, 2015. Further, an amount of Rs. 19.64 lakhs (net of Deferred Tax Credit of Rs. 9.44 lakhs) has been adjusted with the Retained Earnings in respect of the residual value of assets wherein the remaining useful life has become "NIL".

a) Loans and Advances to Related Parties include:

(i) Rs. 4.51 lakhs (Previous Year Rs. 1.68 lakhs) recoverable from M/s Nicco Jubilee Park Limited.

(ii) Rs. Nil (Previous Year Rs. 17.31 lakhs) recoverable from M/s Nicco Corporation Limited on account of advance payment of Mediclaim Insurance Premium.

a) Trade Receivable more than six months includes an amount of Nil (Previous Year Rs. 5.81 lakhs) receivable from Associate, Nicco Jubilee Park Limited.

a) Repairs & Maintenance includes stores and spares consumed Rs. 208.10 lakhs (Previous Year Rs. 117.10 lakhs) (fully indegenous).

b) Project Expenses include cost of turnkey contract executed by the Company and comprises of purchases of components of Rs. 86.32 lakhs(Previous Year Rs. 122.44 lakhs), sub-turnkey contract made by the company Rs. 23.45 lakhs(Previous Year Rs. 3.31 lakhs) and other related overhead expenditure of Rs. 5.44 lakhs (Previous Year Rs. 15.19 lakhs).

As at As at 31st March,2015 31st March,2014

a) Bank Guarantee

(i) Outstanding Bank Guarantee for WBSEDCL 59.60 53.67

b) claims / disputes / demands not acknowledged as debts

(i) Demand from VAT Authority (pertaining to F.Y.2009-10 to 10-11) 293.93 303.67

(ii) Demand from Income Tax Authority (pertaining to F.Y.2008-09 to 09-10) 10.98 10.98

(iii) Demand from Service Tax Authority (pertaining to F.Y.2009-10 to 10-11) 103.30 103.30

2.28 Related Party disclosures as per Accounting standard - 18 prescribed under the Act.

a) Related Parties

i) Where Control Exists

Enterprises having substantial interest in voting power of the Company Nicco Corporation Limited

ii) Others Associates Nicco Jubilee Park Limited

Nicco Engineering Services Ltd

Nicco Parks Leisure Projects pvt

iii) Key Management Personnel Mr. Abhijit Dutta - Managing Director & CEO

a) Primary Segment (Business)

The Company runs a Theme and Amusement park rendering services in the nature of education and cultural recreation facilities mainly by way of sale of Entry and Ride tickets, taken together considered as "Park Operations". The Company also has income from consultancy contracts, technical know-how fees,sale of ride components, venues and food & beverages. Indirect costs are allocated to park operations only as such amount to be attributed to the other segments are not readily available. There are no Inter-Segment Revenues during the year.

(a) Defined Contribution Plans

The Company makes contributions to Provident Fund Trust for certain employees, at a specified percentage of the employees' salary. The Company has an obligation to make good the shortfall, if any, between the return from the investments of trust and the notified interest rates.

The Company also makes contributions for remaining employees to a Government administered Provident Fund and other funds/scheme towards which the Company has no further obligations beyond its monthly contribution.

(b) Defined Benefits Plans i) Gratuity

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation as set out in Note 1.9 (b) above, based upon which, the Company makes contributions to the Employees' Gratuity Funds.

Leave Encashment Benefits

The Company makes provision for the leave encashment liability for qualifying employees based on Actuarial Valuation.

The following Table sets forth the particulars in respect of the Defined Benefit Plans of the Company for the year ended 31st March, 2015

The estimate of future salary increase takes into account inflation, seniority, promotion and other relevant factors.

The expected return on plan assets is determined after taking into consideration composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets, the Company's policy for plan asset, management and other relevant factors.

iii) Superannuation Fund

(a) Contribution for a few senior management staff are made to the Superannuation Fund maintained by the group company. Necessary disclosures, if any, required as per Accounting Standard -15 (Revised 2005) on account of the said fund will be made in the financial statements of the group Company. The Company expects to contribute Rs. 4.00 lakhs to the aforesaid fund maintained by the Group Company.

(b) Contribution to Provident & Other Funds include an amount of Rs. 16.08 lakhs related to Superannuation Fund disbursed during the year to retired employees.

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Mar 31, 2014

1. The company has one class of issued shares i.e, equity shares having par value oR r per share. Each holder of ordinary shares is entitled to one vote per share and equal light for dividend. The dividend, if any, proposed by the Board of Directors is subject to the approval of shareholders in die ensuing Annual General Meeting.

2. There has been no change/movements in number of shares outstanding at I lie beginning and at the lend of tile reporting year.

3. The Company does not have any holding company/ultimate holding company.

4. Details of shareholders holding more than 5% shares in the company:

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

6. No shares have been allotted or has been bough 1 back by the company during the period of 5 years preceding the date as at which the Balance Sheet is prepared.

7. No convertible seen lilies has been issued by the company during ihe year.

8. No calls are unpaid by any Director and Officer of the Company during the year.

9. Term Loan from Tourism Finance Corporation ofiudia Ltd i. Nature of Security

A first charge by way ofhYpotbeeation of all the moveables (save and except book debts) albngwiih moveable machinery, machinery spares, tools and accessories, present arid future subject to prior charge created and/or to be created in favour of Borrower's bankers on borrower's stock etc., a ltd also first mortgage charge by way of mortgage of immovable properties ecu uprising of leasehold rights of land admeasuring about 40 acres together with buildings, structures, erections, etc. constructed or 1o 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 oFTFCi and Allahabad Bank.

10. Car Loans from Banks L Nature of Security

Car loan from Banks are secured by hypothecation of specific vehicles, ii. Terms of Repayment

The total sanctioned loan of 715,50 lakhs from HDFC Bank (Two Bolero Cars of 7 6.75 laid is each) is repayable in 56 equated monthly installments of 7 o. lakhs each (inclusive of interest) starting 5th April, 2013 and ending on 5th March, 3016.

Tiie total sanctioned loan of 7 2.70 lakhs from Allahabad Bank ( Maruti Omni - Ambulance } is repayable in is equated monthly installments of 7 o.oy kddis each (inclusive of interest) Starting from 30th April, 1013 and ending on 291I1 February, 2016.

a) Unpaid Dividend includes an amount of 1.62 lakhs and r.sg lakhs relating to the Financial Years 2000-01 and 2001-02 respectively which should have been transferred to Investor Education and Protection Fund. The company vide its letter dated 30th January, 2009 instructed the Banker to issue a pay order to Department of Company Affairs, Koikala but I lie banker did not effect the transaction but apportioned the same towards their alleged claim over some other company. The company has filed a writ i»tiiion in the Calcutta High Court praying for directing the banker to remit Lite amount to the said fund. The case as on dare is sub-jndice. Subsequent to that I he unpaid dividend for the year 2002-03 amounting to I.t8 lakhs lying witli the Same banker has also become due for such transfer.

11. Loans and Advances to Related Parties include:

i) i-68 lakhs {Previous Year T i.,26 lakhs) recoverable from M/s Nicco jubilee Parle Limited.

ii) 7 iy.31 lakhs (Previous Year Nil) recoverable from M/s Nicco CoriKjratioii Limited 011 account of advance yayineul of Mediclaim Insurance Premium.

a) Repairs & Maintenance1 includes stones and spares consumed 117.10 lakhs (Previous Year 113.14 lakhs) (fully indegen ous).

b) Project Expenses include cost of turn key con Had executed by the Company and comprises of purchases of components of 1,2244 lakhs {Previous Year Nil), sub-tumkey contract made by the company 7 3.31 lakhs (Previous Year Ni!) and other related overhead expenditure of 15.19 lakhs (Previous Year Ni!).

c) Expenditure in Foreign Currency on account of Travelling 20.70 lakhs (Previous Year 13.95 lakhs), Project Promotional Excuses (Stall charges etc.) a.So lakhs I Previous Year 9,98 lakhs}, Miscellaneous Expenses 2.50 lakhs (Previous Year 0.54 lakhs}, Repairs and Maintenance 13.04 lakhs (Previous Year 10.7G lakhs. Advertisement and Publicity Nil (Previous Year 6-69 lakhs) and Professional and Consultancy Fees 1.90 (Previous Year Nil)

12 contingent liabilities not provided for (7 in lakhs)

As At As At 31&I March, 31st March 2014 ,2013

a) BANK GUARANTEE

(i) Outstanding Bank Guarantee for WBSEDCL 53-67 42.51

b) CLAIMS f DISPUTES / DEMANDS NOT ACKNOWLEDGED AS DEBTS

(i) Demand from VAT Authority 303-67 12.97

(ii) Demand From Income Tax Authority 10.98 10.98

(iii} Demand from Service Tax Authority 103.30 103.30

13 R via led I'arty disclosures in keeping with the Accounting Standard -18 prescribed tinder the Act. a) Related Parties

i) Where Control Exists

Enterprises having substantial interest in voting power of the Com patty Nieco Corporation Limited

ii) Others

Associates Nicco Jubilee Park Limited (NJPL)

Nicco Engineering Services Limited Nicco Parks Leisure Projects Privale Limited

iii) Key Management Personnel MrArijit Seiigupla

M D & CEO (up to 31.12.2013)

Mr. Abliijit Dutta

MD&CEO(w.e.f 01.ot.2014)

14 Primary Segment {Business)

The Company mtis a Theme and Amusement park rendering services in the nature of education and cultural recreation facilities mainly by way of sale of Entry and Ride tickets, taken together considered as Park Operations'. The Company also lias income from consultancy r contracts, technical know-how fee/royalty, sale of ride components, venues and food & beverages. Indirect costs are allocated to park ofieTations only as such amount to be attributed to the other segments are not readily available. There are no Inler-Segment Revenues during the year.

Figure in brackets relates In previous year

Company oper.iics predominancy wiiliiu the geographical limits of India. Accordingly, Secondary Segmeni Has not been considered.

(a) Defined Contribution Plaits

The Company makes contributions to Provident Fund Trust for certain employees, at a specified percentage of the employees' salary. The Company lias ati obligation to make good the shortfall, if any, between the return from the investments of trust and the notified interest rates.

(b} Defined Benefits Plans

i) Gratuity

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees, liabilities with regard to the Gratuity Plan are determined by actuarial valuation as sol out in Note [.9 (B) above, based upon winch, the Company makes contributions to the Employees' Gratuity Funds,

ii) Other Long Term Employee Benefits Leave Encashment Benefits

The Company makes provision for the leave encashment liability for qualifying employees based on Actuarial V.iltt.ifion.

15 The estimate of future salary increase takes into account in Elation, seniority, promotion and oilier relevant factors.

The expected return on plan assets is determined after taking into consideration composition of ihe plan assets held, assessed risks of asset management, historical results of the return on plan assets, the Company's policy For plan asset, management arid other relevant factors.

Contribution for a few senior management staff are made to the Superannuation Fund maintained by the group company. Necessary disclosures, if any, required as per Accounting Standard -15 (Revised 2005) on account of the said fund will be made in the financial statements of the group Company.

16. Previous year's figures have been re-arranged ) re-grouped wherever necessary

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Mar 31, 2013

1.1 Related Party disclosures in keeping with the Accounting Standard - 18 prescribed under the Act.

a) Related Parties

i) Where Control Exists

Enterprises having substantial interest

in voting power of the Company Nicco Corporation Limited

ii) Others

Associates Nicco Jubilee Park Limited (NJPL)

Nicco Engineering Services Limited Nicco Parks Leisure Projects Private Limited iii) Key Management Personnel Mr. Arijit Sengupta -

Managing Director and CEO

1.2 Segment Reporting as per Accounting Standard - 17 prescribed under the Act.

a) Primary Segment (Business)

The Company runs a Theme and Amusement park rendering services in the nature of education and cultural recreation facilities mainly by way of sale of Entry and Ride tickets, taken together considered as "Park Operations". The Company also has income from consultancy, contracts, technical know-how fee/royalty, sale of ride components, venues and food & beverages. Indirect costs are allocated to park operations only as such amount to be attributed to the other segments are not readily available. There are no Inter-Segment Revenues during the period.

1.3 Employee Benefits as per Accounting Standard -15 (Revised)

(a) Defined Contribution Plans

The Company makes contributions to Provident Fund Trust for certain employees, at a specified percentage of the employees'' salary. The Company has an obligation to make good the shortfall, if any, between the return from the investments of trust and the notified interest rates.

The Company also makes contributions for remaining employees to a Government administered Provident Fund towards which the Company has no further obligations beyond its monthly contribution.

(b) Defined Benefits Plans

i) Gratuity

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation as set out in Note 1.9 (b) above, based upon which, the Company makes contributions to the Employees'' Gratuity Funds.

ii) Other Long Term Employee Benefits

Leave Encashment Benefits

The Company makes provision for the leave encashment liability for qualifying employees based on Actuarial Valuation.

The following Table sets forth the particulars in respect of the Defined Benefit Plans of the Company for the year ended 31st March, 2013

1.4 Previous year''s figures have been re-arranged / re-grouped wherever necessary

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Mar 31, 2012

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. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

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 year.

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

a) Term Loan from Tourism Finance Corporation of India Ltd

i. Nature of Security

A charge by way of hypothecation of all the moveable's including rides and inflatable water slides and sky dance (save and except book debts) along with moveable machinery, machinery spares, tools and accessories, present and future and also first 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.

ii. Terms of Repayment

The total sanctioned loan of Rs.350 lakhs is repayable in 16 quarterly installments of Rs.21.875 lakhs starting 15th October 2012 and ending on 15th July 2016.

b) Car Loan from banks are secured by hypothecation of specific vehicles

a) 'Based on the information available with the Company, there were no dues during the year to entities covered under Micro, Small and Medium Enterprises Development Act, 2006. As a result, no Interest provisions / payments have been made by the company to such creditors, if any, and no disclosures are required to be made in these accounts'.

a) Unpaid Dividend includes an amount of Rs.1.62 lakhs and Rs.1.19 lakhs relating to the Financial Years 2000-01 and 2001-02 respectively which should have been transferred to Investor Education and Protection Fund. The company vide its letter dated 30th January,2009 instructed the Banker to issue a pay order to Department of Company Affairs, Kolkata but the banker did not affect the transaction but apportioned the same towards their alleged claim over some other company. The company on being advised by their Solicitor, has filed a writ petition in the Calcutta High Court praying for directing the banker to remit the amount to the said fund. The case as on date is sub-judice. Subsequent to that the unpaid dividend for the year 2002-03 amounting to Rs.1.18 lakhs lying with the same banker has also become due for such transfer.

(b) CAPITAL WORK IN PROGRESS

(c) CAPITAL COMMITMENT

Estimated amount of capital commitment (net of advances) as at 31" March, 2012 is Rs. 4.11 lakhs (Previous Period Rs. 14.68 lakhs)

(d) LEASEHOLD LAND

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 of 33 years from 2nd March,1990 , with annual lease rentals being charged to revenue.

a) Loans and Advances to Related Parties include:

Rs 20.00 lakhs (Previous Year Rs Nil) recoverable from M/s Nicco Corporation Limited on account of advance payment of mediclaim insurance premium & Rs.0.76 lakhs (Previous Year Rs.0.99 lakhs) from M/s Nicco Jubilee Park Limited.

a) Trade Receivables more than six months includes an amount of Rs 0.i2 lakhs (Previous Year Rs Nil/-) receivable from M/s Nicco Engineering Services Limited, an associate.

b) Other Receivables includes an amount of Rs 4.i7 lakhs (Previous Year Rs Nil/-) receivable from M/s Nicco Jubilee Park Limited, an associate.

a) Repairs & Maintenance includes stores and spares consumed Rsi25.46 lakhs (Previous Period Rs.80.33 lakhs) (fully indigenous).

b) Project Expenses represent cost of turnkey contract executed by the Company and comprises of purchases of components of Rs.18.97 lakhs(Previous Year Rs.59.33 lakhs), sub-turnkey contract made by the company Rs.58.45 lakhs (Previous Year Rs.30.10 lakhs ) and other related overhead expenditures of Rs.79.26 lakhs (Previous Year Rs.12.67 lakhs)

c) Expenditure in Foreign Currency on account of travelling Rs.6.76 lakhs, Project Promotional Travelling Rs.7.40 lakhs, Project Promotional Expenses (Stall charges etc.)Rs.i4.i8 lakhs Advertisement Rs.2.25 lakhs, Miscellaneous Expenses Rs.0.84 lakhs(Subscription Rs.0.14 lakhs and Business Promotion Rs.0.70 lakhs)

1.1 Contingent Liabilities not provided for

Outstanding Bank Guarantee (for WBSEDCL) Rs. 42.51 lakhs (Previous Year Rs. 35.81 lakhs).

1.2 Segment Reporting as per Accounting Standard - 17 prescribed under the Act.

a) Primary Segment (Business)

The Company runs a Theme and Amusement park rendering services in the nature of education and cultural recreation facilities mainly by way of sale of Entry and Ride tickets, taken together considered as "Park Operations". The Company also has income from consultancy, contracts, technical know-how fee/royalty, sale of ride components, venues and food & beverages. Indirect costs are allocated to park operations only as such amount to be attributed to the other segments are not readily available. There are no Inter-Segment Revenues during the period.

(b) The Company operates predominantly within the geographical limits of India. Accordingly, Secondary Segment has not been considered.

1.3 Employee Benefits as per Accounting Standard -15 (Revised)

(a) Defined Contribution Plans

The Company makes contributions to Provident Fund Trust for certain employees, at a specified percentage of the employees' salary. The Company has an obligation to make good the shortfall, if any, between the return from the investments of trust and the notified interest rates.

The Company also makes contributions for remaining employees to a Government administered Provident Fund towards which the Company has no further obligations beyond its monthly contribution.

(b) Defined Benefits Plans

i) Gratuity

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation as set out in Note 1.9 (b) above, based upon which, the Company makes contributions to the Employees' Gratuity Funds.

ii) Other Long Term Employee Benefits Leave Encashment Benefits

The Company makes provision for the leave encashment liability for qualifying employees based on Actuarial Valuation.

The estimate of future salary increase takes into account inflation, seniority, promotion and other relevant factors.

The expected return on plan assets is determined after taking into consideration composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets, the Company's policy for plan asset, management and other relevant factors.

Contribution for a few senior management staff are made to the Superannuation Fund maintained by the group company.Necessary disclosures, if any, required as per Accounting Standard -i5 (Revised 2005) on account of the said fund will be made in the financial statements of the group Company.

1.4 The Company has changed its accounting year ending from 30th September to 3ist March during the previous financial year to make it convenient to fall in line with various regulatory requirements. Hence figures for the current period are for twelve months and are not comparable with the previous year (which are for six months).

1.5 Previous period's figures have been re-arranged / re-grouped wherever necessary.

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Mar 31, 2011

A. OTHER NOTES

1 (II) Earning per share, both basic and diluted of Re 0.45 for current period computed on the basis of six months results as against Re.0.50 per share for the previous twelve months period ending September, 2010 on restated basis as per Accounting Standard 20 issued by the Institute of Chartered Accountants of India.

2. Contingent Liabilities not provided for :-

Outstanding Bank Guarantee (for WBSEB) Rs. 3,581,019 (Previous Year Rs. 3,581,019).

3. Related Party disclosures in keeping with the Accounting Standard - 18 prescribed under the Act.

I) Related Parties

A) Where Control Exists

Enterprises having substantial

Interest in voting power of the Company

Nicco Corporation Limited

B) Others Associates

Nicco Jubilee Park Limited (NJPL) Nicco Engineering Services Limited

Key Management Personnel

Mr. Arijit Sengupta - Managing Director and CEO

4. (i) Primary Segment (Business)

The Company runs a Theme and Amusement park rendering services in the nature of education and cultural recreation facilities mainly by way of sale of Entry and Ride tickets, taken together considered as "Park Operations". The Company also has income from consultancy, contracts, technical know-how fee/royalty and sale of ride components. Indirect costs are allocated to park operations only as such amount to be attributed to the other segments are not readily available. There are no Inter-Segment Revenues during the period.

( ii ) The Company operates predominantly within the geographical limits of India. Accordingly, Secondary Segment has not been considered.

5. Disclosures relating to construction contract-in-progress as at 31st March, 2011 in keeping with revised Accounting Standard - 7 prescribed under the Act.

6. All interest relates to Fixed Loans.

7. Repairs and Maintenance includes stores and spares consumed Rs.8,033,560 (Previous Year Rs.14,985,014).

8. Estimated amount of capital commitment (net of advances) as at 31st March, 2011 is Rs.1,467,767 (Previous Year Rs. 90,036).

9. Expenditure in Foreign Currency on account of traveling Rs.11,88,891. (Previous Year Rs. 1,585,679), Business Promotion expenses Rs. Nil (Previous Year Rs. 766,697), Project expenses Rs. Nil (Previous Year Rs. 185,619), Subscription Rs. 33,549 (Previous Year Rs. 33,650), Advertisement Rs.351,602 (Previous Year Rs. 42,475), Professional Fees Rs.294,400 (Previous Year Nil), Import of Rides component Rs.1,065,052.(Previous Year Nil) & Import of Spares Rs.221,754 (Previous Year Nil)

10. In absence of any specific information available with the Company in respect of any supplier attracting provision of the Micro, Small and Medium Enterprises Development Act, 2006, no disclosure/treatment as per the said Act has been furnished.

11. Advance from Customer (Schedule-12) includes an amount of Rs. 562,033 (Previous Year Rs. 562,033) received in Foreign Currency.

12 Employee Benefits

13.1 Defined Contribution Plans

The Company makes contributions to Provident Fund Trust for certain employees, at a specified percentage of the employees salary. The Company has an obligation to make good the shortfall, if any, between the return from the investments of trust and the notified interest rates.

The Company also makes contributions for remaining employees to a Government administered Provident Fund towards which the Company has no further obligations beyond its monthly contribution.

13.2 Defined Benefits Plans

Gratuity

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation as set out in Note A.9 (b) above, based upon which, the Company makes contributions to the Employees Gratuity Funds.

Other Long Term Employee Benefits

Leave Encashment Benefits

The Company makes provision for the leave encashment liability for qualifying employees based on Actuarial Valuation. The following Table sets forth the particulars in respect of the Defined Benefit Plans of the Company for the six months period ended 31st March, 2011.

The expected return on plan assets is determined after taking into consideration composition of the plan assets held,assessed risks of asset management, historical results of the return on plan assets, the Companys policy for plan asset, management and other relevant factors.

13.3 Contribution for a few senior management staff are made to the Superannuation Fund maintained by the group company.Necessary disclosures, if any, required as per Accounting Standard -15 (Revised 2005) on account of the said fund will be made in the financial statements of the group Company.

14. Unpaid Dividend (Schedule -12) includes an amount of Rs.162,314 and Rs. 119,236 relating to Financial Years 2000-01 and 2001-02 respectively which should have been transferred to Investor Education and Protection Fund. The company vide its letter dated 30th January,2009 instructed the Banker to issue a pay order to Department of Company Affairs, Kolkata but the banker did not effect the transaction but apportioned the same towards their alleged claim over some other company. The company on being advised by their Solicitor, has filed a writ petition in the Calcutta High Court praying for directing the banker to remit the amount to the said fund. The case as on date is sub-judice. Subsequent to that the unpaid dividend for the year 2002-03 amounting to Rs. 117,840 lying with the same banker has also become due for such transfer.

15. Pursuant to the resolution adopted at the General Meeting of the members held on 25th January, 2011 the existing equity shares of the face value of Rs. 10/- each was sub-divided into 10 equity shares of the face value of Re. 1/- each with effect from 25th February 2011.

16. The Company has changed its accounting year ending from 30th September to 31st March to make it convenient to fall in line with various regulatory requirements. Hence figures for the current period are for six months and are not comparable with the previous year (which are for twelve months).

18. Previous Years figures have been re-arranged / re-grouped wherever necessary.

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Sep 30, 2010

1. Contingent Liabilities not provided for :

Outstanding Bank Guarantee (for WBSEB) Rs. 3,581,019 (Previous Period Rs. 2,817,663)

2. All interest relates to Fixed Loans.

3. Repairs and Maintenance includes stores and spares consumed Rs 14,985,014 (Previous Period Rs. 14,138,838) (fully indigenous).

4. Estimated amount of capital commitment (net of advances) as at 30th September, 2010 is Rs. 90,036 (Previous Period Rs. 382,406).

5. Loans and Advances (Schedule 11) includes an amount of Rs.714,500/- paid in Foreign Currency being in the nature of capital advance.

6. Expenditure in Foreign Currency on account of traveling Rs.1,585,679 (Previous Year Rs. 1,133,319), Business Promotion expenses Rs. 766,697 (Previous Year Rs. 273,706), Project expenses Rs.185,619 (Previous Year Nil), Subscription Rs. 33,650 (Previous Year Rs. 26,829), Advertisement Rs.42,475 (Previous Year Nil).

7. In absence of any specific information available with the Company in respect of any supplier attracting provision of the Micro, Small and Medium Enterprises Development Act, 2006, no disclosure/treatment as per the said Act has been furnished.

8. Advance from Customer (Schedule-12) includes an amount of Rs.290,521/- (Previous Year Rs. 297,104) received in Foreign Currency.

9. Employee Benefits

9.1 Defined Contribution Plans

The Company makes contributions to Provident Fund Trust for certain employees, at a specified percentage of the employees salary. The Company has an obligation to make good the shortfall, if any, between the return from the investments of trust and the notified interest rates.

The Company also makes contributions for remaining employees to a Government administered Provident Fund towards which the Company has no further obligations beyond its monthly contribution.

9.2 Defined Benefits Plans

Gratuity

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation as set out in Note A.9 (b) above, based upon which, the company makes contributions to the Employees Gratuity Funds.

10. Unpaid Dividend (Schedule -12) includes an amount of Rs. 162,314 and Rs. 119,236 relating to Financial Years 2000-01 and 2001-02 respectively which should have been transferred to Investor Education and Protection Fund. The company vide its letter dated 30th January,2009 instructed the Banker to issue a pay order to Department of Company Affairs, Kolkata but the banker did not effect the transaction rather apportioned the same towards their alleged claim over some other company. The company has filed a writ petition in the Calcutta High Court praying for directing the banker to remit the amount to the said fund. The case as on date is sub-judice.

12. Previous Years figures have been re-arranged / re-grouped wherever necessary.