Notes to Accounts of Nicco Parks & Resorts Ltd.

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.