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Notes to Accounts of Nicco Parks & Resorts Ltd.

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 Subsequently, the writ petition against the banker was withdrawn under Court's order dated 11th November, 2014.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.


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


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


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.


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.


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.

 
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