Accounting Policies of Valencia India Ltd. Company

Mar 31, 2025

1 Corporate information

Valencia India Limited (formerly known as Valencia India Private Limited) (the "Company") was incorporated in India on 08th March 2017 and having its registered office at 1030, Gala Empire, Opp. T.V. Tower Drive In Road, Thaltej, Ahmedabad - 380054, Gujarat. The company specializes in providing premium hospitality services, offering guests unparalleled comfort, convenience, and personalized experiences. Company manages resort, club and provide range of services viz accomodation, use of amenities, dining, events and activities etc.

2 Basis of preparation

The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP), including the Companies (Accounting Standards), Rules, 2006 (as amended). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act, 2013, read with Companies (Accounts) Rules, 2014. The financial statements have been prepared on accrual basis and under the historical cost convention.

All the assets and liabilities have been classified as current and non-current as per the Company''s normal operating cycle and other criteria set out in the Schedule III of the Companies Act, 2013. Based on the nature of products and the time between the acquisition of the assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as up to twelve months for the purpose of current/non-current classification of assets and liabilities. The financial statements are presented in Indian rupees, which is also the Company''s functional currency.

2.1 Summary of significant accounting policies

a) Use of estimates

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

b) Property, plant and equipment

Property, plant and equipment, capital work in progress are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalisation criteria are met, directly attributable cost of bringing the asset to its working condition for the intended use and initial estimate of decommissioning, restoring and similar liabilities. Any trade discounts and rebates are deducted in arriving at the purchase price. Such cost includes the cost of replacing part of the plant and equipment. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in statement of profit or loss as incurred.

Gains or losses arising from derecognition of property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit and loss when the asset is derecognised.

c) Depreciation on property, plant and equipment and intangibles

Depreciation on property, plant and equipment is provided on written down value basis using the rates arrived at based on the useful lives specified in the Schedule II to the Companies Act, 2013.

Depreciation and amortisation on assets acquired / disposed of during the year is provided on pro-rata basis with reference to the date of acquisition / disposal.

d) Impairment of property, plant and equipment and intangible assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or cash-generating unit''s (CGU) net selling price and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining net selling price, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used.

The Company bases its impairment calculation on detailed budgets and forecast calculations which are prepared separately for each of the Company''s cashgenerating units to which the individual assets are allocated. These budgets and forecast calculations are generally covering a period of five years. For longer periods, a long term growth rate is calculated and applied to project future cash flows after the fifth year.

Impairment losses of continuing operations are recognised in the statement of profit and loss.

An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Company estimates the asset''s or cash-generating unit''s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset''s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit and loss.

e) Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. The Company assess its revenue arrangements against specific criteria to determine if it is acting as principle or agent. The Company has concluded that its is acting as a principal for all of its revenue arrangements.

f) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus element in a rights issue, share split and reverse share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change in resources.

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

g) Leases

Where the Company is the lessee

Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as operating leases. Operating lease payments are recognised as an expense in the Statement of Profit and Loss on a straight-line basis over the lease term.

h) Retirement benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than the contribution payable to the provident fund.The Company recognises contribution payable to the provident fund scheme as an expenditure, when an employee renders the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognised as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognised as an asset to the extent that the pre payment will lead to, for example, a reduction in future payment or a cash refund.

The Company operates defined benefit plan for its employees viz. gratuity. The costs of providing benefits under these plans are determined on the basis of actuarial valuation at each year-end. Separate actuarial valuation is carried out for each plan using the projected unit credit method. Actuarial gains and losses for both defined benefit plans are recognised in full in the period in which they occur in the statement of profit and loss.

Accumulated leave, which is expected to be utilised within the next 12 months, is treated as short-term employee benefit. The Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date.

The Company recognises termination benefit as a liability and an expense when the Company has a present obligation as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the termination benefits fall due more than 12 months after the balance sheet date, they are measured at present value of future cash flows using the discount rate determined by reference to market yields at the balance sheet date on government bonds.

i) Income taxes

Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the taxauthorities in accordance with the Income-tax Act, 1961 enacted in India. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Deferred income taxes reflect the impact of timing differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date.

Deferred tax liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. In situation where the Company has unabsorbed depreciation or carry forward losses, deferred tax assets are recognised only if there is virtual certainty supported by convincing evidence that they can be realised against future taxable profits.

At each reporting date, the company re-assesses unrecognised deferred tax assets. It recognises unrecognised deferred tax asset to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realised.

The carrying amount of deferred tax assets are reviewed at each balance sheet date. The Company writes-down the carrying amount of deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be that sufficient future taxable income will be available against which deferred tax asset can be realised. Any such write down is reversed to the extent that is becomes reasonably certain or virtually certain, as the case may be that sufficient future taxable income will be available.

Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws.

Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The Company recognises MAT credit available as an asset only to the extent that there is convincing evidence that the Company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the Company recognises MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the Income-tax Act, 1961, thesaid asset is created by way of credit to the statement of profit and loss and shown as "MAT Credit Entitlement." The Company reviews the "MAT credit entitlement" asset at each reporting date and writes down the asset to the extent the Company does not have convincing evidence that it will pay normal tax during the specified period.

j) Borrowing Cost

Borrowing cost includes interest and amortisation of ancillary costs incurred in connection with the arrangement of borrowings.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur.

k) Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprises cash at bank and in hand and short-term investments with an original maturity of three months or less.

l) Provisions

A provision is recognised when the Company has a present obligation as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

m) Contingent liability

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognise a contingent liability but discloses its existence in the financial statements.

n) Segment Reporting

The company''s operating businesses are organized and managed separately according to the nature of products and services provided, with each segment representing a strategic business unit that offers different products and serves different markets. The analysis of geographical segments is based on the areas in which major operating divisions of the company operate.

o) Government Grants

Government grants / subsidies received towards specific fixed assets have been deducted from the gross value of the concerned fixed assets and grant / subsidies received during the year towards revenue expenses have been reduced from respective expenses.

Export benefits / incentives are accounted on accrual basis. Accordingly, estimated export benefits against exports affected during the year are taken into account as estimated incentives accrued till the end of the year. In case of License not revalidated after the date of expiry, the proportionate export benefit / incentive taken credit in earlier year(s) is written off in the year of expiry of License.

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Mar 31, 2024

2.1 Seminary of iqnifltafi accounting pohci**

4} U*e of eiLniatt*

TN> PMention Of ftfittur wmkrr**O *t CtihAjcmAi *«h HU«n GAAP muurn the ntf^rwtt lo rrvik* m-''#''***''U CSIMMICM it''d OOUmptlOftf the!

eflect tt* ''cponed jmc».rti of rmnuet. npensei. assets snd tubfttm *rd tv dKtoaue of cootmfent Mibritxi. y tv end of tv repatnf c-f^od
Ailhomfl Ibei* filrnirtf .•»•* Uewd no the mwier-ent i VM IwwfrCfcr »H cutf**f wttts »•«? * twf. UfKfft4i*y afctJut thwv* 4»iUff«)fcGfli 401!
tstirsttas oodd r«Jt 10 tv uuUomni ietjuinn| 0 mateful iilMiraH hi the car ng mount* of atueti or lutifitu*; in future ptnoo*

b) Property pJ»nt end equipme**

Property, ?*"¦- 9^3 equipment. cjprtr wc*« in prefers re stated m cost. ret <0 Gep^ecution rc .Kamn-atiM irmwiwt if 4"i

The CO*! compnm jurrheui pm*. aerrnairg rott* if rapitaiutoi iHttu are met, drrcli* attiibutubM coJC of brirq»**| the ass« 10 t\ condtcn

for the eueodeo <.« u>a w>t Jt tttevtaie Of tkcorvmsorirq, itticri''K and w«iUr Uattlcei An* trade discount* jt

the pi#th«e pnte Such ant mcnitte tv emt of repaerg pen o* the dr-t and ewereni *h*n Mguf<*ni p«H of property, X*r* and equipment are
rrouitnd to b* rpfd»ctij at atamfe, 9n Ccanpery dipreoatiri thorn uprotpy ba»»d o* thin tptOfit usetd l»*s whe* i m^oi «-apeci»c^ «

oe»5xmcd. «u C0)t *i recognised »r tV ctfryrg >-»cunt c* the pJrc rd equpnwnt ai ¦ wpltcvmr* if im crura aie utttftfd AJl other

r«»*c 4013 e*tfim# itatrment of (ecflt u* fcnsas r tuned

n tV difTererur b*t«w» the rut dipoui prcceect ax the
cartyfnf anoont cf thr »*et aye re r?:c»«mv?c r the «*era?nt ol pmfH 4»iu l«i%\ *t*n tta r\ dauKofroetl

c| r>#pc#cut Ort 00 propenv. P**nt *od equipment m3 intanpeie*

0»pf( |iant arU «M|mrt I* ptuwided or. w* itteo 03^. t>Mll u»»rq the »«Ak* ward *t bM<4 On the u*e*J SpfOhed m lh»

icToaJc \ to the Ccmpimw Aa. 20U.

DepmiHc*'' and r-wniutum un pweu attuned / (SopoMd O dairq tte y-dt * pwifctl on prp^ra trw* wah /rfcieocc totte 4 f

dhccul

tbe Cum pan v o>s«sao m eoch repotng o«e svretrer there a an mdcation that an asv*t nvn t* il ary irtfirtcr patas o» *hpn »rru*

•tnptitrr«inf tr»l*T| fcr an w«i n rpqucra the Company extimste the asset''s recoverable amount. A/'' atvnx •rrowrablr amu»s< rslh« higher d *r
*Wdtft Qf iAi»-jpn^a''i-d urtt’a ICGUI npf sthnc pno? srd tx value in use The recover itI# amount it cater waned for an -rdr/dur avx*t. uhtou th* *u«t
0Otf rot ^iirat* c*n W)o«exceeds its recoverable amount, in* »m*i it r~v»iro and« lanrten ocw* w *s recoveradc amount m gJs«H*¥ %ooe m uar. the estimated
hjfirp ash ftwtt irr drsccxrted *>their present value .air* a cm U« Awuuni rat* th*t refoch runnnt wkih iwu^m of the bne veto d mere,
and th* nur> apwfu to the e>*« In dteternwiinf ret sitting pro. recent market tranuebon; ar# taken into KCOMH, f e%*Ja&i# f no uxh HWtiaOM
can te identified, an appropriate valuator model u u**ti

Tl*e Company tui*a lli ««©•*"»•<“* nkifatmn it -tetjikfd budgets ana forerancalculation: *h*h art a* mured mis# *1*V fc# aw* ol Ih* Company''s ce*h
generating ur*ts to wrich the Mhftdial assets are aftaaiea Thai* aru frrrcan rjCojiatcns are generally covering • pered d tup yr*»i fo»

»on*rf pmiout, a fc**g Iirm grpuih nrtp n ukutated ana apdseo to pro*tc future cash ftxfl after the ?lft?v year

impairment losses ct contmung opnrittior* am »*rr^r»wtt t thr •uivmpnt d prctft an? iws.

Ar junynr< Is mice it rath repermg date ax to *f*t*ur there it ary (ndretion lh*t p H.ir».rii r«C0|mwK] nxirmr-i ivm r-«r ro kr«?f re»* or
nwr, »u%« cecrMMC. if *uch mdrahon e«*^s the Comcony MOrtvitM tr« usetl or cam-tien*ratine irirt raoxerablt ainourc. A pravoux^ «occ^riud
•mpurment loss n *p»eaed or^ |l tPere Kk been a change in tP« eteumptiom u»*d to rtoterrmn* «b* je**f • ianna?«M« •-«''«.m urn# ih* Utt
impjiirnynt lou wai w: the

carr^rg imount thet «yJQ hive been Ottarmirod, oat d onjrr;ui.on r«c rn onp^ftnent Iws bee” recup^xeo to* tt»e axvir ir pr«v years jpih revprurf
it rpeognned r the oitement d pmfit and »n«

♦I Revenue recofnitJon

«e*ertje ix recairocd to the extern that 4 it prefer* thet th* *(i:tem to Ihp Comptnir ree>^T«.
regordexi d »her. ihe pjy»-«jrt boo* made Aewxo U moatured Jt the far value cif tt- cceaidrratr.r mce^od or ukinj nto account

ccnt/Kiuiir^ defined termt d f»yme^t and eniudru taw or duty 1*€ CorTptr^ «xeii ei irv&iricnto jtftrntt ueede enter* to cetpnranf h
it »5 *air« « ponci^e d a&vi Tfe Ccmpartf Mt ccsduXil thut t• it actuu: 4. e pniuinal fur -l d Ha 1 iwrur ananjpmenti

f) Earrings per xturc

ftase earners par there are caltuueed b/ Ov.itir^ the net profit «.* hue tor th* aenud aitnb.uhU to oquCv tfareliod or; by the votihted avenge nu-te*
d epur# shares o.tstardng Oufirg the period The eeyntod r^rnber of equity xharex DJttUroni daring the penod t idf-dtc for pvtsmi *•

benua imu*. bonua al«ui*ril in * itxur. %bnm aptt and •*%*»»* U«*r* ad''l ItunaulUaOcn ol llieeal that t*4ve Changed the <%mber d etpury ahjrr*
d.t?tjrdirg. wtroa 9 corresponcm* cha"B* ^m rpxr-rcex

for the purpose d catulauig c»li/.«l e«nr-gs jer share. L^e r»d crofe v ccs fd me pered itinfeulatf* dgudv xfurrhoisoix yc the **egh!ro aver^p
nirrfapi of sf*an?i oibUnUrgc*-rmg thn prttod a** adjinBed for !*• *^1rOa d al dlutu* potential euuity tturei

Oi

M/ny; y\ l*f /JjiJgi

k) W)

f) tewei

W *it the Company H IN? lessee

leaves whom the tf«io» •f''ecli*ely «Hfm iutnfiyrt;*t% til ttir in*3 a-*l bright! ol uwr>-r>y*p of the leased item, if? (trothed » cperotrg teases
Operabnp lease poymim »g fpcoghiud « in r*jwnu» in the StH»ws ove* the If ise Ifftn

h) Kebrement berehts

ftCCP*m«V C«rx^ «i Itio fam at prQhfcMM raid U 4 MAflN contrition *J nrn the Company KM no Ofcleatxm over iMu the tcotf ti>©n ;*,K«r*0
the prevent tuna TheCoropjr_f ieco(rikei ci2fltrfc«.e>Qn pay *£Je Cotta trovvdari fund tcfvma at anpaper«htut«. whor, «r> pr^lpyg# ytrdurv llm rffetotf
smve sf the coftfiheicr ptysbv to the jtfemr ter irwf flatted be4*r the tuuw sheet Oita the r omnbutvan alro*^ pant the drfrit

Nv*b* to the *r*m* r. 41a rt^ after <*du;iirg the ccrtr*b.*er mYcidr pud »* the ccntrtijon Preody pi»rt c*:eeci tte awtrfculton

duef(K tcrwe* f«Ctf frCd b©5o*C the balance J*441 ibce, than kmiii n letut^nrd at an avwt M» th* ««Urt that the pra i^miri wHIran tu for «wmjve
t »edo:t>on m tome cu>n>e«f a* > cwh refund

T*« Coupon/ opararei (fcfneu (WAtfflt pUn for »tv ampityeei wf (fatuity The costs nf prcvdirg benefits under they? pUrs k* delermred o'' the h«H
of jctvjn* valuation jt eich >e*r end Separate actuarial *w,Jt>oo it cxnna out fa e^rfi £4an uir* it*r pi&ssas ta Both Uf »r*o Uinafte d»*‘ are rtccgnnad .n tul r the pered n *h pre/t amt low

Auumubted leave, which rv rx^it^l ta b# united wllh^ the 12 nvrtm, it tteitfO 41 ihon-tisfn tenelr Ife Coo par y rnttK/ri the

text of inch ohserccs *x the 3dd*on» y^o.jrt thot it a

dtU

The Compary recogneet »rm»-v4tmn cer»e^< w a isolty and an e«prric n^prcfciOlt thX ir c^tftow 04 reioi/cot angaocting tccnomc teneftu wtl be retpired tn lettle the oMi^atiitn amt a i»«U61e •vlutitfe dar te nude of the

mctiffl of tt»e Conner If the te^mmioor belarae sheet dxe. r«ey xc mo».r« at c^Mom value of

future exh fkrarv wurg the dneoaa rxe delemne^ hr *efe»ente to market Wdi at the Coljnce iheet dote on |o«“rrrrl) income *a«w

Tav expense ajmpnseuit ciFte^t art! dfcfteirec Ui. Cerent wKom» t«u «s matoed at tf* ««ount ev,**in1 iu be paid tu tf»e ui authx.tcs r ^xc< Jjmr
•wth the income ta* AO. 10W aniKted n» mju ^?r_r tev rjiev and tax liwt u>ed to comyuif the amotrt are tho>e thal •»* erected u* •o".i4ntr*Tf/
enacted. Jt the ropertmt date

Cfc*fe»rt?d mre tne* redeO the impjct o* trnnrg afbrrences between taxibie reeme arc xenumirg irvome orgirutinp tfxrrg the current year and
reversal timep d/tmfrii fer th* oamui Dafarrwd tn« it rvaanurwd u«r-g the tai rate* amt the ta« tawi enaeteeor iubiunti\«l< erwetad at the
r coo nr* date

Ocferred u« lattUies ace ceo^rised fm ui uutib timr* diflPcecvos .''wtvi*ed Ui itMtt me *v- u^.n-*o otK to ttn- oitem thx there n leaver own
certjmtv trot tuHi:»?rt ^.i^e tautie income well te avafoCfc ac Jir« w»»ch soch cefeneo ta« iwett cm be ryuked in Huitmn wmerr rt» f nmjurry hat
un#0*(»rb*d o*p*eo4Ccn or cany fprwaid ku-r\. «bsfeiihd fix ^VM >0«iirivedonV it rhere u vtccual (rurxy udficnt^ by ComVWg c\%dtrcc that
they con be rettbsod aiarut Mue twab* p*cfitu

At each rvpomirg data, the company n-anauai urvatOAniaad defarred Ut asueu. it ito^nr. >*«(coari.:oo Xfticroo tat asse^ to the r«tent that it hn
baxome rnxorubff cecUin or wituall# cert4in ji the rxe may be, that uttlMAt future rii»e rcome Nil be avafaoe sgeims wftrh >>ch entered ti»
Jtvets canbe ’Piloed

Utrcarr>in^ «r*«nint of dafarted t«a aaaeti *ra ir.vewatl at vheel drfta Hie Ccmpiny wv dm^Own tho esnyrf amO-rt Vcefere^ tjir

to the extent thit row te trot sufftoent future toitb^e rcume wii bn avatbb* uftanst
wfuh tMarmU Ui *»m»! can Bar tauivnd Arysuih »t r*''Uuam t% nhanvad to the ratent th«r w Unr uv msu.iuUr cenjui or vetuotv irr.nn. as the c.tvr
ifW b* d*ot tirffcont future tovaCln .niomc w4M be J»>tablf

Dofo*Tfd a> 4Si#a ano deferred u» tabfit»ei ato offset if a te^alf/ cnAycesjbic rght idoo to let oh anretn tax «vrtr agnmc iu»*rrt! tai luWibm ami
the dnf^rno ta» *tkI dntrrrmj tai li aha I a \ ''nbl» to the t#*nv or rreenn levied hr urr»e D^nm Utaticni laws

Vimmuro ahorratp r» (MAT) paid r «i ''yeui is chsrjad to th* stx^^nt uf pccrftt and mss ai currari taa The Company cco^rivro W1 ensat wubbie ov
an xset any to the exttr« thx thect U corvid na evidence that the Corr<»fr_r «CI pay rcrrrol income tax Conn* tne tpec*?fd P^r«J. i # . th* pared Tor
athrh r/Af rrrot i« xlsraMt to r*r rarrre feravif tt»* yr-a» in wht^i the Compary rnr/gn^nv MAT nndfl «• an aviot in aiUXdance w«h the Guldir^f
SOtt on Accoirerp fa Cnrot A/ulabfe m re-^cct of Mfremum Menutvc tji ircer the Income-Ui An, IS61. the «*d JUrt j erected bs- wof ‘J i-ndf to
the ftitemerTi of pfefe and Ictt and Kowr at ^NtAf CrvJt Cntnler*ent * theConcany rev''ewi tfe 1MT credd mddWmpnt* a«»ct at rath laparting dxo
and w''ltMv cowr thu avior to tr- infant thaComp^rydoas nut KaMrumfUlrgovadanraChatd «fl cut fc*nu\ taxdumvitra spatlhed peroc

|> Borrowinc Cost

Sorrcwrg cwt inchtfM mtoteu arc ar-oniuncn off onrlliry cout mcutrtd *n cBnneavpr. wnh tne ri borrrra»rK»

BofroArrp costs dreay y.ustable to the KQWsOon. ccnstrociwn or srbPuctcr cf cr tv/t trot recrtsarifi take» a vubvtmroi penedof time tc pc:
reotf/fcr t\ intoW^v cepilaived o» p»*» of the co*l cl the >• OTthwp . -rt AToVat uxn2%v4nA3 they oc

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