2.13 Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that
is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are determined based on the best estimate required to settle the obligation at the balance sheet date.

A contingent liability is disclosed unless the possibility of an outflow of resources embodying economics benefits is
remote. Contingent assets are not recognised in standalone financial statements since this may result in the recognition
of income that may never be realised. However, when the realisation of income is virtually certain, then the related
asset is not a contingent asset and its recognition is appropriate.

2.14 Foreign Currency Transactions
Functional currency:

The functional currency of the Company is Indian National Rupees ('INR'). These standalone financial statements are
presented in Indian Rupees and the all values are rounded to the nearest Lakh, except otherwise indicated.

Transactions and translations:

Foreign-currency denominated monetary assets and liabilities are translated into the functional currency at exchange
rates in effect at the balance sheet date. Gains and losses, if any, at the year-end in respect of monetary assets and

monetary liabilities not covered by the forward contracts are recognised in Statement of Profit & Loss Account.
Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net
profit for the period in which the transaction is settled.

Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

2.15 Borrowing Cost

Borrowing costs that are attributable to acquisition and construction of qualifying assets are capitalized till the asset is
ready for its intended use, based on borrowings incurred specifically for financing the asset or the weighted average
rate of all other borrowings, if no specific borrowings have been incurred for the asset. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its intended use. The Company has not capitalized any
borrowing costs during the year.

All other borrowing costs are recognized as expenditure in the year in which they are incurred.

When the Company borrows funds specifically for the purpose of obtaining a qualifying asset, the borrowing costs
incurred are capitalized. When Company borrows funds generally and uses them for the purpose of obtaining
a qualifying asset, the capitalization of the borrowing costs is computed based on the weighted average cost of all
borrowings that are outstanding during the period and used for the acquisition, construction/exploration or erection of
the qualifying asset. However, borrowing costs applicable to borrowings made specifically for the purpose of obtaining
a qualifying asset, are excluded from this calculation, until substantially all the activities necessary to prepare that asset
for its intended use or sale are complete.

Income earned on temporary investment made out of the borrowings pending utilization for expenditure on the
qualifying assets is deducted from the borrowing costs eligible for capitalization.

Capitalization of borrowing costs ceases when substantially all the activities necessary to prepare the qualifying assets
for their intended use are complete.

The Company can incur borrowing costs during an extended period in which it suspends the activities necessary to
prepare an asset for its intended use or sale. Such costs are costs of holding partially completed assets and is not eligible
for capitalisation. However, the Company does not normally suspend capitalising borrowing costs during a period when
it carries out substantial technical and administrative work. The Company also does not suspend capitalising borrowing
costs when a temporary delay is a necessary part of the process of getting an asset ready for its intended use or sale.

2.16 Earnings per equity share
Basic earnings per share:

Basic earnings per share are calculated by dividing:

- the profit attributable to equity shareholders of the Company

- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus
elements in equity shares issued during the year and excluding treasury shares.

Diluted earnings per share:

Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account:

- the income tax effect of dividend, interest and other charges to income or expense associated with dilutive
potential equity shares, and

- the weighted average number of additional equity shares that would have been outstanding assuming the
conversion of all dilutive potential equity shares.

The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually
issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are

deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are
determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented
for any share splits and bonus shares issues including for changes effected

2.17 Employee Benefit

Short Term benefits:

Benefits such as salaries, wages, performance incentives etc., and the expected cost of bonus, ex-gratia are recognised
during the period in which the employee renders related service.

Liabilities recognized in respect of short term benefits are measured at the undiscounted amount of the benefit
expected to be paid in exchange for the related services.

Payments to defined contribution retirement benefit plans are recognised as an expense when employees have
rendered the service entitling them to the contribution.

Post employment benefits:

The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method
with actuarial valuations being carried out at each balance sheet date, which recognises each period of service as
giving rise to additional unit of employee benefit entitlement and measure each unit separately to build up the final
obligation.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.

The Company recognises the following changes in the net defined benefit obligation under employee benefit expenses
in the statement of profit and loss.

• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non¬
routine settlements,

• Net interest expense or income.

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

Other Long-term employee benefits:

Compensated absences which are not expected to occur within twelve months after the end of the period in which the
employee renders the related services are recognised as a liability at the present value of the defined benefit obligation
at the balance sheet date.

Termination benefits:

Termination benefits are recognised as an expense in the period in which they are incurred.

Share based payment:

The fair value of equity settled share options based on shares of the Company is initially measured at grant date and is
charged to the Statement of Profit and Loss over the vesting period, which is the period over which all of the specified
vesting conditions are satisfied, and the credit is included in equity. At the end of each period, the Company revises
its estimates of the number of options that are expected to vest based on the non-market and service conditions.
It recognises the impact of revision to original estimate, if any, in profit or loss, with a corresponding adjustment to
equity.

2.18 Cash Flow Statement

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

2.19 Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and demand deposits with banks which are short-term, highly liquid
investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of
changes in value.

2.20 Short-term Leases and Leases of Low-Value Assets

The Company has elected not to recognise right of use assets and lease liabilities for short term leases that have a
lease term of less than or equal to 12 months with no purchase option and assets with low value leases. The Company
recognises the lease payments associated with these leases as an expense in statement of profit and loss over the lease
term.

2.21 Government Grants

Government grants are recognized where there is reasonable assurance that the grant will be received and all attached
conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic
basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant
relates to an asset, it is recognized as income over the expected useful life of the related asset.

2.22 Exceptional Items

Certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of
the Company is such that its disclosure improves the understanding of the performance of the Company, such income
or expense is classified as an exceptional item and accordingly, disclosed in the notes accompanying to the standalone
financial statements.

2.23 Current and Non-Current Classification:

The Company presents assets and liabilities in the balance sheet based on current/non-current classification.

An asset is current when it is:

• Expected to be realised or intended to sold or consumed in normal operating cycle,

• Held primarily for the purpose of trading,

• Expected to be realised within twelve months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in normal operating cycle,

• It is held primarily for the purpose of trading,

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.

All other liabilities are classified as non-current. Deferred tax assets are classified as non-current.

NOTE 37:A. IMPLEMENTATION OF RESOLUTION PLAN

a. Pursuant to final approval to the Resolution Plan by the erstwhile lenders of the Company and the Shareholders of
the Company in their Extra-Ordinary General Meeting held on June 10, 2022, Malpani Parks Indore Private Limited
("MPIPL" or "Acquirer"), which was subsequently updated to nominee of MPIPL viz. Malpani Parks Private Limited
("MPPL"), became the successful bidder following the Swiss challenge bid process, under the Reserve Bank of India
("RBI") (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 dated June 7, 2019 as amended
from time to time.

b. In accordance with the Resolution Plan:

i. the Acquirer had paid an amount of ' 41,500 Lakhs and had been allotted 27,14,19,228 equity shares of
' 10/- each at an issue price of ' 15.29 per equity share on preferential basis on June 22, 2022.

ii. The Company made payment of ' 41,500 Lakhs to the ARC towards part payment of the Assigned Debt (which
had been used by the ARC for making payment to the erstwhile lenders towards the assignment consideration)
on June 22,2022.

iii. The Company had issued 4,90,51,667 equity shares of ' 10/- each at an issue price of ' 15.29 per equity share
towards conversion of debt of the erstwhile secured lenders into equity aggregating to ' 7500 Lakhs on June
22,2022.

iv. The erstwhile lenders had transferred and assigned all their rights, title and interest in the Assigned Debt to
ARC in financial year 2022-23 i.e. on June 23, 2022 by executing an Assignment Agreement in this regard. An
amount of ' 5,000 Lakhs out of the Assigned Debt was restructured and reconstituted as the principal amount
of a term credit facility of the same amount, as per the terms and conditions set out in the Debt Restructuring
cum Settlement Agreement dated June 23, 2022 (DRSA). The said amount of sustainable debt i.e. ' 5,000
Lakhs along with interest had been paid on the due date in the financial year 2022-23 i.e. December 22, 2022.

v. The Company had issued 4,80,00,000 0.01% 20 years Non-Convertible Redeemable Preference Shares of
' 100/- each (NCRPS) aggregating to ' 48,000 Lakhs to the ARC in financial year 2022-23 (which have been
acquired by the promoter company Malpani Parks Private Limited from the ARC in year 2022-23) by way
of preferential allotment at par in conversion of the outstanding debt. Pursuant to the approvals of the
Shareholders of the Company in the extra ordinary general meeting held on November 16, 2022, the Board
of Directors of the Company at its meeting held on February 8, 2023 and the Shareholders of the Company at
their meeting held on March 10, 2023, 4,80,00,000 0.01% 20 years Non-Convertible Redeemable Preference
Shares (NCRPS) aggregating to ' 48,000 Lakhs have been converted into 0.01% 20 years Optionally Convertible
Redeemable Preference Shares (OCRPS) which are convertible into equity shares at the option of the holder
(subject to applicable laws) within a period of 18 months from the date of conversion of NCRPS into OCRPS,

at a price of ' 36.81 per equity share in accordance with SEBI (Issue of Capital and Disclosure Requirements)
Regulations, 2018. Accordingly, on the conversion exercised in accordance with the terms of the OCRPS,
on approval of the Shareholders, the company had issued an additional 13,03,99,348 equity shares to the
Promoters at a price of ' 36.81 per equity share with consequent increase in the Promoter's stake to the
said extent. The Company received in - principle approval from the stock exchanges for the issue of OCRPS
on March 28, 2023. The said OCRPS has been credited on April 7, 2023 to the account of the holder with the
reclassification date as November 16, 2022.

The Promoter company viz., Malpani Parks Private Limited (MPPL) in the Financial Year 2023-24 had exercised
converting OCRPS into equity to achieve the shareholding as per the Resolution Plan. Accordingly, vide letter
dated May 22, 2023 MPPL had partially exercised option to convert 2,57,67,000 OCRPS into 7,00,00,000
equity shares of the Company at the conversion price of ' 36.81 per equity share. The Company has made
allotment of equity shares in this regards after obtaining approval from the Board on May 26, 2023.

Subsequently, in April 2024, MPPL exercised its option to convert the balance 2,22,33,000 OCRPS into
6,03,99,348 equity shares of the Company at the conversion price of ' 36.81 per equity share.

vi. The Company had written back the remaining amount (unsustainable portion) of the assigned debt of
' 57,176.25 Lakhs (after making payment of ' 100 Lakhs), consequent to the write off of the same by the
ARC in accordance with the DRSA in financial year 2023-24. The ARC vide its letter dated June 14, 2023, has
confirmed that the loans have been repaid and there are no amounts outstanding against the sustainable and
unsustainable portion of the debt in terms of the DRSA. (Refer Note 39)

c. The Company has complied with the provisions of the Companies Act, 2013, SEBI, RBI Regulations and other
applicable laws and regulations for the purpose of giving effect to the terms of the Resolution Plan.

B. Sale of Surplus Land and sale of Investment in Wholly Owned Subsidiary Company

Further to the Resolution Plan approved, the shareholders of the Company, at its extra ordinary general meeting
held on November 16, 2022, approved the sale of surplus land held by the Company and Investment in its erstwhile
wholly owned subsidiary, Walkwater Properties Private Limited (WPPL).

In lieu of the same the Company had entered into Share Purchase Agreement with a buyer for sale of shares held
in the aforesaid subsidiary for a total consideration of ' 10,600 Lakhs. Accordingly, the investment in the said
subsidiary has been derecognized by the Company in the financial year 2022-23 and WPPL ceased to be subsidiary
of the Company w.e.f. March 01, 2023. The Company had received ' 2,400 Lakhs towards cash consideration and
82,00,000 0.01% non-participating non-cumulative Non-Convertible Redeemable Preference Shares (NCRPS) of
the face value of ' 100/- each which are redeemable within 20 years from the date of allotment, for the balance
consideration of ' 8,200 Lakhs.

The Company had entered into agreement for sale of balance surplus land whose original cost of acquisition
is ' 5,800.50 Lakhs for a total consideration of ' 5,500 Lakhs. The Company has received ' 1,600 Lakhs cash
consideration in the previous year and 39,00,000 0.01% non-participating non-cumulative non-convertible
Redeemable Preference Shares (NCRPS) of the face value of ' 100/- each which are redeemable within 20 years
from the date of allotment, for the balance consideration of ' 3,900 Lakhs. The difference of ' 300.50 Lakhs
between the cost of land and the sale consideration the loss on sale of surplus land and the carrying value and loss
on fair value of the said NCRPS amounting to ' 3,611.37 Lakhs has been accounted for as exceptional item in FY
2023-24

The Company has transferred part of the land for consideration of ' 4,381 Lakhs to JBCG Advisory Services Private
Limited on January 5, 2024 and the balance portion of land with consideration of ' 1,119.00 Lakhs is disclosed as
"Non-Current Asset Held for Sale" in previous year 2023-24. During the current financial year 2024-25 , the Company
has handed over the possession of the remaining part of land to JBCG Advisory and accordingly derecognized the
"Non-Current Asset Held for Sale" and the advance.

NOTE 42:Corporate Social Responsibility (CSR)

As per the provisions of Section 135 of the Companies Act, 2013, the Company is required to constitute a Corporate
Social Responsibility (CSR) Committee and undertake CSR activities, as the thresholds prescribed under the said section
are met.

However, in accordance with Rule 3(2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 and the
provisions of Section 135(5) read with Section 198 of the Companies Act, 2013, the Company has accumulated losses
as per the computation under Section 198. Accordingly, the Company is not required to spend any amount towards
CSR activities during the financial year 2024-25. Therefore, the disclosure requirement as per Schedule III has not been
provided by the Company. The Company continues to have CSR Committee as per companies act requirements.

NOTE 43:Employee Benefits

a. Defined Contribution Plan

Contributions are made to provident fund for employees at the rate as per Employees' Provident Funds &
Miscellaneous Provisions Act, 1952 . The contributions are made to registered provident fund administered by the
government. The obligation of the Company is limited to the amount contributed and it has no further contractual
nor any constructive obligation. The expense recognised during the year towards defined contribution plan is
' 202.90 Lakhs (P.Y. ^ 173.48 Lakhs)

b. Defined Benefits Plan
Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972.The gratuity
plan is funded through an 'Approved Trust'. The Trust has taken a Policy from the HDFC Life Insurance and the
management / investment of the fund is undertaken by the insurer.

The Company Contributes all ascertained liabilities towards gratuity to the "Imagicaaworld Entertainment Limited
Employee's Gratuity Trust". The Trustees administer contributions made to the trust. As of 31^st March 2025, the
plan assets have been primarily invested in insurer - managed funds.

The Gratuity Plan provides a lumpsum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective employee's salary and the tenure of employment
with the Company.

Liabilities with regard to the Gratuity Plan are determined by actuarial valuation, performed by an independent
actuary, at each Balance Sheet date using the projected unit credit method.

The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability.

The following table shows the Actuarial Valuation as on 31st March, 2025 and amounts recognised in the standalone
financial statements in respect of Employee Defined Benefit Schemes:

Financial Instrument by category and hierarchy

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

Fair value of cash and short-term deposits, trade and other short-term receivables, trade payables, other current
liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due
to short term maturities of these instruments.

Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such
as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to
account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different
from their carrying amounts.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.

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

The fair values for Non-Current borrowings, loans and security deposits were calculated based on cash flows discounted
using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of
unobservable inputs including counter party credit risk.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by
valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable,
either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on
observable market data

Market Risk is the risk of loss of future earning, fair values or future cash flow that may result from a change in the price
of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates,
foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments.
Market Risk is attributable to all market risk sensitive financial instruments including investment and deposits, payables
and loans and borrowings.

The Company manages market risk through its finance department, which evaluate and exercises independent control
over the entire process of market risk management. The activities of this department include management of cash
resources, borrowing strategies, and ensuring compliance with market risk limits and policies.

Credit Risk

Credit risk arises from the possibility that counter party may not be able to settle their obligation as agreed. To manage
this, the Company periodically assesses the financial reliability of customers, taking in to account the financial condition,
current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limit are
set accordingly. The maximum amount of credit risk to which the company is subject is the amount of trade receivables.
The Company's policy is to place cash and cash equivalent and short term deposits with reputed banks. The Company is
exposed to credit risk from its operating activities - trade receivables, cash and cash equivalents, investments and other
bank balances.

The Company determines allowances for expected credit losses separately for different categories of customers using
aged based provision matrix.

Liquidity Risk

Liquidity Risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or
at a reasonable price. The Company's finance department is responsible for liquidity, funding as well as settlement
management. In addition, processes and policies related to such risks are overseen by senior management. Management
monitors the Company's net liquidity through rolling forecasts on the basis of expected cash flows.

Repayment of Financial Liability are as per below

The following are the undiscounted cashflows of the financial liabilities based on the earliest date on which the company
can be required to pay.

NOTE 47:Capital Risk Management

The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to
optimise returns to our shareholders.

The capital structure of the Company is based on management's judgement of the appropriate balance of key elements
in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage
the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. The
Company is taking take appropriate steps in order to maintain, or if necessary adjust, its capital structure

NOTE 48:Segment Reporting

The Segment information has been provided in the consolidated financial statements as permitted by Ind AS 108.
NOTE 49:Employee Share Based Payment Plans

In meeting dated September 14, 2020, the Board of Directors of the Company had approved grant of Employee Stock
Option under the Scheme approved under SEBI (Share Based Employee Benefits) Regulations, 2014, as amended, in
order to retain key talents and also to compensate the key talent. The total number of such stock options under said
grant were 3,994,891 Shares of face value of ' 10/- (Rupees Ten) each fully paid-up, with each such Option conferring
a right upon the Employee to apply for one Share of the Company. Upon receipt of shareholders and stock exchange
approvals, the said ESOPs were duly granted in the F.Y 2020-2021.

As per the terms of grant of options, the granted options got vested to the grantees on February 4, 2022 ("First
Vesting"). The ESOS Allotment Committee is granted the powers to allot such shares in line with the Resolution passed
by the Nomination and Remuneration Committee on February 9, 2022. Based upon the options exercised by the eligible
employees, the ESOS Allotment Committee as on March 31, 2025 approved the allotment of 30,000 fully paid-up equity
shares of face value of ' 10/-exercised by the said employees. (31st March, 2024 - 3,65,464)

The management is confident that the Current Borrowings of ' 6,207.97 Lakhs, plus the Current Financial liabilities of

' 20,521.89 Lakhs are manageable and the liquidity of the company is comfortable combined with cash on hand, internal

accruals during the year and availability of long term and short facilities. Further, warrants issued by the Company in FY

2024-25 can be any time exercised into equity shares till September 2026 wherein additional equity of around ' 13,000

Lakhs could get infused. Notably majority of the warrants are held by the promoter MPPL.

NOTE 52:Other Disclosures

a) No funds have been advanced or loaned or invested by the company to or in any other persons or entities,
including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

b) No funds have been received by the company from any persons or entities, including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

c) The Company does not have any long-term contracts including derivative contracts for which there are any material
forseeable losses.

d) There were no amounts which were required to be transferred to the Investor Education and Protection by the
Company.

e) No proceedings have been initiated or pending against the company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988).

f) During the year, the Company has not entered into any transactions with companies struck off under section 248
of the Companies Act, 2013 or section 560 of Companies Act, 1956.

g) There are no charges or satisfaction yet to be registered with the registrar of companies beyond the statutory
period.

h) The Company does not have layers beyond the number prescribed under clause (87) of section 2 of the Act read
with Companies (Restriction on number of Layers) Rules, 2017.

i) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

j) The Company has not paid or declared dividend during the year.

k) No Schemes of Arrangements have been applied or approved by the Competent Authority in terms of Section 230
to 237 of the Companies Act, 2013.

l) The Company has no such transaction which is not recorded in the books of account that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or
surveyor any other relevant provisions of the Income Tax Act, 1961).

m) The title deeds of all immovable properties, (other than immovable properties where the Company is the lessee
and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements
included in property, plant and equipment and capital work-in-progress are held in the name of the Company as at
the balance sheet date , other than mentioned below:

i) The Company had availed working capital facility amounting to ' 2,996.51 Lakhs (PY ' 1954.78 Lakhs) from HDFC
Bank Limited bearing the ROI of 9.64% p.a.

Further, the Company has availed long term secured loan facility for its Solar project at Solapur amounting to '
2,776.50 Lakhs (PY Nil) from HDFC Bank Limited bearing the ROI of 9.08% p.a the tenor of the said loan is 5 years
from the date of availment i.e. from Oct, 2024 onwards and repayment in equal monthly instalment.

The said secured working capital and Term Loan facility is secured by way of first and pari passu charge on all assets
of the Company including movable and immovable and current assets of the Company including both present and
future. The said facility is additionally secured by Personal Guarantee given by promoter directors of the Company.

ii) During the year, the Company has availed secured long term facility towards acquisition of Lonavala and Shirdi
Business Park undertaking amounting to ' 9,200.00 Lakhs (PY Nil) from HDFC Bank Limited bearing the ROI of
9.51% p.a. the said facility is for the tenor of 10 years and the repayment in quartly installment starting from June,
2025 onwards and ballooning in nature.

The said term loan facility is secured by way of exclusive charge on property acquired i.e. immovable and movable
assets and current assets of the Company related to Lonavala Park Business undertaking (Wet N Joy - Theme Park
and Water Park) and Shirdi Park Business Undertaking (Wet N Joy Water Park and Sai Teerth Devotional Theme
Park) both present and future.

Additionally, the facility is also secured by way of first and pari passu charge on existing assets based out at Khopoli
and Dharshiv including immovable and movable and all current assets of the Company both present and future.
The said facility is additionally secured by Personal Guarantee given by promoter directors of the Company.

iii) The Company has not defaulted in the repayment of loans or interest and has not been declared as a wilful defaulter
by any bank or financial institution or other lender in accordance with the guidelines on wilful defaulters issued by
the Reserve Bank of India.

iv) The Company has used the working capital facilities and term loans facility from for the specific purpose for which
it was taken.

v) The Company has been sanctioned secured working capital facility in the form of Overdraft and Dropline Overdraft
Facility in excess of rupees five crore, from lender on the basis of security of all assets including immovable,
movable and current assets of the Company. The Company has been waived for the requirement of submission of
various fillings with Bank considering the nature of facility sanctioned and utilised.

NOTE 54: The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and postemployment
received Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the
Gazette of India and subsequently on November 13, 2020 draft rules were published and invited for stakeholders'
suggestions. The Central Government on March 30, 2021 has deferred the implementation of the said Code and
the date on which the Code will come into effect has not been notified. The Company will assess the impact of the
Code when it comes into effect and will account for the related impact in the period the Code becomes effective.

NOTE 55:Business Transfer Agreement (BTA)

During the previous year, the Board of Directors and the Shareholders had approved acquisition of Park Business
Undertaking of Giriraj Enterprises located at Lonavala and Shirdi.

The Company (purchaser) has on June 28, 2024 achieved completion of closing of the transaction in respect of the
acquisition and purchase of water parks, theme park and amusement park owned by Giriraj Enterprises (seller) and/
or its partners located at Lonavala and Shirdi in the State of Maharashtra i.e (A) "Wet n Joy Water Park", located at
Lonavala ("Lonavala Water Park"); (B) "Wet n Joy Amusement Park", located at Lonavala ("Lonavala Amusement Park");
(C) "Sai Teerth Theme Park", located at Shird ("Shirdi Theme Park"); and (D) "Wet n Joy Water Park", located at Shirdi
("Shirdi Water Park") (collectively, the Lonavala Water Park, the Lonavala Amusement Park, the Shirdi Theme Park and
the Shirdi Water Park are collectively referred to as the "Park Business Undertaking") on a 'slump sale' basis as a going
concern, in accordance with the terms of Business Transfer Agreement ("BTA") entered into between the Company
and Giriraj Enterprises on March 29, 2024, for an aggregate lump-sum purchase consideration of ' 62,938.42 Lakhs
after effecting necessary adjustments defined in the said BTA. The appointed date i.e. the date from which the Park
Business Undertaking was deemed to be transferred or sold was April 1, 2024 (acquisition date) as agreed to between
the purchaser and seller in terms of the said BTA.

The seller is a related party as per the definition of Section 2(76) of the Companies Act, 2013. The Company has assessed
based on the facts and external legal opinion that ,the seller does not have control/ultimate control over the buyer and
the transaction will not qualify as a "Common Control Business Combination". Accordingly, the said transaction has
been accounted for by applying acquisition method in accordance with Indian Accounting Standard (Ind AS) 103 -
Business Combinations (Ind AS 103).

The Company has obtained fair valuation report from a registered valuer for the purpose of determining the fair values
of Tangible Assets. Assets, other than tangible assets, have been acquired and liabilities have been assumed at the book
values (being the fair values) based on the balance sheet as at March 31, 2024 of Giriraj Enterprises (Parks Division)
as certified by an independent firm of chartered accountants. The excess of the fair value consideration over the total
identified net assets has been recognized as Goodwill in accordance with Ind AS 103. Goodwill on the above transaction
reflects synergy of operations, brand loyalty and consequent increase in scale of operations.

The tangible (depreciable) assets acquired on slump sale are being depreciated under Straight Line Method with effect
from April 1, 2024 on the basis of useful lives certified by a chartered engineer.

During the year, the Company has, , paid ' 22,938.42 Lakhs (out of the total purchase consideration of ' 62,938.42 Lakhs
as per the schedule of payment agreed. The balance consideration of ' 40,000 Lakhs is payable in various tranches over
a period of next 30 months from April 15, 2024.

From the date of acquisition, the acquired the Lonavala Water Park, the Lonavala Amusement Park, the Shirdi Theme
Park and the Shirdi Water Park have collectively contributed ' 11,172.65 Lakhs of revenue of the Company.

The Company performed its annual impairment test in March 2025. The Company analyses both quantitative and
qualitative triggers that may indicate that a CGU is impaired. Qualitative indicators include significant adverse changes
in expected footfall and sales values, power prices and changes in regulations. The Company also considers the
relationship between its market capitalisation and its book value, among other factors, when reviewing for indicators of
impairment.

The recoverable amount of each cash generating unit is the higher of the cash-generating unit's fair value less cost of
disposal ('Fair Value') and its value-in-use. Discounted cash flow models are applied to determine the fair value. Key
assumptions used are footfall, sales prices and volumes and discount rates. A range of important assumptions used
in the impairment assessment are to large extent determined at the Company level in relation with the budget and
strategic forecast process.

The projections cover a period of five years, as the Company believes this to be the most appropriate timescale over
which to review and consider annual performances before applying a terminal value multiple to the final year cash

The Company has performed sensitivity analysis around the base assumptions and has concluded that there are no
reasonably possible changes to key assumptions that would cause the carrying amount to exceed its recoverable
amount.

NOTE 56:Audit Trail

The Company has been maintaining its books of accounts primarily in the SAP which has feature of recording audit trail
and has enabled the same throughout the year. However, the audit trail feature is not enabled for direct changes to data
in the underlying database. Further, the Company also uses three other accounting software including two software to
maintain point of sales records which is currently not equipped with the audit log functionality.

Additionally, the audit trail of prior year has been preserved by the Company as per the statutory requirements for
record retention to the extent it was enabled and recorded in the respective year.

NOTE 57:Subsequent Events

The Company has evaluated events occurring after the reporting date up to the date of approval of the standalone
financial statements by the Board of Directors.

There have been no material events that would require adjustment to or disclosure in the standalone financial
statements.

NOTE 58: The Company received Eligibility Certificate (EC) from Department of Tourism, Government of Maharashtra in
respect of it's Hotel Business operated under the name "Novotel Imagicaa" vide letter No. TP-2024/2024/EC-01
dated 08/10/2024, with the incentive period starting from 1st November, 2024 to 31st October, 2034 i.e. an overall
period of 10 years. The Company has accounted for government grant income in statement of Profit and Loss
and created the provision for Deferred Government Grant Liabilities of ' 897.16 Lakhs under other Non-Current
Liabilities as per Ind As 20.

NOTE 59: During the year, the Company has acquired park business undertaking as disclosed in Note 55 with effect from April
1, 2024 . Accordingly, the figures for the previous years are not comparable.

NOTE 60: The figures for the previous year's have been regrouped/rearranged wherever necessary to conform with current
year's classification.

As per our report of even date

For Suresh Surana & Associates LLP For and on behalf of the Board of Directors of

^{Chartered Accountants} Imagicaaworld Entertainment Limited

Firm Registration No : 121750W /W-100010

Santosh Maller Rajesh Malpani Jai Malpani Dhimant Bakshi

Partner Chairman Managing Director Chief Executive Officer

Membership No: 143824 DIN : 01596468 DIN: 08180943 Place: Mumbai

Place: Pune Place: Pune

Place: Mumbai Mayuresh Kore Reshma Poojari

Date : May 28, 2025 Chief Financial Officer Company Secretary

Place: Mumbai Membership No. A34554

Place: Mumbai

Date : May 28, 2025