Imagicaa Annual Report 2020-21

IMAGICAAWORLD Entertainment Limited
(Formerly known as Adlabs Entertainment Limited)
ANNUAL REPORT
2020 - 2021
INDEX
Financial Highlights 01
Notice of Annual General Meeting 02
Board’s Report 13
Management Discussion and Analysis 33
Corporate Governance Report 44
Independent Auditor’s Report on Financial Statements 61
Balance Sheet 70
Statement of Profit and Loss 71
Cash flow Statement 72
Notes to Financial Statements 74
Independent Auditor’s Report on Consolidated Financial Statements 117
Consolidated Balance Sheet 124
Consolidated Statement of Profit and Loss 125
Consolidated Cash flow Statement 126
Notes to Consolidated Financial Statements 128
Form AOC-1 169
FICCI TRAVEL
>10 MN 1.6 MN & TOURISM
VISITORS AVERAGE EXCELLENCE
IN 7 YEARS FOOTFALL / YEAR AWARDS 2019
WINNER BEST THEME PARK
CORPORATE INFORMATION

CHAIRMAN'S MESSAGE

“

”
The financial year 2020-21 has witnessed an unprecedented scenario, which has hit our industry possibly
the most among all businesses. On account of the COVID-19 pandemic, the whole country was under
lockdown starting March 2020 that continued for almost six months. Imagicaaworld Parks were shut
down till December 2020. We were able to open our theme park on 24th December 2020, with strict safety
measures and in compliance of relevant SOPs laid down by the authorities.
As our parks were closed for almost nine months, our revenue was significantly impacted, drastically
reducing our top line by almost 90% in FY21.
The lenders and the management have been making stead fasted engagements for an amicable debt
resolution. However, due to the pandemic led disruption and underlying dynamics, the resolution has
been further delayed.
Despite challenging times in last financial year, the Imagicaa parks continued to cater to our guests with
utmost care during the limited period when we were permitted to operate, which has enabled us to serve
more than 9.6 million people in aggregate since our launch in April 2013. We remain thankful to our
guests for their support and patronage. Our hotel property; Novotel Imagicaa also operated with
restrictions in FY21 and showed good promise, despite the challenging environment.
We have continued to focus on costs and in absence of revenues, the management had continued its
efforts on rationalizing expenses, which should enable us to sustain in difficult times.
I would like to thank our employees and management who have stood by the company during such
difficult times.
I thank you for your investment and for having continued faith in our Company despite this extremely
difficult phase which we are going through. We assure you of our continued commitment to make people
happy and to ultimately take this company to its full potential.
I would also like to thank our Board of Directors and employees in this ongoing journey in making our
vision a reality and continuously offering a high class entertainment experience to our patrons.
Manmohan Shetty
Chairman

NEW ATTRACTIONS
IMAGICAAWORLD ENTERTAINMENT LIMITED
CONSUMER ENGAGEMENT ACTIVITIES
ON SOCIAL MEDIA
5 days of fun 10,000+ doctors and

& learn activities medical staff registered
Be an Imagineer Contest - Making Friends & Family

01 To build
ANNUAL REPORTyour
2020-21Dream Ride Dance to Imagicaa Jingle
FINANCIAL HIGHLIGHTS (STANDALONE) - IMAGICAAWORLD ENTERTAINMENT LIMITED

( ` in Lakhs )
Particulars 2020-21 2019- 2018-2019 2017-2018 2016-2017 2015-2016 2014-2015 2013-2014 2012-2013 2011-2012
2020*
FINANCIAL
RESULTS
Revenue from 2,195.79 20,005.58 24,037.88 23,628.77 23,907.65 23,397.90 18,942.15 10,380.20 - -
operations
Total Revenue 4,646.22 20,065.87 24,666.92 23,727.91 23,959.38 25,065.62 19,125.18 10,701.30 392.98 -
Earnings before (837.81) (975.26) 5,358.76 6,366.59 6,136.26 5,679.44 2,235.39 706.11 (212.39) (53.00)
interest, tax,
depreciation and
amortization
(EBITDA)
Depreciation 9,561.04 24,270.10 10,177.55 9,242.37 9,447.25 8,771.24 7,974.73 3,051.79 1.30 -
and amortisation
expense
Exceptional Items - - - - - - - - 6.35 -
Profit / (Loss) after (26,664.45) (40,403.57) (34,742.95) (15,517.43) (11,713.57) (9,113.32) (10,716.09) (5,275.73) (145.74) (60.60)
tax for the year
FINANCIAL
POSITION
Equity Share Capital 8,806.21 8,806.21 8,806.21 8,806.21 7,989.78 7,989.78 7,989.78 4,846.30 4,587.21 4,191.67
Other Equity (69,561.95) (43,067.05) (2,630.48) 32,108.74 41,985.97 53,704.62 62,949.66 26,517.66 26,352.48 20,847.70
Shareholders Funds (60,755.74) (34,260.84) 6,175.73 40,914.95 49,975.75 61,694.40 70,939.44 31,363.96 30,939.69 25,039.37
CORPORATE OVERVIEW
Borrowings 1,49,520.27 1,33,183.27 1,19,698.80 1,10,391.11 1,08,335.69 1,01,278.81 1,17,350.14 1,14,004.37 78,810.28 19,808.30
Gross Fixed Assets 1,64,771.50 1,64,615.99 1,63,663.48 1,62,810.04 1,62,077.99 1,58,191.88 1,58,601.68 1,42,745.55 1,07,288.96 44,706.70
Net Fixed Assets 82,075.46 91,481.40 1,14,799.00 1,24,123.09 1,32,606.42 1,38,147.90 1,47,327.67 1,39,446.27 1,07,041.15 44,571.39
Current Assets, 4,066.60 3,762.37 6,126.80 6,874.52 4,400.25 7,096.11 45,110.35 9,142.62 8,341.97 2,183.25
Loans & Advances &
Deposits
Investments in 8,337.62 8,337.62 10,618.16 10,618.16 10,617.16 10,617.16 41.50 - - -
STATUTORY REPORT
equity instrument
Total Assets 94,484.78 1,03,581.39 1,31,597.88 1,58,210.24 1,64,218.30 1,68,847.95 2,00,394.25 1,50,023.63 1,15,457.39 46,754.64
EQUITY SHARE
DATA
Earnings Per Share (30.28) (45.88) (39.45) (18.72) (14.66) (11.41) (20.96) (11.29) (0.33) (0.16)

*Comparative Previous year figures are regrouped wherever necessary
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FINANCIAL STATEMENTS
ANNUAL REPORT 2020-21 02

FINANCIAL HIGHLIGHTS – STANDALONE
NOTICE
NOTICE to include any committee thereof ) for borrowing, from
time to time, any sum or sums of monies, in indian
Notice is hereby given that the Twelfth Annual General rupees and/ or foreign currency from time to time,
Meeting of the Members of Imagicaaworld Entertainment which together with the monies already borrowed by
Limited (formerly known as Adlabs Entertainment Limited) the Company (apart from temporary loans obtained
will be held on Wednesday, September 29, 2021 at 11:30 or to be obtained from the Company’s bankers in the
a.m. through Video Conferencing/ Other Audio Visual ordinary course of business) may exceed the aggregate
Means (“VC/OAVM”) Facility to transact following business: of the paid up capital of the Company and its free
reserves provided that the total amount so borrowed
Ordinary Business: by the Board shall not at any time exceed ` 3,000
crores or the aggregate of the paid up capital and free
1. To receive, consider and adopt: reserves of the Company, whichever is higher and the
Board be and is hereby empowered and authorised
a) the audited standalone financial statements of to arrange or finalise the terms and conditions of all
the Company for the financial year ended March such monies to be borrowed from time to time as to
31, 2021, the reports of the Board of Directors and interest, repayment, security or otherwise as it may in
Auditors’ thereon; and its absolute discretion determine.
b) the audited consolidated financial statements of “RESOLVED FURTHER THAT the Board be and is
the Company for the financial year ended March hereby authorized to do all such acts, deeds and
31, 2021, the report of the Auditor’s thereon. things, to execute all such documents, instruments
and writings as may be required to give effect to this
2. To appoint a Director in place of Mr. Kapil Bagla (DIN: Resolution.”
00387814), who retires by rotation and being eligible,
offers himself for re-appointment. 4. Creation of Charges on the movable and immovable
properties/ assets of the Company, both present
Special Business: and future, in respect of borrowings.
3. Increasing borrowing limits to ` 3,000 crores or the To consider and, if thought fit, to pass the following
aggregate of the paid up capital and free reserves Resolution as a Special Resolution:
of the Company, whichever is higher.
“RESOLVED THAT in supersession of the resolution
To consider and, if thought fit, to pass the following passed by the shareholders of the Company at their
Resolution as a Special Resolution: Extra-Ordinary General Meeting held on January 23,
2015 and pursuant to Section 180(1)(a) and all other
“RESOLVED THAT in supersession of the resolution applicable provisions, if any, of the Companies Act, 2013
passed by the shareholders of the Company at their read with the Rules, if any, made there under (including
Extra-Ordinary General Meeting held on January any statutory modification(s) or re-enactment(s)
23, 2015, and pursuant to the provisions of Section thereof, for the time being in force) (“the Act”) and any
180(1)(c) and other applicable provisions, if any, of other applicable laws and provisions of the Articles of
the Companies Act, 2013 read with Rules framed Association of the Company, the Board of Directors of
thereunder (including any statutory modification(s) the Company (hereinafter referred to as “the Board”
or re-enactment thereof, for the time being in force), which term shall be deemed to include any Committee
and the Articles of Association of the Company, the which the Board may have constituted or hereinafter
consent of the Company be and is hereby accorded constitute, to exercise its powers, including the
to the Board of Directors of the Company (hereinafter powers conferred by this Resolution) be and is hereby
referred to as the “Board” which term shall be deemed authorised to mortgage and/ or charge, in addition
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2 ANNUAL REPORT 2020-21
CORPORATE OVERVIEW STATUTORY REPORT FINANCIAL STATEMENTS
to the mortgages/ charges created/ to be created by question, difficulty or doubt that may arise in regard to
the Company, in such form and manner and with such creating mortgages/ charges as aforesaid.”
ranking and at such times and on such terms as the
Board may in its absolute discretion determine, on all By Order of the Board of Directors
or any of the moveable and/ or immoveable properties
of the Company, both present and future and/ or the
whole or any part of the undertaking(s) of the Company
together with the power to take over the management Divyata Raval
of the business and concern of the Company in certain Company Secretary and Compliance Officer
events of default, in favour of the Lender(s), Agent(s)
and Trustee(s) and other bodies/persons, to secure the
borrowings of the Company and/ or the Company’s Date : June 24, 2021
subsidiaries/ affiliates/ associate companies, availed/ Place : Mumbai
to be availed by way of loan(s) (in foreign currency
and/or Rupee currency) and/ or securities (comprising Registered Office:
of fully/ partly Convertible Debentures and/ or Non 30/31, Sangdewadi, Khopoli-Pali Road,
NOTICE OF THE ANNUAL GENERAL MEETING

Convertible Debentures with or without detachable Taluka Khalapur, District Raigad 410 203
or non-detachable Warrants and/ or secured premium
notes and/ or floating rates notes/ bonds or other debt Notes:
instruments), issued/ to be issued by the Company,
from time to time, subject to the limits approved 1. The explanatory Statement setting out material facts
under Section 180(1)(c) and all other applicable concerning the businesses under Item Nos. 3 & 4 of
provisions, if any, of the Act, together with interest the accompanying Notice, is annexed hereto, pursuant
at the respective agreed rates, additional interest, to Section 102 of the Companies Act, 2013, Secretarial
compound interest in case of default, accumulated Standards – 2 on General Meetings and Regulation
interest, liquidated damages, commitment charges, 36 of the Securities and Exchange Board of India
premia on prepayment, remuneration of the Agent(s)/ (Listing Obligations and Disclosure Requirements)
Trustee(s), premium (if any) on redemption, all other Regulations, 2015.
costs, charges and expenses, including any increase as
a result of devaluation/ revaluation/ fluctuation in the 2. General instructions for accessing and participating
rates of exchange and all other monies payable by the in the 12th AGM through VC/OAVM Facility and
Company in terms of the Loan Agreement(s)/ deed(s) voting through electronic means including remote
and Agreement(s)/ Debenture Trust Deed(s) or any e-Voting
other document(s), entered into/ to be entered into
between the Company and the Lender(s)/ Agent(s) a. In accordance with, the General Circular No.
and Trustee(s), in respect of the said loans/ borrowings/ 20/2020 dated May 05, 2020 and General Circular
securities and containing such specific terms and No. 2/2021 dated January 13, 2021 issued by
conditions and covenants in respect of enforcement of MCA, and Circular No. SEBI/HO/CFD/CMD1/
security as may be stipulated in that behalf and agreed CIR/P/2020/79 dated May 12, 2020 and Circular
to between the Board and the Lender(s)/ Agent(s)/ No. SEBI/HO/CFD/CMD2/ CIR/P/2021/11 dated
Trustee(s) as the case may be. January 15, 2021 issued by SEBI, owing to the
difficulties involved in dispatching of physical
RESOLVED FURTHER THAT for the purpose of giving copies of the financial statements (including
effect to this resolution, the Board be and is hereby Report of Board of Directors, Auditor’s report
authorised to finalise, settle, execute and amend such or other documents required to be attached
documents/ deeds/ writings/ papers/ agreements therewith), such statements including the Notice
as may be required and to do all such acts, deeds, of AGM are being sent in electronic mode to
matters and things, as it may in its absolute discretion Members whose e-mail address is registered with
deem necessary, proper or desirable and to settle any the Company or the Depository Participant(s).
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b. Pursuant to the provisions of Section 108 of with the Company/Depositories in accordance

the Act read with Rule 20 of the Companies with the aforesaid MCA Circulars and circular
(Management and Administration) Rules, 2014 issued by SEBI dated May 12, 2020. Members may
(as amended), Secretarial Standard on General note that the Notice of Annual General Meeting
Meetings (SS-2) issued by the Institute of Company and Annual Report for the financial year 2020-21
Secretaries of india (“ICSI”) and Regulation 44 of will also be available on the Company’s website
Listing Regulations read with MCA Circulars and www.imagicaaworld.com; websites of the Stock
SEBI Circular, the Company is providing remote Exchanges i.e. National Stock Exchange of India
e-Voting facility to its Members in respect of the Ltd and BSE Limited at www.nseindia.com and
business to be transacted at the 12th AGM and www.bseindia.com respectively. Members can
facility for those Members participating in the 12th attend and participate in the Annual General
AGM to cast vote through e-Voting system during Meeting through VC/OAVM facility only.
the 12th AGM. Link Intime India Private Limited
(“LIIPL”) will be providing facility for e-voting f. Members attending the meeting through VC/
through remote e-voting, for participation in OAVM shall be counted for the purposes of
12th AGM through VC/OAVM facility and e-voting reckoning the quorum under Section 103 of the
during the 12th AGM. Companies Act, 2013.
c. Pursuant to the provisions of the Companies Act, g. Since the AGM will be held through VC/OAVM
2013, a Member entitled to attend and vote at the Facility, the Route Map is not annexed in this
Annual General Meeting is entitled to appoint Notice.
a proxy to attend and vote on his/her behalf
and the proxy need not be a Member of the 3. Instructions for Members for Remote e-Voting are
Company. Since this AGM is being held pursuant as under:
to the MCA Circulars through VC/OAVM, physical EVENT NUMBER :- 210299
attendance of Members has been dispensed
with. Accordingly, the facility for appointment of a. The remote e-Voting period will commence
proxies by the Members will not be available for on Sunday, September 26, 2021 (9:00 am IST)
the Annual General Meeting and hence the Proxy and end on Tuesday, September 28, 2021 (5:00
Form and Attendance Slip are not annexed to the pm IST). During this period, Members of the
Notice. Company, holding shares either in physical form
or in dematerialized form, as on the Cut-Off date
d. Institutional/Corporate Shareholders Institutional of Wednesday, September 22, 2021 may cast their
shareholders (i.e. other than Individuals, HUF, vote by remote e-Voting. The remote e-Voting
NRI etc.) and Custodian are required to log on module shall be disabled by Link Intime for voting
to e-Voting system of LIIPL: https://instavote. thereafter. Once the vote on a resolution is cast by
linkintime.co.in and register themselves as the Member, the Member shall not be allowed to
‘Custodian/ Mutual Fund/ Corporate Body’. They change it subsequently.
are also required to send a scanned certified true
copy of the board resolution/ authority letter/ b. A person who is not a Member as on the Cut-
power of attorney etc. together with attested Off date should treat this Notice of 12th AGM for
specimen signature of the duly authorised information purpose only.
representative(s) in PDF format in the ‘Custodian/
Mutual Fund/ Corporate Body’ login for the c. The details of the process and manner for
Scrutinizer to verify the same. remote e-Voting are explained herein below:
e. The Notice of the Annual General Meeting along Pursuant to SEBI circular dated December 9,
with the Annual Report for the financial year 2020- 2020 on e-Voting facility provided by Listed
21 is being sent only by electronic mode to those Companies, Individual shareholders holding
Members whose email addresses are registered securities in demat mode can vote through their
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demat account maintained with Depositories and you will be redirected to NSDL Depository site
Depository Participants only post 9th June, 2021. wherein you can see e-Voting page. Click on
Shareholders are advised to update their mobile company name or e-Voting service provider name
number and email ID in their demat accounts to and you will be redirected to e-Voting service
access e-Voting facility. provider website for casting your vote during the
remote e-Voting period or joining virtual meeting
Login method for Individual shareholders holding & voting during the meeting.
securities in demat mode/ physical mode is given
below: (ii) Individual Shareholders holding securities in
demat mode with CDSL
(i) Individual Shareholders holding securities in
demat mode with NSDL • Existing user of who have opted for Easi/ Easiest,
they can login through their User ID and password.
• If you are already registered for NSDL IDeAS facility, Option will be made available to reach e-Voting
please visit the e-Services website of NSDL. Open page without any further authentication. The
web browser by typing the following URL: https:// URL for users to login to Easi/ Easiest are https://

eservices.nsdl.com either on a Personal Computer web.cdslindia.com/myeasi/home/login or www.
or on a mobile. Once the home page of e-Services cdslindia.com and click on New System Myeasi.
is launched, click on the “Beneficial Owner” icon
under “Login” which is available under ‘IDeAS’ • After successful login of Easi/ Easiest the user will
section. A new screen will open. You will have to be also able to see the E Voting Menu. The Menu
enter your User ID and Password. will have links of e-Voting service provider i.e.
NSDL, KARVY, LINK NTIME, CDSL. Click on e-Voting
• After successful authentication, you will be able to service provider name to cast your vote.
see e-Voting services. Click on “Access to e-Voting”
under e-Voting services and you will be able to • If the user is not registered for Easi/ Easiest, option
see e-Voting page. Click on company name or to register is available at https://web.cdslindia.
e-Voting service provider name and you will be com/myeasi./Registration/EasiRegistration
re-directed to e-Voting service provider website
for casting your vote during the remote e-Voting Alternatively, the user can directly access e-Voting
period or joining virtual meeting & voting during page by providing demat Account Number and
the meeting. PAN No. from a link in www.cdslindia.com home
page. The system will authenticate the user by
• If the user is not registered for IDeAS e-Services, sending OTP on registered Mobile & Email as
option to register is available at https://eservices. recorded in the demat Account. After successful
nsdl.com Select “Register Online for IDeAS “Portal authentication, user will be provided links for the
or click at https://eservices.nsdl.com/SecureWeb/ respective ESP where the E Voting is in progress.
IdeasDirectReg.jsp
(iii) Individual Shareholders (holding securities in
• Visit the e-Voting website of NSDL. Open web demat mode) & login through their depository
browser by typing the following URL: https:// participants
www.evoting.nsdl.com/ either on a Personal
Computer or on a mobile. Once the home page • You can also login using the login credentials of
of e-Voting system is launched, click on the icon your demat account through your Depository
“Login” which is available under ‘Shareholder/ Participant registered with NSDL/CDSL for
Member’ section. A new screen will open. You e-Voting facility.
will have to enter your User ID (i.e. your sixteen
digit demat account number hold with NSDL), • Once login is complete, you will be able to see
Password/OTP and a Verification Code as shown e-Voting option. Once you click on e-Voting
on the screen. After successful authentication, option, you will be redirected to NSDL/CDSL
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Depository site after successful authentication, 4. After successful login, you will be able to see the
wherein you can see e-Voting feature. Click on notification for e-voting. Select ‘View’ icon.
company name or e-Voting service provider name
and you will be redirected to e-Voting service 5. E-voting page will appear.
provider website for casting your vote during the
remote e-Voting period or joining virtual meeting 6. Refer the Resolution description and cast your vote by
& voting during the meeting. selecting your desired option ‘Favour/ Against’ (If you
wish to view the entire Resolution details, click on the
(iv) Individual Shareholders holding securities in ‘View Resolution’ file link).
Physical mode & evoting service Provider is
LINKINTIME. 7. After selecting the desired option i.e. Favour/ Against,
click on ‘Submit’. A confirmation box will be displayed.
1. Open the internet browser and launch the URL: https:// If you wish to confirm your vote, click on ‘Yes’, else to
instavote.linkintime.co.in change your vote, click on ‘No’ and accordingly modify
your vote.
 Click on “Sign Up” under ‘SHARE HOLDER’ tab and
register with your following details: - (v) Institutional shareholders:
A. User ID: Shareholders/ members holding shares Institutional shareholders (i.e. other than Individuals,
in physical form shall provide Event No + Folio HUF, NRI etc.) and Custodians are required to log
Number registered with the Company. on the e-voting system of LIIPL at https://instavote.
linkintime.co.in and register themselves as ‘Custodian/
B. PAN: Enter your 10-digit Permanent Account Mutual Fund/ Corporate Body’. They are also required
Number (PAN) (Members who have not updated to upload a scanned certified true copy of the board
their PAN with the Depository Participant (DP)/
resolution/ authority letter/ power of attorney etc.
Company shall use the sequence number
provided to you, if applicable. together with attested specimen signature of the
duly authorised representative(s) in PDF format in the
C. DOB/DOI: Enter the Date of Birth (DOB)/ Date of ‘Custodian/ Mutual Fund/ Corporate Body’ login for
Incorporation (DOI) (As recorded with your DP/ the Scrutinizer to verify the same.
Company - in DD/MM/YYYY format)
(vi) Individual Shareholders holding securities in
D. Bank Account Number: Enter your Bank Account Physical mode & e-voting service Provider is
Number (last four digits), as recorded with your LINKINTIME, have forgotten the password:
DP/Company.
o Click on ‘Login’ under ‘SHARE HOLDER’ tab and further
• Shareholders/ members holding shares in
Click ‘forgot password?’
physical form but have not recorded ‘C’ and
‘D’, shall provide their Folio number in ‘D’
o Enter User ID, select Mode and Enter Image Verification
above
(CAPTCHA) Code and Click on ‘Submit’.
 Set the password of your choice (The password should
• In case shareholder/ member is having valid
contain minimum 8 characters, at least one special
email address, Password will be sent to his/ her
Character (@!#$&*), at least one numeral, at least one
registered e-mail address.
alphabet and at least one capital letter).
 Click “confirm” (Your password is now generated). • Shareholder/ member can set the password
of his/her choice by providing the information
2. Click on ‘Login’ under ‘SHARE HOLDER’ tab. about the particulars of the Security Question and
Answer, PAN, DOB/DOI, Bank Account Number
3. Enter your User ID, Password and Image Verification (last four digits) etc. as mentioned above.
(CAPTCHA) Code and click on ‘Submit’.
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• The password should contain minimum 8 4. Instructions for members for participating in the
characters, at least one special character (@!#$&*), 12th AGM through VC/OAVM are as under:
at least one numeral, at least one alphabet and at
least one capital letter. i. Members are entitled to attend the 12th Annual General
Meeting through VC/OAVM provided by Link Intime by
(vii)
Individual Shareholders holding securities in following the below mentioned process. Facility for
demat mode with NSDL/ CDSL have forgotten the joining the Annual General Meeting through VC/OAVM
password: shall open 15 minutes before the time scheduled for
the Annual General Meeting and will be available to
 Shareholders/ members who are unable to retrieve the Members on first come first serve basis.
User ID/ Password are advised to use Forget User ID and
Forget Password option available at abovementioned ii. Members are requested to participate on first come
depository/ depository participants website. first serve basis as participation through VC/OAVM
is limited and will be closed on expiry of 15 (fifteen)
 It is strongly recommended not to share your password minutes from the scheduled time of the Annual General
with any other person and take utmost care to keep Meeting. Members with >2% shareholding, Promoters,

your password confidential. Institutional Investors, Directors, KMPs, Chairperson
of Audit Committee, Nomination and Remuneration
 For shareholders/ members holding shares in physical Committee, Stakeholders Relationship Committee and
form, the details can be used only for voting on the Auditors etc. may be allowed to the meeting without
resolutions contained in this Notice. restrictions of first-come-first serve basis. Members
can log in and join 15 (fifteen) minutes prior to the
 During the voting period, shareholders/ members can schedule time of the meeting and window for joining
login any number of time till they have voted on the shall be kept open till the expiry of 15 (fifteen) minutes
resolution(s) for a particular “Event”. after the schedule time. Participation is allowed for
atleast 1000 members.
Helpdesk for Individual Shareholders holding
securities in demat mode: iii. Members will be provided with InstaMeet facility
wherein Members shall register their details and
In case shareholders/ members holding securities in attend the Annual General Meeting as under:
demat mode have any technical issues related to login
through Depository i.e. NSDL/ CDSL, they may contact 1) Open the internet browser and launch the URL
the respective helpdesk given below: for InstaMeet <<https://instameet.linkintime.
co.in>> and register with your following details:
Login type Helpdesk details
Individual Members facing any technical issue in a. Demat Account No. or Folio No.: Enter your
Shareholders login can contact NSDL helpdesk by 16 digit Demat Account No. or Folio Number
holding sending a request at evoting@nsdl.co.in registered with the Company
securities in or call at toll free no.: 1800 1020 990 and b. PAN: Enter your 10 digit Permanent Account
demat mode 1800 22 44 30 Number (PAN)
with NSDL c. Mobile No
d. Email ID
Individual Members facing any technical issue in
Shareholders login can contact CDSL helpdesk by
2) Click “Go to Meeting”
holding sending a request at helpdesk.evoting@
securities in cdslindia.com or contact at 022-
iv. Members are encouraged to join the Meeting through
demat mode 23058738 or 22-23058542-43.
Tablets/ Laptops connected through broadband for
with CDSL
better experience.
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v. Members are required to use Internet with a good views/ask questions during the meeting. The
speed (preferably 2 MBPS download stream) to avoid Company reserves the right to restrict the number
any disturbance during the meeting. of speakers depending on the availability of time
for the Annual General Meeting.
vi. Members connecting from Mobile Devices or Tablets
or through Laptops connecting via Mobile Hotspot 6. Instructions for Shareholders/Members to Vote
may experience Audio/Visual loss due to fluctuation during the 12th Annual General Meeting through
in their network. It is therefore recommended to use InstaMeet:
stable Wi-FI or LAN connection to mitigate any kind of
aforesaid glitches. Once the electronic voting is activated by the
scrutiniser during the meeting, members who have
5. Instructions for Members to register themselves as not exercised their vote through the remote e-voting
Speakers during Annual General Meeting: can cast the vote as under:
a. Members who would like to express their views/ a. On the Shareholders VC page, click on the link for
ask questions during the meeting may register e-Voting “Cast your vote”.
themselves as a speaker by sending their
b. Enter 16 digit Demat Account No. or Folio No. and
request mentioning their name, demat account
OTP (received on the registered mobile number/
number/folio number, Email ID, mobile number
registered email ID) received during registration
at compliance@imagicaaworld.com from Friday,
for InstaMeet and click on ‘Submit’.
September 24, 2021 to Sunday, September 26,
2021 (preferably two days or 48 hrs. prior to the c. After successful login, you will see “Resolution
date of AGM). Description” and against the same the option
“Favour/ Against” for voting.
b. The first 6 (six) Speakers on first come first basis
will only be allowed to express their views/ask d. Cast your vote by selecting appropriate option i.e.
questions during the meeting. “Favour/ Against” as desired.
c. Shareholders will receive “speaking serial number” Enter the number of shares (which represents no.
once they mark attendance for the meeting. Other of votes) as on the Cut-Off date under ‘Favour/
shareholder may ask questions to the panellist, Against’.
via active chat-board during the meeting.
e. After selecting the appropriate option i.e. Favour/
d. Shareholders are requested to remember Against as desired and you have decided to
speaking serial number and start your vote, click on “Save”. A confirmation box will be
conversation with panellist by switching on video displayed. If you wish to confirm your vote, click
mode and audio of your device. Shareholders are on “Confirm”, else to change your vote, click on
requested to speak only when moderator of the “Back” and accordingly modify your vote.
meeting/ management will announce the name
and serial number for speaking. f. Once you confirm your vote on the resolution,
you will not be allowed to modify or change your
e. Members, who would like to ask questions, may vote subsequently.
send their questions in advance mentioning Note(s):
their name demat account number/folio number,
email ID, mobile number at compliance@ • Members, who will be present in the 12th Annual
imagicaaworld.com The same will be replied by General Meeting through InstaMeet facility and have
the company suitably. not casted their vote on the Resolutions through
remote e-Voting and are otherwise not barred from
f. Those members who have registered themselves doing so, shall be eligible to vote through e-Voting
as a speaker will only be allowed to express their facility during the meeting.
01
• Members who have voted through Remote e-Voting e. During the 12th AGM, the Chairman shall, after
prior to the 12th Annual General Meeting will be giving response to the questions raised by the
eligible to attend/participate in the Annual General Members in advance or as a speaker at the
Meeting through InstaMeet. However, they will not be 12th AGM, formally propose to the Members
eligible to vote again during the meeting. participating through VC/OAVM Facility to vote
on the resolutions as set out in the Notice of the
• The Helpline details of the person who may be 12th AGM and announce the start of the casting
contacted by the Member needing assistance with the of vote through the e-Voting system. After the
use of technology, before or during the 12th AGM are Members participating through VC/OAVM Facility,
produced hereunder for convenience: eligible and interested to cast votes, have cast the
votes, the e-Voting will be closed with the formal
Rajiv Ranjan, Assistant Vice President- e-voting at the announcement of closure of the 12th AGM.
designated email-id: instameet@linkintime.co.in or at
the telephone number 022-49186175. f. The Scrutinizer shall after the conclusion of
e-Voting at the 12th AGM, first download the votes
7. Other Guidelines for Members: cast at the AGM and thereafter unblock the votes

cast through remote e-Voting and shall make
a. The voting rights of Members shall be in a consolidated scrutinizer’s report of the total
proportion to their share in the paid up equity votes cast in favour or against, invalid votes, if
share capital of the Company as on the Cut-Off any, and whether the resolution has been carried
date of Wednesday, September 22, 2021. or not, and such Report shall then be sent to the
Chairman or a person authorized by him, within
b. Any person, who acquires shares of the Company 48 (forty eight) hours from the conclusion of the
and becomes Member of the Company after the 12th AGM, who shall then countersign and declare
Cut-Off date i.e. Wednesday, September 22, 2021, the result of the voting forthwith.
may obtain the User ID and password by following
the remote e-voting instructions. However, if you g. The Results declared along with the report of the
are already registered with LIIPL/Depositories/ Scrutinizer shall be placed on the website of the
DP for remote e-Voting then you can use your Company at www.imagicaaworld.com and on the
existing user ID and password to login and cast website of LIIPL at https://instavote.linkintime.
your vote. If you forgot your password, you co.in immediately after the declaration of Results
can reset your password by using “Forgot User by the Chairman or a person authorized by him.
Details/Password” option available on respective The results shall also be immediately forwarded
platform. to the BSE Limited and National Stock Exchange
of India Limited, Mumbai.
c. A person, whose name is recorded in the Register
of Members or in the Register of Beneficial Owners h. Pursuant to the MCA Circulars and SEBI Circular,
maintained by the depositories as on the Cut-Off in view of the prevailing situation, owing to the
date only shall be entitled to avail the facility of difficulties involved in dispatching of physical
remote e-Voting or casting vote through e-Voting copies of the Notice of the 12th AGM and the
system during the meeting. Annual Report for the year 2021 including therein
the Audited Financial Statements for year 2021,
d. Board has appointed Mr. Mohammed Aabid, are being sent only by email to the Members.
Practicing Company Secretary (Membership No.: Therefore, those Members, whose email address
6579 & COP No.: 6625) as the scrutinizer (“the is not registered with the Company or with their
Scrutinizer”) to scrutinize the remote e-voting and respective Depository Participant/s, and who
voting process at the AGM in fair and transparent wish to receive the Notice of the 12th AGM and
matter. the Annual Report for the year 2021 and all other
communication sent by the Company, from time
9
to time, can get their email address registered by their demat accounts. Members holding shares in
following the steps as given below:- physical form can submit their PAN details to the
Company/ Registrar and Transfer Agent.
1) For Members holding shares in physical
form, please send scan copy of a signed k. In terms of the Listing Regulations, securities
request letter mentioning your folio number, of listed companies can only be transferred in
complete address, email address to be dematerialized form with effect from April 01,
registered along with scanned self attested 2019. In view of the above, Members are advised
copy of the PAN and any document (such as to dematerialize shares held by them in physical
Driving Licence, Passport, Bank Statement, form.
AADHAR) supporting the registered address
of the Member, by email to the Company’s l. Electronic copy of all the documents referred to
email address compliance@imagicaaworld. in the accompanying Notice of the 12th AGM and
com the Explanatory Statement shall be available for
inspection in the Investor Section of the website
2) For the members holding shares in demat of the Company at www.imagicaaworld.com
form, please update your email address
through your respective Depository m. During the 12th AGM, Members may access the
Participant/s. scanned copy of Register of Directors and Key
Managerial Personnel and their shareholding
i. The Register of Members and the Share Transfer maintained under Section 170 of the Act and the
books of the Company will remain closed from Register of Contracts and Arrangements in which
Wednesday, September 22, 2021 to Wednesday, Directors are interested maintained under Section
September 29, 2021 (Both days Inclusive), for the 189 of the Act, upon Log-in to LIIPL E-voting
purpose of AGM. system at https://instavote.linkintime.co.in
j. The Securities and Exchange Board of India n. The details of the Directors seeking re-
(“SEBI”) has mandated the submission of appointment under item no. 2 of the
Permanent Account Number (PAN) by every accompanying Notice, as required under
participant in securities market. Members Regulation 36(3) of the Listing Regulations and
holding shares in electronic form are, therefore forms part of this notice.
requested to submit their PAN to their depository
Participants with whom they are maintaining
01
Explanatory Statement in respect of special business pursuant to Section 102 of the Companies Act, 2013, Secretarial
Standards - 2 on General Meetings and Regulation 36 of the SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015.
The following statement sets out all material facts relating to the Ordinary business relating to Special Businesses mentioned
in the accompanying Notice:
Item Nos. 3 & 4 - Borrowing limits of the Company and Creation of Charge/ Mortgage on assets of the Company
Provisions of Section 180(1)(a) and 180(1)(c) of the Companies Act, 2013 read with the Rules, if any, made there under
(“the Act”), provide that the Company shall not, except with the consent of Members by Special Resolution, borrow money
together with the money already borrowed, if any (apart from temporary loans obtained from the Company’s bankers in
the ordinary course of business), exceeding the aggregate of the paid-up share capital and its free reserves, and sell, lease or
otherwise dispose of the whole or substantially the whole of the undertaking of the Company.
The Members by way of an Special Resolution at the Extra-ordinary General Meeting held on January 23, 2015, had, inter-

alia, authorised the Board to borrow up to ` 1,500 Crore.
Keeping in view its fund requirements, borrowing position of the Company and to secure the same by creating a charge on
its assets, it is required to enhance the aforesaid limit under Section 180(1)(c) of the Act.
Accordingly, consent of the Members is sought by way of Special Resolution as set out in Item No. 3 & 4 of the accompanying
Notice. These resolutions enable the Board of Directors of the Company to borrow funds (apart from temporary loans
obtained/ to be obtained from the Company’s bankers in the ordinary course of business), which may not exceed ` 3,000
Crore and also to secure the same by creating mortgage(s)/ charge(s) on the whole or substantially the whole of the
undertaking of the Company.
None of the Directors, the Key Managerial Personnel and their relatives are, in any way, concerned or interested in the said
resolution, except to the extent of their equity shareholdings in the Company.
The Board accordingly recommends the Special Resolutions set out at Item Nos. 3 & 4 of the accompanying Notice for the
approval of the Members.
By Order of the Board of Directors

Divyata Raval
Company Secretary and Compliance Officer
Date : June 24, 2021

Place: Mumbai
Registered Office:
30/31, Sangdewadi, Khopoli-Pali Road,
Taluka Khalapur, District Raigad 410 203

11
Annexure I to the Notice dated June 24, 2021
Details of Directors seeking appointment at the ensuing Annual General Meeting [In pursuance of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and Clause 1.2.5 of Secretarial Standards-2 on General
Meetings]
Particulars Mr. Kapil Bagla

Date of Birth October 09, 1968
Age 52 years
Date of appointment on the Board February 10, 2010
Qualification He holds bachelor’s degree in Mechanical Engineering from Regional College
of Engineering and Technology, Surat and a Master’s degree in Management
Studies from the Welingkar Institute of Management and Research, University
of Mumbai
Experience (including expertise in specific functional He has over two decades of experience in financial services and media
area) / Brief Resume industry. Prior to joining the Company as Executive Director in the year
2010, he was working with Adlabs Films Limited as the Corporate Head –
Strategic Planning and Acquisitions, Centrum Capital Limited as an Executive
Director, Calculus Credit Limited as the Assistant Vice - President, Apple
Industries Limited and Larsen & Toubro Limited. He has been instrumental in
the creation of “Imagicaa”. He has wide experience in business management,
strategic planning, project implementation, and corporate finance.
Terms and Conditions of Appointment/ Re-appointment As per Nomination and remuneration Policy of the Company
Remuneration last drawn (including sitting fees, if any) Nil
Details of Remuneration sought to be paid Nil
Shareholding in the Company 178
Relationship with other Directors/ Key Managerial None of the Directors are related inter-se
Personnel
Number of meetings of the Board attended during the 4 out of 4
year
Directorships of other Boards (1) 1. Thrrill Park Limited
2. Centrum Alternative Investment Managers Limited
3. Gurudaya Estates Private Limited
4. Centrum Holdings Limited
5. Centrum Retail Services Limited
Membership / Chairmanship of Committees of other Imagicaaworld Entertainment Limited
Boards (2) 1) Audit Committee - Member
2) Stakeholders’ Relationship Committee – Member
Walkwater Properties Private Limited

Audit Committee - Chairman
Note(s):
(1)
Excludes directorships in the Company, Foreign Companies, Private Companies, Companies formed under Section 25 of the erstwhile
Companies Act, 1956 and Companies formed under Section 8 of the Companies Act, 2013.
(2)
As per the provisions of Regulation 26 of the SEBI Listing Regulations, only two committees viz. Audit Committee and Shareholders/
Investors Grievance Committee are considered;
01
BOARD’S REPORT
REPORT OF THE BOARD OF DIRECTORS DIVIDEND & TRANSFER TO RESERVES
Dear Members, In view of the loss for the financial year ended March 31,
2021, no amount is proposed to be transferred to the
Your Company’s Directors hereby present the 12th Annual reserves and your Directors have not recommended
Report of your Company along with Audited Financial payment of any dividend for the year under review.
Statements for the financial year ended March 31, 2021
(“year under review/ FY 2020-21’’). THE STATE OF COMPANY AFFAIRS
SUMMARY OF FINANCIAL HIGHLIGHTS: Your Company owns & operates an Integrated Entertainment
Holiday Destination “IMAGICAA” which is built to match
The standalone performance of the Company for the global standards and includes a theme park, a water park,
financial year ended March 31, 2021 is summarized below: a snow park, a hotel, and other associated activities such as
(` In Lakhs) retail & merchandise, food and beverages, etc.
Particulars Financial Year Financial Year
ended March ended March There was no change in nature of business of the Company
31, 2021 31, 2020
during the year under review.
Total Revenue 4,646.22 20,065.87
Profit/ (Loss) before (26,664.45) (40,403.57) STATUS OF DEBT RESOLUTION PLAN
BOARD’S REPORT
tax
Tax Expenses Your company has been constantly working towards
- Current Tax - - reducing its debt to bring it to manageable levels. Your
- Deferred Tax - - Company is in regular discussions with consortium lenders
Profit/ (Loss) after (26,664.45) (40,403.57) to arrive at a sustainable resolution and has offered
tax utmost co-operation in recovery efforts by lenders. In the
Note(s): year under review, your Company had pursued certain
The figures for the previous year have been regrouped/rearranged options which offered lenders a healthy recovery of their
wherever necessary to confirm with current period classification. outstanding principal. However, all lenders could not arrive
at a consensus in this regard. Previously, there had been
FINANCIAL PERFORMANCE references to National Company Law Tribunal (“NCLT“)
by two of the secured lenders in response to which the
For the financial year 2020-21, at standalone level, your
Company had been making sincere efforts for amicable
Company reported a decline of 77% in Total Revenue vis-
resolution outside the ambit of NCLT.
a-vis FY 2019-20. Total Revenue Decreased to ` 4,646.22
Lakhs from ` 20,065.87 Lakhs for the corresponding period.
THE DETAILS OF APPLICATION MADE OR ANY
EBITDA reduced to a loss of ` (837.81) Lakhs from a loss
PROCEEDING PENDING UNDER THE INSOLVENCY
of ` (975.26) Lakhs primarily due to decline in revenue on
AND BANKRUPTCY CODE, 2016 DURING THE YEAR
account of Covid-19 lockdown in FY21. During the year
ALONGWITH THEIR STATUS AS AT THE END OF THE
under review, your Company has recorded 0.75 Lakhs
FINANCIAL YEAR.
visitors, down from the previous year number of 14.07
Lakhs.
An Interlocutory Application was filed by one of the lenders
viz., Corporation Bank (now merged into Union Bank
The outstanding secured loans including interest overdue
of India) under section 60(5) for change of name of the
as on March 31, 2021 aggregate to ` 1,43,788.9 Lakhs.
Applicant bank and urgent disposal of Company petition
filed under section 7 of IBC, 2016. As of end of the Financial
None of Financial Statements of the Company, pertaining
Year 2020-21, the matter was pending hearing due to
to previous financial years were revised during the financial
limited functionality under COVID-19 disruption.
year under review.
13
SHARE CAPITAL b) accounting policies selected have been applied

consistently and reasonable and prudent judgments
The paid up Equity Share Capital of the Company as on and estimates were made so as to give a true and fair
March 31, 2021 was ` 8,806.21 Lakhs. There was no change view of the state of affairs of the company at the end of
in the share capital during the year under review. During the year under review and of the profit and loss of the
FY 2020-21, the Company did not issue or allot any equity company for the year under review;
shares of the Company.
c) proper and sufficient care has been taken for the
Shareholders of the Company at their Annual General maintenance of adequate accounting records
Meeting held on the November 10, 2020, approved in accordance with the provisions of this Act for
Imagicaaworld Employee Stock Option Scheme 2020 and safeguarding the assets of the company and for
issuance Employee Stock Options, exercisable into equity preventing and detecting fraud and other irregularities;
shares of ` 10/- of the Company not exceeding 39,94,891
(Thirty Nine Lakhs Ninety Four Thousand Eight Hundred d) the annual accounts of your Company have been
and Ninety One) Options, each Option giving the right but prepared on ‘a going concern’ basis, however, the
not obligation to the holder, to subscribe for cash, one fully Statutory Auditors have indicated that a material
paid Share, at such price. BSE Limited and National Stock uncertainty exists that may cast a significant doubt on
Exchange of India granted their in-principle on February the Company’s ability to continue as a going concern
03, 2021. Grant of share based benefits to employees and, therefore, it may be unable to realise its assets
is a mechanism to align the interest of the employees and discharge its liabilities in the normal course of
with those of the Company and also to foster long-term business.
commitment. Nomination and Remuneration Committee
of the Company granted 39,94,891 Stock Options (each e) internal financial controls were laid down & followed
being convertible into one equity share of the face value by your company and it was ensured that such internal
of ` 10/- each of the Company) to the eligible employees financial controls are adequate and were operating
at the terms and conditions prescribed in Imagicaaworld effectively; and
Employee Stock Option Scheme 2020.
f ) Proper systems were devised to ensure compliance
In terms of the provisions of Regulation 14 of the Securities with the provisions of all applicable laws and that such
and Exchange Board of India (Share Based Employee systems were adequate and operating effectively.
Benefits) Regulations, 2014 (“SEBI SBEB Regulations”),
details of the aforesaid schemes are annexed as A. BOARD OF DIRECTORS
Annexure I to this Report.
a) Number of meetings:
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR
EDUCATION AND PROTECTION FUND The Board of Directors met 4 (four) times during
FY 2020-21 i.e. on. July 29, 2020, September 14,
The provisions of Section 125(2) of the Companies Act, 2013 2020, November 10, 2020 and February 4, 2021. The
(“the Act”) read with Rules framed thereunder do not apply maximum interval between any two meetings did not
to the Company as it has not declared or paid dividend. exceed maximum permissible limit prescribed under
the applicable laws. Details of the meetings of the
DIRECTORS’ RESPONSIBILITY STATEMENT Board along with attendance of the Directors therein
have been disclosed in the Corporate Governance
Pursuant to the requirements of Section 134(5) of the Act, Report forming part of this Annual Report.
your Directors confirm that:
Further, the Board has also dealt with certain items
through Circular Resolutions, which were duly
a) in the preparation of the annual accounts, the
confirmed by the Directors at the subsequent Board
applicable accounting standards had been followed
meeting(s).
along with proper explanation relating to material
departures, if any;
01
b) Appointments/ Resignations: an objective independent judgment and without any

external influence.
Details of the Directors, who were appointed or have
resigned or appointed during the year under review, All the Independent Directors of your Company have
are as under: also confirmed compliance and adherence to the Code
for Independent Directors prescribed in Schedule V of
Name of the Designation Appointment/ the Act.
Director and DIN Resignation
Ms. Anita Pawar(1) Non-Executive Appointment d) Confirmation of compliance of Code of Conduct for
DIN: 08563043 Independent Directors and Senior Management:
Director
Mr. Dhananjay Non-Executive Appointment The Company has formulated and adopted a Code of
Barve(2) Independent Conduct for Directors and Senior Management and
DIN: 00224261 Director all the Directors and Senior Managerial Officers have
Note(s):- also confirmed adherence to the Code of Conduct and
(1)
Appointed as an Additional Director (Non-Executive & compliance of the same.
Independent) w.e.f September 16, 2019 for a period of 3 years. e) Formal Annual Evaluation:
Subsequently appointed as an Independent Director by the
shareholders at the Eleventh Annual General Meeting held on The Company has devised a policy for performance
November 10, 2020. evaluation of its individual directors, the Board and the
(2)
Appointed as an Additional Director (Non-Executive & Committees constituted by it, which includes criteria
BOARD’S REPORT
Independent) w.e.f April 01, 2020 for a period of 3 years.
for performance evaluation.
Subsequently appointed as an Independent Director by the
shareholders at the Eleventh Annual General Meeting held on
In line with the requirements of the Companies Act,
November 10, 2020.
2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board has carried
The aforesaid appointments were duly approved by
out an annual evaluation of its own performance,
the Board upon recommendations of the Nomination
working of its the Committees and the Directors
and Remuneration Committee.
individually.
Further, pursuant to applicable provisions of the
The Directors were provided with structured
Act and Articles of Association of the Company, Mr.
questionnaire to record their views. The reports
Kapil Bagla, Non-Executive Director of the Company,
generated out of the evaluation process were placed
retires by rotation at the ensuing Twelfth Annual
before the Board at its meeting and noted by the
General Meeting and being eligible, offers himself
Directors. The evaluation process was attentive on
for re-appointment. Business with respect to his re-
various aspects of the functioning of the Board and its
appointment also forms part of the notice of the
Committees, such as experience and competencies,
ensuing Annual General Meeting of the Company.
performance of specific duties and obligations of
the Board and its Committees, governance issues
c) Declaration of Independence:
etc. The Board also carried out the evaluation of the
performance of individual directors based on criteria
All the Independent Directors of the Company have
such as contribution of the director at the meetings,
given their respective confirmation that they meet the
strategic perspective or inputs regarding the growth
criteria of independence as prescribed in the provisions
and performance of the Company etc.
of Section 149(6) the Act and Regulation 16(1)(b) of the
SEBI (Listing Obligations and Disclosure Requirements)
The Nomination and Remuneration Committee has also
Regulations, 2015 (“Listing Regulations”) and that they
reviewed the performance of the individual directors
are not aware of any circumstance or situation, which
based on their knowledge, level of preparation and
exist or may be reasonably anticipated, that could
effective participation in meetings, contribution
impair or impact their ability to discharge duties with
15
towards positive growth of the Company, etc. Vigil Mechanism:

A separate meeting of the Independent Directors
was also held during the year for evaluation of the The Board established and adopted a Vigil Mechanism/
performance of the Non Independent Directors, the Whistle Blower Mechanism that enables the Directors
Board as a whole and that of the Chairman. and Employees to report genuine concerns about
unethical behaviour, actual or suspected fraud or
f) Familiarisation programme for Independent violation of the Code of Conduct of the Company
Directors: and to report unprofessional misconduct without
fear of reprisal. The Vigil Mechanism provides for (a)
All new Independent Directors (IDs) inducted into the adequate safeguards against victimization of persons
Board are given an orientation. Presentations are made who use the Vigil Mechanism; and (b) direct access
by Executive Director (ED) and Senior Management to the Chairperson of the Audit Committee of the
giving an overview of the Company’s operations, to Board of Directors of the Company in appropriate or
familiarize the new IDs with the Company’s business exceptional cases.
operations. The new IDs are given an orientation on
our products, group structure, subsidiary company, Details of the Vigil Mechanism are made available on the
Board constitution and procedures, matters reserved Company’s website i.e. https://www.imagicaaworld.
for the Board, and the Company’s major risks and risk com/investor_docs/Vigil%20Mechanism%20or%20
management strategy. The Policy on the Company’s Whistle%20Blower%20Policy.pdf
Familiarisation Programme for IDs can be accessed
at : https://www.imagicaaworld.com/investordocs/ b) Nomination and Remuneration Committee
Fa m i l i a r i s a t i o n % 2 0 P r o g r a m m e % 2 0 f o r % 2 0 (“NRC”):
Independent%20Directors.pdf
The Company has duly constituted NRC, with its
composition, quorum, terms of reference and scope &
B. COMMITTEES OF THE BOARD
powers in line with the applicable provisions of the Act
and the Listing Regulations.
The Board of Directors have constituted various
Committees which are constituted in compliance Nomination and Remuneration Policy:
with the applicable provisions of the Act and
Listing Regulations. Detailed composition of all the The Board has adopted a Policy on Nomination and
committees along with number of meetings of these Remuneration of Directors and Senior Managerial
committees held during the year under review is Personnel of the Company. The Nomination and
provided in Corporate Governance Report of the Remuneration Policy is framed mainly to deal with
Company. the following matters, falling within the scope of the
Nomination and Remuneration Committee of the
a) Audit Committee: Board of Directors:
The composition of the Audit Committee of the Board i. To provide processes which enable the
of Directors as on March 31, 2021 is as follows: identification of individuals who are qualified to
become Directors, Key Managerial Personnels
Name of the Member Category (“KMPs”) and employees at Senior Management
Mr. Steven A. Pinto (Chairman) Independent Director level (“SMPs”) and recommend their appointment
to the Board;
Mr. Ghulam Mohammed Independent Director
Mr. Kapil Bagla Non-Executive Non- ii. To devise a policy on Board diversity and
Independent Director succession plan for the Board, KMPs and SMPs;
The recommendation made by Audit Committee to iii. To formulate the criteria for determining
the Board, from time to time during the FY 2020-21, qualifications, positive attributes of independence
have been accepted by the Board. of Directors; and
01
iv. To frame evaluation criteria of the Board, its The Company has duly constituted CSR Committee
Committees and individual Directors; comprising of Mr. Manmohan Shetty, Executive
Chairman (Chairperson); Mr. Steven A. Pinto,
v. Remuneration programme designed to ensure Independent Director; Mr. Kapil Bagla, Non-Executive
that remuneration is reasonable to attract, retain Non-Independent Director.
and reward executives of the Company who
will contribute to the long-term success of the The responsibilities of the CSR Committee include:
Company based on their performance;
i. Formulating and recommending to the Board of
vi. Determine remuneration of members of the Directors the CSR Policy and indicating activities
Board, KMPs and SMPs of the Company and to be undertaken.
maintaining a balance between fixed and
incentive pay reflecting short and long term ii. Recommending the amount of expenditure for
performance objectives appropriate to the the CSR activities.
working of the Company
iii. Monitoring CSR activities from time to time.
The Nomination and Remuneration Policy of the
Company can be accessed on the website of Company CSR policy has been formally formulated and
on https://www.imagicaaworld.com/investor_docs/ adopted in terms of Section 135 of the Act
Nomination%20and%20Remuneration%20Policy.pdf and Rules framed thereunder to undertake
CSR activities. The Company has always made
BOARD’S REPORT
c) Risk Management Committee (“RMC”): consistent efforts to maintain an active corporate
social responsibility portfolio. CSR Policy is
Board has constituted a Risk Management Committee uploaded on the website of the Company and can
of the Board, to assist the Board with regard to the be accessed from https://www.imagicaaworld.
identification, evaluation and mitigation of operational, com/investor_docs/Corporate%20Social%20
strategic and external risks. Risk Management Responsiblity%20Policy.pdf
Committee works towards identifying internal and
external risks and implementing risk mitigation steps. In view of the losses for the year under review, your
Status updates are provided to the Board of Directors Company was not required to spend any amount
of the Company on quarterly basis. More information towards the CSR activities, as per the applicable
on risks and threats has been disclosed in the section provisions of Section 135 of the Act. Accordingly,
“Management Discussion and Analysis” which forms the details of the CSR activities during the year
part of this Report. under review are not provided in this Report.
d) Corporate Social Responsibility Committee (“CSR e) Stakeholders Relationship Committee (“SRC”):

Committee”):
The Company has duly constituted Stakeholders
CSR is a Company’s sense of responsibility towards the Relationship Committee comprising of Mr. Ghulam
community and environment in which it operates. It Mohammed, Independent Director (Chairman);
is the continuing commitment by business to behave Mr. Kapil Bagla, Non-Executive Director and
ethically and contribute to economic development Mr. Manmohan Shetty, Executive Director. The terms
of the society at large and building capacity for of reference, scope and powers of SRC are in line with
sustainable livelihoods. The Company believes in the applicable provisions of the Act and the Listing
conducting its business responsibly, fairly and in a Regulations.
most transparent manner. It continually seeks ways to
bring about an overall positive impact on the society C. KEY MANAGERIAL PERSONNEL
and environment where it operates and as a part of its
social objectives. The key managerial personnel (“KMP”) of the Company
as per Section 2(51) and 203 of the Act are as follows:
17
1. Mr. Ashutosh Kale: Joint Chief Executive Officer link https://www.imagicaaworld.com/investor_docs/

2. Mr. Dhimant Bakshi: Joint Chief Executive Officer Material%20Subsidiary%20Policy.pdf
3. Mr. Mayuresh Kore: Chief Financial Officer
4. Ms. Divyata Raval: Company Secretary F. DEPOSITS
During the year under review, your Company has not

D. REMUNERATION OF DIRECTORS & EMPLOYEES
accepted any fixed deposits from the public falling
under Section 73 of the Act read with the Companies
Disclosures with respect to the remuneration of
(Acceptance of Deposits) Rules, 2014. Therefore, as on
Directors and employees as required under Section
March 31, 2021, there were no deposits which were
197 (12) of the Act and Rule 5(1) of the Companies
unpaid or unclaimed and due for repayment.
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are provided separately as
G. PARTICULARS OF LOANS, GUARANTEES AND
Annexure II to this Report.
INVESTMENTS
Please note that the Company has not employed
During the year under review, there were no guarantees
any employee(s) for whom details are required to be
given under Section 186 of the Act. Particulars of loans
disclosed under provisions of Section 197(12) of the
and investments have been disclosed as part of the
Act and Rule 5(2) & 5(3) of Companies (Appointment
financial statements of your Company for the year
and Remuneration of Managerial Personnel) Rules,
under review, in Note 38 and Note 45 respectively.
2014.
H. PARTICULARS OF CONTRACTS OR ARRANGEMENTS
E. DISCLOSURES RELATING TO SUBSIDIARIES AND
WITH RELATED PARTIES REFERRED TO IN SUB-
ASSOCIATE COMPANIES
SECTION (1) OF SECTION 188 OF THE ACT IN THE
PRESCRIBED FORM
The Company has two wholly owned subsidiaries as
on March 31, 2021 i.e. Walkwater Properties Private
All contract(s)/ arrangement(s)/ transaction(s) entered
Limited and Blue Haven Entertainment Private Limited.
into by your Company with its related parties, during
During the year under review, no company became/
the year under review, were:
ceased to be subsidiary/ associate/ joint venture of the
Company. - in “ordinary course of business” of the Company;
- on “an arm’s length basis”; and
Pursuant to the provisions of Section 129(3) of the Act - not “material”
read with Rule 5 of the Companies (Accounts) Rules, as per the provisions of Section 188(1) of the Act read
2014, salient features of the Financial Statements of with Companies (Meetings of Board and its Powers)
each of subsidiaries are set out in the prescribed form Rules, 2014. Accordingly, Form AOC-2, prescribed
AOC - 1, which forms part of the Financial Statements under the provisions of Section 134(3)(h) of the Act
section of the Annual Report. and Rule 8 of the Companies (Accounts) Rules, 2014,
for disclosure of details of related party transactions,
Pursuant to the Section 136 of the Act, The financial which are “not at arm’s length basis” and also, which
statements of the subsidiary companies are are “material & at arm’s length basis”, is not provided as
uploaded on the website of your Company i.e. www. an annexure of the Directors’ Report.
imagicaaworld.com under “About us/ Investors
Relations” tab. Any Member desirous of obtaining a However, details of the related party transactions
copy of the said financial statements of subsidiary entered into during the year under review and as on
companies may write to the Company Secretary at the March 31, 2021, are disclosed as part of the financial
registered office address of your Company. statements of your Company for the year under review,
as Note 39. Further, pursuant to the provisions of the
Your Company has approved a policy for determining Act and the Listing Regulations, Board has approved
material subsidiaries and the same is uploaded on the and adopted a Policy on Related Party Transactions.
Company’s website which can be accessed using the The said policy is available on your Company’s website
01
at https://www.imagicaaworld.com/investor_docs/ L. ADEQUACY OF INTERNAL FINANCIAL CONTROLS

Related%20Party%20Transaction%20Policy.pdf WITH REFERENCE TO THE FINANCIAL STATEMENTS
I. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR The Company has adequate internal control
EDUCATION AND PROTECTION FUND procedures which are commensurate with its
size and nature of business. The business control
The provisions of Section 125(2) of the Act do not procedures ensure efficient use and protection of
apply as there was no dividend declared and paid by Company’s resources and compliance with policies,
the Company. procedures and statutory requirements. Internal
auditors are appointed to carry audit assignments
J. MATERIAL CHANGES AND COMMITMENTS and to periodically review the transactions across the
AFFECTING THE FINANCIAL POSITION OF THE divisions and evaluate effectiveness of internal control
COMPANY systems; however this year due to the COVID-19
induced disruptions and business being shut for major
There have been no material changes and part of the year, the internal audit exercise has been
commitments, affecting the financial position of the carried out in a limited manner.
Company which occurred between the end of the
financial year to which the financial statements relate M. AUDITORS
and the date of this report except the second wave
a) Statutory Auditors
of COVID-19 outbreak in India, especially the state
of Maharashtra that resulted in another round of M/s. V. Sankar Aiyar & Co. (Firm Registration No.:
prolonged lockdown and the commercial operations
BOARD’S REPORT
109208W) were appointed as Statutory Auditors of
of the park business have been disrupted till the date your Company at the 11th Annual General Meeting of
of this Report, thereby impacting the financial position the Company to hold office for a period of 4 (Four) year
of the Company. i.e. from the conclusion of the 11th Annual General
Meeting until the conclusion of the 15th Annual
K. SIGNIFICANT AND MATERIAL ORDERS PASSED General Meeting of the Company i.e. for Financial Year
BY THE REGULATORS OR COURTS OR TRIBUNALS 2023-24 in line with Section 139 of the Companies Act,
IMPACTING THE GOING CONCERN STATUS AND 2013 and Rules framed thereunder.
COMPANY‘S OPERATIONS
The Company has received a certificate from M/s. V.
As disclosed in our previous year’s report, on account Sankar Aiyar & Co., Chartered Accountants certifying
of COVID-19 outbreak the Company received a that their appointment is in accordance with the
specific directive on March 15, 2020 from Revenue provisions of the Companies Act, 2013 and that they
and Forest Department, Raigad District, Government satisfy the criteria as prescribed in Section 141 of the
of Maharashtra was received to keep the business Companies Act, 2013.
operations closed for guests with immediate effect, till
further orders. Subsequently, the Company received The Auditors’ Report does contain few adverse remarks
permission to open its Parks from the Government of as follows:
Maharashtra vide Unlock Order No: DMU/2020/CR.92/
DisM-1, dated December 21, 2020. Pursuant to the a) The auditors have given an adverse report and
said order, the Theme Park was opened with Limited stated that “material uncertainty exists that may
Operations with effect from December 25, 2020. cast a significant doubt on the Company’s ability
The Water Park continued to remain closed and was to continue as a going concern. The said audit
subsequently re-opened on March 11, 2021. qualification has arisen primarily on account of
net worth erosion and continuing unserviceability
The Parks were however again closed with effect from of present debt on the books. The Company has
first week of April, 2021 due to a specific order no. been engaging with its lenders for addressing its
460/2021 issued by Government of Maharashtra on high debt levels vis-à-vis the servicing potential;
April 05, 2021 pursuant to second wave of COVID-19 however the resolution plans have so far got
pandemic in India. partial approvals from the Consortium of Lenders.
19
b) The auditors have also stated that the Company and outgo, as required to be disclosed under the Act,
has a net carrying value of Property Plant and are provided in Annexure IV to this Report.
Equipment of ` 81,147.48 Lakhs, intangible assets
of ` 927.98 Lakhs and investments of ` 8,337.62 O. CORPORATE GOVERNANCE AND COMPLIANCE OF
Lakhs as at March 31, 2021. The impairment SECRETARIAL STANDARDS
testing was last carried out by the company
in the financial year 2019-20. In the absence The Company has complied with the corporate
of impairment testing during the current year, governance requirements under the Companies
the Company is unable to comment whether Act, 2013, and as stipulated under the SEBI
the carrying values of the Property, Plant and (Listing Obligations and Disclosure Requirements)
Equipment, intangible asset and investments as Regulations, 2015. A separate section on corporate
at March 31, 2021 are recoverable and whether governance under the Listing Regulations, along with
any further provision would be required for the the certificate from the Practicing Company Secretary
same. confirming the compliance, is annexed and forms part
of this Annual Report.
b) Secretarial Auditors:
The Company has complied with the Secretarial
Pursuant to the provisions of Section 204 of the Act Standards issued by Institute of Company Secretaries
and the Companies (Appointment and Remuneration of India on Meeting of Board of Directors and General
of Managerial Personnel) Rules, 2014, the Company Meetings.
had appointed M/s. Aabid & Co., Company Secretaries
to undertake the Secretarial Audit of the Company for P. MANAGEMENT DISCUSSION & ANALYSIS
the financial year 2020-21. The Report of the Secretarial
Management Discussion and Analysis is annexed as
Audit in Form MR-3 for the financial year 2020-21 is
Annexure V.
annexed as Annexure III to the Report. There are no
qualifications, reservations or adverse remarks made
Q. ANNUAL RETURN
by Secretarial Auditor in his report. The Board has
appointed M/s. Aabid & Co., Company Secretaries as
Annual Return prepared in accordance with Section
Secretarial Auditors for the financial year 2021-22.
92 of the Act is has been uploaded on the website
of the Company i.e. www.imagicaaworld.com and
Further, in compliance with Regulation 24A of the
can be accessed at https://www.imagicaaworld.com/
Listing Regulations, M/s. Aabid & Co., Company
investor_docs/Annual%20Return%20(MGT-7)%20
Secretaries have conducted secretarial audit of
for%20the%20FY%202020-21.pdf
Walkwater Properties Private Limited (“WPPL”),
material subsidiary of the Company. There were no
R. HUMAN RESOURCES
qualifications, reservations or adverse remarks made
by Secretarial Auditor in his report issued to WPPL.
The Company regards human resources as a valuable
asset. The Company encourages a performance driven
c) Cost Auditors:
culture and enables the employees with focused
training at regular intervals. Further, the training needs
The Company was not required to appoint Cost
at all divisions are periodically assessed and training
Auditors during the year under review.
programmes are conducted using internal resources
and/or engaging external facilitators and trainers. The
N. CONSERVATION OF ENERGY, TECHNOLOGY
total 187 employees ceased to be associated with the
ABSORPTION AND FOREIGN EXCHANGE EARNINGS
Company due to resignations during the year ended
AND OUTGO
March 31, 2021.
The particulars relating to conservation of energy,
technology absorption, foreign exchange earnings
01
S. DISCLOSURE UNDER THE SEXUAL HARASSMENT T. ACKNOWLEDGEMENTS

OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013 Your Directors would like to express their sincere
appreciation for the continued co-operation and
The Company has always believed in providing a safe assistance received from shareholders, customers,
and harassment free workplace for every individual vendors, bankers, financial institutions, regulatory
working in the Company’s premises through various bodies and other business constituents during the
interventions and practices. The Company always year under review. Your Directors also wish to place
endeavours to create and provide an environment that on record their sincere appreciation for the hard-
is free from discrimination and harassment including work, solidarity and commitment of each and every
sexual harassment. executives, officers and staff of the Company during
the financial year.
The Policy on Prevention of Sexual Harassment at
Workplace has been formulated by the Company. For and on behalf of the Board of Directors
The policy aims to develop a harmonious and
productive working environment free from sexual
harassment. This policy is applicable to all employees
(permanent, contractual, temporary, trainees). The Manmohan Shetty
Company has complied with the provisions relating Chairman
to the constitution of Internal Complaints Committee (DIN: 00013961)
under the Sexual Harassment of Women at the
BOARD’S REPORT
Workplace (Prevention, prohibition and Redressal) Place : Mumbai
Act, 2003. The Company ensured that all allegations Date : June 24, 2021
of sexual harassment were investigated and dealt
with appropriately in accordance with the procedures
prescribed under the Policy on Prevention of Sexual
Harassment at Workplace. All the Complaints received
during the year under review have been duly resolved
and there are no complaints pending as at the end of
the year under review.
21
Annexure I
DISCLOSURE PURSUANT TO REGULATION 14 OF SECURITIES AND EXCHANGE BOARD OF INDIA
(SHARE BASED EMPLOYEE BENEFITS) REGULATIONS, 2014 AS ON MARCH 31, 2021:
During the year 2020-21 the Shareholders of the Company at their Annual General Meeting held on November 10, 2020,
approved a Scheme called as “Imagicaaworld Employee Stock Options Scheme 2020’’. As on March 31, 2021, the Company
has one Scheme i.e. Imagicaaworld Employee Stock Options Scheme 2020 (“Scheme 2020”).
Accordingly, the disclosures pertaining to stock options granted by the Company under the aforesaid Schemes and as
required under the applicable provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Share
Based Employee Benefits) Regulations, 2015 are provided herein below:
A. Relevant disclosures in terms of the “Guidance note on accounting for employee share-based payments” issued
by Institute ovement during the year (For each ESOS):
The disclosures are provided in the note 44 to the Standalone financial statements of the Company for the year ended
March 31, 2021.
B. Diluted EPS on issue of shares pursuant to all the schemes covered under the regulations shall be disclosed in
accordance with ‘Accounting Standard 20 - Earnings Per Share’ issued by ICAI or any other relevant accounting
standards as prescribed from time to time:

The Company has not issued shares pursuant to the said grant and as on date it is not possible to ascertain how many
employees would exercise their options as on the future vesting date. The Employee Stock Options granted by the
Company which are potential equity shares are ignored for purpose of computation of diluted earnings per share since
they are anti-dilutive, considering that the company has incurred losses.
C. Details related to Scheme 2013 of the Company
i. A description of each ESOS that existed at any time during the year, including the general terms and
conditions of each ESOS, including –
(a) Date of shareholders’ approval – November 10, 2020
(b) Total number of options approved under ESOS – 39,94,891 Equity Shares of ` 10/- each
(c) Vesting requirements - Options granted under ESOS 2020 would Vest after 1 (one) year but not later than 3
(three) years from the date of grant of such Options.
(d) Exercise price or pricing formula
- The exercise price for the first grant shall be 30% discount to trailing 2 weeks Volume Weighted Average
Price (on the stock exchange which has reported higher volumes) from date of first vesting.
- The exercise price for the subsequent grant shall be 20% discount to trailing 2 weeks Volume Weighted
Average Price (on the stock exchange which has reported higher volumes).
(e) Maximum term of options granted - 7 years from the date of vesting
01
(f ) Source of shares (primary, secondary or combination) - Primary
(g) Variation in terms of options – Nil
ii. Method used to account for ESOS – Intrinsic Value Method
iii. Where the company opts for expensing of the options using the intrinsic value of the options, the difference
between the employee compensation cost so computed and the employee compensation cost that shall
have been recognized if it had used the fair value of the options. The impact of this difference on profits and
on EPS of the company –
The Company recognizes compensation expense relating to share-based payments in net profit based on
estimated fair values of the stock options on the grant date. The estimated fair value of stock options is recognized
as an expense in the Statement of Profit and Loss on a straight-line basis over the requisite service period for each
separately vesting portion of the stock options as if the stock option was in substance multiple stock options with
a corresponding increase to share options outstanding account.
In case, the fair value of the stock options granted at the grant date cannot be estimated reliably, the options are
measured at their intrinsic value, initially at the date the entity obtains the service and subsequently at the end of
each reporting period and at the date of final settlement, with any change in intrinsic value recognized in Profit or
Loss.
BOARD’S REPORT
Accordingly, the change in intrinsic value has been disclosed in the Profit and Loss Account as on March 31, 2021
under Employee Benefit Expenses.
iv. Option movement during the year (For each ESOS) –
Particulars Details
Number of options outstanding at the beginning of the period Nil
Number of options granted during the year 39,94,891
Number of options forfeited / lapsed during the year -
Number of options vested during the year -
Number of options exercised during the year -
Number of shares arising as a result of exercise of options -
Money realized by exercise of options (`), if scheme is implemented directly by the -
company
Loan repaid by the Trust during the year from exercise price received -
Number of options outstanding at the end of the year Nil
Number of options exercisable at the end of the year 39,94,891
v. Weighted-average exercise prices and weighted-average fair values of options shall be disclosed separately
for options whose exercise price either equals or exceeds or is less than the market price of the stock.
The same is not applicable since the exercise price shall be determined at a future date.
23
vi. Employee wise details (name of employee, designation, number of options granted during the year, exercise
price) of options granted to –
a. Senior Managerial Personnel –
Following are the details of Stock Options granted to the Senior Managerial Personnel (SMP) of the Company. The
Shares have not been exercised by any of the SMPs as on the date of this Report.
Sr. Name of the Employee Designation No. of Options granted

No. during the year
1. Ashutosh Kale Jt. Chief Executive Officer 3,97,465
2. Dhimant Bakshi Jt. Chief Executive Officer 5,13,236
3. Mayuresh Kore Chief Financial Officer 4,03,147
4. Divyata Raval Company Secretary 85,022
5. Balanand Anand Vice President – Engineering 3,60,228
6. Sitanshu Satapathy Vice President – Finance and Accounts 3,04,222
7. Arvind Kamalia Deputy General Manager – Finance 1,41,443
8. Shivajee Sharma Assistant Vice President – Operations 1,70,845
b. any other employee who receives a grant in any one year of option amounting to 5% or more of option
granted during that year
Sr. Name of the Employee Designation No. of Options granted

No. during the year
1. Ashutosh Kale Jt. Chief Executive Officer 3,97,465
2. Dhimant Bakshi Jt. Chief Executive Officer 5,13,236
3. Mayuresh Kore Chief Financial Officer 4,03,147
4. Balanand Anand Vice President – Engineering 3,60,228
5. Sitanshu Satapathy Vice President – Finance and Accounts 3,04,222
c. identified employees who were granted option, during any one year, equal to or exceeding 1% of the issued
capital (excluding outstanding warrants and conversions) of the company at the time of grant.
NIL
d. A description of the method and significant assumptions used during the year to estimate the fair value of
options including the following information:
i. the weighted-average values of share price, exercise price, expected volatility, expected option life, expected
dividends, the risk-free interest rate and any other inputs to the model;
ii. the method used and the assumptions made to incorporate the effects of expected early exercise;
iii. how expected volatility was determined, including an explanation of the extent to which expected volatility
was based on historical volatility; and
iv. whether and how any other features of the option grant were incorporated into the measurement of fair
value, such as a market condition.
01
The Company recognizes compensation expense relating to share-based payments in net profit based on estimated fair
values of the stock options on the grant date. The estimated fair value of stock options is recognized as an expense in the
Statement of Profit and Loss on a straight-line basis over the requisite service period for each separately vesting portion
of the stock options as if the stock option was in substance multiple stock options with a corresponding increase to share
options outstanding account.
In case, the fair value of the stock options granted at the grant date cannot be estimated reliably, the options are measured
at their intrinsic value, initially at the date the entity obtains the service and subsequently at the end of each reporting
period and at the date of final settlement, with any change in intrinsic value recognized in Profit or Loss.
Accordingly, the change in intrinsic value has been disclosed in the Profit and Loss Account as on March 31, 2021 under
Employee Benefit Expenses.
BOARD’S REPORT
25
Annexure II
STATEMENT OF DISCLOSURE OF REMUNERATION UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 AND
RULE 5(1) OF COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
(i) The ratio of the remuneration of each Director to the median remuneration of the employees of the Company
for the financial year (‘’FY’’):
Name of Director Median(2) Remuneration Ratio

Mr. Manmohan Shetty(1) 2,92,347 Nil 1:0
Mr. Kapil Bagla(1) 2,92,347 Nil 1:0
Mr. Ghulam Mohammed(3) 2,92,347 1,90,000 1 : 0.65
Mr. Steven A. Pinto(3) 2,92,347 1,90,000 1 : 0.65
Ms. Anita Pawar(3) 2,92,347 80,000 1 : 0.27
Mr. Dhananjay Barve(3) 2,92,347 80,000 1 : 0.27
Note(s):-
(1)
Mr. Manmohan Shetty, Chairman & Mr. Kapil Bagla, Non-executive Director of the Company did not draw any remuneration during the
year 2020-21.
(2)
To derive median, only employees on the payroll of the Company are taken into consideration.
(3)
Mr. Steven A. Pinto, Mr. Ghulam Mohammed, Ms. Anita Pawar and Mr. Dhananjay Barve receive only sitting fees which are not considered
as remuneration for the purpose of above calculation.
(ii) The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer,
Company Secretary, if any, in the financial year
Name of Director/ Officers Designation FY 2020-21 FY 2019-20 % increased Over

previous year
Mr. Kapil Bagla Non-Executive Director Nil Nil Nil
Mr. Ashutosh Kale Joint Chief Executive Officer 70,54,062 70,54,062 Nil
Mr. Dhimant Bakshi Joint Chief Executive Officer 94,44,909 94,44,909 Nil
Mr. Mayuresh Kore Chief Financial Officer 68,55,992 68,55,992 Nil
Ms. Divyata Raval Company Secretary 17,68,000 17,68,000 Nil
Notes:
(1)
Mr. Steven A. Pinto, Mr. Ghulam Mohammed, Ms. Anita Pawar and Mr. Dhananjay Barve were paid the sitting fees and hence the same is
not considered in providing this information.
(2)
Considering COVID-19 pandemic and its effect on the Company’s business, a temporary pay reductions measure was implemented at
across all levels of the employees since the month of April, 2020 including the Key Managerial Personnel; however the Nomination and
Remuneration Committee has not altered the remuneration of the Key Managerial Personnel of the Company.
(iii) The percentage increase in the median remuneration of employees in the financial year
The percentage Increased in the median remuneration of employees in the financial year 2020-21 is 2.98%. The median
remuneration of the employees reflects minor increase during the financial year 2020-21 because of the reduction in
the total number of the employees compared to previous financial year.
(iv) The number of permanent employees on the rolls of Company
Permanent employees on the rolls of the Company as on March 31, 2021 were 600.
01
(v) Average percentile increase already made in the salaries of employees other than the managerial personnel
in the last financial year and its comparison with the percentile increase in the managerial remuneration and
justification thereof and point out if there are any exceptional circumstances for increase in the managerial
remuneration
There has been no exceptional increase in the remuneration for managerial personnel for the FY 2020-21.
(vi) Affirmation that the remuneration is as per the remuneration policy of the Company
The remuneration paid for FY 2020-21 was as per remuneration policy of the Company and approved by the Nomination
and Remuneration Committee of the Board.
(vii) It is affirmed that the aforesaid remuneration is as per the Nomination and Remuneration Policy of the Company.
BOARD’S REPORT
27
Annexure III
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2021
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]
To, (iv) Foreign Exchange Management Act, 1999 and the Rules
The Members, and Regulations made thereunder is not applicable to
IMAGICAAWORLD ENTERTAINMENT LIMITED the extent of Foreign Direct Investment, Overseas Direct
(Formerly known as Adlabs Entertainment Limited) Investment and External Commercial Borrowings;
30/31 Sangdewadi, Khopoli Pali Road,
District Raigad – 410 203 Maharashtra. (v) The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act,
We have conducted the Secretarial Audit of the compliances 1992 (‘SEBI Act’):-
of applicable statutory provisions and the adherence to
good corporate practices by Imagicaaworld Entertainment a) The Securities and Exchange Board of India
Limited (Formerly known as Adlabs Entertainment Limited) (Substantial Acquisition of Shares and Takeovers)
(hereinafter called the “Company”). Secretarial Audit was Regulations, 2011;
conducted in a manner that provided us a reasonable basis
for evaluating the corporate conducts/statutory compliances b) The Securities and Exchange Board of India
and expressing opinion thereon. (Prohibition of Insider Trading) Regulations, 2015;
Based on our verifications of the Books, Papers, Minute c) The Securities and Exchange Board of India (Issue of
Books, Forms and Returns filed and other records maintained Capital and Disclosure Requirements) Regulations,
by the Company and also the information provided by the 2009;
Company, its officers, agents and authorized representatives
during the conduct of Secretarial Audit, we hereby report d) The Securities and Exchange Board of India
that in our opinion, the Company has, during the audit (Employee Stock Option Scheme and Employee
period covering the Financial Year ended on 31st March, 2021 Stock Purchase Scheme) Guidelines, 1999/ The
complied with the statutory provisions listed hereunder Securities and Exchange Board of India (Share
and also that the Company has proper Board processes Based Employee Benefits) Regulations, 2014;
and compliance-mechanism in place to the extent, in the
manner and subject to the reporting made hereinafter: e) The Securities and Exchange Board of India (Issue
and Listing of Debt Securities) Regulations, 2008
We have examined the Books, Papers, and Minute Books, (Not applicable during the period under review);
Forms and Returns filed and other records maintained by
the Company as given in Annexure - I for the Financial Year f ) The Securities and Exchange Board of India
ended on 31st March, 2021 according to the provisions of: (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act
(i) The Companies Act, 2013 (the Act) and the Rules made and dealing with client;
thereunder;
g) The Securities and Exchange Board of India
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) (Delisting of Equity Shares) Regulations, 2009(Not
and the Rules made thereunder. applicable during the period under review); and
(iii) The Depositories Act, 1996 and the Regulations and h) The Securities and Exchange Board of India
Bye-laws framed thereunder. (Buyback of Securities) Regulations, 1998 (Not
applicable during the period under review)
01
(vi) The other Laws applicable specifically to the company We further report that the Company has complied
is Annexed with this Report as Annexure- II. with respect to listing of Equity shares
We have also examined Compliance with the applicable We further report that during the audit period, the
clauses of the following: following specific events were held:
(i) Secretarial Standards issued by the Institute of Company 1. Mr. Dhananjay Barve was appointed as an
Secretaries of India. Additional & Non-Executive Independent Director
w.e.f. 01st April, 2020.
(ii) Securities and Exchange Board of India (Listing
Obligations and disclosure requirements) Regulations, 2. The name of the company has changed from
2015 to the extent applicable to the Company. “Adlabs Entertainment Limited” to “Imagicaaworld
Entertainment Limited” w.e.f. 07th April, 2020.
During the period under review the Company has
complied with the provisions of the Act, Rules, 3. During the financial year 2020-21, the Company
Regulations, Guidelines, Standards, etc. mentioned has issued 39,94,891 Equity Shares of ` 10/- each
above. for cash to its employees as per Employee Stock
Option Scheme.
We further report that the Board of Directors of the
Company is duly constituted with proper balance Note: This report is to be read with our letter of even date
of Executive Directors, Non-Executive Directors and which is annexed as ‘Annexure-III’ and forms an integral part
BOARD’S REPORT
Independent Directors including Woman Director. The of this report.
changes in the composition of the Board of Directors ForAabid& Co
that took place during the period under review were Company Secretaries
carried out in compliance with the provisions of the Act.

Adequate notices are given to all Directors to schedule Mohammed Aabid
the Board Meetings, Agenda and detailed notes on Partner
agenda were sent at least seven days in advance, Membership No.: F6579
and a system exist for seeking and obtaining further Place: Mumbai COP No.: 6625
information and clarification on the agenda items Date: June 23, 2021 UDIN: F006579C000504307
before the meeting and for meaningful participation at
the meeting.
We further report that there are adequate systems and

processes in the Company commensurate with the size
and operations of the Company to monitor and ensure
compliance with applicable Laws, Rules, Regulations
and Guidelines.
29
ANNEXURE – I ANNEXURE – II
List of documents verified LIST OF OTHER LAWS SPECIFICALLY APPLICABLE TO THE

COMPANY
1. Memorandum & Articles of Association of the Company
1. The Maternity Benefit Act, 1961.
2. Annual Report for the Financial Year ended 31st March,
2021. 2. The Payment of Gratuity Act, 1972.
3. Minutes of the meetings of the Board of Directors, Audit 3. The Maharashtra Shops & Establishment Act, 1972
Committee, Nomination & Remuneration Committee,
Corporate Social Responsibility Committee, held during 4. The Employee’s State Insurance Act, 1948.
the financial year under report.
5. Employee’s Compensation Act, 1923.
4. Minutes of General Meetings held during the financial
year under report. 6. The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
5. Agenda papers submitted to all the directors / members
for the Board Meetings and Committee meetings. 7. The Employees Provident Funds and Miscellaneous
Provisions Act, 1952
6. Declarations received from the Directors of the
Company pursuant to the provisions of Section 164 (2) 8. The Maharashtra State Tax on Professions, Trades,
and 184 (1) of Companies Act, 2013. Callings and Employments Act, 1975
7. Intimations / documents/ reports/ returns filed with the

Stock Exchanges pursuant to the provisions of Listing
Regulations for the issuance and listing of shares during
the financial year under report.
8. E-forms filed by the Company, from time to time, under

applicable provisions of the Companies Act, 2013 and
attachments thereof during the financial year under
report.
9. Statutory Registers under Companies Act, 2013
01
ANNEXURE-III Annexure IV
To,
The Members, PARTICULARS OF ENERGY CONSERVATION,
IMAGICAAWORLD ENTERTAINMENT LIMITED TECHNOLOGY ABSORPTION AND
(Formerly known as Adlabs Entertainment Limited) FOREIGN EXCHANGE EARNINGS
AND OUTGO REQUIRED UNDER THE COMPANY
Our report of even date is to be read with this letter (ACCOUNTS) RULES, 2014.
1. Maintenance of secretarial records is the responsibility Important Note: Due to the Covid 19 Pandemic, the country
of the management of the Company. Our responsibility went into a strict lockdown. During the financial year ended
is to express an opinion on these secretarial records on March 31, 2021, except for few months, both Theme Park
based on our audit. and Water Park were in closed down condition with only basic
facility systems partially operational. During the period from
2. We have followed the audit practices and processes as April, 2020 to April, 2021, the park has functioned partially
were appropriate to obtain reasonable assurance about (weekend operation with lesser guests) from December
the correctness of the contents of Secretarial records. 25, 2020 to April 04, 2021 only. The Hotel was operational
The verification was done on a test basis to ensure that for around 8 months with a limited capacity and with most
correct facts are reflected in secretarial records. We amenities curtailed.
believe that the processes and practices, we followed
provide a reasonable basis for our opinion. A. Conservation of Energy
BOARD’S REPORT
3. We have not verified the correctness and (i) The steps taken or impact on conservation of
appropriateness of financial records and Books of energy:
accounts of the Company.
The following steps have been taken to conserve
4. Wherever required, we have obtained Management energy during FY 2020-21:
Representation about the compliance laws, rules and
regulations, and happening of events, etc. Water Park:
5. The compliance of the provisions of corporate and a) Optimization of running hours of the rides at the Water
other applicable laws, rules, regulations, standards is Park based on Guest turnout – Social distancing norms
the responsibility of management. Our examination were followed during the pandemic and Green Initiative
was limited to the verification of procedures on a test was continued.
basis.
Theme Park:
6. The Secretarial Audit Report is neither an assurance
as to the future viability of the Company nor of the a) Since, major of the period the Parks were non-
efficacy or effectiveness with which the management operational various measures were taken to consolidate
has conducted the affairs of the Company. the items to conserve on energy. During non-peak,
winter & rainy days, the company has been controlling
the HVAC system (air conditioning) operational timings
through IBMS (building management) system.
b) Optimization of running hours of the rides at the

Theme Park based on Guest turnout – Social distancing
norms were followed during the pandemic and Green
Initiatives continued.
.
31
Hotel : For general replacement parts and components, the

Company has also developed import substitution for
a) One of the diesel fired boiler has been converted to gas components such as Bearings, Allen Bradley Electronic
fired one with increased thermal efficiency and cost products (like detectors, sensors), Electrical drives, Drive
saving. brakes, Drive chains, Rope drives, Drive tyres etc.
b) Extra insulation was provided for chilled water 3. In case of imported technology (imported during
distribution lines of HVAC system. the last three years reckoned from the beginning of
the financial year):
c) Utilisation of BMS system for utility operation as guest
occupancy was low due to pandemic & lockdown The details of technology imported; the year of import;
conditions. These systems control and monitor heating, whether the technology been fully absorbed; and if not
ventilation and air conditioning, and can reduce total fully absorbed, areas where absorption has not taken
energy costs by 10% or more. place, and the reasons thereof.
(ii) The steps taken by the Company for utilizing As the Company is an end user of Ride systems and not
alternate sources of energy: into manufacturing, the technology absorption is not
relevant.
(a) In FY 2020-21, the Company’s Solar / Wind Power
consumption through Open Access was 23,88,929 kWh Detailed operations and maintenance manuals are
which is 48 % of the total power consumption. provided by the vendor and are followed in our
maintenance routine.
(iii) The capital investment on energy conservation
equipment: Nil 4. The expenditure incurred on Research and
Development:
B. Technology Absorption
As this is a service industry, the expenditure is on service
1. The efforts made towards technology absorption: improvement and cost reduction, which is detailed in
point 2 above.
As the Company is an end user of Ride systems and not
into manufacturing, the technology absorption is not C. Foreign Exchange Earnings and Outgo:
relevant.
Activities related to exports, initiatives taken to increase
Detailed operations and maintenance manuals are exports; development of new export markets for
provided by the vendor and are followed in our products and services; and export plans:
maintenance routine.
The Company does not possess any foreign technology.
2. The benefits derived like product improvement, The Company has however engaged a few theme park
cost reduction, product development or import professionals for maintenance, inspection, creation of
substitution: design development and project management.
The Company has developed a domestic vendor Total foreign exchange earnings and outgo for the
database for specific Electrical and Mechanical financial year is as follows:
components used in ride systems, like authorized
distributors of the products and sales outlets in India. (a) Total Foreign Exchange earnings : NIL
(b) Total Foreign Exchange outgo : ` 10.85 Lakhs

32
Annexure V
Management Discussion and Analysis
AN OVERVIEW OF THE INDUSTRY Revenue Mix
The Global Parks Industry In India, the revenue from parks is still highly dominated
by admission tickets forming about 75 per cent to 80 per
The global parks industry traces its origins to the 1950s cent to the total revenues. Internationally, admission tickets
when the first parks were open in the USA and Canada. revenues account for about 50 per cent of the total revenue.
These were a natural extension of the town fairs that were The share of F&B, retailing and merchandise sales is low in
held periodically to coincide with cultural and religious India. However, this mix is fast changing and the revenue
events. According to the International Association of mix is expected to be aligned to international trend.
Amusement Parks and Attractions (IAAPA), an Amusement
Park is defined as ‘a large, high-profile attraction that offers The following chart showcases the typical revenue break-
guests a complex of rides, food services and games’. up:
MANAGEMENT DISCUSSION AND ANALYSIS

Park format are broadly classified as amusement parks,
theme parks and water parks. A theme park is defined as
a unique setting or rides with specific themes. Water parks,
on the other hand, offer a range of water based activities.
The total global parks industry is estimated to decline by

2.7% due to economic slowdown across countries owing (Source : IMaCS Report)
to the COVID-19 outbreak and the measures to contain it.
Parks globally have been shut-down for almost six month, COMPANY AND BUSINESS OVERVIEW
but are not starting to open. However, key players expect a
good bounce back by end of the year as people are looking Imagicaaworld Entertainment Ltd. is the brainchild of
for entertainment options after being locked-out for the Mr. Manmohan Shetty who has been closely associated
past six months. with the entertainment business in India. As one of the
pioneers of the multiplex business in India, Mr. Shetty was
The Indian Parks Industry instrumental in transforming the film exhibition business
through India’s first IMAX theatre and Adlabs chains of
The Indian Amusement & Theme Park industry has been multiplexes that brought world class cinematic experience
growing at a compounded annual growth rate (CAGR) of to the Indian audiences.
more than 17.5%. The industry provides direct employment
to over 80,000 people. Imagicaaworld Entertainment Limited has now successfully
created India’s First & Only International Standard
The fiscal year 2020 had been difficult for the industry Entertainment Holiday Destination “IMAGICAA”, which
with the economic slowdown seen during the year and includes a Theme Park, a Water Park, a Snow Park & a Luxury
pandemic of COVID-19 hitting the country in Q4 of 2020. Hotel – Novotel Imagicaa Khopoli.
The fiscal year 2021 has been further difficult as the industry
has been under lockdown for 9 months including the peak Below are some of the achievements at Imagicaa:
season of Q1 which generates 35-45% of revenue. Though,
the Industry has seen decent footfalls in Christmas holidays • India’s first International Theme Destination
and Q4. The fiscal year 2022 is also looking to be a difficult • India’s first International Standard Theme Park
year as the second wave has hit the country during the • Imagicaa Snow Park is India’s Largest Snow Park
peak season of Q1. But the second wave is expected to be • Novotel Imagicaa Khopoli is India’s first Theme park
shorter with operations expected to restart from Sep-Oct based Hotel
2021. However, it is expected that it would take 8-10 month • VFS Global Times Travel Awards 2019 - Winner –
for the industry to regain normalcy. Adventure Attraction Sector
33
• IAAPI National Awards For Excellence 2018-2019 – 5 • I For India - For the first time in Asia Pacific a simulation
awards ride that gives flying experience over India’s exquisite
• WINNERS – monuments and varied landscapes.
• Innovative Promotional Activity through Media – OOH • Mr. India-The Ride is India’s first Bollywood movie
• Innovative Promotional activity through Print Media. integrated ride
• India’s Retail Champions Award 2019 – Winner – • Nitro is India’s Longest, Tallest & Fastest roller coaster
Entertainment Category • Deep Space is India’s first indoor high speed roller
• ET Business Icons February 2019 – Winner – Preferred coaster
Themed Entertainment Destination • Rajasaurus is India’s longest flume ride.
• Guinness World Records – February 2019 – Most • Wrath of God is India’s first attraction that is a blend of
number of faces (258) washed by P& G at Imagicaa live theatre, special effects and multimedia.
• LIMCA BOOK OF RECORDS – Largest collection and • Aqua Loop is India’s first water park loop ride
distribution of Toys Drive(2018)
• India Licensing Awards 2018 (LIMA 2018) – Licensee of Imagicaaworld – The destination
the Year - Theme & Amusement Park
Imagicaaworld is a magical & fun-filled world of its own,
• VFS Global Times Travel Awards 2018 – Winner –
offering entertainment, fun, relaxation, dining, shopping
Adventure Attraction Sector
and accommodation at a single location. Offering a world
• Times Retail Icon Awards 2018 – Preferred Theme Park
class Theme Park, international standard Water Park, India’s
Destination
largest Snow Park, & first theme park hotel - the luxurious
• Customer Experience Awards 2018 – Best Customer
Novotel Imagicaa, Imagicaa is India’s favourite family
Experience in the Services Sector – Winner
holiday destination. The company to add novelty factor
• BLTM (Business & Luxury Travel Mart) 2017 – Award for
and repetitive footfalls had added ‘House of Stars’ museum
Excellence – Winner of Most Innovative Product
which will showcase interactive life-size figurines of leading
• India Licensing Awards 2017 – Honorary Award -
Bollywood personalities; also added Eyeillusion, which is
Theme Park
based on illusion of the still picture and making customer
• TripAdvisor’s Traveller’s Choice Awards 2017 - Top 25
as part to enjoy it.
Water Parks — World
• TripAdvisor’s Traveller’s Choice Awards 2017 - Top 10 Imagicaaworld is located off the Mumbai- Pune expressway
Amusement Parks & Water Parks in India at Khopoli; approximately a 90 minute drive from Mumbai
• Kids Stop Press’ Digital Awards 2017 – Best Outdoor & Pune. Due to its proximity, Imagicaa is easily reachable
Park from anywhere in India via air, rail or road. Imagicaa also
• IAAPI Awards 2017 - Most Innovative Rides & offers bus and car packages with pick up options from
Attractions – Winner Mumbai and Pune. Spread over 130 acres, this ‘all weather
• IAAPI Awards 2017 - Innovative Promotional Activity family entertainment destination’ provides interesting
through Electronic Media TV Channel – Winner experiences to all its guests, 365 days a year.
• HICSA Awards 2016 – Best New Hotel of the Year –
Novotel Imagicaa Khopoli Imagicaa Theme Park
• IAAPI Awards 2016 - Innovative Promotional Activity
through Print Media – Winner With 26 indoor & outdoor rides and attractions, and 5 F&B
• IAAPI Awards 2016 - Innovative Promotional Activity outlets to choose from, Imagicaa Theme Park is the perfect
through Electronic Media TV Channel – Winner destination for friends and family alike. While easy rides
• IAAPI Awards 2016 - Most Innovative Rides & such as Mambo Chai Chama, Tubbby Takes Off and Wagon-
Attractions – Runner Up O-Wheels are for the tiny tots, attractions like Mr India, I For
• India’s Most Attractive Brands – Entertainment India, Rajasaurus – The River Adventure and Splash Ahoy
Category – Rank 1 (2015) have something for everyone in the family. For the thrill
• India’s Most Trusted Brands 2015 – Theme Park seekers, there are massive roller coasters and high-speed
category adventurous rides such as Scream Machine, Nitro and Gold
• TripAdvisor’s Traveller’s Choice Awards 2015 Rush Express. So whether one is looking for a fun-filled
• OTM Award for Excellence – Most Promising New outing with friends or some bonding time with family,
Destination Award (2015) Imagicaa has it all!

34
Imagicaa Water Park hotel also features one of the largest meeting spaces in the
Lonavala area with a pillar-less ballroom and a height like
Located next to the Theme Park is Imagicaa Water Park. no other, which makes it a suitable venue for corporate as
Inspired by the Greek Mykonos theme, Imagicaa Water well as wedding events.
Park welcomes visitors with 15 thrilling rides like the
Loopy Whoopy, Swirl Whirl and Twisty Turvy and 4 exciting Food & Beverage business
restaurants that will entertain one’s stomach in every way.
The chilled out vibe at this day party destination just makes Restaurants @ Imagicaa Theme Park
one want to ‘Go With The Flow’. It is recommended that
guests carry the required swimwear while visiting the park, Imagicaa offers a host of food & beverage options to suit the
which is compulsory for all the rides. There are swimwear tastes of every palate. Roberto’s Food Court, the pure veg
options also available at the park’s retail outlets. The Water restaurant in the park, serves various cuisines ranging from
Park also offers locker facilities for guests to keep their Indian, Mexican, Italian and Pan Asian, as well as a separate
personal belongings. kitchen for Jain meals. The Imagicaa Capital serves some
delicious Indian buffet meals, while American food lovers
Imagicaa Snow Park could head to Red Bonnet American Diner and indulge
in the comforts of their finger-licking fare. Armada - A

Spread over 40,000 sq feet, Imagicaa Snow Park is India’s classic ship anchored amidst Spanish settings overlooking
largest, with real snow fall and a 50 foot dome. Imagicaa a breath-taking view of the lagoon offers refreshing cups
Snow Park has a variety of activities for guests visiting for of coffee or chilled beverages, with some freshly made
a typical 45 minutes session. Guests can enjoy the magic sandwiches & salads on the side.
of snow by playing basketball, slide down the toboggans
Restaurants @ Imagicaa Water Park
and rafts, climb the rocky snowy mountains, have a
snowball fight, or just relax and sip a cup of coffee at minus
Imagicaa Water Park has plenty of food options to choose,
5 degrees temperature. Guests can also spend their time
while guests enjoy being in water all day. There is an array of
doing activities like snow hiking, snow rafting as well as
entrees, Mains, and Desserts from cuisine across the globe
dance on the snow dance floor or pose amidst the snow
with unique signature dining options. Sunbeatz Pizzeria &
castle and one-of-its-kind ice sculptures. The park, which
Bar serves some lip-smacking pizzas and Lebanese cuisine,
provides jackets, gloves and boots to its guests on entry,
along with a bar counter, while the Red Bonnet Express
is also environment friendly with 100% edible snow made
serves the spirit of classic grunge American food in one’s
from purified water and no chemicals or preservatives.
plate, with kids and picnic meals available as an option.
Ammos is the food court to pick from an array of cuisines,
Snow park is operated under a revenue sharing arrangement
whereas Cones has ice-creams and Sandy Sipss serves
with ACME Entertainment, whereby ACME has constructed,
refreshing juices and smoothies. There are also convenient
installed, erected and operating the Snow Park. The snow
Food Booths offering quick bites to full-service meal dining;
park has built upon the experience by adding a totally new
perfect for every taste and budget!
option and thus augmented Imagicaa’s positioning as a
ONE STOP ENTERTAINMENT destination. Merchandise
Novotel Imagicaa Imagicaa has a host of in-house merchandise options to

take back as souvenirs, from the latest T-shirts, Crop tops,
Imagicaa also has a 287 room Hotel – Novotel Imagicaa is formal shirts and sweatshirts to handbags, backpacks and
adjacent to the park, which offers attractive 1 Night and 2 tote bags. There are also soft toys and pillows to choose
Night stay packages as a basecamp for guests to relax and from for kids, as well as sipper bottles, coffee mugs and
enjoy the destination. The hotel also boasts of a swimming cocktail glasses, all designed especially for Imagicaa. There
pool, hi-speed Wi-Fi access, children’s activity centre, are also candy stores if you wish to pamper your sweet
specialty themed restaurants, well-equipped gym and tooth. You can also purchase the products at the retail store
banquet halls for hosting up to 600 people at a time. The in Novotel Imagicaa.
35
Safety The outstanding bank loan as on March 31, 2021 is

` 1,43,788.96 Lakhs.
All the rides at Imagicaa are designed keeping utmost safety
in mind. The Vendors are compliant with international The weighted average rate of interest is 12.71% p.a.
standards – ASTM, European or EN Standard, with all
international safety certifications in place. TUV SUD South Since April 2013, nearly 9.6 million people have visited the
Asia Pvt Ltd has been engaged to carry out inspection, parks. While these numbers and guest feedbacks give us
testing and installation certificate. a good idea of their expectation and appreciation of the
product, we have a long way to go in making this project
Debt Reduction every Indians ‘must-visit’ holiday destination.
The company has been diligently working towards reducing Novotel Imagicaa Khopoli comprises of 287 rooms, which
its debt to bring it to manageable levels. The company is in is the highest room inventory of a hotel near Greater
constant discussions with consortium lenders to arrive at a Mumbai. The hotel has been receiving excellent reviews
sustainable resolution and ultimately reduce the debt levels. and feedbacks. The ARR (including Room, F&B and Others)
Since June 2018 when the company became NPA, several of the hotel was over ` 8062/- in for FY 2020-21. Novotel
consortium meetings have been conducted with this Imagicaa in a short period of operations has been able to
objective. Subsequently various financing, ARC discussions firmly establish its niche in the leisure and social segments
have been explored along with the lenders to address the and has firmly established Imagicaa’s position as complete
indebtedness and ultimately ensure sustainability of cash family holiday destination.
flows as well as growth of core business.
Segment Performance
Business Review -
The Total Revenue of the company declined by 89% YoY,
The summary performance for the Company for the year as the park was operational only for 3 months due to the
ended March 31, 2021 is as follows: pandemic. Ticketing revenue declined by 93% YoY and
non-ticketing by 91% YoY, while Hotel revenue declined by
70% YoY.
Average Realization and Operating Costs
Average realisation per visitor (weighted average for Theme

Park & Water Park put together) for FY 2020-21 was ` 1,367,
as compared to ` 1,393 for FY 2019-20. The break-up of the KEY STRENGTHS OF THE COMPANY
realisation is as follows:
The Company’s primary competitive strengths are set out
below:
• The Company is uniquely positioned to capitalise

on the increasing propensity of Indians to spend
on entertainment
Favourable macroeconomic and demographic factors

such as economic growth, rising disposable income, a
growing young population, an expanding middle class

36
and rapid urbanisation have resulted in the Indian Sanderson Group. The water slides and equipment in
population spending more on entertainment. With the the water park have been sourced from global industry
rise in education levels and exposure to international leaders such as Whitewater West Industries Limited,
trends, Indian consumers are willing to pay a premium Neptune Benson (Defender Water Filtration Systems)
for quality entertainment. and Polin Dis Tic. Ltd. Sti. The Company also follows
high levels of park security and safety standards to
Imagicaa is the only One Stop Entertainment offer a safe and injury free environment for its guests
Destination in India, designed to provide a wholesome to enjoy the parks.
and ‘value for money’ entertainment option for guests.
The Company offers entertainment options for all age • Competitive advantage through entry barriers
groups through a variety of rides and attractions,
The Company has the opportunity to leverage the
which the Company believes are comparable to and
‘first-mover advantage’ through Imagicaa. There are
provide the international standards of experience that
significant barriers to entry in the business of theme
leading theme parks and water parks offer globally.
and water parks in India and it is difficult to replicate a
Company’s offerings are also customised to Indian
project of similar scale and size in India. Among the most
tastes. This positions Imagicaa to capitalise on the
important of these barriers is the need for significant

increasing number of Indian customers spending on
capital expenditure to set up theme and water parks,
good quality entertainment.
the difficulty to identify and purchase large and suitable
parcels of land on commercially viable terms and
• The Company is strategically located in an attractive
the long lead-time from the conceptualisation to the
catchment area
launch of rides and attractions. The Company believes
that its location off the Mumbai - Pune Expressway, the
Imagicaa is located off the Mumbai - Pune Expressway.
large parcel of land owned by the Company, the rides
Currently, it attracts guests from Mumbai, Pune and
and attractions of international quality and standards
the rest of Maharashtra and Gujarat, which are some
and the qualified management and operations team
of the more economically developed areas in India.
provide the Company with a significant competitive
Mumbai is well connected to other large cities in
advantage over any new park.
India by air, road and rail with multiple flight options
in a day. Further, Imagicaa is located in a region that • A well-positioned brand and marketing focus
experiences suitable weather throughout the year for
spending a day outdoors. In addition, the majority of In the short operational history, the Company has
the rides, attractions and queuing areas in the parks been able to establish brand recognition in Mumbai,
are covered to avoid any inconvenience during the Pune and the rest of Maharashtra and Gujarat markets.
monsoon season. The Company believes that it has been able to achieve
this through a combination of factors:
• Rides and Attractions of International Quality
Standards which are customised to indian tastes • Delivering superior visitor experiences in the
and preferences parks through the diverse offerings of rides and
attractions and other entertainment options and
Imagicaa is attractively themed and aims to deliver thus, developing a brand recall through word of
high-quality entertainment, aesthetic appeal, mouth publicity;
shopping and dining options. • The Company has also actively focused on
attracting school groups as the Company believes
The Parks have been designed by internationally that school children who visit the parks act as the
acclaimed design consultants. The rides and Company’s brand ambassadors and have the
attractions for the theme park have been designed potential of bringing the entire family back on
by and sourced from global industry leaders such as another visit;
Bolliger & Mabillard Inc., Zamperla Asia Pacific Inc., • Dynamic and attractive pricing strategy to
Sally Industries Inc., E2M Technologies B.V. and Santec coincide with various events, festivals, seasons
Fabricators (India) Private Limited, which is a part of the and holidays throughout the year;
37
• Existing well-established position of the ‘Imagicaa’ in the short term. Economists believe that growth would
brand in the media and entertainment industry; be flat till fiscal year 2022 due to the Pandemic. However,
and the long-term growth story of India to remain intact and
• Engaging with various target groups through growth will kick in from fiscal year 2023.
focused marketing, consisting of regular
electronic, print and digital media campaigns and The key drivers of growth for the India economy are in place
direct sales efforts. for a sustained and uninter-rupted growth in the future.
Both favourable long term macroeconomic factors as well
• Proven and experienced management team and as dynamic demographics indicate to a period of assured
execution strength uptrend and growth in the Indian amusement parks
industry.
Company’s senior management team includes
experienced media and entertainment, marketing Medium & Long Term Business Strategies
and consumer businesses executives, with an average
tenure of more than 15 years in such industries. Mr. The Company is adopting the following business strategies
Manmohan Shetty is a well known entrepreneur in the to grow the business in the future:
media and entertainment business in India and has
more than three decades of experience in consumer- • SAFETY AND HYGIENE MEASURES FOR COVID-19
facing entertainment businesses.
Imagicaaworld has always been committed to deliver
FINANCIAL RATIOS best in class entertainment in a clean, safe, happy
environment. We have taken several measures to
The Debtor turnover ratio stood at 2.5 times the average ensure health and safety measures related to COVID as
debtors in FY21 from 41.4 times in FY20, this was due to per ICMR and WHO guidelines.
the decline in the revenue for FY21, on account of Covid-19.
The Inventory turnover ratio declined to 0.8 times the Below are the safety and hygiene measure followed by
average inventory in FY21, compared to 1.7 times the Imagicaa:
average inventory in FY20. The Interest Coverage ratio for
FY21 was -0.2 times, this was at 0.18 times in FY20. The ratio • Compulsory earing of mask at the park premises
declined as the EBITDA was negative and interest expense • Touch free sanitizer dispensers placed at
increased as the outstanding debt liabilities have increased convenient locations across the park
this year. The current ratio of the company remained flat at • Fully vaccinated staff
0.03 times in FY21. • Operating at 40% capacity to ensure strict
adherence to social distancing
The Operating Profit Margin of the company has dropped • Daily sanitization of park and transport facilities
from -126% in FY20 to -1326% in FY20 due to decline in • Thermal screening of all guest and employees
Revenue on account of shutdown due to pandemic in before entering the park
FY21, while the Net Profit Margin has dropped from -202% • Contactless booking, payment and entry through
in FY20 to -1214% in FY21. The Return on Net worth is not a barcode scanning
relevant ratio as of now, since the networth of the company • Frequent sanitization of rides during the day
has turned negative. • Joining queues through our ‘Virtual Queuing App’
to avoid crowding at rides
OUTLOOK AND OPPORTUNITIES • Open air restaurants and mask free resting zones
with social distancing
The Impact of the Pandemic (COVID-19) has largely been
disruptive. India’s growth in the fourth quarter of the fiscal • Develop Imagicaa as an Integrated Holiday
year 2020 went down to 3.1% according to the Ministry Destination
of Statistics. With Social Distancing norms and reduced
discretionary spending due to lower incomes, there are Currently, a significant majority of the guests are
going to be difficult times for the Tourism & leisure sectors residents of the catchment area i.e. Mumbai, Pune,

38
rest of Maharashtra and Gujarat who make day-trips Delhi NCR, Bangalore, Hyderabad and Jaipur, to
to the theme park off the Mumbai - Pune Expressway. attract tourists visiting the Mumbai - Pune region.
With the launch of the Hotel Novotel Imagicaa, the
Company intends to market Imagicaa as a multiple day • Diversify our Revenue Streams
holiday destination and attract guests for a longer stay.
The Company intends to offer various cost promotion Sale of admission tickets comprises a significant
and combination packages of admission tickets to portion of the Company’s total income and going
its parks and stay at the hotel to take advantage of forward the Company intends to increase its non-
cross selling opportunities. In addition, the Company ticketing revenue through the following strategies:
aims to market its facilities as a suitable venue for
hosting wedding receptions, parties, conferences and • Focus on F&B and retail & merchandise operations
meetings and other corporate events. by targeting the per capita spending of guests.
The Company believes that by providing guests
• Continue to focus on increasing the number of additional and enhanced offerings at various
guests hosted at the parks price points, the Company can increase spending
in its parks. The Company will continue to

The Company plans to increase attendance at the innovate in its F&B offerings to cater to the diverse
parks through the following strategies: preferences of its guests.
• Monetise the crowd movement in the parks by
• Increasing awareness of the parks, and ‘Imagicaa’ offering sponsorship opportunities to advertisers
brand through effective media and marketing for special events, naming rights for the rides and
campaigns, aimed at various target groups attractions, partnering in destination advertising
including families, young kids, college students and assisting in products and brand activations;
and young professionals. The Company will also • With the hotel, the Company intends to position
continue to reach out to a greater number of Imagicaa as a destination for varying customer
schools and corporates for increasing attendance requirements, including for entertainment,
at its parks; corporate meetings and off-sites and other social
• Offering a variety of ticket options and disciplined events;
pricing and promotional strategies to coincide • The Company aims to develop an emotional
with events and holidays throughout the year. The connect with the guests through its brands and
Company also aims to follow a dynamic pricing characters developed by the Company, which
model which will enable us to adjust admission will provide the opportunities to leverage the
prices for the parks based on expected demand intellectual property portfolio, and to develop
and attract diverse segments of customer base; new media and entertainment options and to
• By periodically introducing new attractions, increase the sale of consumer products, in and
differentiating experiences and enhancing outside Imagicaa.
service offerings, the Company believes that word
of mouth is the most important marketing tool • Increase profitability and achieve cost optimisation
for our product and, therefore, the Company’s
primary business objective is to make the time The Company believes that increased attendance at
spent by the guests in its parks as enjoyable its parks and an increase in the per capita spending
as possible. The Company specifically focuses will allow the Company to make its business more
on entrance and security procedures, queue profitable because of the relatively fixed cost-base and
management, cleanliness, quick availability of the high operative leverage involved in the business.
F&B products and retail merchandise to make The Company will continue to focus on F&B and retail
the guests’ experiences as comfortable and and merchandise spending to improve its operating
entertaining as possible; and margins. With the commencement of operations of
• Focusing on sales and marketing initiatives in our water park, snow park and hotel, the Company
the secondary catchment areas, such as the print will be able to offer more dynamic pricing to account
campaign from time to time in major cities like for seasonal fluctuations in attendance. The Company
39
also aims to achieve better cost optimisation through Company has also divided the parks into various zones
economies of scale by measures such as company-wide to facilitate effective emergency response, evacuation
and centralised procurement and sourcing strategy and deployment of resources and manpower.
and integrated marketing campaigns. In addition, the
Company aims to benefit from shared services such as • Command Centre: The Company’s command centre
security, ticketing, F&B and general administration of has been planned as an integrated set-up, capable
the parks. of monitoring and controlling the management of
the parks and responding to all circumstances which
PARK SECURITY AND SAFETY may have an adverse effect on guest experiences.
The functions of the command centre include
The Company was awarded with an ISO certificate for controlling and monitoring all access controls across
Integrated Management Systems by Bureau of Indian the parks, including the entry and exit points and for
Standards (BIS) for Imagicaa Theme Park. Following is the other rides and attractions; coordinate the response
list of ISO certifications awarded: to any situation that requires attention; operate
the public address system which is designed for
• Quality Management System- IS/ISO 9001:2008 effective communication for functions such as crowd
management; Company’s security infrastructure
• Environmental Management System-IS /ISO consists of necessary equipments such as metal
14001:2004 detectors, explosive vapour and trace detectors, radio
sets, forced entry resistant door system, panic buttons,
• Occupational Health and Safety Management system hooters and retractable barriers, which have been
– IS 18001:2007 deployed at vantage points across the parks.
The Company recognises park security and safety • Safety Procedures: The most important aspect of the
as one of its most important focus areas in ensuring safety procedures is regular training and assessment
the success of the parks. The park security and safety of the ride operators and attendants to prevent
plan is based on three principles: being proactive, the accidents or injuries resulting from unsafe acts and
utilisation of an optimum combination of technology conditions. In addition to monitoring for any hazard
and manpower and meeting international standards or unsafe condition, the ride operators carry out
on security and safety. Some of the key features of the inspections at pre-designated intervals and report
security and safety plan are set out below: any unsafe condition to the maintenance department
for correction. A detailed inspection and monitoring
• Security Agency: The Company has engaged one of procedure is followed for some of the critical rides and
the leading security solutions providers in India for attractions, such as the roller-coasters. The Company
its security needs and has developed a security plan has also engaged qualified lifeguards, who are on duty
based on a study of threats and vulnerabilities. The during the operating hours of the water park.
scope of services provided by its security solutions
service provider includes the development of, setting • Fire and Medical Emergency Plan: Company also
up and operating the security infrastructure in the has a comprehensive fire and medical emergency
parks, deploying security personnel and carrying out response plan. The Company has installed smoke and
regular training for the employees for security related heat detectors in its offices and indoor attractions
issues, particularly emergency response situations. and water sprinkler and fire hydrant systems and
fire extinguishers across the parks. In addition, there
• Identified Perimeters and Zones: Company has divided is a team of fire-men stationed in the theme park
its parks into various layers with defined internal and throughout the operational hours. There is a medical
external perimeters for effective monitoring and centre in the theme park & water park including a
response. The Company has deployed access control five- bed ward, which is staffed by a team of one
measures at the identified entry and exit points to doctor and eight nurses to respond to any medical
reduce trespassing and monitor crowd movement. The emergency in the theme park up to such time that

40
the guests are moved to the nearby hospitals. There RISKS

are two ambulances which are deployed in the parks
throughout the operational hours. • The business is seasonal in nature, and may be
affected by weather conditions, school vacations,
MAINTENANCE public holidays and weekends.
The Company’s maintenance team is responsible for the The theme and water park industry is seasonal in nature.
inspection, upkeep, repairs and testing of the rides and The parks could experience volatility in attendance as
attractions. The Company has appointed a safety officer a result of school vacations, public holidays, weekends
as a member of each of its parks management team to and adverse weather conditions such as excessive
supervise the maintenance and ride operations teams, and heat and monsoons. It is believed that attendance at
carry out regular audits and surprise inspections. the theme and water park and revenues from F&B and
retail and merchandise operations is, and will continue
Every ride and attraction at the parks is inspected regularly, to be, higher during school vacations, public holidays
according to daily, weekly, monthly, and annual schedules. and weekends. In addition, the water park is expected
The Company has formulated detailed maintenance to generate higher revenues in the summer months.

guidelines and checklists for each of its rides and attractions Conversely, the Company may face a reduction in
with the objective of ensuring that the rides and attractions revenues during the monsoon months. Further,
are operating within the manufacturer’s criteria and that unfavourable weather conditions such as forecasts of
maintenance is conducted according to internal standards, excessive rainfalls or heat may reduce the attendance
industry best practice and standards, as well as the ride at the parks.
designer or manufacturer’s specifications. The Company
• Company’s business and results of operations
has installed a networked enterprise software system which
could be adversely affected by changes in public
is used to plan and track all the maintenance activities. The
and consumer tastes or a decline in discretionary
maintenance system of some of the rides and attractions
consumer spending, consumer confidence and
is also linked over VPN to the respective vendors to ensure
general economic conditions.
effective monitoring, data sharing and resolution of issues,
if any. All ride maintenance personnel are trained to perform The success of the parks depends substantially on
their duties according to internal training processes, in consumer tastes and preferences that can change
addition to recognised industry certification programs in often unpredictable ways. The Company must
for maintenance activities. The Company’s infrastructure adapt to these changes to meet consumer tastes and
maintenance function comprises upkeep, repair, preventive preferences. The Company carries out research and
maintenance and improvement of the parks infrastructure. analysis before opening new rides and attractions
and often invest substantial time and resources
The Company obtains safety certifications from its vendors
to gauge the extent to which these new rides and
certifying that the rides and attractions installed at the
attractions will earn consumer acceptance. Further,
parks have been designed and manufactured in accordance
the success depends to a significant extent on
with international standards such as the American Society
discretionary consumer spending, which is heavily
for Testing and Materials, or the ASTM standard, the
influenced by general economic conditions and the
European, or the EN standard or the Deutsches Institut
availability of disposable income. Actual or perceived
für Normung e.V., or the DIN standard. Company has also
difficult economic conditions and inflationary periods
engaged TUV SUD South Asia Pvt. Ltd., a leading global
may adversely impact park attendance figures, the
technical services organisation to carry out inspection,
frequency with which guests choose to visit the
testing and installations certifications for the rides and
parks and guest spending patterns at the parks. Both
attractions. Company also periodically engage the services
attendance and total per capita spending at the parks
of third-party maintenance audit agencies to inspect the
are key drivers of its revenue and profitability, and
maintenance procedures.
reductions in either can adversely affect the business
and results of operations.
41
• Incidents or adverse publicity concerning the parks functional area. They are designed to ensure that
or the theme or the water park industry generally transactions are conducted and authorised within their
could harm Company’s brands or reputation as well framework. Further, the Company’s reporting guidelines
as negatively impact the business. ensure that transactions are recorded and reported in
conformity with generally accepted accounting principles.
The Company’s brands and reputation are among the These guidelines are regularly reviewed and updated to
most important assets. The ability to attract and retain meet the expectations of the current business environment.
guests depends, in part, upon the external perceptions The Company’s Code of Business Conduct lays down
of the parks, the quality of the parks and services and ethical standards expected from each of its personnel’s
performance of the operations team. The operation and business associates in their day to- day actions. The
of the parks involves the risk of accidents, contagious, Company‘s robust internal audit programme which works
airborne or waterborne diseases and other incidents to conduct a risk-based audit not only tests the adherence
that may negatively affect guest satisfaction and the to laid down policies and procedures but also suggests
perception of the guests in relation to safety, health improvements in the current processes and systems. The
and security of the parks, which could negatively audit program is agreed upon with the Audit Committee.
impact the brands and reputation and the business Internal Audit observations and recommendations are
and results of operations. reported to the Audit Committee, which monitors the
implementation of such recommendations. Company
• High levels of Outstanding Debt had appointed Mr. Pranit Agawane as the internal auditor
during the financial year 2020-21.
The company has more than ` 1000 crs of outstanding
debt, which has impeded the cash flows. The company SIGNIFICANT DEVELOPMENT IN HUMAN RESOURCES
has not been able to generate sufficient cash to
service the interest and principal repayments. This risk People are one of the key and critical success factors for the
has restricted the risk taking ability of the company Company. The Theme Park and Amusement Park industry
for entering into new businesses, expanding current in India is in the nascent stages. As such to find skilled
operations, expanding to newer geographies, and also manpower having experience of the industry is challenging.
to experiment with disruption revenue models. The The company has developed a very strong on-job training
company is working on a debt reduction/resolution and development program, which cuts across the junior
plan to mitigate this risk. team members as well as the middle management
layer. The senior technical & engineering team has been
• Impact of Epidemics and Pandemics trained under supervision of global experts of theme park
industry. The Company engaged these experts during the
The Theme and Amusement park industry has been development and initial operations of the Park.
impacted by the recent pandemic of COVID-19. This is
a new risk which has been faced by the industry. The Being located in the outskirts of Mumbai and Pune, the
theme park industry operates in a highly crowded Company needs to ensure that the employees are motivated
environment where physical distancing may be enough to travel the distance for work. The Company
difficult to maintain. The regulators would target this provides employee friendly transport and local stay facilities
industry for various restrictions, being categorised as a for the same. Employee satisfaction is a top priority, and
“non-essential” service. the Company ensures that all its employees enjoy a safe,
healthy and progressive work environment at all its offices.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY The Company’s Human Resource team works cohesively
with the employees to help them in their personal as well
The Company has internal controls commensurate with its as professional development. The Company has a well-
size. It has also adopted standard operating procedures, defined Code of Conduct that guides all employees in their
policies and process guidelines. These guidelines are interaction with the various stakeholders of the Company.
well documented with clearly defined authority limits The Company has a unique work-culture based on team
corresponding with the level of responsibility for each building and bonding through cross-job training.

42
As of March 31, 2021, the total number of permanent uncertainties. There is significant risk that the assumptions,
employees on the rolls of the Company were 600. predictions and other forward-looking statements will not
prove to be accurate. Readers are cautioned not to place
CAUTIONARY STATEMENT undue reliance on forward-looking statements as a number
of factors could cause assumptions, actual future results
This document contains statements about expected future and events to differ materially from those expressed in the
events, financial and operating results of Imagicaaworld forward-looking statements. Accordingly, this document is
Entertainment Limited (formerly known as Adlabs subject to the disclaimer and qualified in its entirety by the
Entertainment Limited), which are forward looking. By their assumptions, qualifications and risk factors referred to in the
nature, forward- looking statements require the Company management’s discussion and analysis section.
to make assumptions and are subject to inherent risks and
43
CORPORATE GOVERNANCE REPORT
OUR COMPANY’S PHILOSOPHY ON CODE OF Board comprises of six (6) Directors. The Details of Directors
GOVERNANCE who held directorship of the Company during Financial
Year 2020-21 are provided below:
The Company believes that good Corporate Governance
is an important component in enhancing stakeholders’ Name of DIN Category
value and it emerges from the application of the best and Directors
sound management practices and compliance with the Mr. Manmohan 00013961 Promoter, Chairman and
laws coupled with adherence to the highest standards Shetty Executive Director
of transparency and business ethics. The Company is Mr. Steven A. 00871062 Non-Executive and
committed in its responsibility towards the community and Pinto Independent Director
environment in which it operates, towards its employees Mr. Ghulam 00173420 Non-Executive and
and business partners and towards society in general. Mohammed Independent Director
Mr. Kapil Bagla 00387814 Non-Executive and
Your Company is in compliance with the Corporate Non-Independent
Governance requirements as enshrined in the Companies Director
Act, 2013 read with the Rules made thereunder (“The Act”), Ms. Anita 08563043 Non-Executive and
Securities and Exchange Board of India (Listing Obligations Pawar(1) Independent Director
and Disclosure Requirements) Regulations, 2015 (“Listing Mr. Dhananjay 00224261 Non-Executive and
Regulations”) and other applicable laws. As a Company, we Barve(2) Independent Director
believe in implementing Corporate Governance practices Note(s):
that go beyond meeting the letter of law. The Company (1)
Appointed as an Additional Director w.e.f. April 01, 2020 and
has comprehensively adopted practices mandated in the was then appointed as an Independent Non-Executive Director
Listing Regulations. by the Shareholders of the Company at their Annual General
Meeting held on November 10, 2020;
Your Company presents this report, prepared in terms of (2)
Appointed as an Additional Director w.e.f. September 16, 2020
the SEBI Listing Regulations (including the amendments to and was then appointed as an Independent Non-Executive
the extent applicable), enumerating the current Corporate Director by the Shareholders of the Company at their Annual
Governance systems and processes at the Company. General Meeting held on November 10, 2020
Further, pursuant to applicable provisions of the Act

BOARD OF DIRECTORS and Articles of Association of the Company Mr. Kapil
Bagla, Non-Executive Director of the Company, retires
The Board of Directors (the “Board”) of your Company have by rotation in the ensuing Twelfth Annual General
an appropriate blend of Directors to maintain its diversity Meeting of the Company and being eligible, offers
and independence, the Board of your Company has an himself for re-appointment. Details of Directors retiring
optimum combination of such number of Executive, Non- or being appointed/ re-appointed forms part of the
Executive and Independent Directors, including a Woman Notice of ensuing Twelfth Annual General Meeting
Director. Company is managed by the Board of Directors (“AGM”).
in co-ordination with the Senior Management team. The
composition and strength of the Board is reviewed from In terms of the provisions of Section 184 of the Act
time to time for ensuring that it remains aligned with the and Regulation 26 of the Listing Regulations, the
statutory as well as business requirements. Directors presented necessary disclosures regarding
the positions held by them on the Board and/or
A. Composition of the Board Committees of other public and/or private companies,
from time to time. On basis of such disclosures, it is
Composition of the Board of Directors is in conformity confirmed that as on the date of this Report, none of
the requirements prescribed under the Act and Listing the Directors of your Company:-
Regulations. As on the date of this Report, your Company’s

44
1. hold directorships in more than 10 public limited M/s. Aabid & Co., Company Secretaries that none of the
companies (listed or unlisted); directors on the board of the company have been debarred
or disqualified from being appointed or continuing as
2. is a member of more than 10 Committees (considering Directors of the Company by Securities and Exchange Board
only Audit Committee and Stakeholders Relationship of India, Ministry of Corporate Affairs or any such statutory
Committee) or Chairperson of more than 5 Committees authority. The said certificate forms part of this Report.
across all the public companies (listed or unlisted) in
which he/ she is a Director; and The details of each Director along with the number of
Directorships/ Committee Memberships/ Chairmanships
3. are related to each other.
and their shareholding in the Company as on March 31,
The Company has also obtained a Certificate from 2021, are provided herein below:
Name of Director No. of Shareholding No. of other companies Board Name(s) of the
Directorship in the Committees in which Member/ Listed Entity(s) in
in other company Chairperson(1) & (2) which the Director
Companies(1) Member Chairperson holds Directorship(s)
Mr. Manmohan Shetty 6 1,29,000 1 - 1) Centrum

Capital Limited -
Independent Director
2) Mukta Arts Limited
- Non-Executive
Mr. Kapil Bagla 12 178 - 1 -
Mr. Steven A. Pinto 5 - 1 - -
Mr. Ghulam 10 - 1 1 Oriental Industrial
Mohammed Investment
Corporation Limited -
Ms. Anita Pawar - - - - -
Mr. Dhananjay Barve - - - - -
Note(s):
(1) Directorships and membership/ Chairmanship in the Committees of the Board of Directors excludes Imagicaaworld Entertainment Limited,
foreign Companies, Companies formed under Section 25 of the Companies Act, 1956 and Section 8 of the Companies Act, 2013
(2) Chairmanship/ Membership of Committee only include the Audit Committee and Stakeholders Relationship Committee in other Indian
Public & Private Companies (Listed and Unlisted & exclude Imagicaaworld Entertainment Limited).
(3) None of the Directors hold directorship in more than 7 (Seven) Listed Entities as per Regulation 17A(1) of Listing Regulations;
(4) No director holds membership(s) of more than 10 committees of any board, nor, is a chairperson of more than 5 committees of any Board
across all listed companies with which he/she is associated as a Director.
B. Details of Meetings of the Board of Directors and Annual General Meeting held during the period under review,
along with attendance of Directors at each meeting
The Board meets at regular intervals to discuss and decide on business strategies/policies and review the financial
performance of the Company and its subsidiary companies. The notice and detailed agenda along with the relevant
notes and other material information are sent in advance separately to each Director and in exceptional cases tabled
at the meeting with the approval of the Board. This ensures timely and informed decisions by the Board. The Board
reviews the performance of the Company vis-à-vis the budgets/ targets.
45
The Board meets atleast 4 times in a year (one meeting During the financial year 2020-21, the Board met 4 (Four)
in every calendar quarter) and the maximum gap times i.e. on July 29, 2020, September 14, 2020, November
between any two consecutive meetings is less than 10, 2020, February 04, 2021. The details of attendance of
120 days, as stipulated under Section 173(1) of the Act, Directors at each such meeting of the Board and at the
Regulation 17(2) of the Listing Regulations and the Eleventh Annual General Meeting of the Company held on
Secretarial Standards issued by Institute of Company November 10, 2020, are provided herein below:
Secretaries of India. Additional meetings are held as
and when necessary.
Name of Meetings of Board in financial year 2020-21 Attendance

Director at last 11th
Held during July 29, 2020 September November February
AGM
the tenure 14, 2020 10, 2020 04, 2021
Mr. Manmohan 4
Shetty
Mr. Kapil Bagla 4
Mr. Ghulam 4
Mohammed
Mr. Steven A. 4
Pinto
Ms. Anita Pawar 4
Mr. Dhananjay 4
Barve
C. Independent Directors to discuss the performance of Non-Independent

Directors & the Board as a whole and to assess the
All Independent Directors on the Board are Non- quality, quantity & timeliness of flow of information
Executive Directors as defined under Regulation 16(1) between the Management of the Company and the
(b) of the Listing Regulations. The maximum tenure of Board, which is necessary for the Board to effectively
the Independent Directors is in compliance with the and reasonably perform its duties. All the Independent
Act. All the Independent Directors have confirmed that Directors were present for the meeting of Independent
they meet the criteria of independence as mentioned Directors.
under Section 149(6) of the Act and Regulation 16(1)
(b) of the Listing Regulations. E. Familiarisation
The Independent Directors on the Board of your In terms of the provisions of Regulation 25 of the
Company are experienced, competent and highly Listing Regulations, your Company has framed a
respected individuals in their respective fields, which Familiarisation Programme for Independent Directors
brings an ideal mixture of expertise, professionalism, of the Company. The familiarisation programme aims
knowledge and experience to the table. to enable the Independent Directors to understand
their roles, rights, responsibilities in the Company,
D. Separate meeting of Independent Directors: nature of the industry in which the Company operates,
its business in depth etc.
The Independent Directors met once during the year,
on February 04, 2021, without the presence of Executive The details of the Familiarisation Programmes held for
Directors or Management representatives, inter-alia, Independent Directors during the year under review

46
are also available on the website of the Company and financial advisory and new projects. Ms. Anita Pawar,
can be accessed at https://www.imagicaaworld.com/ Independent Director, has around 12 years of
investor_docs/Familiarisation%20Programme%20 Experience as a Practicing Lawyer in handling criminal
for%20Independent%20Directors%20-%202020-21. and civil cases. Mr. Dhananjay Barve, Independent
pdf Director, has over 39 years of experience in the
financial and real estate markets. Mr. Kapil Bagla, Non-
F. Core Competence of the Board of Directors Executive Director, has over two decades of experience
in financial services and media industry.
The Board of Directors of the Company has identified
the following core competencies that it must possess Each and every member on the Board of Directors
considering the nature of business and the sector in of the Company possesses all the required and
which the company operates. Following are such identified professional and behavioural competencies
identified competencies/ skills: mentioned here above.
a) Technical Competencies: COMMITTEES OF THE BOARD
The director’s understanding and appropriate The Board of Directors have constituted its Committees to
application of essential practical and theoretical deal with the specific areas which require a closer review.

knowledge of Entertainment Sector and Consumer The Board Committees are formed with approval of the
focused Business, Marketing, Engineering, Finance, Board of Directors and they function under their respective
Strategy, Legal & Compliance, Corporate Governance terms of references. The Board Committees meet at regular
and Safety & Security. intervals as and when required and take necessary steps to
perform its duties entrusted by the Board. The minutes of
b) Professional Competencies: the meetings of all the Committees of the Board are placed
before the Board for its noting.
The attitude and character that shapes director’s
responses and behaviour in the decision making The Board of Directors of the Company has constituted five
process of the Board of Directors. The ability of Board committees of the Board as follows:
Members to have ethical and professional approach
to the performance oriented decisions of the Board of 1. Audit Committee
Directors. 2. Nomination and Remuneration Committee
3. Stakeholders’ Relationship Committee
c) Behavioural Competencies: 4. Corporate Social Responsibility Committee
5. Risk Management Committee
The expertise that directors bring to their role by
possessing ability to think strategically, analyse A. AUDIT COMMITTEE
information, make rightful and fair decisions,
communicate, lead and influence the Board decisions The Board has constituted Audit Committee which
in a rightful manner. acts as a link between the management, statutory
and internal auditors and the Board. The Composition,
Mr. Manmohan Shetty, Executive Director of the quorum and terms of reference of the Audit
Company possesses four decades of experience in Committee are in accordance with Section 177 of the
the media and entertainment industry. Mr. Steven Act and Regulation 18 of the Listing Regulations. All
Pinto, Independent Director, has over four decades the members of the Committee are financially literate
of experience in the banking industry. Mr. Ghulam and possess expertise in the fields of finance, taxation
Mohammed, Independent Director, has immense etc. The Committee is entrusted with the responsibility
experience of almost four decades in manufacturing, to supervise the Company’s internal controls and
IT, international trade and exports, strategic, corporate, financial reporting process.
47
Composition and Attendance • Oversight of the Company’s financial reporting

process and the disclosure of its financial
Composition of the Audit Committee is in line with information to ensure that the financial statement
Section 177 of the Act and Regulation 18 of the is correct, sufficient and credible.
Listing Regulations. During the Financial Year 2020- • Recommendation for appointment, remuneration
21, the Committee met five times i.e. on July 29, 2020, and terms of appointment of auditors of the
September 14, 2020, November 10, 2020, February 04, Company.
2021 and March 20, 2021. The Details of Composition
and meetings attended by Members during the • Approval of payment to statutory auditors for any
Financial Year 2020-21 are given below: other services rendered by the statutory auditors.
Name of Category No. of meetings • Reviewing, with the management, the annual
Members Held during Attended financial statements and auditor’s report thereon
the tenure before submission to the board for approval, with
particular reference to:
Mr. Steven Independent 5 5
a. matters required to be included in the
Pinto Director
director’s responsibility statement to be
(Chairperson)
included in the board’s report in terms of
Mr. Ghulam Independent 5 5 clause (c) of sub-section (3) of Section 134 of
Mohammed Director the Companies Act, 2013;
(Member)
Mr. Kapil Bagla Non-Executive 5 5 b. changes, if any, in accounting policies and
(Member) Director practices and reasons for the same;
c. major accounting entries involving estimates
Chief Executive Officer, Chief Financial Officer, based on the exercise of judgment by
representatives of the Statutory Auditors and Internal management;
Auditors of the Company were also invited to the Audit
Committee Meetings. Mr. Steven Pinto, Chairperson d. significant adjustments made in the financial
of the Committee was present at the last Annual statements arising out of audit findings;
General Meeting (AGM) i.e. the Eleventh AGM held e. compliance with listing and other legal
on November 10, 2020 to answer the queries of the requirements relating to financial statements;
Members of the Company.
f. disclosure of any related party transactions;
Ms. Divyata Raval, Company Secretary & Compliance and
Officer of the Company, acts as the Secretary to the g. modified opinion(s) in the draft audit report.
Committee.
• Reviewing, with the management, the quarterly
Minutes of all meetings of the Audit Committee are financial statements before submission to the
circulated to all the members of the Board and are also board for approval.
placed in the next scheduled meeting of the Board, for
• Reviewing, with the management, the statement
discussion and review thereof.
of uses/ application of funds raised through an
issue (public issue, rights issue, preferential issue,
Brief Description of Terms of reference:
etc.), the statement of funds utilized for purposes
other than those stated in the offer document/
The terms of reference of the Audit Committee are
prospectus/notice and the report submitted by
in terms of the applicable provisions of the Act and
the monitoring agency monitoring the utilisation
Regulation 18 read with Part C of Schedule II of the
of proceeds of a public or rights issue, and making
Listing Regulations. The Terms of reference of the
appropriate recommendations to the board to
Audit Committee are as follows:
take up steps in this matter.

48
• Reviewing and monitoring the auditor’s • Carrying out any other function as is mentioned
independence and performance, and in the terms of reference of the audit committee.
effectiveness of audit process.
• The audit committee shall review the information
• Approval or any subsequent modification of required as per Listing Regulations.
transactions of the listed entity with related
parties. • To review the utilization of loans and/ or advances
from/investment by the holding company in the
• Scrutiny of inter-corporate loans and investments. subsidiary exceeding rupees 100 crore or 10% of
the asset size of the subsidiary, whichever is lower
• Valuation of undertakings or assets of the listed including existing loans / advances / investments
entity, wherever it is necessary. existing as on the date of coming into force of this
provision.
• Evaluation of internal financial controls and risk
management systems. B. NOMINATION AND REMUNERATION COMMITTEE
• Reviewing, with the management, performance The Board of your Company has duly constituted
of statutory and internal auditors, adequacy of Nomination and Remuneration Committee in line with

the internal control systems. Section 178 of the Act and Regulation 19 of the Listing
Regulations. The Composition, quorum and terms
• Reviewing the adequacy of internal audit function, of reference of the Nomination and Remuneration
if any, including the structure of the internal audit Committee are in accordance with Section 178 of the
department, staffing and seniority of the official Act and Regulation 19 of the Listing Regulations.
heading the department, reporting structure
coverage and frequency of internal audit. Composition
• Discussion with internal auditors of any significant During the Financial Year 2020-21, the Committee met
findings and follow up there on. three times i.e. on July 29, 2020, September 14, 2020
and February 04, 2021. The Details of Composition and
• Reviewing the findings of any internal
meetings attended by Members during the Financial
investigations by the internal auditors into matters
Year 2020-21 are given below:
where there is suspected fraud or irregularity or
a failure of internal control systems of a material
Name of Category No. of meetings
nature and reporting the matter to the board. Held Attended
Members
during the
• Discussion with statutory auditors before the
tenure
audit commences, about the nature and scope of Mr. Steven Pinto Independent 3 3
audit as well as post-audit discussion to ascertain (Chairperson) Director
any area of concern. Mr. Ghulam Independent 3 3
Mohammed Director
• To look into the reasons for substantial defaults (Member)
in the payment to the depositors, debenture Mr. Kapil Bagla Non- 3 3
holders, shareholders (in case of non-payment of (Member) Executive
declared dividends) and creditors. Director
Mr. Manmohan Executive 3 3
• To review the functioning of the whistle blower Shetty Director
mechanism. (Member)
• Approve the appointment of Chief Financial Mr. Steven Pinto, Chairperson of the Committee was
Officer after assessing the qualifications, present at the last Annual General Meeting (AGM) i.e.
experience and background, etc. of the candidate. the Eleventh AGM held on November 10, 2020.
49
Terms of reference to directors, key managerial personnel and senior

management involves a balance between fixed
The terms of reference of the Nomination and and incentive pay reflecting short and long-
Remuneration Committee are as follows: term performance objectives appropriate to the
working of the Company and its goals;
• to formulate a criteria for determining
qualifications, positive attributes and • To formulate the terms and conditions of the
independence of a Director; Employee Stock Option Plan, to administer and
implement the said plan, to determine number
• to recommend to the Board the appointment and
of Options to be granted, to determine vesting
removal of Senior Management;
and /or lock-in-period, etc. and to perform such
• To carry out evaluation of Director’s performance functions as are required to be performed by
and recommend to the Board appointment / the Committee under Securities and Exchange
removal based on his / her performance; Board of India (Share Based Employee Benefits)
Regulations, 2014, as amended from time to time;
• to recommend to the Board on (i) policy relating and
to remuneration for Directors, Key Managerial
Personnel and Senior Management, (ii) Executive • Recommend to the board, all remuneration, in
Directors remuneration and incentive and (iii) whatever form, payable to senior management.
all remuneration, in whatever form, payable to
Performance Evaluation Criteria for Independent
senior management;
Directors
• to make recommendations to the Board
The performance evaluation criteria for independent
concerning any matters relating to the
directors are determined by the Nomination and
continuation in office of any Director at any
Remuneration Committee. The performance of the
time including the suspension or termination of
Independent Directors of the Company is evaluated
service of an Executive Director as an employee of
on the following criterias:
the Company subject to the provision of the law
and their service contract; • participation and contribution by a director
in business of the company discussed at the
• ensure that level and composition of remuneration
meetings;
is reasonable and sufficient, relationship of
remuneration to performance is clear and meets • Effective deployment of knowledge and expertise
appropriate performance benchmarks; and commitment.
• to devise a policy on Board diversity; • Keeps himself/ herself prepared on areas and
issues that are likely to be discussed at the Board
• to develop a succession plan for the Board and to
level;
regularly review the plan;
• Invests time in understanding the Company and
• To formulate policy for nomination and
its distinctive requirements;
remuneration of directors and senior
management to ensure that: (i) the level and • Conducts himself/ herself in the manner that
composition of remuneration is reasonable and is ethical and consistent with various laws and
sufficient to attract, retain and motivate directors/ regulations; and
KMPs of the quality required to run the Company
successfully; (ii) relationship of remuneration • Stays conscious for being independent of the
to performance is clear and meets appropriate management
performance benchmarks; and (iii) remuneration

50
Remuneration to Directors Chairman and Executive Director of the Company was

appointed without any remuneration.
Non-Executive Directors:
Performance Linked Incentive (PLI)
The Non-Executive Independent Directors are paid
remuneration by way of sitting fees for each Meeting of Executive Director’s Performance Linked Incentive is
the Board or Committees attended by them. Pursuant linked to individual performance and the performance
to the limits approved by the Board, all directors being of the Company. The total reward package for Executive
Non-Executive Independent Directors are being paid Directors is intended to be market competitive
sitting fees for attending each meeting of the Board, with linkage to performance in line with Company’s
Audit Committee and other meeting of Committees Remuneration Policy.
of Board. The Non-Executive Directors do not have any
material pecuniary relationship or transactions with Remuneration Policy of the Company is directed
the Company. towards rewarding performance, based on review of
achievements. It is aimed at attracting and retaining
The sitting fees paid during the financial year 2020- high calibre talent. The Nomination and Remuneration
21 to the Non- Executive Independent Directors for Policy is displayed on website of the Company i.e.
attending the Board and Committee Meetings for the at https://www.imagicaaworld.com/investor_docs/

year 2020-21, are as follows: Nomination%20and%20Remuneration%20Policy.pdf
Name of the Directors Sitting Fees (`) C. STAKEHOLDERS’ RELATIONSHIP COMMITTEE

Mr. Steven A. Pinto 1,90,000 The Board of your Company has duly constituted
Mr. Ghulam Mohammed 1,90,000 Stakeholders’ Relationship Committee in line with
Mr. Dhananjay Barve 80,000 Section 178 of the Act and Regulation 20 of the Listing
Ms. Anita Pawar 80,000 Regulations. The Composition, quorum and terms of
reference of the Stakeholders’ Relationship Committee
Mr. Kapil Bagla, Non-executive Director of the are in accordance with Section 178 of the Act and
Company did not receive any remuneration during Regulation 20 of the Listing Regulations.
the year under review and he has waived his right to
receive sitting fees as Non-executive Director of the Composition
Company.
During the Financial Year 2020-21, the Committee
No remuneration by way of commission was paid to met one time i.e. on February 04, 2021. The Details
the Non-Executive Directors was proposed for the of Composition and meetings attended by Members
financial year 2020-21. The Non-Executive Directors during the Financial Year 2020-21 are given below:
do not have any material pecuniary relationship or
transactions with the Company. Name of Category No. of meetings
Members Held Attended
Executive Directors: during
the
During the year 2020-21, the Board comprised of tenure
one executive Director i.e. Mr. Manmohan Shetty, Mr. Ghulam Independent 1 1
Chairman & Executive Director. In terms of the Mohammed Director
provisions of the Act and in line with the Nomination (Chairperson)
and remuneration Policy of the Company, the Mr. Kapil Bagla Non- 1 1
appointment and remuneration of Executive Directors (Member) Executive
is approved by the Board and the Members of the Director
Company, on recommendation of the Nomination Mr. Manmohan Executive 1 1
and remuneration committee. Mr. Manmohan Shetty, Shetty (Member) Director
51
Terms of reference D. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The terms of reference of the Stakeholders’ Relationship The Board of your Company has constituted a
Committee are as follows: Corporate Social Responsibility Committee (“CSR
Committee”) in terms of the provisions of Section 135
• Consider and approve issue of share certificates of the Act.
(including issue of renewed or duplicate share
certificates), transfer and transmission of Composition and Attendance
securities, etc.;
Composition of the Corporate Social Responsibility
• Resolving the grievances of the security holders Committee is in line with Section 135 of the Act.
of the listed entity including complaints related During the Financial Year 2020-21, the Committee
to transfer/transmission of shares, non-receipt of met one time i.e. on February 04, 2021. The Details
annual report, non-receipt of declared dividends, of Composition and meetings attended by Members
issue of new/duplicate certificates, general during the Financial Year 2020-21 are given below:
meetings etc.;
Name of Category No. of meetings
• Review of measures taken for effective exercise of Members Held Attended
voting rights by shareholders; during
the
• Review of adherence to the service standards tenure
adopted by the listed entity in respect of various Mr. Manmohan Executive 1 1
services being rendered by the Registrar & Share Shetty Director
Transfer Agent; and (Chairperson)
Mr. Steven A. Independent 1 1
• Review of the various measures and initiatives Pinto Director
taken by the listed entity for reducing the (Member)
quantum of unclaimed dividends and ensuring Mr. Kapil Bagla Non- 1 1
timely receipt of dividend warrants/ annual (Member) Executive
reports/statutory notices by the shareholders of Director
the company.
Terms of reference
Name and designation of Compliance Officer
The terms of reference of the Corporate Social
Responsibility Committee are as follows:
Ms. Divyata Raval, the Company Secretary is the
Compliance Officer of the Company. The details of • Formulate and recommend to the Board, a
shareholders’ complaints received and disposed of Corporate Social Responsibility (“CSR”) policy
during the year under review are as under: indicating the activities to be undertaken by
the Company as specified in Schedule VII of the
Investor Complaints pending at the beginning Nil Companies Act, 2013.
of the Financial year • Recommend the amount to be incurred on such
-received during the Financial year Nil activities.
-resolved during the Financial year Nil • Monitor the Company’s CSR Policy periodically.
Investor Complaints pending as at the end of Nil
the year The Board has adopted the CSR Policy as formulated
and recommended by the Committee. The same
No complaints were received during the year under is displayed on the website of the Company and
review. can be accessed at https://www.imagicaaworld.
co m / i nve s to r _ d o c s / Co r p o rate % 2 0 S o c i a l % 2 0
Responsibility%20Policy.pdf

52
E. RISK MANAGEMENT COMMITTEE financial, operational, sectoral, sustainability

(particularly, ESG related risks), information,
The Board of your Company has constituted a Risk cyber security risks or any other risk as may
Management Committee (“RMC) in accordance be determined by the Committee.
with the provisions of Regulation 21 of the Listing
Regulations. The Composition and terms of reference b) Measures for risk mitigation including
of the Risk Management Committee are also in systems and processes for internal control of
compliance with the provisions of Regulation 21 of the identified risks.
Listing Regulations.
c) Business continuity plan.
Risk Management Committee has been constituted to
frame, implement and monitor the risk management 2) To ensure that appropriate methodology,
plan for the Company. The Committee is responsible for processes and systems are in place to monitor
reviewing the risk management plan and ensuring its and evaluate risks associated with the business of
effectiveness. Major risks identified by the businesses the Company;
and functions are systematically addressed through
mitigating actions on a continuing basis. 3) To monitor and oversee implementation of the
risk management policy, including evaluating the

Composition and Attendance adequacy of risk management systems;
During the Financial Year 2020-21, the Committee met 4) To periodically review the risk management
two times i.e. on July 29, 2020 and February 04, 2021. policy, at least once in two years, including by
The Details of Composition and meetings attended by considering the changing industry dynamics and
Members during the Financial Year 2020-21 are given evolving complexity;
below:
Name of Category No. of meetings 5) To keep the board of directors informed about
Members Held Attended the nature and content of its discussions,
during recommendations and actions to be taken;
the
tenure 6) The appointment, removal and terms of
Mr. Manmohan Executive 2 2 remuneration of the Chief Risk Officer (if any) shall
Shetty Director be subject to review by the Risk Management
(Chairperson) Committee.
Mr. Kapil Bagla Non- 2 2
(Member) Executive 7) The Risk Management Committee shall coordinate
Director its activities with other committees, in instances
Mr. Ashutosh Kale Jt. Chief 2 2 where there is any overlap with activities of such
(Member) Executive committees, as per the framework laid down by
Officer the board of directors.
Terms of reference 8) enable the Company to proactively manage the

uncertainty, changes in the internal and external
The terms of reference of the Risk Management environment to limit negative impacts; and
Committee are as follows:
9) capitalise on opportunities along with
1) To formulate a detailed risk management policy minimisation of identifiable risks, in compliance
which shall include: with the provisions of the Act and Regulations
4(2)(f )(ii)(7) and 17(9)(b) of the SEBI Listing
a) A framework for identification of internal Regulations, which require the Company to
and external risks specifically faced by lay down procedure for risk assessment and
the listed entity, in particular including procedure for risk minimisation.
53
GENERAL BODY MEETINGS
A. Annual General Meetings
Details of last three Annual General Meetings (AGM) of the Company along with details of special resolution(s) passed
at such AGMs are tabled herein below:
Date Time Particulars of special resolution(s) passed at AGM conducted through Video Conferencing
November 11:00 1. To approve continuation of Directorship of Mr. Steven Pinto, who had attained the age of
10, 2020 a.m. seventy five years
2. Appointment of Ms. Anita Pawar and Independent Director
3. Appointment of Mr. Dhananjay Barve and Independent Director
4. Approval of “Imagicaaworld Employee Stock Option Scheme 2020” and authorisation to
create, grant, offer, issue and allot stock Options not exceeding 39,94,891 (Thirty Nine Lakhs
Ninety Four Thousand Eight Hundred and Ninety One) Options, exercisable into equity
shares of ` 10/- of the Company
AGM conducted at Imagicaa Theme Park, Imagicaa Capital, 30/31, Sangdewadi, Khopoli-Pali Road, Taluka Khalapur,
District Raigad - 410203
August 01, 12.00 To re-appoint Mr. Ashutosh Kale (DIN: 06844520) as an Executive Director of the Company
2019 noon
August 03, 11:30 1. To re-appoint Mr. Manmohan Shetty (DIN:00013961) as Chairman of the Company.
2018 am 2. Sale of Investments or Shareholding of the Company in Walkwater Properties Private Limited,
wholly owned subsidiary company and Surplus Land of approximately 65 acres of the
Company.
3. Issue of Securities to Qualified Institutional Buyers
B. Postal Ballot 2) Compliances by the Company
During the year under review, the Company did not The Company has complied with the requirements
pass any resolutions through Postal Ballots. of the Stock Exchanges, SEBI and other statutory
authorities on all matters related to capital markets
DISCLOSURES and no penalties or strictures have been imposed
on the Company by the Stock Exchanges or SEBI or
1) Related Party transactions any other statutory authorities relating to the capital
markets during the last three years.
During the year 2020-21, the Company has not
entered into any materially significant related party Further, the Company has complied with all the
transaction, which could have a potential conflict mandatory requirements specified in Regulations 17
of interest between the Company and its Promoters to 27 and clauses (b) to (i) of sub – regulation (2) of
or Directors or Management or their relatives, or Regulation 46 of the Listing Regulations.
subsidiaries other than the transactions carried out
in the normal course of business. The related party 3) Whistle Blower Policy / Vigil Mechanism
transactions are disclosed in Notes to Accounts. A copy
of the policy on dealing with related party transactions Pursuant to Section 177(9) and (10) of the Companies
has been posted on the Company’s website and can Act, 2013, and Regulation 22 of the Listing Regulations,
be accessed at https://www.imagicaaworld.com/ the Company has formulated Whistle Blower Policy for
investor_docs/Related%20Party%20Transaction%20 vigil mechanism of Directors and employees to report
Policy.pdf to the management about the unethical behaviour,

54
fraud or violation of Company’s Code of Conduct. The commodity and accordingly, no hedging activities for
mechanism provides for adequate safeguards against the same were carried out during the year 2020-21.
victimization of employees and Directors who use such
mechanism and makes provision for direct access to 6) Details of compliance of mandatory requirements
the chairperson of the Audit Committee in exceptional and adoption of non-mandatory requirements
cases. None of the personnel of the Company has been
denied access to the Audit Committee. During the Your Company has complied with all the mandatory
financial year 2020-21, the Company did not receive any requirements of the Listing Regulations relating to
Whistle Blower Complaints. The Whistle Blower Policy Corporate Governance.
is displayed on the Company’s website viz. https://
www.imagicaaworld.com/investor_docs/Vigil%20 In addition, your Company also strives to adhere and
Mechanism%20or%20Whistle%20Blower%20Policy. comply with the following discretionary requirement
pdf specified under Regulation 27(1) and Part E of the
Schedule II of the Listing Regulations, to the extent
4) Subsidiaries applicable:
i) Reporting of Internal Auditor: In accordance with the

The Company monitors performance of the subsidiary
provisions of Section 138 of the Act, the Company has
companies, inter-alia, by following means:

appointed an Internal Auditor who directly reports to
the Audit Committee. Quarterly Internal Audit Reports
a) Financial statements, in particular the investments
are submitted to the Audit Committee which reviews
made by unlisted subsidiary companies are
the audit reports and suggests necessary actions.
reviewed quarterly by the Audit Committee of the

Company.
7) Disclosure of Accounting Treatment
b) Minutes of the meetings of the Board of Directors The financial statements of the Company have been
of all subsidiary companies are placed before the prepared in accordance with applicable Indian
Company’s Board regularly. Accounting Standards (Ind AS) referred to in Section
133 of the Companies Act, 2013. The significant
c) A statement containing all the significant accounting policies which are consistently applied are
transactions and arrangements entered into set out in the Notes to the Financial Statements.
by the unlisted subsidiary companies is placed
before the Company’s Board/ Audit Committee. 8) Details of utilisation of funds raised through
preferential allotment or qualified institutions
d) Quarterly review of Risk Management process by placement as specified under Regulation 32(7A)
the Audit Committee/ Board.
During the year, your Company has not raised
e) The Company has formulated a policy for any proceeds from preferential issue or qualified
determining ‘material’ subsidiaries and such institutions placement as specified under Regulation
policy has been disclosed on the Company’s 32(7A).
website and can be accessed at https://www.
imagicaaworld.com/investor_docs/Material%20 9) Certificate from a Company Secretary in Practice
Subsidiary%20Policy.pdf
The Company has availed a certificate from M/s. Aabid
5) Commodity Price risks and commodity hedging & Co., Company Secretaries in Practice that none of the
activities Directors on the Board of your Company have been
debarred or disqualified from being appointed or
The Company has adequate risk assessment and continuing as Directors of Company by Securities and
minimization system in pace including for commodities. Exchange Board of India/ Ministry of Corporate Affairs
The Company does not have material exposure of any or any other Statutory Authority. Said Certificate is
annexed herewith as part of the Report.
55
10)
Where the board had not accepted wider dissemination. Presentations made to
recommendation(s) of any Committee media, analysts, institutional investors, etc. are
posted on the Company’s website.
During the year under review, all the recommendations
made by all the Committees, which are mandatorily • Annual Report containing, inter alia, Audited
required, have been duly accepted by the Board of Annual Accounts, Consolidated Financial
Directors. Statements, Directors’ Report, Auditors’ Report
and other important information is circulated
11) Details of total fees paid to Statutory Auditors to Members and others entitled thereto. The
Management Discussion and Analysis Report
Details of total fees relating to all services availed by forms part of the Annual Report and is displayed
the Company and its subsidiaries, on consolidated on Company’s website.
basis, to the Statutory Auditor are given in Note 34 to
the Standalone Financial Statements and Note 32 to • A separate dedicated “Investors Relations” section
the Consolidated Financial Statements. under “about us “ tab, on the website of the
Company, gives information on the aforesaid
12) Disclosure in relation to the Sexual Harassment of results, shareholding pattern and other relevant
Women at workplace (Prevention, Prohibition and information of interest to the investors/ public.
Redressal) Act, 2013 The Company has also designated the email-ID:
compliance@imagicaaworld.com exclusively for
Number of complaints filed during the NIL investor servicing.
financial year:
Number of complaints disposed of during the NIL GENERAL SHAREHOLDRS’ INFORMATION
financial year:
In terms of the provisions of Point No. 9 of Part C of Schedule
Number of complaints pending as on end of NIL V of the Securities and Exchange Board of India (Listing
the financial year: Obligations and Disclosure Requirements) Regulations,
2015 (“Listing Regulations”), General Information of your
13) MEANS OF COMMUNICATION Company for reference of the Shareholders is provided as
under:
• Quarterly Results/half yearly/annual results
along with the Limited Review/ Auditor’s Report
thereon are filed with the BSE Limited and CIN : L92490MH2010PLC199925
the National Stock Exchange of India Limited Registered office : 30/31, Sangdewadi Khopoli
(collectively referred to as “Stock Exchanges”) Address Pali Road,Taluka Khalapur,
at their respective electronic platforms i.e. BSE District, Raigad 410 203
Corporate Compliance & Listing Centre and Date, Time and : Wednesday, September 29,
NSE Electronic Application Processing System Venue of Annual 2021 at 11:30 a.m. through
(NEAPS), so as to enable them to display the same General Meeting Video Conferencing/OAVM
on their respective websites. The aforesaid results Financial year : April 1, 2020 to March 31,
are also published in Business Standard, English 2021
daily newspaper circulating in substantially the Book closure dates : Wednesday, September
whole of India and in Sakal, Marathi vernacular 22, 2021 to Wednesday,
daily newspaper and are also posted on the September 29, 2021 (Both
Company’s website https://www.imagicaaworld. days inclusive)
com Dividend Payment : Not Applicable
Date
• Official media releases are sent to the Stock
Exchanges before their release to the media for

56
Listing on Stock : The Equity Shares of the Registrar and Transfer Agent (RTA)
Exchanges Company are listed on: Link Intime India Private Limited
i) BSE Limited (BSE), Phiroze C 101, 247 Park, L B S Marg,
Jeejeebhoy Towers, Dalal Vikhroli - West, Mumbai- 400 083
Street, Mumbai - 400 001 Tel: +91 22 4918 6270
ii) National Stock Exchange of Fax: +91 22 4918 6060
India Limited (NSE) ‘‘Exchange e-mail: rnt.helpdesk@linkintime.co.in
Plaza”, Bandra-Kurla Complex
Bandra (E), Mumbai 400 051 Share Transfer System
Stock Code : The BSE scrip code of equity
shares is “539056” Shareholders’/ Investors’ are requested to send share
The NSE scrip symbol of certificate(s) along with share transfer deed in the
equity shares is “IMAGICAA” prescribed form no. SH-4, duly filled in, executed and
affixed with share transfer stamps, to the Company’s RTA. If
ISIN : INE172N01012
the transfer documents are in order, the transfer of shares is
Tentative calendar of the Board Meetings for registered within 15 days of receipt of transfer documents
consideration of quarterly/ half yearly/ annual results by Company’s RTA. No such request was received during
the year.

for the Financial Year 2021-22 (1):
Distribution of shareholding as on March 31, 2021
For the quarter ended : August, 2021
June 30, 2021
No. of Equity No. of No. of hares % of total
For the quarter and half : October/ November, Shares held Shareholders held shares
year ended September 30, 2021 1 – 500 21,713 32,03,155 3.63
2021
501 - 1000 3,132 26,39,717 2.99
For the quarter ended : January/ February,
1001 - 2000 1,844 29,08,361 3.30
December 31, 2021 2022
2001 – 3000 722 18,68,985 2.12
For the quarter and year : April/ May, 2022
3001 – 4000 290 10,55,907 1.19
ended March 31, 2022
Note(s): 4001 – 5000 386 18,51,897 2.10
(1)
The tentative dates of the Board meetings also depend on the 5001 – 10000 488 38,07,887 4.32
circulars issued by SEBI in line with extensions given, if any, in 10001 and above 500 7,07,26,214 80.31
view of the nationwide lockdown due to global pandemic of
Novel Corona Virus. Category-wise Shareholding Pattern of the Company as
on March 31, 2021:
Market Price Data and performance in comparison to broad
based indices
Category of No. of Total no. of As a
Month-Year BSE NSE BSE Sensex shareholder Share Shares percentage
Closing holders(1) of (A+B+C)
High Low High Low
April-2020 4.44 2.40 4.20 3.65 33,717.62 (A) Shareholding of
May-2020 4.00 3.12 3.90 3.15 32,424.10 Promoter and
Promoter Group
June-2020 6.53 3.50 6.45 3.60 34,915.80
July-2020 5.34 4.40 5.35 4.35 37,606.89 (1) Indian 2 2,73,70,127 31.08
August-2020 5.63 4.20 5.60 4.25 38,628.29 (2) Foreign 0 0 0.00
September-2020 4.80 3.70 4.80 3.65 38,067.93 Total Shareholding 2 2,73,70,127 31.08
October-2020 4.34 3.70 4.35 3.70 39,614.07 of promoter and
November-2020 5.04 3.76 5.30 3.70 44,149.72 Promoter Group
December-2020 7.50 4.45 7.45 4.40 47,751.33 (B) Public
January-2021 6.50 5.27 6.35 5.25 46,285.77 Shareholding
February-2021 7.10 5.06 7.05 4.95 49,099.99 (1) Institutions 3 27,14,417 3.08
March-2021 8.78 6.15 8.70 6.20 49,509.15
57
Category of No. of Total no. of As a the depositories, viz. National Securities Depository Ltd.
shareholder Share Shares percentage (NSDL) and Central Depository Services (India) Ltd. (CDSL).
holders(1) of (A+B+C) As on March 31, 2021, 99.99 per cent of the Company’s
(2) Non Institutions 28,612 5,79,77,579 65.84 equity shares are held in dematerialised form with NSDL
Total Public 28,615 6,06,91,996 68.92 and CDSL.
Shareholding
(C) Shares held by Outstanding ADRs/ GDRs/ Warrants or any convertible
Custodians and instruments, conversion date and likely impact on
against which equity
the depository
receipts have
been issued The Company does not have any outstanding ADRs/ GDRs/
(1) Promoter and
Warrants or any convertible instruments.
Promoter Group 0 0 0.00
Reconciliation of share capital audit report
(2) Public 0 0 0.00
TOTAL(A)+(B)+(C) 28,617 8,80,62,123 100.00 As stipulated by SEBI, a qualified Practicing Company
Note(s): Secretary carries out Secretarial Audit to reconcile the total
(1)
no of shareholders mentioned here are consolidated on PAN
admitted capital with NSDL and CDSL and the total issued
basis as per SEBI Circular no. SEBI/H0/CFD/CMD/CIR/P/2017/128
and listed capital. This audit is carried out every quarter and
dated December 19, 2019.
the report thereon is submitted to the Stock Exchanges
where the company’s shares are listed. The audit confirms
Address for Correspondence
that the total listed and paid-up capital is in agreement
with the aggregate of the total number of shares in
The Company’s dedicated e-mail address for Members’
dematerialised form (held with NSDL and CDSL) and total
Complaints and other communications is compliance@
number of shares in physical form.
imagicaaworld.com
Code of conduct
All Members’ correspondence should be forwarded to Link
Intime India Pvt. Ltd., the Registrar and Transfer Agent of
The Company has adopted the code of conduct and ethics
the Company or to the Company Secretary at the Corporate
for directors and senior management. The code has been
Office of the Company at the addresses mentioned below:
circulated to all the members of the Board and senior
management and the same has been put on the company’s
Registrar and Transfer Agent of the Company
website www.imagicaaworld.com. The Board members and
Link Intime India Private Limited
senior management have affirmed their compliance with
C 101, 247 Park, L B S Marg,
the code and a declaration signed by the Joint CEOs of the
Vikhroli - West, Mumbai- 400 083.
Company is given below:
Registered Office:
“It is hereby declared that the Company has obtained
30/31, Sangdewadi, Khopoli - Pali Road, Taluka Khalapur,
from all members of the Board and senior management
District Raigad 410 203, Maharashtra.
personnel affirmation that they have complied with the
code of conduct for directors and senior management of
Corporate Office:
the Company for the financial year 2020-21”.
9th Floor, Lotus Business Park, New Link Road,
Andheri-West, Mumbai – 400 053.
Dhimant Bakshi Ashutosh Kale
Dematerialisation of shares
Joint CEO Joint CEO
The Company’s shares are compulsorily traded in
dematerialized form and are available for trading on both

58
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

[pursuant to Regulation 34(3) and Schedule V Para C clause (10) (i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015]
To,
The Members,
(Formerly known as Adlabs Entertainment Limited)
30/31 Sangdewadi, Khopoli Pali Road,
District Raigad – 410 203 Maharashtra.
We, Aabid & Co. practicing Company Secretary, based in Mumbai have examined the relevant registers, records, forms,
returns and disclosures received from the Directors of Imagicaaworld Entertainment Limited(formerly known as Adlabs
Entertainment Limited) having CIN : L92490MH2010PLC199925 and having registered office at 30/31, Sangdewadi, Khopoli-
Pali Road, Taluka Khalapur, District Raigad, Maharashtra-410203 India and (hereinafter referred to as ‘the Company’),
produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read
with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
(DIN) status at the portal (www.mca.gov.in) as considered necessary and declarations furnished to us by the Directors of the
Company;
We hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on
31st March, 2021 have been debarred or disqualified from being appointed or continuing as Directors of companies by the
Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
Sr. Name of Director DIN Date of appointment in Company

No.
1. Mr. Manmohan Ramanna Shetty 00013961 10/02/2010
2. Mr. Ghulam Mohammed Ghouse 00173420 04/04/2014
3. Mr. Steven Angelo Pinto 00871062 04/04/2014
4. Mr. Kapil Vishnu Bagla 00387814 10/02/2010
5. Ms. Anita ShyamPawar 06844520 16/09/2019
6. Mr. Dhananjay Prabhakar Barve 00224261 01/04/2020
Ensuring the eligibility of the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion based on our verification.
This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
For Aabid& Co
Company Secretaries

Mohammed Aabid
Partner
Membership No.: F6579
Place: Mumbai COP No.: 6625
Date: June 23, 2021 UDIN: F006579C000504307
59
STANDALONE AND CONSOLIDATED

FINANCIAL STATEMENTS
(Forming Part of Annual Report of

Imagicaaworld Entertainment Limited
for the Year Ended March 31, 2021)

60
INDEPENDENT AUDITOR’S REPORT c) The Company has been unable to conclude re-
negotiations or obtain replacement financing
To The Members of Imagicaaworld Entertainment due to recalling of debts by the financial lenders
Limited (formerly Adlabs Entertainment Limited) and the matter has been referred to National
Company Law Tribunal for resolution, although
Report on the Audit of the Standalone Ind AS financial the matter has not been admitted yet.
statements
These situations indicate that a material
Adverse Opinion uncertainty exists that may cast a significant
doubt on the Company’s ability to continue as a
We have audited the standalone Ind AS financial statements going concern and, therefore, it may be unable
of Imagicaaworld Entertainment Limited (formerly known to realise its assets and discharge its liabilities in
as Adlabs Entertainment Limited) (“the Company”), which the normal course of business. The standalone
comprise the Balance Sheet as at 31st March, 2021, the financial statements do not adequately disclose
Statement of Profit and Loss, Statement of Changes in the matter.
Equity and Statement of Cash Flows for the year then
ended, and notes to the financial statements, including 2. The Company has a net carrying value of Property
STANDALONE FINANCIAL STATEMENTS

a summary of significant accounting policies and other Plant and Equipment of ` 81,147.48 Lakhs, intangible
explanatory information (hereinafter referred to as “the assets of ` 927.98 Lakhs and investments of ` 8,337.62
financial statements”). Lakhs as at 31st March, 2021. The impairment testing
was last carried out by the company in the financial
In our opinion and to the best of our information and year 2019-20. In the absence of impairment testing
according to the explanations given to us, because of during the current year, we are unable to comment
the significance of the matters described in the Basis for whether the carrying values of the Property, Plant and
Adverse Opinion section of our report, the aforesaid financial Equipment, intangible asset and investments as at 31st
statements do not give a true and fair view in conformity March, 2021 are recoverable and whether any further
with Indian Accounting Standards prescribed under section provision would be required for the same.
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended (“Ind AS”) and other We conducted our audit of the financial statements
accounting principles generally accepted in India, of the in accordance with the Standards on Auditing (SAs)
state of affairs of the Company as at March 31, 2021, loss, specified under section 143(10) of the Companies
total comprehensive income, changes in equity and its cash Act, 2013. Our responsibilities under those Standards
flows for the year ended on that date. are further described in the Auditor’s Responsibilities
for the Audit of the financial statements section of
Basis for Adverse Opinion our report. We are independent of the Company in
accordance with the Code of Ethics issued by the
1. We draw attention to Note 32 of the standalone Institute of Chartered Accountants of India (“ICAI”)
financial statements which states that: together with the ethical requirements that are
relevant to our audit of the financial statements under
a) The Company’s operations have been severely the provisions of the Act and the Rules thereunder,
affected on account of Covid 19. As on the date and we have fulfilled our other ethical responsibilities
of the report, the Government of Maharashtra in accordance with these requirements and the ICAI’s
has not allowed the company’s operations to be Code of Ethics. We believe that the audit evidence
restarted. we have obtained is sufficient and appropriate to
provide a basis for our adverse opinion on the financial
b) The Company has incurred a net loss of Rs statements.
26,664.45 Lakhs during the year ended March
31, 2021 and as of that date, the net worth of the Material Uncertainty Related to Going Concern
Company has been fully eroded.
Refer the “Basis for Adverse Opinion” section of this Report.
61
Key Audit Matters accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for
Key audit matters are those matters that in our professional preventing and detecting frauds and other irregularities;
judgment were of most significance in our audit of the selection and application of appropriate accounting
standalone financial statements for the financial year policies; making judgments and estimates that are
ended March 31, 2021. Except for the matters described in reasonable and prudent; and design, implementation and
the Basis for Adverse Opinion section, we have determined maintenance of adequate internal financial controls, that
that there are no other key audit matters to communicate were operating effectively for ensuring the accuracy and
in our report. completeness of the accounting records, relevant to the
preparation and presentation of the financial statements
Information Other than the Financial Statements and that give a true and fair view and are free from material
Auditor’s Report Thereon misstatement, whether due to fraud or error.
The Company’s Board of Directors is responsible for the In preparing the financial statements, management is
preparation of the other information. The other information responsible for assessing the Company’s ability to continue
comprises the information included in the Board’s Report as a going concern, disclosing, as applicable, matters
including Annexures to Board’s Report but does not include related to going concern and using the going concern basis
the financial statements and our auditor’s report thereon. of accounting unless the management either intends to
The other information as stated above is expected to be liquidate the Company or to cease operations, or has no
made available to us after the date of this Auditor’s Report. realistic alternative but to do so.
Our opinion on the financial statements does not cover The Board of Directors are also responsible for overseeing
the other information and we do not express any form of the Company’s financial reporting process.
assurance conclusion thereon.
Auditor’s Responsibilities for the Audit of the Financial
In connection with our audit of the financial statements, Statements
our responsibility is to read the other information and,
in doing so, consider whether the other information is Our objectives are to obtain reasonable assurance about
materially inconsistent with the financial statements or our whether the financial statements as a whole are free from
knowledge obtained in the audit, or otherwise appears to material misstatement, whether due to fraud or error,
be materially misstated. and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is
When we read the other information as stated above, if we not a guarantee that an audit conducted in accordance
conclude that there is a material misstatement therein, we with SAs will always detect a material misstatement when it
are required to communicate the matter to those charged exists. Misstatements can arise from fraud or error and are
with governance as required under SA 720 on “The Auditors considered material if, individually or in the aggregate, they
Responsibilities relating to Other Information”. could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial
Responsibilities of Management and Those Charged statements.
with Governance for the Financial Statements
As part of an audit in accordance with SAs, we exercise
The Company’s Board of Directors is responsible for the professional judgment and maintain professional
matters stated in section 134(5) of the Act with respect to skepticism throughout the audit. We also:
the preparation of these financial statements that give a true
and fair view of the financial position, financial performance, • Identify and assess the risks of material misstatement of
total comprehensive income, changes in equity and cash the financial statements, whether due to fraud or error,
flows of the Company in accordance with the accounting design and perform audit procedures responsive to
principles generally accepted in India, including the Indian those risks, and obtain audit evidence that is sufficient
accounting standards specified under Sec 133 of the Act. and appropriate to provide a basis for our opinion. The
This responsibility also includes maintenance of adequate risk of not detecting a material misstatement resulting

62
from fraud is higher than for one resulting from error, From the matters communicated with those charged with
as fraud may involve collusion, forgery, intentional governance, we determine those matters that were of most
omissions, misrepresentations, or the override of significance in the audit of the financial statements of the
internal control. current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or
• Obtain an understanding of internal financial controls regulation precludes public disclosure about the matter or
relevant to the audit in order to design audit procedures when, in extremely rare circumstances, we determine that a
that are appropriate in the circumstances. Under matter should not be communicated in our report because
section 143(3)(i) of the Act, we are also responsible for the adverse consequences of doing so would reasonably be
expressing our opinion on whether the Company has expected to outweigh the public interest benefits of such
adequate internal financial controls system in place communication.
and the operating effectiveness of such controls.
Report on Other Legal and Regulatory Requirements
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates 1. As required by the Companies (Auditor’s Report) Order,
and related disclosures made by management. 2016 (“the Order”) issued by the Central Government
in terms of Section 143(11) of the Act, we give in

• Conclude on the appropriateness of management’s use “Annexure A” a statement on the matters specified
of the going concern basis of accounting and, based in paragraphs 3 and 4 of the Order, to the extent
on the audit evidence obtained, whether a material applicable.
uncertainty exists related to events or conditions
that may cast significant doubt on the Company’s 2. As required by Section 143(3) of the Act, we report
ability to continue as a going concern. If we conclude that:
that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related a) We have sought and, except for the possible
disclosures in the financial statements or, if such effects of the matter described in the Basis for
disclosures are inadequate, to modify our opinion. Our Adverse Opinion section above, obtained all the
conclusions are based on the audit evidence obtained information and explanations which to the best
up to the date of our auditor’s report. However, future of our knowledge and belief were necessary for
events or conditions may cause the Company to cease the purpose of our audit.
to continue as a going concern.
b) Except for the effects / possible effects of the
• Evaluate the overall presentation, structure and matters described in the Basis for Adverse
content of the financial statements, including the Opinion section above, in our opinion, proper
disclosures, and whether the financial statements books of account as required by law have been
represent the underlying transactions and events in a kept by the Company so far as it appears from our
manner that achieves fair presentation. examination of those books.
We communicate with those charged with governance c) The Balance Sheet, the Statement of Profit and
regarding, among other matters, the planned scope and Loss (including Other Comprehensive Income),
timing of the audit and significant audit findings, including the Statement of changes in Equity and the
any significant deficiencies in internal control that we Statement of Cash Flows dealt with by this Report
identify during our audit. are in agreement with the books of account
maintained for the purpose or preparation of the
We also provide those charged with governance with financial statements.
a statement that we have complied with relevant
ethical requirements regarding independence, and to d) Except for the matter described in the Basis for
communicate with them all relationships and other Adverse Opinion section above, in our opinion,
matters that may reasonably be thought to bear on our the aforesaid financial statements comply with
independence, and where applicable, related safeguards. the Accounting Standards specified under Section
63
133 of the Act, read with Rule 7 of the Companies j) With respect to the other matters to be included in
(Accounts) Rules, 2014. the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
e) The matters described in the Basis for Adverse in our opinion and to the best of our information
Opinion section above, in our opinion, may and according to the explanations given to us:
have an adverse effect on the functioning of the
Company. (i) The Company has disclosed the impact of
pending litigations on its financial position in its
f ) On the basis of the written representations financial statements refer Note 29 of the financial
received from the directors as on 31st March, 2021 statements.
taken on record by the Board of Directors, none
of the directors are disqualified as on 31st March, (ii) Except for the possible effects of the matter
2021 from being appointed as a director in terms described in the Basis for Adverse Opinion section
of Section 164(2) of the Act. above, the Company has made provision, as
required under the applicable law or accounting
g) The adverse remarks relating to the maintenance standards, for material foreseeable losses, if any,
of accounts and other matters connected on long-term contracts including derivative
therewith are as stated in the Basis for Adverse contracts.
Opinion section above.
(iii) There were no amounts which were required
h) With respect to the adequacy of the internal to be transferred to the Investor Education and
financial controls over financial reporting of the Protection Fund by the Company of the financial
Company and the operating effectiveness of such statements.
controls, refer to our separate Report in “Annexure
B”. For V. Sankar Aiyar & Co.,
Chartered Accountants
i) With respect to the other matters to be included (FRN 109208W)
in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act, as
amended: (G.SANKAR)
Place: Mumbai (M.No.46050)
In our opinion and to the best of our information Date: June 24, 2021 UDIN: 21046050AAAAFN7203
and according to the explanations given to
us, the Company has not paid any managerial
remuneration during the year.

64
Annexure A to the Independent Auditor’s Report (iv) According to the information and explanations given
to us, the company has complied with the provisions
Annexure referred to in our report of even date to the of section 185 and 186 of the Act with respect to the
members of Imagicaaworld Entertainment Limited loans, investments, guarantees and securities made as
(formerly known as Adlabs Entertainment Limited) on the applicable.
accounts for the year ended 31st March, 2021
(v) As per the information and explanation give to us,
(i) (a) The company is maintaining proper records the Company has not accepted any deposits from
showing full particulars, including quantitative the public, within the meaning of Section 73 to 76
details and situation of fixed assets. or any other relevant provisions of the Act and Rules
framed thereunder. We are informed that no order has
(b) As per the information and explanations given been passed by the Company Law Board or National
to us, Fixed Assets are physically verified by Company Law Tribunal or Reserve Bank of India or any
the management as per its programme. The court or other tribunal.
frequency of verification is reasonable and no
material discrepancies have been noticed on such (vi) According to the information and explanations given
verification. to us, in respect of the class of industry the company

falls under, the Central Government has not prescribed
(c) According to the information and explanations the maintenance of cost records under Section 148(1)
given to us and on the basis of our examination of the Act. Therefore, paragraph 3(vi) of the Order is
of the records of the Company, the title deeds not applicable to the Company.
of immovable properties which are freehold are
held in the name of the Company. (vii) (a) According to the information and explanations
given to us and on the basis of our examination of
(ii) As explained to us, inventories have been physically the records of the Company, amounts deducted
verified during the year by the management at / accrued in the books of account in respect of
reasonable intervals. Stock of food items, merchandise, undisputed statutory dues including provident
stores and spare parts are reported to be physically fund, income tax, sales tax, goods and service
verified in accordance with the procedure followed by tax, duty of excise, duty of customs, value added
the management. No material discrepancy was noticed tax, cess and other statutory dues have been
on physical verification of stocks by the management deposited during the year by the Company
as compared to book records. with significant delays with the appropriate
authorities. According to the information and
(iii) The Company has granted loans, unsecured to one explanations given to us, no undisputed amounts
company covered in the register maintained under payable in respect of provident fund, income
Section 189 of the Companies Act, 2013: tax, sales tax, service tax, goods and services tax,
duty of customs, duty of excise, value added tax,
(a) In our opinion, the rate of interest and other terms cess and other statutory dues were in arrears as
and conditions on which the loans had been at March 31, 2021 for a period of more than six
granted to the Companies were not, prima facie, months from the date they became payable.
prejudicial to the interests of the Company; We are informed that all material statutory dues
payable as on March 31, 2021 (except for land tax
(b) The loan is repayable on demand; of Rs 262.51 Lakhs which would be paid on final
assessment by the concerned authorities) have
(c) There are no overdue amounts as at the balance been subsequently deposited with the respective
sheet date, in respect of these loans. authorities as below:
65
(` in Lakhs)
Nature of Dues Amount Amount Paid Date of
Payable Payment
Profession Tax 2.27 2.27 21-05-2021
Employee State Insurance Dues 1.90 1.90 19-04-2021
Maharashtra Value Added Tax 0.75 0.75 20-05-2021
Tax Deducted at Source 32.11 32.11 23-06-2021
Employee Provident Fund 27.18 27.18 16-06-2021
(b) According to the information and explanations given to us and records of the Company examined by us, there are no
material dues of income tax, sales tax, service tax, goods and services tax, duty of excise, value added tax which have
not been deposited with the appropriate authorities on account of any dispute. However, according to information and
explanation given to us, the following dues have not been deposited by the Company on account of disputes:
(` in Lakhs)
Name of Statute Nature of Dues Amount Amount Period to which it Forum where dispute
of Deposited Relates is pending
Demand
Custom Act, 1962 Special Additional Duty 1118.49 1041.00 June 2012 to CESTAT
(SAD) September 2013
Custom Act, 1962 Interest on SAD 218.76 - June 2012 to CESTAT
September 2013
Custom Act, 1962 Penalty 1118.49 - June 2012 to CESTAT
September 2013
Finance Act, 1994 Service Tax 13.55 1.01 April 2015 to June CESTAT
2017
Finance Act, 1994 Interest on Service Tax 7.63 - April 2015 to June CESTAT
2017
Finance Act, 1994 Penalty on Service Tax 13.55 - April 2015 to June CESTAT
2017
Finance Act, 1994 Service Tax 125.93 - April 2015 to June Commissioner Appeals
2017 (Service Tax)
Finance Act, 1994 Interest on Service Tax 70.90 - April 2015 to June Commissioner Appeals
2017 (Service Tax)
Finance Act, 1994 Penalty on Service Tax 125.93 - April 2015 to June Commissioner Appeals
2017 (Service Tax)

66
(viii) According to the information and explanation given to (xii) In our Opinion and according to the information and
us and based on the documents and records examined explanations given to us, the Company is not a Nidhi
by us, the Company has defaulted in repayment of loan Company and hence clause (xii) of the order is not
due to the following banks and financial institutions: applicable to the Company.
Sr. Name of the Amount Period of (xiii) According to the information and explanation given
No. Lenders of default Default to us and based on verification of the records and
as at the (Maximum approvals of the Audit Committee, all transactions
balance no of days with the related parties are in compliance with
sheet date delayed) sections 177 and 188 of Companies Act, 2013 where
(` in Lakhs) applicable and the details have been disclosed in the
A Banks Financial Statements etc., as required by the applicable
accounting standards.
1 Union Bank of India 45,183.51 1103
2 Bank of Baroda 32,961.29 1097
(xiv) According to the information and explanations given
3 Canara Bank 6,810.52 1067 to us and based on our examination of the records
4 Punjab and Sind 7,093.85 1097 of the Company, the company has not made any

Bank preferential allotment or private placement of shares
5 Jammu and Kashmir 9,140.31 1097 or fully or partly convertible debentures during the
Bank year.
6 Indian Overseas 13,178.79 1097
Bank (xv) According to the information and explanations given
7 Central Bank of India 7,433.01 1097 to us, the company has not entered into any non-cash
8 Bank of India 8,189.89 1097 transactions with directors or persons connected with
B Financial him. Therefore, paragraph 3(xv) of the Order is not
Institutions applicable to the Company.
1 Life Insurance 6,551.16 1097
Corporation of India (xvi) According to the information and explanations given
2 ACRE’s 7,246.63 1097 to us, the company is not required to be registered
under Sec 45-IA of the Reserve Bank of India Act, 1934.
(ix) According to the information and explanations given
to us, the Company has not raised any moneys by way
of initial public offer or further public offer (including
For V. Sankar Aiyar & Co.,
debt instruments) and term loans during the year.
(FRN 109208W)
(x) According to the information and explanations

given to us, and based on the audit procedures
(G.SANKAR)
performed and the representations obtained from the
management, we report that no fraud by the company
Date: June 24, 2021 UDIN: 21046050AAAAFN7203
or on the Company by its officers or employees, having

a material misstatement on the financial statements
has been noticed or reported during the period under
audit.
(xi) According to the information and explanations given

to us and based on verification of records, Company
has not paid any managerial remuneration during the
year.
67
Annexure B to the Independent Auditor’s Report both applicable to an audit of Internal Financial Controls
and, both issued by the Institute of Chartered Accountants
Annexure referred to in our report of even date to the of India. Those Standards and the Guidance Note require
members of Imagicaaworld Entertainment Limited that we comply with ethical requirements and plan and
(formerly known as Adlabs Entertainment Limited) on perform the audit to obtain reasonable assurance about
the standalone accounts for the year ended 31st March, whether adequate internal financial controls over financial
2021 reporting was established and maintained and if such
controls operated effectively in all material respects.
Report on the Internal Financial Controls under Clause
(i) of Sub-section 3 of Section 143 of the Companies Act, Our audit involves performing procedures to obtain audit
2013 (“the Act”) evidence about the adequacy of the internal financial
controls system over financial reporting and their operating
We have audited the internal financial controls over effectiveness. Our audit of internal financial controls over
financial reporting of Imagicaaworld Entertainment financial reporting included obtaining an understanding of
Limited (formerly known as Adlabs Entertainment Limited) internal financial controls over financial reporting, assessing
(“the Company”) as of March 31, 2021 in conjunction with the risk that a material weakness exists, and testing and
our audit of the standalone financial statements of the evaluating the design and operating effectiveness of
Company for the year ended on that date. internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including
Management’s Responsibility for Internal Financial the assessment of the risks of material misstatement of the
Controls financial statements, whether due to fraud or error.
The Company’s management is responsible for establishing We believe that the audit evidence we have obtained is
and maintaining internal financial controls based on the sufficient and appropriate to provide a basis for our audit
internal control over financial reporting criteria established opinion on the Company’s internal financial controls system
by the Company considering the essential components of over financial reporting.
internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued Meaning of Internal Financial Controls Over Financial
by the Institute of Chartered Accountants of India. Reporting
These responsibilities include the design, implementation A company’s internal financial control over financial
and maintenance of adequate internal financial controls reporting is a process designed to provide reasonable
that were operating effectively for ensuring the orderly assurance regarding the reliability of financial reporting
and efficient conduct of its business, including adherence and the preparation of financial statements for external
to company’s policies, the safeguarding of its assets, the purposes in accordance with generally accepted
prevention and detection of frauds and errors, the accuracy accounting principles. A company’s internal financial
and completeness of the accounting records, and the timely control over financial reporting includes those policies and
preparation of reliable financial information, as required procedures that (1) pertain to the maintenance of records
under the Companies Act, 2013. that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company;
Auditors’ Responsibility (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial
Our responsibility is to express an opinion on the Company’s statements in accordance with generally accepted
internal financial controls over financial reporting based on accounting principles, and that receipts and expenditures
our audit. We conducted our audit in accordance with the of the company are being made only in accordance with
Guidance Note on Audit of Internal Financial Controls Over authorisations of management and directors of the
Financial Reporting (the “Guidance Note”) and the Standards company; and (3) provide reasonable assurance regarding
on Auditing, issued by ICAI and deemed to be prescribed prevention or timely detection of unauthorised acquisition,
under section 143(10) of the Companies Act, 2013, to the use, or disposition of the company’s assets that could have
extent applicable to an audit of internal financial controls, a material effect on the financial statements.

68
Inherent Limitations of Internal Financial Controls Over 2) The Company has not carried out impairment testing
Financial Reporting of its Property, Plant & Equipment, Intangible Assets
and Investments for impairment during the current
Because of the inherent limitations of internal financial year in accordance with the significant accounting
controls over financial reporting, including the possibility policies of the Company.
of collusion or improper management override of controls,
material misstatements due to error or fraud may occur and A ‘material weakness’ is a deficiency, or a combination of
not be detected. Also, projections of any evaluation of the deficiencies, in internal financial control over financial
internal financial controls over financial reporting to future reporting, such that there is a reasonable possibility that a
periods are subject to the risk that the internal financial material misstatement of the company’s annual or interim
control over financial reporting may become inadequate financial statements will not be prevented or detected on a
because of changes in conditions, or that the degree of timely basis.
compliance with the policies or procedures may deteriorate.
In our opinion, because of the possible effects of the
Adverse Opinion material weaknesses described above on the achievement
of the objectives of the control criteria, the Company has
According to the information and explanations given to us not maintained adequate and effective internal financial

and based on our audit, the following material weaknesses controls over financial reporting as of March 31, 2021, based
have been identified as at March 31, 2021: on the internal control over financial reporting criteria
established by the Company considering the essential
1) The Company has prepared its financial statements on components of internal control stated in the Guidance
going concern basis. However: Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants
a) The Company’s operations have been severely of India.
affected on account of Covid 19. As on the date We have considered the material weaknesses identified
of the report, the Government of Maharashtra and reported above in determining the nature, timing, and
has not allowed the company’s operations to be extent of audit tests applied in our audit of the March 31,
restarted. 2021 standalone financial statements of the Company, and
these material weaknesses have affected our opinion on the
b) The Company has incurred a net loss of Rs financial statements of the Company and we have issued an
26,664.45 Lakhs during the year ended March adverse opinion on the standalone financial statements.
31, 2021 and as of that date, the net worth of the
Company has been fully eroded.
For V. Sankar Aiyar & Co.,
c) The Company has been unable to conclude re- Chartered Accountants
negotiations or obtain replacement financing (FRN 109208W)
due to recalling of debts by the financial lenders
and the matter has been referred to National
Company Law Tribunal for resolution. (G.SANKAR)
The above situations indicate a material Date: June 24, 2021 UDIN: 21046050AAAAFN7203
uncertainty that may cast a significant doubt
on the Company’s ability to continue as a going
concern as a result of which the Company may
be unable to realise its assets and discharge
its liabilities in the normal course of business.
The standalone financial statements do not
adequately disclose the said matter
69
Balance Sheet as on 31st March, 2021

(` in Lakhs)
Particulars Notes As at 31st March, 2021 As at 31st March, 2020
ASSETS
Non-current Assets
(a) Property, plant and equipment 3 81,147.48 90,117.07
(b) Capital work- in-progress 5.10 -
(c) Other intangible asset 4 927.98 1,364.33
(d) Financial assets
(i) Investments 5 8,337.62 8,337.62
(ii) Other financial asset 6 43.67 10.91
(e) Other Non-current Assets 7 197.86 259.62
90,659.71 1,00,089.55
Current Assets
(a) Inventories 8 1,148.83 1,292.92
(b) Financial assets
i) Trade receivables 9 200.77 483.59
ii) Cash and cash equivalents 10 264.85 208.79
iii) Bank balances other than (ii) above 11 82.71 85.77
iv) Loans 12 0.86 0.48
v) Other financial assets 13 847.44 33.26
(c) Current tax assets (net) 104.22 168.57
(d) Other Current Assets 14 1,175.39 1,218.46
3,825.07 3,491.84
Total 94,484.78 1,03,581.39

EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 15 8,806.21 8,806.21
(b) Other Equity (69,561.95) (43,067.05)
(60,755.74) (34,260.84)
Liabilities
Non Current Liabilities
(a) Provisions 16 72.78 147.93
72.78 147.93
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 17 1,07,751.03 1,07,643.15
(ii) Trade payables
Total outstanding dues of micro enterprises and small enterprises 9.96 14.50
(refer note no.35)
Total outstanding dues of creditors other than micro enterprises and small 3,194.51 2,201.70
enterprises
(iii) Other financial liabilities 18 43,385.96 27,203.19
(b) Other current liabilities 19 799.76 608.17
(c) Provisions 20 26.52 23.59
1,55,167.74 1,37,694.30
Total 94,484.78 1,03,581.39
Summary of significant accounting policies 2

The accompanying notes are an integral part of the financial statements.

As per our report of even date

For V.Sankar Aiyar and Co For and on behalf of the Board of Directors of
Firm Registration No : 109208W IMAGICAAWORLD Entertainment Limited
Chartered Accountants (formerly known as Adlabs Entertainment Limited)

G.Sankar Manmohan Shetty Kapil Bagla Ashutosh Kale
Partner Chairman Director Jt. CEO
Membership No: 046050

Place: Mumbai Dhimant Bakshi Mayuresh Kore Divyata Raval
Date : 24th June, 2021 Jt. CEO Chief Financial Officer Company Secretary

70
Statement of Profit and Loss for the year ended 31st March, 2021
(` in Lakhs)
Particulars Notes For the Year ended For the Year ended
31st March, 2021 31st March, 2020
INCOME:
Revenue from operations 21 2,195.79 20,005.58
Other income 22 2,450.43 60.29
Total Revenue ( I ) 4,646.22 20,065.87
EXPENSES:
Cost of material consumed 23 211.83 1,460.89
Purchase of trading goods
Merchandise 32.41 706.24
Changes in inventories of stock-in-trade 24 37.15 15.66
Employee benefit expense 25 2,801.70 5,164.59
Finance cost 26 16,265.60 15,158.21
Depreciation,Impairment loss & amortisation expense 3&4 9,561.04 24,270.10
Other expenses 27 2,400.94 13,693.75
Total Expenses ( II ) 31,310.67 60,469.44

Profit / (Loss) before exceptional and tax ( I-II ) (26,664.45) (40,403.57)
Exceptional items - -
Profit / (Loss) before tax (26,664.45) (40,403.57)
Tax Expenses
Current tax - -
Deferred tax - -
Profit/ (loss) for the year from continuing operations (26,664.45) (40,403.57)
Profit/ (loss) from discontinued operations
Tax expense of discontinued operations - -
Profit/ (loss) from discounting operations (after tax) - -
Profit/ (loss) for the year (26,664.45) (40,403.57)
Other comprehensive income
A (i) Items that will not be reclassified to profit or loss
Remeasurement of the net defined benefit liability/asset, 93.57 (33.00)
(ii) Income tax relating to items that will not be reclassified to profit or loss - -
B (i) Items that will be reclassified to profit or loss - -
(ii) Income tax relating to items that will be reclassified to profit or loss - -
Total comprehensive income for the year (26,570.88) (40,436.57)
Earnings per equity share (for continuing operations)
Basic (30.28) (45.88)
Diluted (30.28) (45.88)
Earnings per equity share (for discontinued operations)
Basic
Diluted
Earnings per equity share (for discontinued & continuing operations)
Basic (30.28) (45.88)
Diluted (30.28) (45.88)
Summary of Significant Accounting Policies 2
The accompanying notes are an integral part of the Financial Statements.




71
Cash Flow Statement for the year ended 31st March, 2021
(` in Lakhs)
Particulars For the Year ended For the Year ended
A: CASH FLOW FROM OPERATING ACTIVITIES:
Net profit/loss before tax (26,664.45) (40,403.57)
Adjustments for:
Depreciation,Impairment loss & amortisation expense 9,561.04 24,270.10
Acturial gains/(loss) in OCI 93.57 (33.00)
Interest income (19.22) (5.40)
Provision for Impairment of Investment - 2,280.54
Provision for Expected Credit Loss on Loan and Advances - 1,614.95
Employee compensation expenses (ESOP) 75.98
Interest expense and finance cost 16,265.60 15,158.21
Operating Loss before Working Capital Changes (687.48) 2,881.83
Movements in working capital:
Decrease / (increase) in trade receivables 282.82 456.56
(Decrease) / increase in trade payables 988.28 (485.42)
Decrease / (increase) in inventories 144.09 122.90
Decrease / (increase) in other current and non current assets (709.73) (2.55)
(Decrease) / increase in current and non current liabilities 329.42 (1,028.63)
Cash Generated from Operations 347.40 1,944.69
Direct taxes paid (net of refunds) 64.34 236.53
Net Cash generated in Operating Activities 411.74 2,181.22
B: CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of Tangible & Intangible assets and change in capital work-in-progress (160.60) (898.61)
Advance against Sale of Hotel repay - (75.00)
Fixed Deposit (27.95) (40.01)
Interest income 17.47 4.75
Net Cash Used in Investing Activities (171.08) (1,008.87)
C: CASH FLOW FROM FINANCING ACTIVITIES:

Interest expense and finance cost paid (184.60) (1,149.03)
Net Cash used in Financing Activities (184.60) (1,149.03)
Net increase in cash and cash equivalents (A + B + C) 56.06 23.32
Cash and cash equivalents at the beginning of the year 208.79 185.47
Cash and cash equivalents at the end of the year 264.85 208.79
Components of cash and cash equivalents as at 31st March, 2021 31st March, 2020
Cash on hand 28.92 29.88

With banks - in current account 235.93 178.91




72
Statement of changes in equity for the period ended 31st March, 2021
A Equity Share Capital
(` in Lakhs)
Particular For the year ended
31st March, 2021
Balance at the beginning of the reporting year 8,806.21
“Add/Less:- Changes in Equity share capital during the year” -
Balance at the end of the reporting year 8,806.21

Particular For the year ended
31st March,2020
Add :- Issued during the year -


B: Other Equity

For the year ended 31st March, 2021 (` in
Lakhs)
Particular Reserves and Surplus Other Total
Capital Share Based Securities Retained comprehensive
Reserves Reserve Premium Earning income
Balance as at 1st April, 2020 296.56 84,250.44 (1,27,614.80) 0.75 (43,067.05)
Total comperhensive Income for the (26,664.45) 93.57 (26,570.88)
year
Share Based payment reserve (ESOP) 75.98 75.98
Balance as on 31st March, 2021 296.56 75.98 84,250.44 (1,54,279.25) 94.32 (69,561.95)

For the year ended 31st March,2020
(` in Lakhs)
Particular Reserves and Surplus Other Total
Capital Share Based Securities Retained comprehensive
Reserves Reserve Premium Earning income
Balance as at 1st April, 2019 296.56 84,250.44 (87,211.23) 33.75 (2,630.48)
Total comperhensive Income for the -- (40,403.57) (33.00) (40,436.57)
year
Share Based payment reserve (ESOP) - -
Balance as on 31st March, 2020 296.56 - 84,250.44 (1,27,614.80) 0.75 (43,067.05)



73
Notes forming part of the Financial Statements

1. CORPORATE INFORMATION:
Imagicaaworld Entertainment Limited (the Company) is a public limited company incorporated and domiciled in India
whose shares are publicly traded. The registered office is located at 30/31, Sangdewadi, Off Mumbai- Pune Express
Highway, Khopoli Pali Road, Taluka Khalapur, District Raigad - 410203.
The Company is engaged in the business of development and operations of theme-based entertainment destinations
in India, including theme parks, water parks and associated activities including retail merchandising and food and
beverages. The flagship project of the company is located at Khalapur, on Mumbai Pune Expressway and is branded
‘‘Imagicaa – Theme Park” for the theme park component, “Imagicaa – Water Park” for the water park component,” Imag-
icaa- Snow Park” for the snow park component and “Imagicaa – Novotel Hotel “ for the Hotel component.

2. SIGNIFICANT ACCOUNTING POLICIES:
2.1 Basis of Preparation of Standalone Financial Statements:
These standalone financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) under
the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair
values. The Ind AS are prescribed under Section 133 of the Companies Act, 2013 (“the Act”) read with Rule 3 of the Com-
panies (Indian Accounting Standards) Rules, 2015 as amended.
Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopt-
ed or a revision to an existing accounting standard require a change in accounting policy hitherto in use. Historical cost
is generally based on the fair value of the consideration given in exchange for goods and services.
The standalone financial statements are presented in Indian Rupees (‘INR/Rs./`’) which is the Company’s functional
currency and all values are rounded to the nearest lakh, except otherwise indicated.
The standalone financial statements for the year ended March 31, 2021 are being authorized for issue in accordance
with a resolution of the directors on June 24, 2021.
2.2 Use of Assumptions Judgments and Estimates :
The preparation of the standalone financial statements in conformity with Ind AS requires the management to make es-
timates, judgments and assumptions. These estimates, judgments and assumptions affect the application of account-
ing policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the
date of the standalone financial statements and reported amounts of revenues and expenses during the period. The ap-
plication of accounting policies that require critical accounting estimates involving complex and subjective judgments
and the use of assumptions in these standalone financial statements have been disclosed below. Actual results could
differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in
circumstances surrounding the estimates. Changes in estimates are reflected in the standalone financial statements in
the period in which changes are made and, if material, their effects are disclosed in the notes to the standalone financial
statements.
Critical accounting estimates:
(a) Impairment of non-financial 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 recov-

74

erable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and
its value in use. It 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 determin-
ing fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be
identified, an appropriate valuation model is used.
(b) Defined benefit plans:
The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation
are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ
from actual developments in the future. These include the determination of the discount rate, future salary increases,
mortality rates and attrition rate. Due to the complexities involved in the valuation and its long-term nature, a defined
benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting

date.
(c) Fair value measurement of financial instruments:
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based
on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted
Cash Flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is
not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs
such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair
value of financial instruments.
(d) Impairment of financial assets:
The impairment provisions for financial assets are based on assumptions about risk of default and expected loss rates.
The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation
based on Company’s past history, existing market conditions as well as forward looking estimates at the end of each
reporting period.
(e) Deferred Tax:
Significant judgments are involved in assessing the realizability of deferred income tax assets. The ultimate realization
of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which
the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax
liabilities, projected future taxable income and tax planning strategies in making this assessment.
(f) Property, Plant and Equipment:
Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in
respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the ex-
pected residual value at the end of its life. The useful lives and residual values of Company’s assets are determined by
the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The
lives are based on historical experience with similar assets as well as anticipation of future events, which may impact
their life, such as changes in technology
75

2.3 Revenue Recognition:
Revenue (other than for those items to which Ind AS 109 Financial Instruments are applicable) is measured at fair value
of the consideration received or receivable. Ind AS 115, Revenue from contracts with customers, outlines a single com-
prehensive model of accounting for revenue arising from contracts with customers.
The Company recognizes revenue from contracts with customers based on a five-step model as set out in Ind AS
115:
Step 1: Identify contract(s) with a customers. A contract is defined as an agreement between two or more parties that
creates enforceable rights and obligations and sets out the criteria for every contract that must be met.
Step 2: Identify performance obligations in the contract: performance obligation is a promise in a contract with a cus-
tomer to transfer a good or service to the customer.
Step 3: Determine the transaction price: The transaction price is the amount of consideration to which the company
expects to be en titled in exchange for transferring promised goods or services to a customer, excluding amounts col-
lected on behalf of third parties.
Step 4: Allocate the contract price to the performance obligations in the contract: For contract that has more than one
performance obligation, the Company allocates the transaction price to each performance obligation in an amount
that depicts the amount of consideration to which the Company expects to be entitled in exchange for satisfying each
performance obligation.
Step 5: Recognise revenue when (or as) the Company satisfies a performance obligation.
The Company has revenue recognition policies for its various operating segments that are appropriate to the nature
of each business. The revenues are recognized when the general revenue recognition criteria as per the policy are met.
Revenue is recognized upon transfer of control of promised products or services to customers in an amount that re-
flects the consideration we expect to receive in exchange for those products or services.
The Company measures the revenues at fair value of the consideration received or receivable after taking in to account
the amount of any discount or rebates allowed to the customers. The Company presents revenues net of indirect taxes
collected in its statement of profit and loss.
Advances received for services and products are reported as “Advance received against sale” until all conditions for
revenue recognition are met.

Tickets:
Revenues from theme park/water park/Snow park ticket sales are recognized when the tickets are issued.
The accounting policy for recognizing revenue from sale of Open Pass/Gift Passes or Open Day Tickets with all days
validity which are Non-Refundable in nature are recognized when Passes/ Tickets are utilized or expired.
Food/Beverages:
Revenue is recognized when food/ drinks are supplied or served or services rendered.

76

Merchandise:
Retail sale are recognized on delivery of the merchandise to the customer, when the property in goods and significant
risk and rewards are transferred for a price and no effective ownership control is retained.
Room Revenue:
Revenue recognized upon rendering of services.
Barter:
When goods or services are exchanged or swapped for goods or services which are of a similar nature and value, the
exchange is not regarded as a transaction which generates revenue.
When goods are sold or services are rendered in exchange for dissimilar goods or services, the exchange is regarded as
a transaction which generates revenue. The revenue is measured at the fair value of the goods or services received, ad-
justed by the amount of any cash or cash equivalents transferred. When the fair value of the goods or services received

cannot be measured reliably, the revenue is measured at the fair value of the goods or services given up, adjusted by
the amount of any cash or cash equivalents transferred
Others:
The revenue is recognized on accrual basis and when significant risk and rewards are transferred. Profit on sale of invest-
ments is recorded on transfer of title from the Company and is determined as the difference between the sale price and
carrying value of the investment. Lease rentals are recognized on a straight line basis over the lease term.

2.4 Taxes on Income :
Taxes on Income comprises of current tax and deferred tax. Current tax and deferred tax are recognized in profit and
loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this
case, the tax expense is also recognized in other comprehensive income or directly in equity, respectively.
Current tax:
Current tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax
authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.
Where there is uncertainty over income tax treatments, the Company determines the probability of the income tax
authorities accepting each such tax treatment or group of tax treatments in computing the most likely amount or the
expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax
credits and tax rates.
Deferred tax:
Deferred tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the standalone financial statements. Deferred tax assets and liabilities are
reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit
will be realized.
Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively
enacted by the balance sheet date and are expected to apply to taxable income in the years in which those temporary
77

differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and
liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment
date. The company recognises deferred tax asset arising from unused tax losses or tax credits only to the extent that
the company has sufficient taxable temporary differences or there is convincing other evidence that sufficient taxable
profit will be available against which the unused tax losses or unused tax credits can be utilised by the company Other
deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against
which the deductible temporary differences and tax losses can be utilized.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets
against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.
The break-up of the major components of the deferred tax assets and liabilities as at balance sheet date is arrived at
after setting off deferred tax assets and liabilities where the Company have a legally enforceable right to set-off assets
against liabilities and where such assets and liabilities relate to taxes on income levied by the same governing taxation
laws.
2.5 Property, Plant and Equipment:
Property, plant and equipment represent a significant proportion of the asset base of the Company.
The cost of an item of property, plant and equipment is recognized as an asset, if and only if: (a) it is probable that future
economic benefits associated with the item will flow to the entity; and (b) the cost of the item can be measured reliably.
Property, plant and equipment are stated at original cost net of tax / duty credit availed, less accumulated depreciation
and accumulated impairment losses, if any. When significant parts of property, plant and equipment are required to be
replaced at intervals, the Company derecognizes the replaced part and recognizes the new part with its own associated
useful life and it is depreciated accordingly. Likewise, when a major inspection is performed, its cost is recognized 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 recognized in the statement of profit and loss as incurred.
On transition to Ind AS, the Company has elected to continue with the carrying value for all of its Property, plant and
equipment recognised as at April 1, 2015 measured as per the previous GAAP and use that carrying value as the deemed
cost of the Property, plant and equipment.
Capital work in progress includes cost of property, plant and equipment under installation / under development as at
the balance sheet date.
Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is
classified as “Capital Advances” under other non-current assets. Subsequent expenditures relating to property, plant
and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to
the company and the cost of the item can be measured reliably.
Property, plant and equipment are eliminated from standalone financial statement on disposal. Gains or losses arising
from disposal of property, plant and equipment are recognized in the statement of profit and loss in the year of occur-
rence.
The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjust-
ed prospectively, if appropriate.

78

Depreciation is charged on Straight Line Method over the useful life of the assets as specified in Schedule II of the Companies
Act, 2013 or on the basis of useful lives of the assets as estimated by management, whichever is lower. Useful life of the assets
is tabulated below.
Sr. Nature of Asset Estimated

No. Useful Life
1. Building
(a) RCC Frame Structure (Other than factory building) 60 Years
(b) other than RCC Frame Structure (Other than factory building) 30 Years
2. Roads 5 Years
3. Plant and Machinery 15 Years
4. Furniture and fittings
(a) General furniture and fittings 10 Years
(b) Furniture and fittings used in hotels and restaurants. 8 Years
5. Motor Vehicles

(a) Motor cycles 8 Years
(b) Motor buses and motor cars. 8 Years
(c) Electrically operated vehicles including battery powered or fuel cell powered vehicles. 8 Years
6. Office equipments 5 Years
7. Computers and data processing units
(a) Servers and networks 6 Years
(b) End user devices, such as, desktops, laptops, etc. 3 Years
8. Electrical Installations and Fittings 10 Years
9. Pipes & Fittings 15 Years
10. Trees & Nursery 3 Years to 30 Years
2.6 Intangible Assets:
Intangible assets are recognised when it is probable that the future economic benefits that are attributable to the assets
will flow to the Company and the cost of the asset can be measured reliably. Intangible assets are carried at cost less
accumulated amortization and accumulated impairment losses, if any.
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expendi-
ture is reflected in profit and loss in the period in which the expenditure is incurred.
On transition to Ind AS, the Company has elected to continue with the carrying value for all of its intangible assets rec-
ognised as at April 1, 2015 measured as per the previous GAAP and use that varying value as the deemed cost of the
intangible assets.
The useful lives of intangible assets are assessed as either finite or indefinite. The amortisation period and the amorti-
sation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in
the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in
accounting estimates.
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Intangible assets with finite lives are amortised over the estimated useful economic life of the assets by using straight
line method and assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Intangible assets are amortized as follows:
Sr. Nature of asset Estimated

No. Useful Life
1. Trademarks and Logos 10 Years
2. Softwares 6 Years
3. Films 10 Years
Gains or losses arising from de - recognition of an intangible asset are measured as the difference between the net dis-
posal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the
asset is derecognized.
2.7 Impairment of Non-Current Assets:
Assets that are subject to depreciation and amortisation are reviewed for impairment, whenever events or changes
in circumstances indicate that carrying amount may not be recoverable. Such circumstances include, though are not
limited to, significant or sustained decline in revenues or earnings and material adverse changes in the economic envi-
ronment.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit (CGU) exceeds
its recoverable amount. The recoverable amount of an asset is the greater of its fair value less cost to sell and value in
use. To calculate value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market rates and the risk specific to the asset. For an asset that does not generate
largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs. Fair
value less cost to sell is the best estimate of the amount obtainable from the sale of an asset in an arm’s length trans-
action between knowledgeable, willing parties, less the cost of disposal. Impairment losses, If any, are recognised in
the Statement of Profit and Loss and included in depreciation and amortisation expenses. After impairment (if any),
depreciation/ amortisation is provided on the revised carrying amount of the assets over its remaining life.
Impairment losses are reversed in the consolidated Statement of Profit and Loss only to the extent that the asset’s
carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had
previously been recognised.
2.8 Inventories:
Inventories are valued at lower of cost and net realizable value. Cost is arrived in the following manner:
Food items : Weighted Average Basis

Merchandise : First in First Out
Consumable & Spare Parts : First in First Out

The cost of inventories have been computed to include all cost of purchases, cost of conversion and other related costs
incurred in bringing the inventories to their present location and condition. Slow and non-moving material, obsolesces,
defective inventories are valued at net realizable value. Goods and materials in transit are valued at actual cost incurred
up to the date of balance sheet.

80

2.9 Non-current Assets held for Sale and Discontinued Operations:
Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered princi-
pally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified
as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. This condition is
regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in
its present condition. Management must be committed to the sale, which should be expected to qualify for recognition
as a completed sale within one year from the date of classification.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount
as profit or loss after tax from discontinued operations in the statement of profit and loss.
Assets and liabilities classified as held for distribution are presented separately from other assets and liabilities in the
balance sheet.
A disposal group qualifies as discontinued operation if it is a component of the Company that either has been disposed
of, or is classified as held for sale, and:

• represents a separate major line of business or geographical area of operations,
• is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of opera-
tions, or
• is a subsidiary acquired exclusively with a view to resale.
An entity shall not depreciate (or amortise) a non-current asset while it is classified as held for sale or while it is part of
a disposal group classified as held for sale.
2.10 Financial Instruments:
(i) Financial assets:
Initial recognition and measurement:
All financial assets are recognised initially at fair value plus transaction costs that are attributable to the acquisition
of the financial asset except in the case of financial assets recorded at fair value through Profit and Loss.
Financial assets are classified, at initial recognition, as financial assets measured at fair value or as financial assets
measured at amortised cost.
Subsequent measurement:
For purposes of subsequent measurement financial assets are classified in two broad categories:
• Financial assets at fair value
• Financial assets at amortised cost
Where assets are measured at fair value, gains and losses are either recognised entirely in the statement of profit
and loss (i.e. fair value through profit or loss), or recognised in other comprehensive income (i.e. fair value through
other comprehensive income).
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A financial asset that meets the following two conditions is measured at amortised cost (net of any write
down for impairment) unless the asset is designated at fair value through profit or loss under the fair value
option.
• Business model test: The objective of the Company’s business model is to hold the financial asset to
collect the contractual cash flows (rather than to sell the instrument prior to its contractual maturity to
realise its fair value changes).
• Cash flow characteristics test: The contractual terms of the financial asset give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A financial asset that meets the following two conditions is measured at fair value through other com-
prehensive income unless the asset is designated at fair value through profit or loss under the fair value
option.
• Business model test: The financial asset is held within a business model whose objective is achieved by
both collecting contractual cash flows and selling financial assets.
• Cash flow characteristics test: The contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal amount outstanding.
Even if an instrument meets the two requirements to be measured at amortised cost or fair value through
other comprehensive income, a financial asset is measured at fair value through profit or loss if doing so
eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as
an ‘accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognising the
gains and losses on them on different bases.
All other financial asset is measured at fair value through profit or loss.
All equity investments are measured at fair value in the balance sheet, with value changes recognised in the
statement of profit and loss, except for those equity investments for which the entity has elected to present
value changes in ‘other comprehensive income’.
If an equity investment is not held for trading, an irrevocable election is made at initial recognition to measure
it at fair value through other comprehensive income with only dividend income recognised in the statement
of profit and loss.
De - recognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Company’s statement of financial position) when:
• The rights to receive cash flows from the asset have expired, or
• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation
to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ ar-
rangement and either

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(a) the Company has transferred substantially all the risks and rewards of the asset, or
(b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but
has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-
through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership.
When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor trans-
ferred control of the asset, the Company continues to recognise the transferred asset to the extent of the
Company’s continuing involvement. In that case, the Company also recognises an associated liability. The
transferred asset and the associated liability are measured on a basis that reflects the rights and obligations
that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower
of the original carrying amount of the asset and the maximum amount of consideration that the Company
could be required to repay.

Investment in subsidiaries
The Company has accounted for its investment in subsidiaries at cost and the same are tested for impairment
in case of any indication of impairment.
(ii) Financial liabilities:
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
net of directly attributable transaction costs.
The Company’s financial liabilities include trade and other payables, loans and borrowings including bank over-
drafts, and derivative financial instruments.
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss:
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabil-
ities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
term. This category also includes derivative financial instruments entered into by the Company that are not desig-
nated as hedging instruments in hedge relationships as defined by Ind AS 109. Separated embedded derivatives
are also classified as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the statement of profit and loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the
initial date of recognition, and only if the criteria in Ind AS 109 are satisfied.
83

Loans and borrowings:
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost us-
ing the Effective Interest Rate (EIR) method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
De - recognition:
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognized in the statement of profit and loss.
(iii) Offsetting of financial instruments:
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis,
to realise the assets and settle the liabilities simultaneously
2.11 Impairment of Financial Asset:
In case of trade receivables and lease receivables, the Company follows a simplified approach wherein an amount equal
to lifetime expected credit loss (ECL) is measured and recognised as loss allowance.
In case of other assets (listed as i and ii above), the Company determines if there has been a significant increase in
credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly,
an amount equal to 12-month ECL is measured and recognised as loss allowance. However, if credit risk has increased
significantly, an amount equal to lifetime ECL is measured and recognised as loss allowance.
Subsequently, if the credit quality of the financial asset improves such that there is no longer a significant increase in
credit risk since initial recognition, the Company reverts to recognising impairment loss allowance based on 12-month
ECL.
ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract
and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original effective in-
terest rate.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a finan-
cial asset. 12-month ECL area portion of the lifetime ECL which result from default events that are possible within 12
months from the reporting date.
ECL are measured in a manner that they reflect unbiased and probability weighted amounts determined by a range of
outcomes, taking into account the time value of money and other reasonable information available as a result of past
events, current conditions and forecasts of future economic conditions.

84
2.12 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 by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. 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.
A contingent asset is not recognized in the financial statements but is disclosed, where an inflow of economic benefits
is probable.


2.13 Foreign Currency Transactions:

Functional currency:
The functional currency of the company is Indian Rupees (‘INR/Rs./`’). These standalone financial statements are pre-
sented 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 relevant 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 transferred to Profit & Loss Account except for Long
Term Foreign Currency Monetary Items. Transaction gains or losses realized upon settlement of foreign currency trans-
actions are included in determining net profit for the period in which the transaction is settled.
Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are
translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and
nonmonetary liabilities denominated in a foreign currency and measured at historical cost are translated at the ex-
change rate prevalent at the date of the transaction.
Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional
currencies using the exchange rate in effect on the date of the transaction.
2.14 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 bor-
rowing costs during the year.
All other borrowing costs are recognized as expenditure in the year in which they are incurred.
85
2.15 Earnings per Equity Share:
Basic earnings per share
Basic earnings per share are calculated by dividing:
- the profit attributable to owners of the Company
- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus ele-
ments 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 after income tax effect of interest and other financing costs associated with dilutive potential equity shares,
and
- the weighted average number of additional equity shares that would have been outstanding assuming the con-
version 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 pre-
sented for any share splits and bonus shares issues including for changes effected
2.16 Employee Benefit:
All employee benefits payable wholly within twelve months rendering services are classified as short term employee
benefits. Benefits such as salaries, wages, short-term compensated absences, performance incentives etc., and the ex-
pected cost of bonus, ex-gratia are recognised during the period in which the employee renders related service.
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have ren-
dered the service entitling them to the contribution.
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 obliga-
tion.
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. Remea-
surements are not reclassified to the statement of profit and loss in subsequent periods.

86

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-rou-
tine settlements,
• Net interest expense or income.
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.

Employee Stock Option Plan (ESOP):
The Company recognizes compensation expense relating to share-based payments in net profit based on estimated
fair values of the stock options on the grant date. The estimated fair value of stock options is recognized as an expense
in the Statement of Profit and Loss on a straight-line basis over the requisite service period for each separately vesting
portion of the stock options as if the stock option was in substance multiple stock options with a corresponding in-
crease to share options outstanding account.
measured at their intrinsic value, initially at the date the entity obtains the service and subsequently at the end of each
reporting period and at the date of final settlement, with any change in intrinsic value recognised in profit or loss. For
a grant of share options, the share-based payment arrangement is finally settled when the options are exercised, are
forfeited (eg upon cessation of employment) or lapse (eg at the end of the option’s life)
2.17 Cash Flow Statement:
Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of trans-
actions 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.
2.18 Cash and Cash Equivalents:
Cash and cash equivalents comprise cash on hand and demand deposits with banks which are short-term, highly liq-
uid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of
changes in value.
2.19 Lease:
Operating Lease:
The company has applied Ind AS 116 using the modified retrospective approach and therefore the comparative infor-
mation has not been restated. The adoption of Ind AS 116 as on April 1, 2019 did not require any adjustments to the
assets and liabilities as on that date.
87

As a lessee:
The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use as-
set is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle
and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease
incentives received. Certain lease arrangements include the option to extend or terminate the lease before the end of
the lease term. The right-of-use assets and lease liabilities include these options when it is reasonably certain that the
option will be exercised.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to
the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of
property, plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any,
and adjusted for certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commence-
ment date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Com-
pany’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.
Lease payments included in the measurement of the lease liability comprises of fixed payments, including in-substance
fixed payments, amounts expected to be payable under a residual value guarantee and the exercise price under a pur-
chase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the
Company is reasonably certain to exercise an extension option.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a
change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s esti-
mate of the amount expected to be payable under a residual value guarantee, or if Company changes its assessment of
whether it will exercise a purchase, extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to
zero.
Short-term leases and leases of low-value assets :
The Company has elected not to recognise right-ofuse 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 recog-
nises the lease payments associated with these leases as an expense in statement of profit and loss over the lease term.
The related cash flows are classified as operating activities.
As a lessor:
Lease income from operating leases where the Company is a lessor is recognised in income on a straight-line basis over
the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for
the expected inflationary cost increases. The respective leased assets are included in the balance sheet based on their
nature.

88

2.20 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.
2.21 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.
Deferred tax assets/liabilities are classified as non-current.
All other liabilities are classified as non-current.
89

NOTE 3 : Tangible Assets
(` in Lakhs)
Particulars GROSS BLOCK DEPRECIATION NET BLOCK
As on 1st Additions Deduc- As on 31st As on Deprecia- Provi- As on 31st As on 31st As on 31st
April, 2020 during tions/ De- March, 2021 1st April, tion for the sion for March, March, 2021 March, 2020
the Year capitalized 2020 Year Impair- 2021
during the ment
Year Loss
Land (refer
15,490.98 - - 15,490.98 - - - - 15,490.98 15,490.98
note no.45)
Servers and
1,544.17 4.72 - 1,548.89 1,359.77 115.71 - 1,475.48 73.41 184.39
networks
End user 373.97 - - 373.97 369.80 1.86 - 371.66 2.31 4.16
devices
Electrical
10,449.74 - - 10,449.74 5,964.46 1,086.76 - 7,051.22 3,398.52 4,485.28
Installation
Furniture & 15,048.06 - - 15,048.06 8,917.31 2,011.86 - 10,929.17 4,118.89 6,130.76
Fixtures
Office 4,083.07 7.65 - 4,090.72 3,793.72 235.09 - 4,028.81 61.91 289.35
Equipments
Plant & 61,594.06 113.16 - 61,707.22 29,679.03 3,989.71 - 33,668.74 28,038.48 31,915.04
Machinery
Building 46,894.93 27.32 - 46,922.25 17,358.81 1,412.40 - 18,771.21 28,151.04 29,536.11
Building Road 1,126.66 - - 1,126.66 1,047.76 71.12 - 1,118.88 7.78 78.91
Pipes and 2,640.22 - - 2,640.22 748.36 176.02 - 924.38 1,715.84 1,891.86
Fittings
Vehicles 227.41 - - 227.41 192.94 12.51 - 205.45 21.96 34.49
Electrical 39.18 - - 39.18 31.44 4.90 - 36.34 2.84 4.06
Vehicle
Nursery 442.56 - - 442.56 438.49 1.42 - 439.91 2.65 7.74
Nursery - Tree 81.03 - - 81.03 17.08 2.70 - 19.78 61.25 63.95
Total- A 1,60,036.04 152.85 - 1,60,188.89 69,918.97 9,122.06 - 79,041.03 81,147.48 90,117.07
NOTE 4 : Intangible Assets

(` in Lakhs)
As on 1st Additions Deduc- As on 31st As on Deprecia- Provi- As on 31st As on 31st As on 31st
April, 2020 during tions/ De- March, 2021 1st April, tion for the sion for March, March, 2021 March, 2020
the Year capitalized 2020 Year Impair- 2021
during the ment
Year Loss
Software 1,451.32 2.65 - 1,453.97 1,242.41 126.13 - 1,368.54 85.43 208.91
Logo and Trade 69.58 - - 69.58 45.53 6.96 - 52.49 17.09 24.05
Mark
Film 3,059.06 - 3,059.06 1,927.69 305.91 - 2,233.60 825.46 1,131.37
Total- B 4,579.96 2.65 - 4,582.61 3,215.63 439.00 - 3,654.63 927.98 1,364.33
Grand Total 1,64,616.00 155.50 - 1,64,771.50 73,134.60 9,561.06 - 82,695.66 82,075.46 91,481.40
A+B

90

(` in Lakhs)
As on 1st Additions Deductions/ As on 31st As on 1st Deprecia- Provision As on 31st As on 31st As at 31st
April, 2019 during the Decapital- March, 2020 April, 2019 tion for the for Impair- March, March, 2020 March, 2019
Year ized during Year ment Loss 2020
the Year
Land (refer 15,490.98 - 15,490.98 - - - 15,490.98 15,490.98
note no.45)
Servers and 1,428.26 115.90 - 1,544.16 1,121.65 238.13 1,359.78 184.38 306.62
networks
End user 370.07 3.90 - 373.97 368.48 1.33 369.81 4.16 1.59
devises
Electrical 10,342.74 107.00 - 10,449.74 4,878.21 1,086.24 5,964.45 4,485.29 5,464.53
Installation
Furniture & 14,644.31 403.75 - 15,048.06 5,953.61 2,000.76 962.94 8,917.31 6,130.75 8,690.71
Fixtures
Office 4,017.96 65.12 - 4,083.08 3,265.04 528.68 3,793.72 289.36 752.91
Equipments

Plant & 61,337.96 256.09 - 61,594.05 21,407.08 3,987.08 4,284.86 29,679.02 31,915.03 39,930.89
Machinery
Building 46,821.25 73.68 - 46,894.93 7,034.46 1,413.16 8,911.19 17,358.81 29,536.12 39,786.78
Building 1,066.52 60.14 1,126.66 942.91 104.85 1,047.76 78.90 123.61
Road
Pipes and 2,602.56 37.66 2,640.22 573.95 174.41 748.36 1,891.86 2,028.61
Fittings
Vehicles 227.42 - - 227.42 171.07 21.86 192.93 34.49 56.34
Electrical 39.18 - 39.18 26.53 4.91 - 31.44 7.74 12.65
Vehicl
Nursery 438.62 3.93 - 442.55 438.32 0.17 - 438.49 4.06 0.29
Nursery - 81.03 81.03 14.37 2.71 - 17.08 63.95 66.66
Tree
Total- A 1,58,908.86 1,127.17 - 1,60,036.03 46,195.68 9,564.29 14,158.99 69,918.96 90,117.07 1,12,713.16

(` in Lakhs)
As on 1st Additions Deductions/ As on 31st As on 1st Deprecia- Provision As on 31st As on 31st As at 31st
April, 2019 during the Decapital- March, 2020 April, 2019 tion for the for Impair- March, March, 2020 March, 2019
Year ized during Year ment Loss 2020
the Year
Software 1,339.72 111.60 - 1,451.32 1,009.30 233.11 - 1,242.41 208.91 330.42
Logo and Trade 69.58 - - 69.58 38.56 6.97 - 45.53 24.05 31.02
Mark
Film 3,059.06 - 3,059.06 1,620.95 306.74 1,927.69 1,131.37 1,438.11
Total- B 4,468.36 111.60 - 4,579.96 2,668.81 546.82 - 3,215.63 1,364.33 1,799.55
Grand Total 1,63,377.22 1,238.77 - 1,64,615.99 48,864.49 10,111.11 14,158.99 73,134.59 91,481.40 1,14,512.71
A+B
91

NOTE 5 : Investments
(` in Lakhs)
Particulars As at As at
Investment in Equity Instruments
Subsidiaries (at cost)
Walkwater Properties Private Limited ( F.V ` 10/-) 8,336.62 10,617.16
(No. of Equity shares CY-2,15,66,321, PY- 2,15,66,321)
Less:- Provision for Impairment of Investment - 2,280.54
8,336.62 8,336.62
Blue Haven Entertainment Private Limited.(F.V `10 /-) 1.00 1.00
(No. of Equity shares CY-10,000, PY- 10,000)
Total 8,337.62 8,337.62
Aggregate value of unquoted investment 8,337.62 8,337.62

NOTE 6 : Other Financial Asset
(` in Lakhs)
Bank deposits
Fixed deposits ( pledge with banks) 43.67 10.91
Total 43.67 10.91

NOTE 7 : Other Non-Current Assets
(` in Lakhs)
Capital Advances
i) Advance for land at Khalapur 667.64 667.64
(Unsecured, considered doubtful ) (refer note no.50)
Less:- Provision for doubtful advances 667.64 667.64
- -
ii) Others Advances for land 134.13 134.13
Advances other than capital advances
Security deposits
Unsecured, considered good 46.32 109.09
Deposits with government authorities 17.41 16.40
Total 197.86 259.62


92

NOTE 8 : Inventories
(` in Lakhs)
Raw material
Food Items 126.10 151.00
Trading goods
Stores and spares 672.27 754.31
Total 1,148.83 1,292.92
NOTE 9 : Trade Receivables

(` in Lakhs)

Trade Receivables
Trade Receivables considered good - Unsecured 200.77 483.59
Trade Receivables - credit impaired 9.36 2.43
210.13 486.02
Less: Allowances for credit losses 9.36 2.43
Total 200.77 483.59

NOTE 10 : Cash and cash equivalents
(` in Lakhs)
Cash and cash equivalents
Balance with banks in Current Accounts 235.93 178.91
Total 264.85 208.79
NOTE 11 : Bank balances other than above

(` in Lakhs)
Total 82.71 85.77
93

NOTE 12 : Loans
(` in Lakhs)
Loan receivables considered good - Unsecured
Loan to related parties 1,215.86 1,215.86
Less:- Provision for Expected Credit Loss on Loan and Advances 1,215.86 1,215.86
- -
Other Loans
Loan to emplo es 0.86 0.48
Total 0.86 0.48
NOTE 13 : Other financial assets

(` in Lakhs)
Deposit- others 1.00 1.00
Balance with government authorities 846.44 32.26
Total 847.44 33.26
NOTE 14 : Other Current Assets

(` in Lakhs)
Advance to related party 410.73 399.09
Less:- Provision for Expected Credit Loss on Loan and Advances 410.73 399.09
- -
Advances to suppliers 984.11 1,105.64
Others
Prepaid expenses 151.34 70.93
Other receivables 28.70 30.99
Rent Equalisation 10.38 9.31
Income Accrued but not due 0.86 1.59
Total 1,175.39 1,218.46

94

NOTE 15 : Equity Share Capital
(` in Lakhs)
Authorised Capital
20,00,00,000 (Previous Year: 20,00,00,000)
Equity shares of `10/- each 20,000.00 20,000.00
Total 20,000.00 20,000.00
Issued, Subscribed and Fully Paid up
8,80,62,123 (Previous Year: 8,80,62,123)
Equity shares of ` 10/- each, fully paid up 8,806.21 8,806.21
Add:- Issued during the year - -
Total 8,806.21 8,806.21

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting year

Particulars 31st March, 2021 31st March, 2020
Number of (Rs in Lakhs) Number of shares (Rs in Lakhs)
shares
Shares outstandings at the 8,80,62,123 8,806.21 8,80,62,123 8,806.21
beginning of the year
Add:- Issued during the year - - - -
Outstanding at the end of 8,80,62,123 8,806.21 8,80,62,123 8,806.21
the year

(b) Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of `10 per share. Each holder of equity shares is
entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled
to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.

(c) Details of shares held by holding Company
(` in Lakhs)
Name of the Shareholder No of Shares
31 March, 2021
st
31st March, 2020
Not Applicable - -
95

(d) Details of shareholders holding more than 5% shares in the Company

Name of the Shareholder 31st March, 2021 31st March, 2020
No. of Shares % of Holding No. of Shares % of Holding
Held Held
Thrrill Park Limited 2,72,41,127 30.93 2,72,41,127 30.93
Shaan Agro And Realty India 69,15,629 7.85 69,15,629 7.85
Private Limited
Begonia Realtors Private 73,47,541 8.34 73,47,541 8.34
Limited
As per records of the Company, including its register of shareholders/ members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of
shares.

NOTE 16 : Provisions
(` in Lakhs)
Provision for Employee benefits
Provision for gratuity - 62.86
Provision for leave encashment 72.78 85.07
Total 72.78 147.93
NOTE 17 : Borrowings
(` in Lakhs)
Loan from banks ( Secured ) (refer note no. 38) 1,02,019.72 1,02,019.72
Loan from related party ( Unsecured) (refer note no.39) 5,531.31 5,423.43
Loan from other companies (Unsecured) 200.00 200.00
Total 1,07,751.03 1,07,643.15
The above amount includes
Loan guaranteed by promoters (Secured) 1,02,019.72 1,02,019.72
NOTE 18 : Other Financial Liabilities

(` in Lakhs)
Sundry creditors for capital goods and services 191.72 238.07
Advance received against Sale of Hotel 1,425.00 1,425.00
Interest accrued and due (refer note no.38) 41,769.24 25,540.12
Total 43,385.96 27,203.19

96

NOTE 19 : Other Current Liabilities
(` in Lakhs)
Revenue received in advances 351.97 248.19
Others
IPO Expense Payable 73.00 73.00
Statutory dues 333.26 235.12
Security deposits from sales agents 41.53 51.86
Total 799.76 608.17
NOTE 20: Provisions

(` in Lakhs)

Provisions for employee benefits
Provision for gratuity (refer note no.37) 3.21 8.13
Provision for leave travel allowance 19.69 11.25
Total 26.52 23.59
NOTE 21 : Revenue From Operations

(` in Lakhs)
Sale of products 650.61 6,556.89
Sale of Services 1,414.51 11,833.63
Other operating revenue 130.67 1,615.06
Revenue from operations (Net) 2,195.79 20,005.58
Details of Sale of Product
Food & beverages 574.63 5,228.81
Merchandise sales 75.98 1,328.08
Total 650.61 6,556.89
Details of Sale of Services
Tickets sales 664.02 9,364.99
Room Revenue 750.49 2,468.64
Total 1,414.51 11,833.63
Details of Other operating revenue
Income from parking services 10.68 114.62
Income from third party logistic services 0.73 291.42
Income from space on hire 73.66 392.91
Income from lockers 3.57 196.95
Misc. Income 42.03 619.16
Total 130.67 1,615.06
97

NOTE 22 : Other Income
(` in Lakhs)
Income from liquid fund investments - 7.57
Interest Income on Fixed Deposit 8.54 5.40
Interest Income on Refund 10.68 43.42
Refund of Entertainment Tax 2,418.39 -
Other non operating Income 12.82 3.90
Total 2,450.43 60.29
NOTE 23 : Cost of Material Consumed

(` in Lakhs)
Cost of food & beverage, others 207.02 1,357.54
Cost of liquor 4.81 103.35
Total 211.83 1,460.89
NOTE 24 : Changes in Inventories of Stock-in-Trade

(` in Lakhs)
Stock in trade at the beginning of the year
- Merchandise 387.61 403.27
Less: Stock in trade at the end of the year
Total 37.15 15.66
NOTE 25 : Employee Benefit Expenses

Salaries, wages and bonus 2,373.86 4,441.58
Contribution to provident fund 131.27 257.50
Employee welfare and other amenities 220.59 465.51
Employee compensation expenses (ESOP) (refer note no.44) 75.98 -
Total 2,801.70 5,164.59

98

NOTE 26 : Finance Cost
(` in Lakhs)
Interest on borrowings 16,217.46 15,054.29
Funds raising expenses 42.16 100.32
Bank charges 5.98 3.60
Total 16,265.60 15,158.21
NOTE 27 : Other Expenses

(` in Lakhs)
Consumables & spares parts 8.54 74.19
Rent 82.26 151.94

Rates and taxes 190.37 279.07
Repairs and Maintenance 402.95 1,204.37
Power, fuel and water 746.28 1,845.38
Freight and forwarding expenses 0.02 0.21
House keeping expenses 146.57 641.86
Event & entertainment expenses 6.16 95.15
Advertisement, sales and marketing expenses 83.25 2,791.99
Insurance expense 155.48 86.53
Communication expenses 30.41 38.83
Travelling and conveyance expenses 22.14 411.42
Payment to auditors (refer note no.34) 14.50 14.00
Legal and professional fees 104.16 407.00
Provision for Doubtful Debts 6.93 5.93
Provision for Impairment of Investment - 2,280.54
Provision for Expected Credit Loss on Loan and Advances 11.64 1,614.95
Foreign exchange loss ( net) - 1.45
Commission 142.59 1,157.52
Security and safety expenses 53.40 344.77
Printing and stationery expenses 8.76 63.47
Directors sitting fees 5.40 5.50
Other operating expenses 179.13 177.68
Total 2,400.94 13,693.75
99

NOTE 28: Earnings Per Share (EPS)- ( Ind AS 33 )
Sr. Particulars For the Year ended For the Year ended
No 31st March , 2021 31st March , 2020
1 Face Value per equity share in Rupees 10.00 10.00
2 Weighted Average number of equity shares outstanding 8,80,62,123 8,80,62,123
3 Net (Loss) as per Profit and Loss Statement ( Continuing Opera- (26,664.45) (40,403.57)
tion ) Rupees in Lakhs
4 Weighted Average earning per share from Continuing Opera- (30.28) (45.88)
tion ( Basic and Diluted) in Rupees
5 Net (Loss) as per Profit and Loss Statement ( from Discontinuing - -
Operation ) Rupees in Lakhs
6 Weighted Average earning per share from Discontinuing Opera- - -
tion ( Basic and Diluted) in Rupees
7 Net (Loss) as per Profit and Loss Statement ( Continuing and Dis- (26,664.45) (40,403.57)
continuing Operation ) Rupees in Lakhs
8 Weighted Average earning per share from Continuing and Dis- (30.28) (45.88)
continuing Operation ( Basic and Diluted) in Rupees
The Employee Stock Options granted by the Company which are potential equity shares are ignored for purpose of
computation of diluted earnings per share since they are anti-dilutive, considering that the company has incurred losses.

NOTE 29: Contingent Liabilities
Claim against the Company not acknowledged as debts for the year ended March 31, 2021 are as follows
Name of Statute Nature of Dues Amount Period to which it Relates Forum where dispute
(` in Lakhs) is Pending
Custom Act, 1962 Special Additional 77.49(1) June – 2012 to September -2013 CESTAT
Duty (SAD)
Custom Act, 1962 Penalty 1,118.49 June – 2012 to September -2013 CESTAT
Custom Act, 1962 Interest 218.76 June – 2012 to March -2021 CESTAT
Service Tax Act Service Tax 139.49 April-2015 to June-2017 CESTAT
Service Tax Act Penalty 139.49 April-2015 to June-2017 CESTAT
Service Tax Act Interest 78.53 April-2015 to June-2017 CESTAT
Note(s):
(1)
Total demand `1,118.49 Lakhs – amount deposited ` 1,041.00 Lakhs.
NOTE 30: Capital Commitment
Estimated amount remaining to be executed on capital account and not provided for is ` 133.51 Lakhs as on 31st March,
2021 (P.Y. `135.47 Lakhs).

100

NOTE 31: Deferred Tax Asset (Net)
Breakup of Net Deferred Tax Assets

(` in Lakhs)
Particulars Deferred Tax Asset (Net)
As at As at
31 March,2021 31 March,2020
(i) Deferred Tax Assets & Expense / (Income)
Disallowance under Income Tax Act, 1961 4176.77 6,623.49
Provision for Expected Credit Loss/ Impairment - 981.91
Related to Carried forward Loss and Unabsorbed Depreciation 27,436.87 25,234.57
Subtotal 31,613.64 32,839.97
(ii) Deferred Tax Liabilities & Expense / (Income)
Related to temporary difference on depreciation/amortization 1,533.96 1,844.52

Subtotal 1,533.96 1,844.52
Net Deferred Tax Assets/ Deferred Tax Expense/(Income) to 30,079.68 30,995.45
be recognized
The Company has not recognized net deferred tax assets as on March 31, 2021 and March 31, 2020 since there is no
convincing evidence with the company that there will be sufficient taxable profits in future to utilise the unused tax
losses or unused tax credits of the Company.
NOTE 32: NCLT Matter
The Company has incurred a net loss of ` 26,664.45 Lakhs for the year ended 31st March, 2021 and as of that date, the net
worth of the Company has been fully eroded. Further, borrowings of the company have been called back by the secured
lenders due to material breach of debt covenants by the company and consequently, the company has re-classified
the borrowings as current borrowings in the standalone financial statements. Subsequent to this reclassification, the
current liabilities are substantially higher than current assets of the company as at 31st March, 2020. In addition to this,
application has also been made against the company by two of the secured lenders to National Company Law Tribunal
(NCLT), Mumbai under the provisions of the Insolvency and Bankruptcy Code, 2016.
In the meantime, the One Time Settlement (OTS) proposal for the company had been under consideration by the
Consortium of lenders and there had been internal deliberations by lenders on the manner of debt resolution of
Imagicaaworld Entertainment Limited. In May 2021, the Consortium of Lenders has appointed BOB Capital Market
Limited as process advisors for the purpose of implementation of the resolution plan under the aegis of RBI Guidelines.
The management continues to be in process of identifying investors and is also continuing efforts to raise capital/sell
assets for the resolution / settlement with lenders. After the settlement of debts of lenders, the company is hopeful of
withdrawal of the debt recovery cases filed against the company.
Impact of Covid-19
Covid-19 has been declared as a global pandemic and the Indian Government had followed an approach of complete
lockdown starting March 24, 2020. Subsequently, the respective State Governments had been authorized to decide on
respective measures at state level.

02

The company has taken steps for reduction in the fixed costs to offset part of the business lost during the COVID-19
closure. Since the company’s business model is largely upfront cash, there are limited credit risks and the scope for
losses on account of receivables is minimal. The management has taken due care to maintain the assets in a workable
condition and thereby resumption of operations post-lockdown does not remain a constraint.
The Government of Maharashtra, vide order dated 6th July, 2020, had inter alia allowed hotels to restart business with
effect from 8th July, 2020. Thereafter, the Company has restarted its Hotel Operational w.e.f 10th August, 2020 with proper
guidelines as per order. The Government of Maharashtra, vide order dated 21st December, 2020, had inter alia allowed
Amusement Parks to restart their business. Thereafter, the Company has restarted its Theme Park Operations w.e.f 25th
December, 2020 with proper guidelines as per order and restarted its Water Park Operation w.e.f 11th March, 2021. In
the first phase, the Company operated the parks for three days in a week and on holidays.
Due to the subsequent Covid -19 second wave, Government of Maharashtra had implemented strict lockdown under
“Break the chain” order dated April 04, 2021. Consequently, as on date the park business still remains closed for
commercial operations.
Further, during the year “Other Income” includes provision for certain income to be received from Government of
Maharashtra against the refund of State Goods and Services Tax (SGST) amounting to Rs 846.44 Lakhs, pursuant to
Writ Petition filed by the Company and pursuant to a subsequent Government Resolution No TDC/2017/1/104/Tourism
dated March 4, 2020 granting refund of State Goods and Services Tax (SGST). The said income was later received on 07th
May, 2021 `299.59 Lakhs and on 28th May, 2021 `546.85 Lakhs.
Considering these developments, the standalone financial results continue to be prepared on going concern basis.
NOTE 33: Impairment of Non Current Assets
The Company, during the previous year, has provided for Property, Plant and Equipment and Investments in and loans
advanced and amounts recoverable from a Subsidiary Company based on the Valuation Report obtained by a Lender
Bank from a valuer to undertake valuation of moveable and immoveable assets of the Company. Accordingly, the
Company has provided for amounts aggregating to Rs 18,054.48 Lakhs against the same. The provisions for impairment
recorded so far are based on the assessment made by the management. The Management is closely monitoring the
future developments and circumstances and it is possible that a future assessment may be different from that made.
NOTE 34: Payment to Auditors

(` in Lakhs)
Audit Fees 12.00 12.00
Reimbursement of expenses - -
Income Tax Scrutiny Fees - -
Limited Review Fees 2.00 2.00
Tax Audit Fees - -
Total 14.00 14.00

102

NOTE 35: Details of dues to Micro Small and Medium Enterprises as per MSMED Act, 2006
Under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) which came into force from October
2, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises (MSME). On the
basis of the information and records available with the Company, the following disclosures are made for the amounts
due to the Micro and Small enterprises.
(` in Lakhs)
Principal amount due to any supplier as at the year end 9.96 14.50
Interest due on the principal amount unpaid at the period end to any 1.64 0.52
supplier
Amount of Interest paid by the Company in terms of Section 16 of the - -
MSMED, along with the amount of the payment made to the supplier
beyond the appointed day during the accounting period
Payment made to the enterprises beyond appointed date under Sec- - -

tion 16 of MSMED
Amount of Interest due and payable for the period of delay in making - -
payment, which has been paid but beyond the appointed day during
the period, but without adding the interest specified under MSMED
The amount of interest accrued and remaining unpaid at the end of 2.70 0.63
each accounting period; and
The amount of further interest remaining due and payable even in the 19.24 17.17
succeeding years, until such date when the interest due as above is ac-
tually paid to the small enterprise, for the purpose of disallowance as a
deductible expenditure under Section 23 of the MSMED.
NOTE 36: Lease

(a) Where the Company is a Lessee:
The Company has taken certain assets like Land, Office premises and apartments on lease. They are on rental lease term
which range between 10 months to 5 years and some of the lease agreement are having price escalation clause. The
lease rentals expense during the year amount to Rs 63.71 Lakhs (P.Y. - ` 146.42 Lakhs).
The future minimum lease payments in respect of such operating leases as at 31st March, 2021 are summarized below.
(` in Lakhs)
Amount payable within one year from the balance sheet date. 4.94 3.49
Amount payable in the period between one year and five years - 6.41
Amount payable beyond five years - -
Total 4.94 9.90
The above lease payments are exclusive of GST.

02

(b) Where the company is a Lessor:
The Company has given on lease three premises / place for period of 5 years to 15 years and some of the lease agreement
are having price escalation clause. The lease rentals income during the reporting year amount to Rs 21.86 lakhs (P.Y.– `
21.71 Lakhs).
The future minimum lease receipts of such operating leases as at 31st March, 2021 are summarized as below.
(` in Lakhs)
Amount receivable within one year from the balance sheet date 23.20 21.86
Amount receivable in the period between one year and five years 95.59 95.60
Amount receivable beyond five years 36.71 59.89
Total 155.50 177.35
The above lease receipts are exclusive of GST.
NOTE 37: Post Retirement Benefit Plans
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 “Adlabs Entertainment Limited Employee’s
Gratuity Trust”. The Trustees administer contributions made to the trust. As of 31st March, 2021, 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. Gains
and losses through remeasurements of the net defined benefit liability/(asset) are recognized in other comprehensive
income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan
assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation
is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the
Statement of Profit and Loss.

104

The following table shows the Actuarial Valuation as on 31st March, 2021 and amounts recognised in the standalone
financial statements in respect of Employee Defined Benefit Schemes:
(` in Lakhs)
Change in Defined Benefit Obligation during the year For the Year ended For the Year ended
March 31, 2021 March 31, 2020
Defined Benefit Obligation, Beginning of year 290.05 249.62
Net Current Service Cost 72.13 65.36
Interest Cost on DBO 21.78 21.67
Actual Plan Participants’ Contributions - -
Actuarial (Gains)/Losses (66.45) 23.72
Changes in Foreign Currency Exchange Rates - -
Acquisition/Business Combination/Divestiture - -
Benefits Paid (41.87) (70.33)
Past Service Cost - -
Losses / (Gains) on Curtailments/Settlements - -
Defined Benefit Obligation, End of year 275.64 290.05

(` in Lakhs)
Change in Fair value of Plan Assets during the year For the Year ended For the Year ended
March 31, 2021 March 31, 2020
Fair value of Plan Assets, Beginning of year 219.05 191.74
Interest Income Plan Assets 14.81 14.92
Actual Company Contributions 53.31 92.00
Actuarial Gains / (Losses) 27.12 (9.27)
Benefits paid (41.87) (70.33)
Fair value of Plan Assets, End of Period 272.42 219.06
(` in Lakhs)
Amount Recognized in Statement of Financial Position at year End For the Year ended For the Year ended
March 31, 2021 March 31, 2020
Present Value of Unfunded Defined Benefit Obligation 275.64 290.04
Fair value of Plan Assets 272.42 219.05
Net Defined Benefit (Asset)/Liability Recognised in Statement of 3.22 70.99
Financial Position
(` in Lakhs)
Net Defined Benefit Cost/(lncome) included in Statement of Profit For the Year ended For the Year ended
& Loss at year End March 31, 2021 March 31, 2020
Service Cost 72.13 65.36
Net Interest Cost 6.97 6.75
Past Service Cost -
Total Defined Benefit Cost/(lncome) included in Profit & Loss 79.10 72.11

02

(` in Lakhs)
Maturity Profile of defined benefit obligation For the Year ended For the Year ended
March 31, 2021 March 31, 2020
Within the next 12 months 8.12 8.14
Between 2 to 5 years 65.49 57.47
(` in Lakhs)
Analysis of Amounts Recognised in Other Comprehensive (lncome) For the Year ended For the Year ended
/Loss at year End March 31, 2021 March 31, 2020
Amount recognized in OCI, Beginning of year (0.75) (33.75)
Remeasurements due to :
Effect of Change in financial assumptions (10.73) 36.51
Effect of change in demographic assumption - -
Effect of experience adjustments (55.72) (12.78)
Return on plan assets (excluding interest) (27.12) 9.27
Total remeasurements recognized in OCl (93.57) 33.00
Amount recognized in OCl, End of year (94.33) (0.75)
(` in Lakhs)
Sensitivity Analysis For the Year ended For the Year ended
March 31, 2021 March 31, 2020
Defined Benefit Obligation - Discount Rate + 100 basis points (33.59) (35.54)
Defined Benefit Obligation - Discount Rate - 100 basis points 34.21 36.52
Defined Benefit Obligation - Salary Escalation Rate + 100 basis points 30.80 32.62
Defined Benefit Obligation - Salary Escalation Rate - 100 basis points (28.06) (29.77)
Sensitivity analysis is determined based on he expected movement in liability if the assumptions were not proved to be true
on different count.
(` in Lakhs)
Financial Assumptions Used to Determine the Defined Benefit For the Year ended For the Year ended
March 31, 2021 March 31, 2020
Discount Rate 7.08% 6.76%
Salary Escalation Rate 6.00% 6.00%
Expected Return on Plan Assets 7.08% 6.76%
Demographic Assumptions Used to Determine the Defined Benefit
Withdrawal Rate 2.00% 2.00%
Mortality Rate IALM (2012-14) IALM (2012-14)
Ultimate Ultimate
Retirement Age 58 years 58 years

106

NOTE 38: Default in Repayment of Borrowing (Current) and Interest.
During the year, the Company has defaulted in the repayment of borrowings to the Banks and Financial Institutions and
interest thereon as under:
(` in Lakhs)
Secured Principal amount of Borrowings Interest on Borrowings
Lenders Default in Repay-
(1)
Default as at 31st Default in payment Default as at
ment during the year March, 2021 during the year end- 31st March, 2021
ended 31st March, ed 31st March, 2021
2021
Banks 92,304.41 92,304.41 14,608.14 37,686.76
Financial 9,715.31 9,715.31 1,620.97 4,082.48
Institution
Total 1,02,019.72 1,02,019.72 16,229.11 41,769.24
Note(s):
The secured borrowings taken by the company from Banks and Financial Institutions had a certain repayment schedule agreed and part of

(1)
the principal obligations which were due during the year along with interest have not been repaid. Therefore, entire secured borrowings of
the company have been called back by the secured lenders vide recall notices due to material breach of debt covenants by the company and
consequently, the company has re-classified the borrowings as current borrowings in the standalone financial statements and has been
disclosed as default in repayment in the above table.
Further, due to material breach of debt covenants by the company, some of the secured lenders have not confirmed their
interest on borrowings for the year in their loan statement or have not provided the loan statement to the company.
Hence, the Company has recognised Interest expense calculated on the basis of Interest rates, Penal Interest rates and
other data agreed with the lenders in the Sanctioned Letter / Term Sheets (after latest revisions).
NOTE 39: Related Party Disclosures (As identified by the Management)
a) Related Party Relationship
i) Subsidiary Company
- Walkwater Properties Private Limited
- Blue Haven Entertainment Private Limited
ii) Key Managerial Personnel ( KMP )

- Manmohan Shetty
- Dhimant Bakshi
- Mayuresh Kore
- Ashutosh Kale

iii) Relatives of KMP
- Pooja Deora
- Aarti Shetty
v) Entities Controlled by KMP

- Thrrill Park Limited

02

b) Transaction with Related Parties (Excluding Reimbursements)
(` in Lakhs)
Sr. Nature of Transaction Subsidiary Com- Key Managerial Relatives Entities Con-
No. pany Personnel trolled by KMP
1 Loan
Received During the year - - - 311.92
(-) (-) (-) (5.92)
Repaid During the year - - - 204.03
(-) (-) (-) (394.88)
Given during the year - - - -
(37.83) (-) (-) (-)
2 Expenses
Rent & Society Mainte- - 63.63* - -
nance
(-) (126.73*) (-) (-)
Remuneration - 191.79 - -
(-) (256.13) (-) (-)
Royalty - -* - -
(-) (1.18*) (-) (-)
Secondment Charges -* - - -
(83.58*) (-) (-) (34.19)
Interest - - - -
(-) (-) (-) (773.03)
* The amount includes taxes
c) Outstanding as at theBalance Sheet Dates

(` in Lakhs)
Sr. Particulars As at Maximum o/s bal. As at Maximum o/s bal.
No. 31st March, 2021 during the year 31st March, 2020 during the year
1 Short Term Borrowing

Thrrill Park Ltd. 5,531.31 5,531.31 5,423.43 5,423.43
2 Loan and Advances
Walkwater properties Pvt. - - - 1,290.24
Ltd.
3 Trade Payable
Manmohan Shetty 37.49 62.22 27.97 48.88
Mayuresh Kore 3.49 3.49 2.68 2.68
Dhimant Bakshi 4.83 4.83 1.07 1.07
Ashutosh Kale 3.43 3.43 0.83 0.83

108

(` in Lakhs)
Sr. Particulars As at Maximum o/s bal. As at Maximum o/s bal.
No. 31st March, 2021 during the year 31st March, 2020 during the year
4 Non Current Investment
Walkwater Properties Pvt. 8,336.62 8,336.62 8,336.62 10,617.16
Ltd.
Blue Haven Entertainment 1.00 1.00 1.00 1.00
Pvt. Ltd
5 Other Current Assets
Walkwater Properties Pvt. - - - 399.09
Ltd.
Note(s):
(1)
Figures in the bracket represent previous year (P.Y.) figures
(2)
The Company has paid the Remuneration to Mr Ashutosh Kale Rs 55.59 Lakhs ( P.Y. ` 72.85 Lakhs ), Mr. Dhimant Bakshi Rs 77.34 Lakhs ( P.Y.

` 97.37 Lakhs )and Mr. Mayuresh Kore ` 58.86 Lakhs ( P.Y. ` 70.02 Lakhs)
(3)
The Company has paid Rent and Maintenance Charges for use of office premises and parking area located at 9th floor, Lotus Business Park,
New Link Road, Andheri-West, Mumbai-400053. to Mr. Manmohan Shetty amounted to ` 63.63 Lakhs (P.Y. ` 126.73 Lakhs) .
(4)
The Company has paid royalty of ` Nil Lakhs (P.Y. `1.18 Lakhs) to Mr. Manmohan Shetty
(5)
The Company has paid Interest of ` NIL Lakhs ( P.Y. ` 773.03 Lakhs ) on Loan taken from M/s Thrrill Park Limited .
NOTE 40: Fair Value Measurement
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:
1. 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.
2. 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.

02

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
(` in Lakhs)
Particulars Carrying Fair value
Amount as at Level 1 Level 2 Level 3
31st March,
2021
Financial Assets
Non- Current
Investments 8,337.62 - - 8,337.62
Others 43.67 - - 43.67
Current - -
Trade receivables 200.77 - - 200.77
Cash and cash equivalents 264.85 - - 264.85
Other bank balances 82.71 - - 82.71
Loans 0.86 - - 0.86
Others 847.44 - - 847.44
Total 9,777.92 - - 9,777.92
Financial Liabilities
Current
Borrowings 1,07,751.03 - - 1,07,751.03
Trade payables 3,204.47 - - 3,204.47
Other financial liabilities 43,385.96 - - 43,385.96
Total 1,54,341.46 - - 1,54,341.46

110

(` in Lakhs)
Particular Carrying Fair value
Amount as Level 1 Level 2 Level 3
at 31st March,
2020
Financial Assets
Non- Current
Investments 8,337.62 - - 8,337.62
Others 10.91 - - 10.91
Current - -
Loans 0.48 - - 0.48
Others 33.26 - - 33.26
Total 9,160.42 - - 9,160.42

Current
Borrowings 1,07,643.15 - - 1,07,643.15
Trade payables 2,216.20 - - 2,216.20
Total 1,37,062.54 - - 1,37,062.54
During the reporting period ending 31st March, 2021 and 31st March, 2020, there were no transfer between Level 1 and Level
2 fair value measurement.
NOTE 41: Financial Risk Management Objectives and Policies
The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The
Company’s financial risk management policy is set by the Management Board.
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, foreign
currency receivables, 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, implementing hedging strategies for foreign currency exposures, borrowing strategies, and ensuring
compliance with market risk limits and policies.
Interest Rate Risk
Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates.

02

Exposure to interest rate risk
(` in Lakhs)
Particular As at As at
31st March 2021 31st March 2020
Floating Rate Borrowings 1,02,019.72 1,02,019.72

Interest rate sensitivity
A change of 1% in interest rates would have following impact on profit before tax
(` in Lakhs)
1% increase in interest rate – Decrease in Profit (1,020.19) (1,020.19)
1% decrease in interest rate – increase in Profit 1,020.19 1,020.19
Foreign Currency Risk

The Company is not exposed to significant foreign currency risk as at the respective reporting dates.
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 Term Loans are as per below

(` in Lakhs)
Within the next 12 months 1,02,019.72 1,02,019.72
Between 2 to 5 years - -
5 years and above - -
As explained in note 32 and 38 above, the company has defaulted in repayment obligations of borrowings during
the year and the secured lenders have recalled the entire amount of borrowings. Therefore, the borrowings has been
reclassified as current borrowings during the year and the current liabilities of the company are significantly higher
than the current assets of the company. Therefore, the company faces a significant liquidity risk.
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.

112

NOTE 42: 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 may take appropriate steps in order to maintain, or if necessary adjust, its capital structure.
NOTE 43: Disclosures As Required By Indian Accounting Standard (Ind As) 108 – Operating Segments
Operating Segments of the Company:

Tickets : Theme Park, Water Park and Snow Park Tickets
Food and Beverage : Park Restaurant and Hotel Restaurant

Merchandise : Park Merchandise and Hotel Merchandise
Rooms : Hotel Accommodation’s
Other Operations : Parking, Lockers, Sponsorship, SPA, Revenue Sharing agreements & Lease Rentals
Identifications of Segments:
The chief operational decision maker monitors the operating results of its Business segment separately for the purpose
of making decision about resource allocation and performance assessment. Segment performance is evaluated based
on profit or loss and is measured consistently with profit or loss in the standalone financial statements, Operating
segment have been identified on the basis of nature of products and other quantitative criteria specified in the Ind AS
108.

Segment revenue and results:

The expenses and income which are not directly attributable to any business segment are shown as unallocable
expenditure & income.
Segment assets and Liabilities:

Segment assets include all operating assets used by the operating segment and mainly consist of property, plant
and equipments, trade receivables, Inventory and other operating assets. Segment liabilities primarily includes trade
payable and other liabilities. Common assets and liabilities which cannot be allocated to any of the business segment
are shown as unallocable assets / liabilities.

02

Summary of the Segmental Information as at and for the year ended 31st March, 2021 is as follows:
(` in Lakhs)
Particulars Tickets Food and Merchandise Rooms Other Unallocated Total
Beverage Operations
Net Revenue 664.02 574.64 75.97 750.50 130.66 - 2195.79
Segment Result (9316.54) (513.56) (215.74) (2,550.57) 104.60 (357.47) (12,849.28)
before Interest and
Taxes
Less: Finance Cost - - - - - (16,265.60) (16,265.60)
Add: Interest and - - - - - 2,450.43 2,450.43
dividend income
Profit before Tax (9316.54) (513.56) (215.74) (2,550.57) 104.60 (14,172.64) (26,664.45)
Deferred Tax - - - - - - -
Profit after tax (9316.54) (513.56) (215.74) (2,550.57) 104.60 (14,172.64) (26,664.45)
Other Information
Segment assets 50,305.89 6,298.60 1,985.60 10,506.51 66.69 25,321.49 94,484.78
Segment liabilities 1,388.83 219.00 160.72 752.58 (17.36) 152,736.75 1,55,240.52
Capital Expenditure 155.50 - - - - - 155.50
during the year
Depreciation and 6,566.24 1,326.16 102.92 1,565.72 - - 9,561.04
Amortisation
(` in Lakhs)
Beverage Operations
Net Revenue 9,364.99 5,228.80 1,328.08 2,468.65 1,615.06 - 20,005.58
Segment Result (22,035.49) 2,094.69 110.18 (1,920.75) 1,169.74 (4,724.01) (25,305.64)
before Interest and
Taxes
Less: Finance Cost 15,158.22 15,158.22
Add: Interest and 60.29 60.29
dividend income
Profit before Tax (22,035.49) 2,094.69 110.18 (1,920.75) 1,169.74 (19,821.94) (40,403.57)
Profit after tax (22,035.49) 2,094.69 110.18 (1,920.75) 1,169.74 (19,821.94) (40,403.57)
Other Information
Segment assets 57,249.65 4,557.03 2,099.91 15,042.42 111.74 24,520.64 1,03,581.39
Segment liabilities 1435.19 179.47 186.23 616.74 (9.81) 1,35,434.41 1,37,842.23
Capital Expenditure 665.61 - - 271.29 - - 1,238.78
during the year
Depreciation and 21,413.72 452.54 103.20 2,300.64 - - 24,270.10
Amortisation
NOTE 44:
In meeting dated September 14, 2020, the Board of Directors of Imagicaaworld Entertainment Limited 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, subject to Shareholders approval. The total
number of such ESOPs under said grant were 3,994,891 (Thirty Nine Lakhs Ninety Four Thousand Eight Hundred and Ninety
One) Options exercisable into not more 3,994,891 (Thirty Nine Lakhs Ninety Four Thousand Eight Hundred and Ninety One)
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 due shareholders and stock exchange approvals, the said ESOPs were
duly granted during the year.

114

a) The details of Employee Stock Option Scheme are as under :
Particular ESOS 2020

Method of Accounting Intrinsic Value Method
Vesting Plan Options granted under ESOS 2020 would Vest after 1 (one)
year but not later than 3 (three) years from the date of
grant of such Options.
Exercise Price The exercise price for the first grant shall be 30% discount
to trailing 2 weeks Volume Weighted Average Price (on
the stock exchange which has reported higher volumes)
from date of first vesting
The exercise price for the subsequent grant shall be 20%

discount to trailing 2 weeks Volume Weighted Average
Price (on the stock exchange which has reported higher
volumes).

Maximum Term of Options Granted 7 years from the date of vesting
b) Movement of options during the year ended March 31,2021
Particulars Options Outstanding

outstanding at the beginning of the period NIL
outstanding at the beginning of the period 39,94,891

NOTE 45:
The Term Loan facility availed by the Company is secured by pari passu first charge on movable and immovable fixed assets
of the Company including mortgage of 298 acres of land (out of which 137 acres of land held by Walk Water Properties
Pvt Ltd, wholly owned subsidiary of the Company) to consortium led by Union Bank of India in favour of IDBI Trusteeship
Services Ltd.
The said loan is also secured by first pari passu charge on Current assets of the Company, pledge of shares held by promoters
of the Company, Personal and Corporate Guarantees of the Promoters of the Company and wholly owned subsidiary
The Additional facility availed from other lenders are secured by first charge on additional land parcels aggregating to 34
acres of Land and secured by Second and subservient charge on other assets of the Company. Further, as a collateral security
have been furnished with Personal and Corporate Guarantees of the Promoters of the Company.

02

NOTE 46:
The Company’s equity shares are in dematerialized form with the Central Depository Services (India) Limited (CDSL) and
with National Securities Depository Limited (NSDL) having ISIN No. INE172N01012.





116
INDEPENDENT AUDITOR’S REPORT b) The Group has incurred a net loss of Rs 26,864.17
Lakhs during the year ended March 31, 2021 and
To the Members of Imagicaaworld Entertainment as of that date, the net worth of the Group has
Limited (formerly known as Adlabs Entertainment been fully eroded.
Limited)
c) The Holding Company has been unable to
Report on the Audit of the Consolidated Ind AS Financial conclude re-negotiations or obtain replacement
Statements financing due to recalling of debts by the financial
lenders and the matter has been referred to
Adverse Opinion National Company Law Tribunal for resolution,
although the matter has not been admitted yet.
We have audited the accompanying consolidated Ind
AS financial statements of Imagicaaworld Entertainment These situations indicate that a material
Limited (formerly known as Adlabs Entertainment Limited) uncertainty exists that may cast a significant
(hereinafter referred to as the ‘Holding Company”) and its doubt on the Group’s ability to continue as a
subsidiary (Holding Company and its subsidiary companies going concern and, therefore, it may be unable
together referred to as “the Group”), which comprise the to realise its assets and discharge its liabilities in
CONSOLIDATED FINANCIAL STATEMENTS

consolidated Balance Sheet as at 31st March, 2021, the the normal course of business. The accompanying
consolidated Statement of Profit and Loss, consolidated consolidated financial statements do not
Statement of Changes in Equity and the consolidated Cash adequately disclose the matter.
Flows Statement for the year then ended, and notes to the
consolidated Financial Statements, including a summary 2. The Group has a net carrying value of Property Plant
of significant accounting policies and other explanatory and Equipment of ` 81,147.48 Lakhs and intangible
information (hereinafter referred to as “the consolidated assets of `1,054.38 Lakhs as at 31st March, 2021.
financial statements”). The impairment testing was last carried out by the
Group in the financial year 2019-20. In the absence
In our opinion and to the best of our information and of impairment testing during the current year, we are
according to the explanations given to us, except for unable to comment whether the carrying values of the
the possible effects of the matters described in the Basis Property, Plant and Equipment and intangible asset as
for Adverse Opinion section of our report, the aforesaid at 31st March, 2021 are recoverable and whether any
consolidated financial statements do not give a true and further provision would be required for the same.
fair view in conformity with the Accounting Standards
prescribed under section 133 of the Act and the accounting We conducted our audit in accordance with the Standards
principles generally accepted in India, of the consolidated on Auditing (SAs) specified under section 143(10) of
state of affairs of the Group as at March 31, 2021, of the Companies Act, 2013. Our responsibilities under
consolidated loss, of consolidated changes in equity and its those Standards are further described in the Auditor’s
consolidated cash flows for the year then ended. Responsibilities for the Audit of the Consolidated Financial
Statements section of our report. We are independent of
Basis for Adverse Opinion the Group in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (“ICAI”)
1. We draw attention to Note 31 of the consolidated together with the ethical requirements that are relevant to
financial statements which states that: our audit of the financial statements under the provisions
of the Act and the Rules thereunder, and we have fulfilled
a) The Holding Company’s operations have been our other ethical responsibilities in accordance with these
severely affected on account of Covid 19. As requirements and the ICAI’s Code of Ethics. We believe
on the date of the report, the Government that the audit evidence we have obtained is sufficient
of Maharashtra has not allowed the holding and appropriate to provide a basis for our opinion on the
company’s operations to be restarted. financial statements.

02
Material Uncertainty Related to Going Concern view of the consolidated financial position, consolidated
financial performance and consolidated cash flows of
Refer the “Basis for Adverse Opinion” section of this Report. the Group in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
Key Audit Matters Standards specified under section 133 of the Act. The
respective Board of Directors of the companies included
Key audit matters are those matters that in our professional in the Group are responsible for maintenance of adequate
judgment were of most significance in our audit of the accounting records in accordance with the provisions of
consolidated financial statements for the financial year the Act for safeguarding the assets of the Group and for
ended March 31, 2021. Except for the matters described in preventing and detecting frauds and other irregularities;
the Basis for Adverse Opinion section, we have determined selection and application of appropriate accounting policies;
that there are no other key audit matters to communicate making judgments and estimates that are reasonable and
in our report. prudent; and the design, implementation and maintenance
of adequate internal financial controls, that were operating
Information Other than the Financial Statements and
effectively for ensuring accuracy and completeness of
Auditor’s Report Thereon
the accounting records, relevant to the preparation and
The Company’s Board of Directors is responsible for the presentation of the financial statements that give a true and
preparation of the other information. The other information fair view and are free from material misstatement, whether
comprises the information included in the Board’s Report due to fraud or error, which have been used for the purpose
including Annexure to Board’s Report but does not include of preparation of the consolidated financial statements by
the standalone and consolidated financial statements and the Directors of the Holding Company, as aforesaid.
our auditor’s report thereon. The other information as
stated above is expected to be made available to us after In preparing the consolidated financial statements, the
the date of this Auditor’s Report. respective Board of Directors of the companies included
in the Group are responsible for assessing the ability of
Our opinion on the consolidated financial statements does the Group to continue as a going concern, disclosing, as
not cover the other information and we do not express any applicable, matters related to going concern and using the
form of assurance conclusion thereon. going concern basis of accounting unless the management
either intends to liquidate the Group or to cease operations,
In connection with our audit of the consolidated financial or has no realistic alternative but to do so.
statements, our responsibility is to read the other
information and, in doing so, consider whether the other The respective Board of Directors of the companies
information is materially inconsistent with the financial included in the Group are responsible for overseeing the
statements or our knowledge obtained in the audit, or financial reporting process of the Group.
otherwise appears to be materially misstated.
Auditor’s Responsibilities for the Audit of the
When we read the other information as stated above, if we Consolidated Financial Statements
conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged Our objectives are to obtain reasonable assurance about
with governance as required under SA 720 on “The Auditors whether the consolidated financial statements as a whole
Responsibilities relating to Other Information”. are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our
Responsibilities of Management and Those Charged opinion. Reasonable assurance is a high level of assurance,
with Governance for the Consolidated Financial but is not a guarantee that an audit conducted in accordance
Statements with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
The Holding Company’s Board of Directors is responsible considered material if, individually or in the aggregate, they
for the preparation and presentation of these consolidated could reasonably be expected to influence the economic
financial statements in term of the requirements of the decisions of users taken on the basis of these consolidated
Companies Act, 2013 (the Act) that give a true and fair financial statements.

118
As part of an audit in accordance with SAs, we exercise • Obtain sufficient appropriate audit evidence
professional judgment and maintain professional regarding the financial information of the entities
skepticism throughout the audit. We also: or business activities within the Group to express an
opinion on the consolidated financial statements.
• Identify and assess the risks of material misstatement We are responsible for the direction, supervision and
of the consolidated financial statements, whether due performance of the audit of the financial statements
to fraud or error, design and perform audit procedures of such entities included in the consolidated financial
responsive to those risks, and obtain audit evidence statements of which we are the independent auditors.
that is sufficient and appropriate to provide a basis For the other entities included in the consolidated
for our opinion. The risk of not detecting a material financial statements, which have been audited by
misstatement resulting from fraud is higher than for other auditors, such other auditors remain responsible
one resulting from error, as fraud may involve collusion, for the direction, supervision and performance of
forgery, intentional omissions, misrepresentations, or the audits carried out by them. We remain solely
the override of internal control. responsible for our audit opinion.
• Obtain an understanding of internal financial We communicate with those charged with governance of
controls relevant to the audit in order to design audit the Holding Company of which we are the independent

procedures that are appropriate in the circumstances. auditors regarding, among other matters, the planned
Under section 143(3)(i) of the Act, we are also scope and timing of the audit and significant audit findings,
responsible for expressing our opinion on whether including any significant deficiencies in internal control
the Company and its subsidiary companies which that we identify during our audit.
are companies incorporated in India, have adequate
internal financial controls system in place and the We also provide those charged with governance with
operating effectiveness of such controls. a statement that we have complied with relevant
ethical requirements regarding independence, and to
• Evaluate the appropriateness of accounting policies communicate with them all relationships and other
used and the reasonableness of accounting estimates matters that may reasonably be thought to bear on our
and related disclosures made by management. independence, and where applicable, related safeguards.
• Conclude on the appropriateness of management’s From the matters communicated with those charged with
use of the going concern basis of accounting and, governance, we determine those matters that were of
based on the audit evidence obtained, whether most significance in the audit of the consolidated financial
a material uncertainty exists related to events or statements of the current period and are therefore the key
conditions that may cast significant doubt on the audit matters. We describe these matters in our auditor’s
ability of the Group to continue as a going concern. report unless law or regulation precludes public disclosure
If we conclude that a material uncertainty exists, we about the matter or when, in extremely rare circumstances,
are required to draw attention in our auditor’s report we determine that a matter should not be communicated
to the related disclosures in the consolidated financial in our report because the adverse consequences of doing
statements or, if such disclosures are inadequate, to so would reasonably be expected to outweigh the public
modify our opinion. Our conclusions are based on interest benefits of such communication.
the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions Other Matters
may cause the Group to cease to continue as a going
concern. We did not audit the financial statements of the 2 wholly
owned subsidiary companies, whose financial information
• Evaluate the overall presentation, structure and content reflect total assets of ` 8,434.18 Lakhs as at March 31, 2021,
of the consolidated financial statements, including the total income of ` Nil and net cash outflows amounting
disclosures, and whether the consolidated financial to ` 1.21 Lakhs for the year ended on that date, as
statements represent the underlying transactions and considered in the consolidated financial statements. The
events in a manner that achieves fair presentation. financial statements of these subsidiary companies have

02
been audited by other auditors whose report have been e) The matters described in the Basis for Adverse Opinion
furnished to us by the Management and our opinion on the section above, in our opinion, may have an adverse
consolidated financial statements, in so far as it relates to effect on the functioning of the Group.
the amounts and disclosures included in respect of these
subsidiary companies and our report in terms of sub- f ) On the basis of the written representations received
section (3) of Section 143 of the Act, in so far as it relates to from the directors of the Holding Company as on 31st
the aforesaid subsidiary companies are based solely on the March, 2021 taken on record by the Board of Directors
reports of the other auditors. of the Holding Company and its subsidiary companies
incorporated in India, none of the directors of the
Our opinion on the consolidated financial statements, and Group companies incorporated in India is disqualified
our report on Other Legal and Regulatory Requirements as on 31st March, 2021 from being appointed as a
below, is not modified in respect of the above matters with director in terms of Section 164(2) of the Act.
respect to our reliance on the work done and the reports of
the other auditors. g) The adverse remarks relating to the maintenance of
accounts and other matters connected therewith
Report on Other Legal and Regulatory Requirements are as stated in the Basis for Adverse Opinion section
above.
As required by Section 143(3) of the Act, we report, to
the extent applicable, that: h) With respect to the adequacy of internal financial
controls over financial reporting of the Companies
a) We have sought and, except for the possible effects of incorporated in India and included in the Group and
the matter described in the Basis for Adverse Opinion the operating effectiveness of such controls, refer to
section above, obtained all the information and our separate report in Annexure.
explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit. i) With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements
b) Except for the effects / possible effects of the matters of section 197(16) of the Act, as amended:
described in the Basis for Adverse Opinion section
above, in our opinion, proper books of account as In our opinion and to the best of our information
required by law relating to preparation of the aforesaid and according to the explanations given to us, the
consolidated financial statements have been kept so remuneration paid by the holding Company and its
far as it appears from our examination of those books. subsidiary companies incorporated in India to its
managing director during the year is in accordance
c) The Consolidated Balance Sheet, the Consolidated with the provisions of section 197 of the Act.
Statement of Profit and Loss, the Consolidated
statement of changes in equity and the Consolidated j) With respect to the other matters to be included in
Cash Flow Statement dealt with by this Report are the Auditor’s Report in accordance with Rule 11 of
in agreement with the relevant books of account the Companies (Audit and Auditor’s) Rules, 2014, in
maintained for the purpose of preparation of the our opinion and to the best of our information and
consolidated financial statements. according to the explanations given to us:
d) Except for the matter described in the Basis for Adverse i. The consolidated financial statements disclose the
Opinion section above, in our opinion, the aforesaid impact of pending litigations on the consolidated
financial statements comply with the Accounting financial position of the Group refer Note 28 to
Standards specified under Section 133 of the Act, read the consolidated financial statements.
with Rule 7 of the Companies (Accounts) Rules, 2014.

120
ii. Except for the possible effects of the matter Annexure to the Independent Auditor’s Report
described in the Basis for Adverse Opinion section
above, the Group has made provision, as required Annexure referred to in our report of even date to the
under the applicable law or accounting standards, members of Imagicaaworld Entertainment Limited
for material foreseeable losses, if any, on long- (formerly known as Adlabs Entertainment Limited)
term contracts including derivative contracts. on the consolidated accounts for the year ended 31st
March, 2021
iii. There were no amounts which were required Report on the Internal Financial Controls under Clause
to be transferred to the Investor Education and (i) of Sub-section 3 of Section 143 of the Companies Act,
Protection Fund by the Holding Company and its 2013 (“the Act”)
subsidiary companies incorporated in India to the
consolidated financial statements. We have audited the internal financial controls over
financial reporting of Imagicaaworld Entertainment
Limited (formerly known as Adlabs Entertainment Limited)
For V. Sankar Aiyar & Co., (hereinafter referred to as “the Holding Company”) and its
Chartered Accountants subsidiary companies incorporated in India (hereinafter

(FRN 109208W) collectively referred to as “the Group”) as of 31st March, 2021.
Management’s Responsibility for Internal Financial

(G.SANKAR) Controls
Date: June 24, 2021 UDIN: 21046050AAAAFO7331 The respective Board of Directors of the Holding Company
and its subsidiary companies are responsible for establishing
and maintaining internal financial controls based on the
internal control over financial reporting criteria established
by the Company considering the essential components
of internal control stated in the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting
(“the Guidance Note”) issued by the Institute of Chartered
Accountants of India. These responsibilities include the
design, implementation and maintenance of adequate
internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business,
including adherence to respective company’s policies, the
safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable
financial information, as required under the Companies Act,
2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the internal

financial controls over financial reporting of the Parent
and its subsidiary companies which are incorporated
in India, based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting (the “Guidance

02
Note”) issued by the Institute of Chartered Accountants authorisations of management and directors of the
of India and the Standards on Auditing, prescribed under company; and (3) provide reasonable assurance regarding
Section 143(10) of the Companies Act, 2013, to the extent prevention or timely detection of unauthorised acquisition,
applicable to an audit of internal financial controls. Those use, or disposition of the company’s assets that could have
Standards and the Guidance Note require that we comply a material effect on the financial statements.
with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether adequate Inherent Limitations of Internal Financial Controls over
internal financial controls over financial reporting was Financial Reporting
established and maintained and if such controls operated
effectively in all material respects. Because of the inherent limitations of internal financial
controls over financial reporting, including the possibility
Our audit involves performing procedures to obtain audit of collusion or improper management override of controls,
evidence about the adequacy of the internal financial material misstatements due to error or fraud may occur and
controls system over financial reporting and their operating not be detected. Also, projections of any evaluation of the
effectiveness. Our audit of internal financial controls over internal financial controls over financial reporting to future
financial reporting included obtaining an understanding of periods are subject to the risk that the internal financial
internal financial controls over financial reporting, assessing control over financial reporting may become inadequate
the risk that a material weakness exists, and testing and because of changes in conditions, or that the degree of
evaluating the design and operating effectiveness of compliance with the policies or procedures may deteriorate.
internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including Adverse Opinion
the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. According to the information and explanations given to us
and based on our audit, the following material weaknesses
We believe that the audit evidence we have obtained, have been identified as at March 31, 2021:
is sufficient and appropriate to provide a basis for our
audit opinion on the internal financial controls system 1) The Group has prepared its financial statements on
over financial reporting of the Parent and its subsidiary going concern basis. However:
companies which are incorporated in India.
a) The Holding Company’s operations have been
Meaning of Internal Financial Controls over Financial severely affected on account of Covid 19. As
Reporting on the date of the report, the Government of
Maharashtra has not allowed the company’s
A company’s internal financial control over financial operations to be restarted.
reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting b) The Group has incurred a net loss of Rs 26,864.17
and the preparation of financial statements for external Lakhs during the year ended March 31, 2021 and
purposes in accordance with generally accepted as of that date, the net worth of the Group has
accounting principles. A company’s internal financial been fully eroded.
control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records c) The Holding Company has been unable to
that, in reasonable detail, accurately and fairly reflect the conclude re-negotiations or obtain replacement
transactions and dispositions of the assets of the company; financing due to recalling of debts by the financial
(2) provide reasonable assurance that transactions are lenders and the matter has been referred to
recorded as necessary to permit preparation of financial National Company Law Tribunal for resolution.
statements in` accordance with generally accepted
accounting principles, and that receipts and expenditures The above situations indicate a material uncertainty
of the company are being made only in accordance with that may cast a significant doubt on the Group’s ability

122
to continue as a going concern as a result of which the We have considered the material weaknesses identified
Group may be unable to realise its assets and discharge and reported above in determining the nature, timing, and
its liabilities in the normal course of business. The extent of audit tests applied in our audit of the March 31,
consolidated financial statements do not adequately 2021 consolidated financial statements of the Group, and
disclose the said matter. these material weaknesses have affected our opinion on
the financial statements of the Group and we have issued an
2) The Group has not carried out impairment testing of its adverse opinion on the consolidated financial statements.
Property, Plant & Equipment and Intangible Assets for
impairment during the current year in accordance with Other Matters
the significant accounting policies of the Company.
Our aforesaid report under Sec 143(3)(i) of the Act on the
A ‘material weakness’ is a deficiency, or a combination of adequacy and operating effectiveness of the internal
deficiencies, in internal financial control over financial financial controls over financial reporting in so far as it
reporting, such that there is a reasonable possibility that relates to subsidiary companies incorporated in India, is
a material misstatement of the Group’s annual or interim based solely on the corresponding report of the auditor of
financial statements will not be prevented or detected on such company incorporated in India.
a timely basis.

Our opinion is not modified in respect of the above matters.
In our opinion, because of the possible effects of the
material weaknesses described above on the achievement
of the objectives of the control criteria, the Group has For V. Sankar Aiyar & Co.,
not maintained adequate and effective internal financial Chartered Accountants
controls over financial reporting as of March 31, 2021, (FRN 109208W)
based on the internal control over financial reporting
criteria established by the Group considering the essential
components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial (G.SANKAR)
Reporting issued by the Institute of Chartered Accountants Place: Mumbai (M.No.46050)
of India. Date: June 24, 2021 UDIN: 21046050AAAAFO7331

02
Consolidated Balance Sheet as at 31st March, 2021

(` in Lakhs)
Particulars Notes As at As at
ASSETS
Non-current Assets
(a) Property, plant and equipment 3 81,147.48 90,117.07
(b) Capital work- in-progress 5.10 -
(c) Other intangible asset 4 1,054.38 1,490.73
(d) Financial assets
(i) Other financial asset 5 43.67 10.91
(e) Other Non-current Assets 6 197.86 259.62
82,448.49 91,878.33
Current Assets
(a) Inventories 7 8,235.91 8,379.99
(b) Financial assets
i) Trade receivables 8 200.77 483.59
ii) Cash and cash equivalents 9 267.53 212.68
iii) Bank balances other than (ii) above 10 82.71 85.77
iv) Loans 11 0.86 0.48
v) Other financial assets 12 914.69 408.14
(c) Current tax assets (net) 104.22 168.57
(d) Other Current Assets 13 1,203.03 1,246.10
11,009.72 10,985.32
Total 93,458.21 102,863.65
EQUITY AND LIABILITIES

Equity
(a) Equity Share Capital 14 8,806.21 8,806.21
(b) Other Equity (70,625.99) (43,931.40)
(61,819.78) (35,125.19)
Liabilities
Non Current Liabilities
(a) Provisions 15 72.78 147.93
72.78 147.93
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 16 107,751.03 107,643.15
(ii) Trade payables
Total outstanding dues of micro enterprises and small enterprises 9.96 14.50
(refer note no.33)
Total outstanding dues of creditors other than micro enterprises and small 3,225.98 2,233.31
enterprises
(iii) Other financial liabilities 17 43,385.96 27,203.19
(b) Other current liabilities 18 805.76 723.17
(c) Provisions 19 26.52 23.59
155,205.21 137,840.91
Total 93,458.21 102,863.65
Summary of significant accounting policies 2





Date : 24th June 2021 Jt. CEO Chief Financial Office Company Secretary

124
Consolidated Statement of Profit and Loss for the year ended 31st March, 2021
(` in Lakhs)
Particulars Notes For the Year ended For the Year ended
INCOME:
Revenue from operations 20 2,195.79 20,005.58
Other income 21 2,450.43 61.30
Total Revenue ( I ) 4,646.22 20,066.88
EXPENSES:
Cost of material consumed 22 211.83 1,460.89
Purchase of trading goods
Changes in inventories of stock-in-trade 23 37.15 15.66
Employee benefit expense 24 2,803.99 5,235.42
Finance cost 25 16,265.60 15,158.21
Depreciation, Impairment loss & amortisation expense 3&4 9,561.04 24,270.10
Other expenses 26 2,598.37 12,963.12
Total Expenses ( II ) 31,510.39 59,809.64

Profit / (Loss) before exceptional and tax ( I-II ) (26,864.17) (39,742.76)
Exceptional items -
Profit / (Loss) before tax (26,864.17) (39,742.76)
Tax Expenses
Current tax - -
Deferred tax - -
Profit/ (loss) for the year from continuing operations (26,864.17) (39,742.76)
Profit/ (loss) from discontinued operations
Tax expense of discontinued operations - -
Profit/ (loss) from discounting operations (after tax) - -
Profit/ (loss) for the year (26,864.17) (39,742.76)
Other comprehensive income
A (i) Items that will not be reclassified to profit or loss Remeasurement of the 93.57 (33.00)
net defined benefit liability/asset,
(ii) Income tax relating to items that will not be reclassified to profit or loss - -
B (i) Items that will be reclassified to profit or loss - -
(ii) Income tax relating to items that will be reclassified to profit or loss - -
Total comprehensive income for the year (26,770.60) (39,775.76)
Earnings per equity share (for continuing operations)
Basic (30.51) (45.13)
Diluted (30.51) (45.13)
Earnings per equity share (for discontinued operations)
Basic
Diluted
Earnings per equity share (for discontinued & continuing operations)
Basic (30.51) (45.13)
Diluted (30.51) (45.13)
Summary of Significant Accounting Policies 2






02
Consolidated Cash Flow Statement for the year ended 31st March, 2021
(` in Lakhs)
A: CASH FLOW FROM OPERATING ACTIVITIES:
Net profit/loss before tax (26,864.17) (39,742.76)
Adjustments for:
Depreciation,Impairment loss & amortisation expense 9,561.04 24,270.10
Acturial gains/(loss) in OCI 93.57 (33.00)
Interest income (19.22) (5.40)
Provision for Impairment of Inventory - 3,156.66
Employee compensation expenses (ESOP) 75.98 -
Interest expense and finance cost 16,265.60 15,158.21
Operating Loss before Working Capital Changes (887.20) 2,803.81
Movements in working capital:
Decrease / (increase) in trade receivables 282.82 456.56
(Decrease) / increase in trade payables 988.19 (491.53)
Decrease / (increase) in inventories 144.08 96.97
Decrease / (increase) in other current and non current assets (402.10) 103.41
(Decrease) / increase in current and non current liabilities 220.42 (1,028.63)
Cash Generated from Operations 346.21 1,940.59
Direct taxes paid (net of refunds) 64.34 240.32
Net Cash generated in Operating Activities 410.55 2,180.91
B: CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of Tangible & Intangible assets and change in capital work-in-progress (160.60) (898.61)
Advance against Sale of Hotel repay - (75.00)
Fixed Deposit (27.95) (40.01)
Interest income 17.47 4.75
Net Cash Used in Investing Activities (171.08) (1,008.87)
C: CASH FLOW FROM FINANCING ACTIVITIES:

Interest expense and finance cost paid (184.60) (1,149.03)
Net Cash used in Financing Activities (184.60) (1,149.03)
Net increase in cash and cash equivalents (A + B + C) 54.87 23.01
Cash and cash equivalents at the beginning of the year 212.66 189.65
Components of cash and cash equivalents as at 31st March, 2021 31st March, 2020
With banks - on current account 238.54 182.73
Note(s) : -
(1)
Comparative figures are regrouped wherever necessary.
(2)
Figures in bracket represent cash outflow.





126
Consolidated Statement of changes in equity for the year ended 31st March, 2021

A: Equity Share Capital
(` in Lakhs)
Particulars For the Year ended
31st March, 2021
Add/Less:- Changes in Equity share capital during the year -

Particulars For the Year ended
31st March, 2020
Add :- Issued during the year -

B: Other Equity

For the year ended 31st March, 2021
(` in Lakhs)
Particulars Reserves and Surplus Other Total
Capital Share Securities Retained comprehensive
Reserves Based Premium Earning income
Reserve
Balance as at 1st April, 2020 296.56 84,250.44 (128,479.15) 0.75 (43,931.40)
Total comperhensive Income for the (26,864.17) 93.57 (26,770.60)
year
Share Based payment reserve (ESOP) 75.98 75.98
Balance as on 31st March, 2021 296.56 75.98 84,250.44 (155,343.32) 94.32 (70,625.99)

For the year ended 31st March, 2020
(` in Lakhs)
Particulars Reserves and Surplus Other Total
Capital Share Securities Retained comprehensive
Reserves Based Premium Earning income
Reserve
Balance as at 1st April, 2019 296.56 - 84,250.44 (88,736.39) 33.75 (4,155.64)
Total comperhensive Income for the - (39,742.76) (33.00) (39,775.76)
year
Share Based payment reserve (ESOP) - -
Balance as on 31st March, 2020 296.56 - 84,250.44 (128,479.15) 0.75 (43,931.40)



02
Notes forming part of the Consolidated Financial Statements

1. CORPORATE INFORMATION:
Imagicaaworld Entertainment Limited (the Company) is a public limited company incorporated and domiciled in India
whose shares are publicly traded. The registered office is located at 30/31, Sangdewadi, Off Mumbai- Pune Express
Highway, Khopoli Pali Road, Khalapur, District Raigad - 410203, Maharashtra.
The Company is engaged in the business of development and operations of theme-based entertainment destinations
in India, including theme parks, water parks and associated activities including retail merchandising and food and
beverages. The flagship project of the company is located at Khalapur, on Mumbai Pune Expressway and is branded
‘‘Imagicaa – Theme Park” for the theme park component, “Imagicaa – Water Park” for the water park component,”
Imagicaa- Snow Park” for the snow park component and. “Imagicaa – Novotel Hotel “for the Hotel component.
Walkwater Properties Private Limited, a wholly owned subsidiary of the Company, is engaged in the business of
developing real estate.
Blue Haven Entertainment Private Limited, another wholly owned subsidiary of the Company, is yet to commence its
operations.

The Company and the subsidiaries mentioned above is together referred to as “the Group”.
2. SIGNIFICANT ACCOUNTING POLICIES:
2.1 Basis of Preparation of Consolidated Financial Statements:
These consolidated financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) under
the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair
values. The Ind AS are prescribed under Section 133 of the Companies Act, 2013 (“the Act”) read with Rule 3 of the
Companies (Indian Accounting Standards) Rules, 2015 as amended.
Accounting policies have been consistently applied except where a newly issued accounting standard is initially
adopted or a revision to an existing accounting standard require a change in accounting policy hitherto in use.
The consolidated financial statements are presented in Indian Rupees (‘INR/ Rs./ ` ’) and all values are rounded to the
nearest lakh, except otherwise indicated.
The consolidated financial statements have been prepared using uniform accounting policies for like transactions and
other events in similar circumstances and are presented to the extent possible in the same manner as the Company’s
separate financial statements.
In respect of the Subsidiary company, the financial statements have been consolidated on a line-by-line basis by
adding together the book values of like item of assets, liabilities, incomes and expenses, after fully eliminating intra-
group balances and unrealised profits/losses on intra-group transactions as per Ind as - 110 - “Consolidated Financial
Statements”.
The excess of cost to the Company of its investment in the Subsidiary Company over the Company’s share of net assets
of the Subsidiary Company is recognised in the financial statements as goodwill, which is tested for impairment at each
balance sheet date. The excess of Company’s share of net assets of the Subsidiary Company over the cost of acquisition
is treated as capital reserve.

128

The results of operations of a Subsidiary are included in the Consolidated Financial Statements from the date on which
the parent-Subsidiary relationship comes into existence.
The Notes and Significant Accounting Policies to the Consolidated Financial Statements are intended to serve as a
guide for better understanding of the Group’s position. In this respect, the Group has disclosed such notes and policies,
which represent the requisite disclosure.
All assets and liabilities have been classified as current or non-current as per the group’s normal operating cycle and other
criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of products and the time between
the acquisition of assets for processing and their realisation in cash and cash equivalents, the group has ascertained its
operating cycle as 12 months for the purpose of current – noncurrent classification of assets and liabilities.
2.2 Use of Assumptions Judgments and Estimates :
The preparation of the consolidated financial statements in conformity with Ind AS requires the management to
make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of
accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities

at the date of the consolidated financial statements and reported amounts of revenues and expenses during the period.
The application of accounting policies that require critical accounting estimates involving complex and subjective
judgments and the use of assumptions in these consolidated financial statements have been disclosed below. Actual
results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware
of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the consolidated financial
statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the
consolidated financial statements.
Critical Accounting Estimates:
(a) Impairment of non-financial assets:
The Group 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 Group estimates the asset’s
recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of
disposal and its value in use. It 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 fair value less costs of disposal, recent market transactions are taken into account. If no such
transactions can be identified, an appropriate valuation model is used.
(b) Defined benefit plans:
The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation
are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may
differ from actual developments in the future. These include the determination of the discount rate, future salary
increases, mortality rates and attrition rate. Due to the complexities involved in the valuation and its long-term
nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
reviewed at each reporting date.

02

(c) Fair value measurement of financial instruments:
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured
based on quoted prices in active markets, their fair value is measured using valuation techniques including the
Discounted Cash Flow (DCF) model. The inputs to these models are taken from observable markets where possible,
but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include
considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors
could affect the reported fair value of financial instruments.
(d) Impairment of financial assets:
The impairment provisions for financial assets are based on assumptions about risk of default and expected
loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment
calculation based on Group past history, existing market conditions as well as forward looking estimates at the end
of each reporting period.
(e) Deferred Tax:
Significant judgments are involved in assessing the realizability of deferred income tax assets. The ultimate
realization of deferred income tax assets is dependent upon the generation of future taxable income during the
periods in which the temporary differences become deductible. Management considers the scheduled reversals
of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this
assessment.
(f) Property, plant and equipment:
Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in
respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the
expected residual value at the end of its life. The useful lives and residual values of Group’s assets are determined
by the management at the time the asset is acquired and reviewed periodically, including at each financial year
end. The lives are based on historical experience with similar assets as well as anticipation of future events, which
may impact their life, such as changes in technology
2.3 Revenue Recognition:
Revenue (other than for those items to which Ind AS 109 Financial Instruments are applicable) is measured at fair
value of the consideration received or receivable. Ind AS 115, Revenue from contracts with customers, outlines a single
comprehensive model of accounting for revenue arising from contracts with customers.
The Group recognizes revenue from contracts with customers based on a five-step model as set out in Ind AS 115:
Step 1: Identify contract(s) with a customers. A contract is defined as an agreement between two or more parties that
creates enforceable rights and obligations and sets out the criteria for every contract that must be met.
Step 2: Identify performance obligations in the contract: performance obligation is a promise in a contract with a
customer to transfer a good or service to the customer.
Step 3: Determine the transaction price: The transaction price is the amount of consideration to which the group expects
to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on
behalf of third parties.

130

Step 4: Allocate the contract price to the performance obligations in the contract: For contract that has more than
one performance obligation, the Group allocates the transaction price to each performance obligation in an amount
that depicts the amount of consideration to which the Group expects to be entitled in exchange for satisfying each
performance obligation.
Step 5: Recognise revenue when (or as) the Group satisfies a performance obligation.
The Group has revenue recognition policies for its various operating segments that are appropriate to the nature of
each business. The revenues are recognized when the general revenue recognition criteria as per the policy are met.
Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects
the consideration we expect to receive in exchange for those products or services.
The Group measures the revenues at fair value of the consideration received or receivable after taking in to account
the amount of any discount or rebates allowed to the customers. The Group presents revenues net of indirect taxes
collected in its statement of profit and loss.

Advances received for services and products are reported as “Advance received against sale” until all conditions for
revenue recognition are met.

Tickets:
Revenues from theme park/water park/Snow park ticket sales are recognized when the tickets are issued.
The accounting policy for recognizing revenue from sale of Open Pass/Gift Passes or Open Day Tickets with all days
validity which are Non-Refundable in nature are recognized when Passes/ Tickets are utilized or expired.
Food/Beverages:
Revenue is recognized when food/ drinks are supplied or served or services rendered.
Merchandise:
Retail sale are recognized on delivery of the merchandise to the customer, when the property in goods and significant
risk and rewards are transferred for a price and no effective ownership control is retained.
Room Revenue:
Revenue recognized upon rendering of services.
Barter:
When goods or services are exchanged or swapped for goods or services which are of a similar nature and value, the
exchange is not regarded as a transaction which generates revenue.
When goods are sold or services are rendered in exchange for dissimilar goods or services, the exchange is regarded
as a transaction which generates revenue. The revenue is measured at the fair value of the goods or services received,
adjusted by the amount of any cash or cash equivalents transferred. When the fair value of the goods or services received
cannot be measured reliably, the revenue is measured at the fair value of the goods or services given up, adjusted by
the amount of any cash or cash equivalents transferred

02

Others:
The revenue is recognized on accrual basis and when significant risk and rewards are transferred. Profit on sale of
investments is recorded on transfer of title from the Group and is determined as the difference between the sale price
and carrying value of the investment. Lease rentals are recognized on a straight line basis over the lease term.

2.4 Taxes on Income:
Taxes on Income comprises of current tax and deferred tax. Current tax and deferred tax are recognized in profit and
loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this
case, the tax expense is also recognized in other comprehensive income or directly in equity, respectively.
Current tax:
Current tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the
tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet
date. Where there is uncertainty over income tax treatments, the Group determines the probability of the income tax
authorities accepting each such tax treatment or group of tax treatments in computing the most likely amount or the
expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax
credits and tax rates.
Deferred tax:
Deferred tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets and liabilities are
reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit
will be realized.
Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively
enacted by the balance sheet date and are expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and
liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment
date. The Group recognises deferred tax asset arising from unused tax losses or tax credits only to the extent that
the company has sufficient taxable temporary differences or there is convincing other evidence that sufficient taxable
profit will be available against which the unused tax losses or unused tax credits can be utilised by the company Other
deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against
which the deductible temporary differences and tax losses can be utilized..
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets
against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.
The break-up of the major components of the deferred tax assets and liabilities as at balance sheet date has been
arrived at after setting off deferred tax assets and liabilities where the Group have a legally enforceable right to set-off
assets against liabilities and where such assets and liabilities relate to taxes on income levied by the same governing
taxation laws.

132

2.5 Property, Plant and Equipment:
Property, plant and equipment represent a significant proportion of the asset base of the Group.
Property, plant and equipment are stated at original cost net of tax / duty credit availed, less accumulated depreciation
and accumulated impairment losses, if any. When significant parts of property, plant and equipment are required to be
replaced at intervals, the Group derecognizes the replaced part and recognizes the new part with its own associated
useful life and it is depreciated accordingly. Likewise, when a major inspection is performed, its cost is recognized 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 recognized in the statement of profit and loss as incurred.
On transition to Ind AS, the Group has elected to continue with the carrying value for all of its Property, plant and
equipment recognised as at April 1, 2015 measured as per the previous GAAP and use that carrying value as the deemed
cost of the Property, plant and equipment.
Capital work in progress includes cost of property, plant and equipment under installation / under development as at
the balance sheet date.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is
classified as “Capital Advances” under other non-current assets. Subsequent expenditures relating to property, plant
and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to
the group and the cost of the item can be measured reliably.
Property, plant and equipment are eliminated from consolidated financial statement on disposal. Gains or losses
arising from disposal of property, plant and equipment are recognized in the statement of profit and loss in the year of
occurrence.
The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjusted
prospectively, if appropriate.
Depreciation is charged on Straight Line Method over the useful life of the assets as specified in Schedule II of the
Companies Act, 2013 or on the basis of useful lives of the assets as estimated by management, whichever is lower.
Useful life of the assets is tabulated below.
Sr. Nature of Asset Estimated Useful Life

No.
1. Building
(a) RCC Frame Structure ( Other than factory building ) 60 Years
(b) other than RCC Frame Structure ( Other than factory building ) 30 Years
2. Roads 5 Years
3. Plant and Machinery 15 Years
4. Furniture and fittings
(a) General furniture and fittings 10 Years
(b) Furniture and fittings used in hotels and restaurants. 8 Years
5. Motor Vehicles
(a) Motor cycles 8 Years

02

Sr. Nature of Asset Estimated Useful Life
No.
(b) Motor buses and motor cars. 8 Years
(c) Electrically operated vehicles including battery powered or fuel cell powered 8 Years
vehicles.
6. Office equipments 5 Years
7. Computers and data processing units
(a) Servers and networks 6 Years
(b) End user devices, such as, desktops, laptops, etc. 3 Years
8. Electrical Installations and Fittings 10 Years
9. Pipes & Fittings 15 Years
10. Trees & Nursery 3 Years to 30 Years
2.6 Intangible Assets:
Intangible assets are recognised when it is probable that the future economic benefits that are attributable to the
assets will flow to the Group and the cost of the asset can be measured reliably. Intangible assets are carried at cost less
accumulated amortization and accumulated impairment losses, if any.
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related
expenditure is reflected in profit and loss in the period in which the expenditure is incurred.
On transition to Ind AS, the Group has elected to continue with the carrying value for all of its intangible assets
recognised as at April 1, 2015 measured as per the previous GAAP and use that varying value as the deemed cost of the
intangible assets.
The useful lives of intangible assets are assessed as either finite or indefinite. The amortisation period and the amortisation
method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes
in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset
are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting
estimates.
Intangible assets with finite lives are amortised over the estimated useful economic life of the assets by using straight
line method and assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Intangible assets are amortized as follows:
Sr. Nature of asset Estimated Useful Life

No.
1. Trademarks and Logos 10 Years
2. Softwares 6 Years
3. Films 10 Years
Gains or losses arising from de - recognition of an intangible asset are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the
asset is derecognized.

134

2.7 Impairment of Non-Current Assets:
Assets that are subject to depreciation and amortisation are reviewed for impairment, whenever events or changes
in circumstances indicate that carrying amount may not be recoverable. Such circumstances include, though are not
limited to, significant or sustained decline in revenues or earnings and material adverse changes in the economic
environment.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit (CGU) exceeds
its recoverable amount. The recoverable amount of an asset is the greater of its fair value less cost to sell and value in
use. To calculate value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market rates and the risk specific to the asset. For an asset that does not generate
largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
Fair value less cost to sell is the best estimate of the amount obtainable from the sale of an asset in an arm’s length
transaction between knowledgeable, willing parties, less the cost of disposal. Impairment losses, If any, are recognised
in the Statement of Profit and Loss and included in depreciation and amortisation expenses. After impairment (if any),
depreciation/ amortisation is provided on the revised carrying amount of the assets over its remaining life.


Impairment losses are reversed in the consolidated Statement of Profit and Loss only to the extent that the asset’s
carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had
previously been recognised.
2.8 Inventories:
Inventories are valued at lower of cost and net realizable value. Cost is arrived in the following manner:
Food items : Weighted Average Basis

Merchandise : First in First Out
Consumable & Spare Parts : First in First Out
The cost of inventories have been computed to include all cost of purchases, cost of conversion and other related costs
incurred in bringing the inventories to their present location and condition. Slow and non-moving material, obsolesces,
defective inventories are valued at net realizable value. Goods and materials in transit are valued at actual cost incurred
up to the date of balance sheet.
2.9 Non-current Assets held for Sale and Discontinued Operations:
Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. This
condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for
immediate sale in its present condition. Management must be committed to the sale, which should be expected to
qualify for recognition as a completed sale within one year from the date of classification.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount
as profit or loss after tax from discontinued operations in the statement of profit and loss.
Assets and liabilities classified as held for distribution are presented separately from other assets and liabilities in the
balance sheet.

02

A disposal group qualifies as discontinued operation if it is a component of the Group that either has been disposed of,
or is classified as held for sale, and:
• represents a separate major line of business or geographical area of operations,

• is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of
operations, or
• is a subsidiary acquired exclusively with a view to resale.
An entity shall not depreciate (or amortise) a non-current asset while it is classified as held for sale or while it is part of
a disposal group classified as held for sale.
2.10 Financial Instruments:
(i) Financial assets:
All financial assets are recognised initially at fair value plus transaction costs that are attributable to the acquisition
of the financial asset except in the case of financial assets recorded at fair value through Profit and Loss.
Financial assets are classified, at initial recognition, as financial assets measured at fair value or as financial assets
measured at amortised cost.
For purposes of subsequent measurement financial assets are classified in two broad categories:
• Financial assets at fair value
• Financial assets at amortised cost
Where assets are measured at fair value, gains and losses are either recognised entirely in the statement of profit
and loss (i.e. fair value through profit or loss), or recognised in other comprehensive income (i.e. fair value through
other comprehensive income).
A financial asset that meets the following two conditions is measured at amortised cost (net of any write down for
impairment) unless the asset is designated at fair value through profit or loss under the fair value option.
• Business model test: The objective of the Group’s business model is to hold the financial asset to collect the
contractual cash flows (rather than to sell the instrument prior to its contractual maturity to realise its fair
value changes).
• Cash flow characteristics test: The contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
A financial asset that meets the following two conditions is measured at fair value through other comprehensive
income unless the asset is designated at fair value through profit or loss under the fair value option.
• Business model test: The financial asset is held within a business model whose objective is achieved by both
collecting contractual cash flows and selling financial assets.

136

• Cash flow characteristics test: The contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal amount outstanding.
Even if an instrument meets the two requirements to be measured at amortised cost or fair value through other
comprehensive income, a financial asset is measured at fair value through profit or loss if doing so eliminates
or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an ‘accounting
mismatch’) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on
them on different bases.
All other financial asset is measured at fair value through profit or loss.
All equity investments are measured at fair value in the balance sheet, with value changes recognised in the
statement of profit and loss, except for those equity investments for which the entity has elected to present value
changes in ‘other comprehensive income’.
If an equity investment is not held for trading, an irrevocable election is made at initial recognition to measure it at
fair value through other comprehensive income with only dividend income recognised in the statement of profit

and loss.
De - recognition:
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Group statement of financial position) when:
• The rights to receive cash flows from the asset have expired, or
• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay
the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement and
either
(a) the Group has transferred substantially all the risks and rewards of the asset, or
(b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the
asset, the Group continues to recognise the transferred asset to the extent of the Group continuing involvement.
In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower
of the original carrying amount of the asset and the maximum amount of consideration that the Group could be
required to repay.

02

(ii) Financial liabilities:
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
net of directly attributable transaction costs.
The Group financial liabilities include trade and other payables, loans and borrowings including bank overdrafts,
and derivative financial instruments.
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
term. This category also includes derivative financial instruments entered into by the Group that are not designated
as hedging instruments in hedge relationships as defined by Ind AS 109. Separated embedded derivatives are also
classified as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the statement of profit and loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the
initial date of recognition, and only if the criteria in Ind AS 109 are satisfied.
Loans and borrowings:
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost
using the EIR method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
De - recognition:
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognized in the statement of profit and loss.

138

(iii) Offsetting of financial instruments:
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis,
to realise the assets and settle the liabilities simultaneously
2.11 Impairment of Financial Asset:
In case of trade receivables and lease receivables, the Group follows a simplified approach wherein an amount equal to
lifetime Expected Credit Loss (ECL) is measured and recognised as loss allowance.
In case of other assets (listed as i and ii above), the Group determines if there has been a significant increase in credit risk
of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount
equal to 12-month ECL is measured and recognised as loss allowance. However, if credit risk has increased significantly,
an amount equal to lifetime ECL is measured and recognised as loss allowance.
Subsequently, if the credit quality of the financial asset improves such that there is no longer a significant increase in

credit risk since initial recognition, the Group reverts to recognising impairment loss allowance based on 12-month ECL.
ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and
all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original effective interest
rate.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial
asset. 12-month ECL area portion of the lifetime ECL which result from default events that are possible within 12 months
from the reporting date.
ECL are measured in a manner that they reflect unbiased and probability weighted amounts determined by a range of
outcomes, taking into account the time value of money and other reasonable information available as a result of past
events, current conditions and forecasts of future economic conditions.
2.12 Provisions, Contingent Liabilities and Contingent Assets:
A provision is recognized if, as a result of a past event, the group 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 by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. 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 Consolidated 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.
A contingent asset is not recognized in the financial statements but is disclosed, where an inflow of economic benefits
is probable.


02

2.13 Foreign Currency Transactions:

Functional currency:
The functional currency of the group is Indian Rupees (‘INR/ Rs./ `’). These Consolidated 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 relevant 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 transferred to Profit & Loss Account except for
Long Term Foreign Currency Monetary Items. 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 assets and non-monetary liabilities denominated in a foreign currency and measured at fair value
are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets
and nonmonetary liabilities denominated in a foreign currency and measured at historical cost are translated at the
exchange rate prevalent at the date of the transaction.
Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional
currencies using the exchange rate in effect on the date of the transaction.
2.14 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 Group 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.
2.15 Earnings per Equity Share:
Basic earnings per share
Basic earnings per share are calculated by dividing:
- the profit attributable to owners of the Group
- 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 after income tax effect of interest and other financing costs associated with dilutive potential equity shares,
and

140
- by 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
2.16 Employee Benefit:
All employee benefits payable wholly within twelve months rendering services are classified as short term employee
benefits. Benefits such as salaries, wages, short-term compensated absences, performance incentives etc., and the
expected cost of bonus, ex-gratia are recognised during the period in which the employee renders related service.

Payments to defined contribution retirement benefit plans are recognised as an expense when employees have
rendered the service entitling them to the contribution.
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.
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.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.
The Group 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.
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.

02
Employee Stock Option Plan (ESOP):
The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair
values of the stock options on the grant date. The estimated fair value of stock options is recognized as an expense in the
Statement of Profit and Loss on a straight-line basis over the requisite service period for each separately vesting portion
of the stock options as if the stock option was in substance multiple stock options with a corresponding increase to
share options outstanding account.
measured at their intrinsic value, initially at the date the entity obtains the service and subsequently at the end of each
reporting period and at the date of final settlement, with any change in intrinsic value recognised in profit or loss. For
a grant of share options, the share-based payment arrangement is finally settled when the options are exercised, are
forfeited (eg upon cessation of employment) or lapse (eg at the end of the option’s life)
2.17 Cash Flow Statement:
Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transacti
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 Group are segregated.
2.18 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.
2.19 Lease:
Operating Lease:
The Group has applied Ind AS 116 using the modified retrospective approach and therefore the comparative information
has not been restated and continues to be reported under Ind AS 17. The adoption of Ind AS 116 as on April 1, 2019 did
not require any adjustments to the assets and liabilities as on that date.
As a lessee:
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset
is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle
and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease
incentives received. Certain lease arrangements include the option to extend or terminate the lease before the end of
the lease term. The right-of-use assets and lease liabilities include these options when it is reasonably certain that the
option will be exercised.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to
the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of
property, plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any,
and adjusted for certain re-measurements of the lease liability.

142
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Company’s
incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
Lease payments included in the measurement of the lease liability comprises of fixed payments, including in-substance
fixed payments, amounts expected to be payable under a residual value guarantee and the exercise price under a
purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the
Group is reasonably certain to exercise an extension option.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a
change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate
of the amount expected to be payable under a residual value guarantee, or if Group changes its assessment of whether
it will exercise a purchase, extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to

zero.
Short-term leases and leases of low-value assets :
The Group has elected not to recognise right-ofuse 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 Group recognises
the lease payments associated with these leases as an expense in statement of profit and loss over the lease term.The
related cash flows are classified as operating activities.
As a lessor:
Lease income from operating leases where the Group is a lessor is recognised in income on a straight-line basis over
the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for
the expected inflationary cost increases. The respective leased assets are included in the balance sheet based on their
nature.
2.20 Exceptional Items:
Certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of
the Group is such that its disclosure improves the understanding of the performance of the Group, such income or
expense is classified as an exceptional item and accordingly, disclosed in the notes accompanying to the Consolidated
Financial Statements.
2.21 Current and Non-Current Classification:
The Group 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.

02
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.

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

144

(` in Lakhs)
As on Deductions/ As at As at Depreciation Deduction As at As at As at
1st Additions Decapitalized 31st 1st for the Year during 31st 31st 31st
April, during during the March, April, the Year March, March, March,
2020 the Year Year 2021 2020 2021 2021 2020
Land (refer
note no. 43) 15,490.98 - - 15,490.98 - - - - 15,490.98 15,490.98
Servers and
1,544.17 4.72 - 1,548.89 1,359.77 115.71 - 1,475.48 73.41 184.38
networks
End user
373.97 - - 373.97 369.80 1.86 - 371.66 2.31 4.16
devices
Electrical
10,449.74 - - 10,449.74 5,964.46 1,086.76 - 7,051.22 3,398.52 4,485.29
Installation
Furniture &
15,048.06 - - 15,048.06 8,917.31 2,011.86 - 4,118.89 6,130.75
Fixtures 10,929.17

Office
4,083.07 7.65 - 4,090.72 3,793.72 235.09 - 4,028.81 61.91 289.36
Equipments
Plant &
61,594.06 113.16 - 61,707.22 29,679.03 3,989.71 - 28,038.48 31,915.03
Machinery 33,668.74
Building 46,894.93 27.32 - 46,922.25 17,358.81 1,412.40 - 18,771.21 28,151.04 29,536.12
Building Road 1,126.66 - - 1,126.66 1,047.76 71.12 - 1,118.88 7.78 78.90
Pipes and
2,640.22 - - 2,640.22 748.36 176.02 - 924.38 1,715.84 1,891.86
Fittings
Vehicles 227.41 - - 227.41 192.94 12.51 - 205.45 21.96 34.49
Electrical
39.18 - - 39.18 31.44 4.90 - 36.34 2.84 4.06
Vehicle
Nursery 442.56 - - 442.56 438.49 1.42 - 439.91 2.65 7.74
Nursery - Tree 81.03 - - 81.03 17.08 2.70 - 19.78 61.25 63.95
Total- A 160,036.04 152.85 - 160,188.89 69,918.97 9,122.06 - 79,041.03 81,147.48 90,117.06

As on Deductions/ As at As at Deduction As at As at As at
1st Additions Decapitalized 31st 1st Depreciation during 31st 31st 31st
April, during during the March, April, for the Year the Year March, March, March,
2020 the Year Year 2021 2020 2021 2021 2020
Software 1,451.32 2.65 - 1,453.97 1,242.41 126.13 - 1,368.54 85.43 208.91

Logo and Trade
69.58 - - 69.58 45.53 6.96 - 52.49 17.09 24.05
Mark
Film 3,059.06 - - 3,059.06 1,927.69 305.91 - 2,233.60 825.46 1,131.37
Goodwill 126.40 126.40 - 126.40 126.40
Total- B 4,706.36 2.65 - 4,709.01 3,215.63 439.00 - 3,654.63 1,054.38 1,490.73
Grand Total
164,742.40 155.50 - 164,897.90 73,134.60 9,561.06 - 82,695.66 82,201.86 91,607.80
A+B

02

(` in Lakhs)
As on Additions Deductions/ As As at Deduction As at As at As at
1st during Decapitalized at 31st 1st Depreciation during 31st March, 31st 31st
April, the Year during the March, April, for the Year the Year 2020 March, 2020 March,
2019 Year 2020 2019 2019
Land (refer
15,490.98 - - 15,490.98 - - - 15,490.98 15,490.98
note no.43)
Servers and
1,428.26 115.90 - 1,544.16 1,121.65 238.13 1,359.78 184.38 306.62
networks
End user
370.07 3.90 - 373.97 368.48 1.33 369.81 4.16 1.59
devises
Electrical
10,342.74 107.00 - 10,449.74 4,878.21 1,086.24 5,964.45 4,485.29 5,464.52
Installation
Furniture &
14,644.31 403.75 - 15,048.06 5,953.61 2,000.76 962.94 8,917.31 6,130.75 8,690.75
Fixtures
Office
4,017.96 65.12 - 4,083.08 3,265.04 528.68 3,793.72 289.36 752.92
Equipments
Plant &
61,337.96 256.09 - 61,594.05 21,407.08 3,987.08 4,284.86 29,679.02 31,915.03 39,930.89
Machinery
Building 46,821.25 73.68 - 46,894.93 7,034.46 1,413.16 8,911.19 17,358.81 29,536.12 39,786.79
Building Road 1,066.52 60.14 1,126.66 942.91 104.85 1,047.76 78.90 123.61
Pipes and
2,602.56 37.66 2,640.22 573.95 174.41 748.36 1,891.86 2,028.61
Fittings
Vehicles 227.42 - - 227.42 171.07 21.86 192.93 34.49 56.35
Electrical
39.18 - 39.18 26.53 4.91 - 31.44 7.74 12.65
Vehicle
Nursery 438.62 3.93 - 442.55 438.32 0.17 - 438.49 4.06 0.31
Nursery - Tree 81.03 81.03 14.37 2.71 - 17.08 63.95 66.66
Total- A 158,908.86 1,127.17 - 160,036.03 46,195.68 9,564.29 14,158.99 69,918.96 90,117.07 112,713.25

As on Additions Deductions/ As As at Depreciation Deduction As at As at As at
1st during Decapitalized at 31st 1st for the Year during 31st March, 31st 31st
April, the Year during the March, April, the Year 2020 March, 2020 March,
2019 Year 2020 2019 2019
Software 1,339.72 111.60 - 1,451.32 1,009.30 233.11 1,242.41 208.91 330.42

Logo and
69.58 - 69.58 38.56 6.97 45.53 24.05 31.02
Trade Mark
Film 3,059.06 3,059.06 1,620.95 306.74 1,927.69 1,131.37 1,438.11
Goodwill 126.40 126.40 - 126.40 126.40
Total- B 4,594.76 111.60 - 4,706.36 2,668.81 546.82 - 3,215.63 1,490.73 1,925.95
Grand Total
163,503.62 1,238.77 - 164,742.39 48,864.49 10,111.11 14,158.99 73,134.59 91,607.80 114,639.20
A+B

146

NOTE 5 : Other Financial Asset
(` in Lakhs)
Particulars As at 31 March,2021
st
As at 31 March, 2020
st
Bank deposits
Total 43.67 10.91

NOTE 6 : Other Non-Current Assets
(` in Lakhs)
st
st
Capital Advances
i) Advance for land at Khalapur 667.64 667.64
(Unsecured, considered doubtful )
Less:- Provision for doubtful advances 667.64 667.64
- -

ii) Others Advances for land 134.13 134.13
Advances other than capital advances
Security deposits
Unsecured, considered good 46.32 109.09
Deposits with government authorities 17.41 16.40
Total 197.86 259.62

NOTE 7 : Inventories
(` in Lakhs)
Particulars As at 31st March,2021 As at 31st March, 2020
Raw material
Food Items 126.10 151.00
Trading goods
Stores and spares 672.27 754.31
Land Work in Progress 7,087.08 7,087.08
Total 8,235.91 8,380.00

NOTE 8 : Trade Receivables
(` in Lakhs)
st
st
Trade Receivables
Trade Receivables considered good - Unsecured 200.77 483.59
Trade Receivables - credit impaired 9.36 2.43
210.13 486.02
Less: Allowances for credit losses 9.36 2.43
Total 200.77 483.59

02

NOTE 9 : Cash and Cash Equivalents
(` in Lakhs)
st
st
Cash and Cash equivalents

Balance with banks in Current Accounts 238.54 182.73
Total 267.53 212.68

NOTE 10 : Bank Balances Other than above
(` in Lakhs)
st
st

Total 82.71 85.77

NOTE 11 : Loans
(` in Lakhs)
st
st
Other Loans
Loan to employees 0.86 0.48
Total 0.86 0.48

NOTE 12 : Other Financial Assets
(` in Lakhs)
st
st
Deposit- others 1.00 1.00

Balance with government authorities 913.69 98.60
Capital Advances - 308.54
Total 914.69 408.14
NOTE 13 : Other Current Assets

(` in Lakhs)
st
st
Advances to suppliers 984.11 1,105.64

Others
Prepaid expenses 153.98 73.57
Other receivables 28.70 30.99
Rent Equalisation 10.38 9.31
Income Accrued but not due 0.86 1.59
Other Deposit 25.00 25.00
Total 1,203.03 1,246.10

148

NOTE 14 : Equity Share Capital
(` in Lakhs)
st
st
Authorised Capital
200,000,000 (Previous Years 200,000,000)
Equity shares of `10/- each 20,000.00 20,000.00
Total 20,000.00 20,000.00
Issued, Subscribed and Fully Paid up
88,062,123 (Previous Years 88,062,123)
Equity shares of ` 10/- each, fully paid up 8,806.21 8,806.21
Total 8,806.21 8,806.21

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting year


Number of (` in Lakhs) Number of (` in Lakhs)
shares shares
Shares outstandings at the beginning of 88,062,123 8,806.21 88,062,123 8,806.21
the year
Outstanding at the end of the year 88,062,123 8,806.21 88,062,123 8,806.21

(b) Terms/ rights attached to equity shares
The Company has only one class of equity shares having par value of `10 per share. Each holder of equity shares is
entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled
to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.

(c) Details of shares held by holding Company

Name of the Shareholder No of Shares
As at 31st As at 31st March,
March,2021 2020
NA - -

(d) Details of shareholders holding more than 5% shares in the Company

Name of the Shareholder 31st March, 2021 31st March, 2020
No. of Shares % of Holding No. of Shares % of Holding
Held Held
Thrrill Park Limited 27,241,127 30.93 27,241,127 30.93
Shaan Agro And Realty India Private Limited 6,915,629 7.85 6,915,629 7.85
Begonia Realtors Private Limited 7,347,541 8.34 7,347,541 8.34

As per records of the Company, including its register of shareholders/ members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of
shares.


02

NOTE 15 : Provisions
(` in Lakhs)
st
st
Provision for Employee benefits

Provision for gratuity - 62.86
Total 72.78 147.93
NOTE 16 : Borrowings
(` in Lakhs)
st
st
Loan from banks ( Secured ) (refer note no. 36) 102,019.72 102,019.72
Loan from related party ( Unsecured) (refer note no. 37) 5,531.31 5,423.43
Loan from other companies (Unsecured) 200.00 200.00
Total 107,751.03 107,643.15
The above amount includes
Loan guaranteed by promoters (Secured) 102,019.72 102,019.72
NOTE 17 : Other Financial Liabilities

(` in Lakhs)
Particulars As at 31st March,2021 As at 31st March, 2020
Sundry creditors for capital goods and services 191.72 238.07
Advance received against Sale of Hotel 1,425.00 1,425.00
Interest accrued and due (refer note no. 36) 41,769.24 25,540.12
Total 43,385.96 27,203.19

NOTE 18 : Other Current Liabilities
(` in Lakhs)
st
st
Revenue received in advances 351.97 248.19
IPO Expense Payable 73.00 73.00

Statutory dues 333.26 235.12
Security deposits from sales agents 41.53 51.86
Other payables - 115.00
Reimbursement payable to Related Party 6.00 -
Total 805.76 723.17
NOTE 19: Provisions

(` in Lakhs)
st
st
Provisions for employee benefits

Provision for gratuity (refer note no.35) 3.21 8.13
Provision for leave travel allowance 19.69 11.25
Total 26.52 23.59

150

NOTE 20 : Revenue from Operations
(` in Lakhs)
Sale of products 650.61 6,556.89
Sale of Services 1,414.51 11,833.63
Other operating revenue 130.67 1,615.06
Revenue from operations (Net) 2,195.78 20,005.58
Details of Sale of Product
Food & beverages 574.63 5,228.81
Merchandise sales 75.98 1,328.08
Total 650.61 6,556.89
Details of Sale of Services
Tickets sales 664.02 9,364.99
Room Revenue 750.49 2,468.64

Total 1,414.51 11,833.63
Details of Other operating revenue
Income from parking services 10.68 114.62
Income from third party logistic services 0.73 291.42
Income from space on hire 73.66 392.91
Income from lockers 3.57 196.95
Misc. Income 42.03 619.16
Total 130.67 1,615.06

NOTE 21 : Other Income
(` in Lakhs)
Income from liquid fund investments - 7.57
Interest Income on Fixed Deposit 8.54 5.40
Interest Income on Refund 10.68 43.42
Refund of Entertainment Tax 2,418.39
Other non operating Income 12.82 4.91
Total 2,450.43 61.30
NOTE 22 : Cost of Material Consumed

(` in Lakhs)
Cost of food & beverage, others 207.02 1,357.54
Cost of liquor 4.81 103.35
Total 211.83 1,460.89

02
NOTE 23 : Changes in Inventories of Stock-in-Trade

(` in Lakhs)
Stock in trade at the beginning of the year
Less: Stock in trade at the end of the year
Total 37.15 15.66

NOTE 24 : Employee Benefit Expenses
(` in Lakhs)
Salaries, wages and bonus 2,376.15 4,512.41
Contribution to provident fund 131.27 257.50
Employee welfare and other amenities 220.59 465.51
Employee compensation expenses (ESOP) (refer note no. 42) 75.98 -
Total 2,803.99 5,235.42
NOTE 25 : Finance Cost

(` in Lakhs)
Interest on borrowings 16,217.46 15,054.29
Funds raising expenses 42.16 100.32
Bank charges 5.98 3.60
Total 16,265.60 15,158.21
NOTE 26 : Other Expenses

(` in Lakhs)
Consumables & spares parts 8.54 74.19
Rent 82.26 151.94
Rates and taxes 196.70 279.07
Repairs and Maintenance 403.13 1,204.37
Power, fuel and water 746.28 1,845.38
Freight and forwarding expenses 0.02 0.21
House keeping expenses 146.57 641.86
Event & entertainment expenses 6.16 95.15
Advertisement, sales and marketing expenses 83.25 2,791.99
Insurance expense 155.48 86.53
Communication expenses 30.41 38.83
Travelling and conveyance expenses 25.67 411.42

152

Payment to auditors (refer note no. 32) 15.06 14.57
Legal and professional fees 107.06 408.47
Provision for Doubtful Debts 6.93 5.93
Foreign exchange loss ( net) - 1.45
Commission 142.59 1,157.52
Security and safety expenses 53.40 344.77
Printing and stationery expenses 8.76 63.47
Directors sitting fees 7.06 8.60
Loss on carrying Inventory at Net Realisable Value - 3,156.66
Sundry Capital Advances w/off 193.54 -
Other operating expenses 179.50 180.74
Total 2,598.37 12,963.12
NOTE 27: Earnings Per Share (EPS)- ( Ind AS 33 )

Sr. Particulars For the Year ended For the Year ended
No 31st March, 2021 31st March, 2020
1 Face Value per equity share in Rupees 10.00 10.00
2 Weighted Average number of equity shares outstanding 8,80,62,123 8,80,62,123
3 Net (Loss) as per Profit and Loss Statement ( Continuing (26,864.17) (39,742.76)
4 Weighted Average earning per share from Continuing (30.51) (45.13)
Operation ( Basic and Diluted) in Rupees
5 Net (Loss) as per Profit and Loss Statement ( from Discontinuing - -
6 Weighted Average earning per share from Discontinuing - -
Operation ( Basic and Diluted) in Rupees
7 Net (Loss) as per Profit and Loss Statement ( Continuing and (26,864.17) (39,742.76)
Discontinuing Operation ) Rupees in Lakhs
8 Weighted Average earning per share from Continuing and (30.51) (45.13)
Discontinuing Operation ( Basic and Diluted) in Rupees

NOTE 28: Contingent Liabilities
Claim against the Group not acknowledged as debts for the year ended March 31, 2021 are as follows
Name of Statute Nature of Dues Amount Period to which it Relates Forum where
(` in Lakhs) dispute is Pending
Custom Act, 1962 Special Additional 77.49(1) June – 2012 to September -2013 CESTAT
Duty (SAD)
Custom Act, 1962 Penalty 1,118.49 June – 2012 to September -2013 CESTAT
Custom Act, 1962 Interest 218.76 June – 2012 to March -2021 CESTAT
Service Tax Act Service Tax 139.49 April-2015 to June-2017 CESTAT
Service Tax Act Penalty 139.49 April-2015 to June-2017 CESTAT
Service Tax Act Interest 78.53 April-2015 to June-2017 CESTAT
Note(s):
(1)
Total demand `1,118.49 Lakhs – amount deposited ` 1,041.00 Lakhs.

02

NOTE 29: Capital Commitment
Estimated amount remaining to be executed on capital account and not provided for is ` 133.51 Lakhs as on 31st March, 2021
(P.Y. Rs 135.47 Lakhs).
NOTE 30: Deferred Tax Asset (Net)
Breakup of Net Deferred Tax Assets

(` in Lakhs)
Deferred Tax Asset (Net)
(i) Deferred Tax Assets & Expense / (Income)
Disallowance under Income Tax Act, 1961 4,176.77 6,623.49
Provision for Expected Credit Loss/ Impairment - 981.91
Related to Carried forward Loss and Unabsorbed Depreciation 27,436.87 25,234.57
Subtotal 31,613.64 27,355.58
(ii) Deferred Tax Liabilities & Expense / (Income)
Related to temporary difference on depreciation/amortization 1,533.96 1,844.52
Subtotal 1,533.96 5,760.17
Net Deferred Tax Assets/ Deferred Tax Expense/(Income) to 30,079.68 30,995.45
be recognized
The Company has not recognized net deferred tax assets as on March 31, 2021 and March 31, 2020 since there is no
convincing evidence with the company that there will be sufficient taxable profits in future to utilise the unused tax losses
or unused tax credits of the Company.
NOTE 31: NCLT Matter
The Group has incurred a net loss of ` 26,864.17 Lakhs for the year ended 31st March, 2021 and as of that date, the net
worth of the Group has been fully eroded. Further, borrowings of the group have been called back by the secured lenders
due to material breach of debt covenants by the group and consequently, the group has re-classified the borrowings as
current borrowings in the consolidated financial statements. Subsequent to this reclassification, the current liabilities
are substantially higher than current assets of the group as at 31st March, 2021. In addition to this, application has also
been made against the group by two of the secured lenders to National Company Law Tribunal (NCLT), Mumbai under
the provisions of the Insolvency and Bankruptcy Code, 2016.
In the meantime, the One Time Settlement (OTS) proposal for the group had been principally approved by the
consortium of lenders during the year. Some of the lenders in the consortium have also sanctioned the OTS at 56%
of the total outstanding on the basis of the company’s anchor offer subject to the concurrence of all other lenders for
adopting Swiss Challenge Process on the company’s anchor offer and deposit of entire amount of OTS within 90 days
of receipt of concurrence for Swiss Challenge Offer from all the lenders.
The management is in the process of identifying investors and is also intending to raise capital/sell assets for the
purpose of complying with the terms and conditions of the said OTS.
The Group is confident of obtaining the concurrence of all the lenders for the OTS and complying with the terms and
conditions of the OTS through the stake sale and / or sale of assets as stated above. After the settlement of debts of all
the lenders under OTS, the group is hopeful of withdrawal of the debt recovery cases filed against the group by two of
the lenders.

154

Impact of Covid-19:
Covid-19 has been declared as a global pandemic and the Indian Government has followed an approach of complete
lockdown since March 24, 2020.
The Government of Maharashtra has directed the group to suspend the operations of its parks and hotel. The group
being part of the Travel & Tourism Sector as well as the Entertainment Sector, has been severely affected in the short
term as well as medium term.

The group expects that the lockdown would be lifted in the near future. In India, guidelines on the lines of Global
Parks such as Disneyland, Universal Studios etc have been prepared and shared with Local Government Bodies to
explain readiness in consultation with the amusement park association IAAPI. Entertainment Parks have started getting
operational with self-imposed Safety and Hygiene guidelines. In the company’s parks which are spread over 100 acres,
social distancing is practically possible to be achieved and therefore would be able to comply with the safety and
hygiene guidelines after the lock down is lifted.
The group has also taken steps for reduction in the fixed costs to offset part of the business lost during the COVID-19

closure. Since the company’s business model is largely upfront cash, there are limited credit risks and the scope for
losses on account of receivables is minimal. The management has taken due care to maintain the assets in a workable
condition and thereby resumption of operations post-lockdown does not remain a constraint.
Further the Government of Maharashtra has issued Government Resolution No TDC/2017/1/104/Tourism dated March
4, 2020 granting refund of State Goods and Services Tax (SGST).
The Government of Maharashtra, vide order dated 6th July, 2020, has inter alia allowed hotels to restart its business with
effect from 8th July, 2020. Thereafter, the Group is in the process of restarting its hotel business.
Considering these developments, the consolidated financial results continue to be prepared on going concern basis.
NOTE 32: Payment to Auditors

(` in Lakhs)
Audit Fees 12.55 12.55
Reimbursement of expenses - -
Income Tax Scrutiny Fees - -
Limited Review Fees 2.00 2.00
Tax Audit Fees - -
Total 14.55 14.55
NOTE 33: Details of dues to Micro Small and Medium Enterprises as per MSMED Act, 2006
Under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) which came into force from October 2, 2006,
certain disclosures are required to be made relating to Micro, Small and Medium Enterprises (MSME). On the basis of the information
and records available with the Group, the following disclosures are made for the amounts due to the Micro and Small enterprises.

02

(` in Lakhs)
Particulars As at 31 March, 2021
st
st
Principal amount due to any supplier as at the year end 9.96 14.50
Interest due on the principal amount unpaid at the period end to any 1.64 0.52
supplier
Amount of Interest paid by the Group in terms of Section 16 of the - -
MSMED, along with the amount of the payment made to the supplier
beyond the appointed day during the accounting period
Payment made to the enterprises beyond appointed date under Section - -
16 of MSMED
Amount of Interest due and payable for the period of delay in making - -
payment, which has been paid but beyond the appointed day during
the period, but without adding the interest specified under MSMED
The amount of interest accrued and remaining unpaid at the end of 2.70 0.63
each accounting period; and
The amount of further interest remaining due and payable even in the 19.24 17.17
succeeding years, until such date when the interest due as above is
actually paid to the small enterprise, for the purpose of disallowance as
a deductible expenditure under Section 23 of the MSMED.

NOTE 34: Lease
(a) Where the Group is a Lessee:
The Group has taken certain assets like Land, Office premises and apartments on lease. They are on rental lease term
which range between 10 months to 5 years and some of the lease agreement are having price escalation clause. The
lease rentals expense during the year amount to Rs 63.71Lakhs (previous year - ` 146.42 lakhs).
The future minimum lease payments in respect of such operating leases as at 31st March, 2021 are summarized below.
(` In Lakhs)
Particulars As at 31 March, 2021
st
st
Amount payable within one year from the balance sheet date. 4.94 3.49
Amount payable in the period between one year and five years - 6.41
Amount payable beyond five years - -
Total 4.94 9.90
The above lease payments are exclusive of Service Tax / GST.
(b) Where the Group is a Lessor:
The Group has given on lease three premises / place for period of 5 years to 15 years and some of the lease agreement
are having price escalation clause. The lease rentals income during the reporting year amount to Rs 21.86 Lakhs (P.Y. `
21.71 Lakhs).

156

The future minimum lease receipts of such operating leases as at 31st March, 2021 are summarized as below.
(` In Lakhs)
Particulars As at 31st March, 2021 As at 31st March, 2020
Amount receivable within one year from the balance sheet date. 23.20 21.86
Amount receivable in the period between one year and five years 95.59 95.60
Amount receivable beyond five years 36.71 59.89
Total 155.50 177.35
The above lease receipts are exclusive of GST.
NOTE 35: Post Retirement Benefit Plans
Defined Benefits Plan

Gratuity
The Group 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 Group Contributes all ascertained liabilities towards gratuity to the “Adlabs Entertainment Limited Employee’s
Gratuity Trust”. The Trustees administer contributions made to the trust. As of 31st March, 2021, 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 Group.
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 Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains
and losses through remeasurements of the net defined benefit liability/(asset) are recognized in other comprehensive
income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan
assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation
is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the
Statement of Profit and Loss.
The following table shows the Actuarial Valuation as on 31st March, 2021 and amounts recognised in the consolidated
financial statements in respect of Employee Defined Benefit Schemes:
(` In Lakhs)
Defined Benefit Obligation, Beginning of year 290.05 249.62
Net Current Service Cost 72.13 65.36
Interest Cost on DBO 21.78 21.67
Actual Plan Participants' Contributions - -
Actuarial (Gains)/Losses (66.45) 23.72
Changes in Foreign Currency Exchange Rates - -
Acquisition/Business Combination/Divestiture - -

02

(` In Lakhs)
Benefits Paid (41.87) (70.33)
Past Service Cost - -
Losses / (Gains) on Curtailments/Settlements - -
Defined Benefit Obligation, End of year 275.64 290.05

(` In Lakhs)
Change in Fair value of Plan Assets during the year For the Year ended For the Year ended
Fair value of Plan Assets, Beginning of year 219.05 191.74
Interest Income Plan Assets 14.81 14.92
Actual Company Contributions 53.31 92.00
Actuarial Gains / (Losses) 27.12 (9.27)
Benefits paid (41.87) (70.33)
Fair value of Plan Assets, End of Period 272.42 219.06

(` In Lakhs)
Amount Recognized in Statement of Financial Position at year End For the Year ended For the Year ended
Present Value of Unfunded Defined Benefit Obligation 275.64 290.04
Fair value of Plan Assets 272.42 219.05
Net Defined Benefit (Asset)/Liability Recognised in Statement of 3.22 70.99
Financial Position

(` In Lakhs)
Analysis of Amounts Recognised in Other Comprehensive (lncome) For the Year ended For the Year ended
/Loss at year End 31st March, 2021 31st March, 2020
Amount recognized in OCI, Beginning of year (0.75) (33.75)
Remeasurements due to :
Effect of Change in financial assumptions (10.73) 36.51
Effect of change in demographic assumption - -
Effect of experience adjustments (55.72) (12.78)
Return on plan assets (excluding interest) (27.12) 9.27
Total remeasurements recognized in OCl (93.57) 33.00
Amount recognized in OCl, End of year (94.33) (0.75)

(` In Lakhs)
Net Defined Benefit Cost/(lncome) included in Statement of Profit For the Year ended For the Year ended
& Loss at year End 31st March, 2021 31st March, 2020
Service Cost 72.13 65.36
Net Interest Cost 6.97 6.75
Past Service Cost -
Total Defined Benefit Cost/(lncome) included in Profit & Loss 79.10 72.11

158

(` In Lakhs)
Maturity Profile of defined benefit obligation For the Year ended For the Year ended
Within the next 12 months 8.12 8.14

(` In Lakhs)
Sensitivity Analysis For the Year ended For the Year ended
Defined Benefit Obligation - Discount Rate + 100 basis points (33.59) (35.54)
Defined Benefit Obligation - Discount Rate - 100 basis points 34.21 36.52
Defined Benefit Obligation - Salary Escalation Rate + 100 basis points 30.80 32.62
Defined Benefit Obligation - Salary Escalation Rate - 100 basis points (28.06) (29.77)
Sensitivity analysis is determined based on he expected movement in liability if the assumptions were not proved to be true

on different count.
Financial Assumptions Used to Determine the Defined Benefit For the Year ended For the Year ended
Discount Rate 7.08% 6.76%
Salary Escalation Rate 6.00% 6.00%
Expected Return on Plan Assets 7.08% 6.76%
Demographic Assumptions Used to Determine the Defined Benefit
Withdrawal Rate 2.00% 2.00%
Mortality Rate IALM (2012-14) IALM (2012-14)
Ultimate Ultimate
58 years 58 years
Retirement Age
NOTE 36.Default in repayment of Borrowing (Current) and Interest.
During the year, the Group has defaulted in the repayment of borrowings to the Banks and Financial Institutions and
interest thereon as under:
(` In Lakhs)
Secured Lenders Principal amount of Borrowings Interest on Borrowings
(1)
Default in Default as at Default in Default as at
Repayment 31st March, payment 31st March,
during the 2021 during the 2021
year ended year ended
31st March, 31st March,
2021 2021
Banks 92,304.41 92,304.41 14,608.14 37,686.76
Financial Institution 9,715.31 9,715.31 1,620.97 4,082.48
Total 1,02,019.72 1,02,019.72 16,229.11 41,769.24
Note(s):
(1)
The secured borrowings taken by the Group from Banks and Financial Institutions had a certain repayment schedule
agreed and part of the principal obligations which were due during the year along with interest have not been repaid.

02

Therefore, entire secured borrowings of the group have been called back by the secured lenders vide recall notices due to
material breach of debt covenants by the group and consequently, the group has re-classified the borrowings as current
borrowings in the consolidated financial statements and has been disclosed as default in repayment in the above table.
Further, due to material breach of debt covenants by the group, few of the secured lenders have not confirmed their interest
on borrowings for the year in their loan statement or have not provided the loan statement to the group. Hence, the Group
has recognised Interest expense calculated on the basis of Interest rates, Penal Interest rates and other data agreed with the
lenders in the Sanctioned Letter / Term Sheets (after latest revisions).
NOTE 37: Related Party Disclosures (As identified by the Management)

a) Related Party Relationship
i) Key Managerial Personnel ( KMP )

- Manmohan Shetty
- Dhimant Bakshi
- Mayuresh Kore
- Ashutosh Kale

ii) Relatives of KMP
- Pooja Deora
- Aarti Shetty
iii) Entities Controlled by KMP

- Thrrill Park Limited
b) Transaction with Related Parties (Excluding Reimbursements)

(` In Lakhs)
Sr. Nature of Transaction Key Managerial Relatives Entities
No Personnel Controlled by
KMP
1 Loan
Received During the year - - 311.92
(-) (-) (5.92)
Repaid During the year - - 204.03

(-) (-) (394.88)
2 Expenses
Rent & Society Maintenance 63.63* - -
(126.73*) (-) (-)
Remuneration 191.79 - -
(256.13) (-) (-)
Royalty -* - -
(1.18*) (-) (-)

160

Sr. Nature of Transaction Key Managerial Relatives Entities
No Personnel Controlled by
KMP
Secondment Charges - - -
(-) (-) (34.19)
Interest - - -
(-) (-) (773.03)
* The amount includes taxes
c) Outstanding as at 31st March, 2021

(` In Lakhs)
As at 31 March,
st
Maximum o/s bal. As at Maximum o/s bal.
2021 during the year 31st March, 2020 during the year
1 Short Term Borrowing

Thrrill Park Ltd. 5,531.31 5,531.31 5,423.43 5,423.43
2 Trade Payable
Manmohan Shetty 37.49 62.22 27.97 48.88
Mayuresh Kore 3.49 3.49 2.68 2.68
Dhimant Bakshi 4.83 4.83 1.07 1.07
Ashutosh Kale 3.43 3.43 0.83 0.83
Note(s):
(1)
Figures in the Bracket represent previous year (P.Y.) figures
(2)
The Group has paid the Remuneration to Mr Ashutosh Kale Rs 55.59 Lakhs ( P.Y. ` 72.85 Lakhs ), Mr. Dhimant Bakshi ` 77.34 Lakhs ( P.Y. `
97.37 Lakhs )and Mr. Mayuresh Kore ` 58.86 Lakhs ( P.Y. ` 70.02 Lakhs)
(3)
The Group has paid Rent and Maintenance Charges for use of office premises and parking area located at 9th floor, Lotus Business Park, New
Link Road, Andheri-West, Mumbai-400053. to Mr.Manmohan Shetty amounted to ` 63.63 Lakhs (P.Y. ` 126.73 Lakhs) .
(4)
The Group has paid royalty of ` Nil Lakhs (P.Y. `1.18 Lakhs) to Mr. Manmohan Shetty
(5)
The Group has paid Interest of `NIL Lakhs ( P.Y. ` 773.03 Lakhs ) on Loan taken from M/s Thrrill Park Limited .
NOTE 38: Fair Value Measurement
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:
1. 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.
2. Financial instruments with fixed and variable interest rates are evaluated by the Group 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.

02

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 Group 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 Group 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
(` In Lakhs)
Particular Carrying Amount as Fair value
at 31st March, 2021
Level 1 Level 2 Level 3
Financial Assets
Non- Current
Investments - - - -
Others 43.67 - - 43.67
Current
Loans 0.86 - - 0.86
Others 914.69 - - 914.69
Total 1,510.23 - - 1,510.23
Current
Borrowings 1,07,751.03 - - 1,07,751.03
Trade payables 3,235.94 - - 3,235.94
Total 1,54,372.93 - - 1,54,372.93

162

(` In Lakhs)
Particular Carrying Amount as Fair value
at 31st March 2020 Level 1 Level 2 Level 3
Financial Assets
Non- Current
Investments - - - -
Others 10.91 - - 10.91
Current
Loans 0.48 - - 0.48
Others 408.14 - - 408.14
Total 1,201.57 - - 1,201.57

Current
Borrowings 107,643.15 - - 107,643.15
Trade payables 2,247.81 - - 2,247.81
Total 1,37,094.15 - - 1,37,094.15
During the reporting period ending 31 March, 2021 and 31 March, 2020, there were no transfer between Level 1 and Level
st st
2 fair value measurement.
NOTE 39: Financial Risk Management Objectives and Policies
The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The
Company’s financial risk management policy is set by the Management Board.
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, foreign currency
receivables, payables and loans and borrowings.
The Group 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,
implementing hedging strategies for foreign currency exposures, borrowing strategies, and ensuring compliance with
market risk limits and policies.
Interest Rate Risk:
Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates.
Exposure to interest rate risk:

(` In Lakhs)
Particular As at 31st March, 2021 As at 31st March, 2020
Floating Rate Borrowings 1,02,019.72 1,02,019.72

02

Interest rate sensitivity:
A change of 1% in interest rates would have following impact on profit before tax:
(` In Lakhs)
Particular As at 31 March, 2021
st
st
1% increase in interest rate – Decrease in Profit (1,020.19) (1,020.19)

1% decrease in interest rate – increase in Profit 1,020.19 1,020.19
Foreign Currency Risk:
The Group is not exposed to significant foreign currency risk as at the respective reporting dates.
Liquidity Risk:
Liquidity Risk is defined as the risk that the Group 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 Term Loans are as per below:

(` In Lakhs)
Particular As at 31 March, 2021
st
st
Within the next 12 months 1,02,019.72 1,02,019.72

Between 2 to 5 years - -
5 years and above - -
As explained in note 36 and 39 above, the Group has defaulted in repayment obligations of borrowings during the year
and the secured lenders have recalled the entire amount of borrowings. Therefore, the borrowings has been reclassified as
current borrowings during the year and the current liabilities of the group are significantly higher than the current assets of
the group. Therefore, the group faces a significant liquidity risk.
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 Group 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.
NOTE 40: Capital Risk Management
The Group 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 Group 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 Group may take
appropriate steps in order to maintain, or if necessary adjust, its capital structure.

164

NOTE 41: Disclosures As Required By Indian Accounting Standard (Ind As) 108 – Operating Segments
Operating Segments of the Group :

Tickets : Theme Park, Water Park and Snow Park Tickets
Food and Beverage : Park Restaurant and Hotel Restaurant

Merchandise : Park Merchandise and Hotel Merchandise
Rooms : Hotel Accommodation’s
Other Operations : Parking, Lockers, Sponsorship, SPA, Revenue Sharing agreements & Lease
Rentals
Identifications of Segments:
The chief operational decision maker monitors the operating results of its Business segment separately for the purpose
of making decision about resource allocation and performance assessment. Segment performance is evaluated based

on profit or loss and is measured consistently with profit or loss in the consolidated financial statements, Operating
segment have been identified on the basis of nature of products and other quantitative criteria specified in the Ind AS
108.

Segment revenue and results:

The expenses and income which are not directly attributable to any business segment are shown as unallocable
expenditure & income.
Segment assets and Liabilities:

Segment assets include all operating assets used by the operating segment and mainly consist of property, plant
and equipments, trade receivables, Inventory and other operating assets. Segment liabilities primarily includes trade
payable and other liabilities. Common assets and liabilities which cannot be allocated to any of the business segment
are shown as unallocable assets / liabilities.
(` In Lakhs)
Beverage Operations
Net Revenue 664.02 574.64 75.97 750.50 130.66 - 2195.79
Segment Result (9316.54) (513.56) (215.74) (2,550.57) 104.60 (557.19) (12,049.00)
before Interest and
Taxes
Less: Finance Cost - - - - - (16,265.60) (16,265.60)
Add: Interest and - - - - - 2,450.43 2,450.43
dividend income
Profit before Tax (9316.54) (513.56) (215.74) (2,550.57) 104.60 (14,372.36) (26,864.17)
Profit after tax (9316.54) (513.56) (215.74) (2,550.57) 104.60 (14,372.36) (26,864.17)

02

Beverage Operations
Other Information
Segment assets 50,305.89 6,298.60 1,985.60 10,506.51 66.69 24,168.52 93,458.21
Segment liabilities 1,388.83 219.00 160.72 752.58 (17.36) 152,774.22 1,55,277.99
Capital 155.50 - - - - - 155.50
Expenditure
during the year
Depreciation and 6,566.24 1,326.16 102.92 1,565.72 - - 9,561.04
Amortisation
(` In Lakhs)
Beverage Operations
Net Revenue 9,364.99 5,228.80 1,328.08 2,468.65 1,615.06 - 20,005.58
Segment Result (22,035.49) 2,094.69 110.18 (1,920.75) 1,169.74 (4,064.21) (24,645.84)
before Interest and
Taxes
Less: Finance Cost 15,158.22 15,158.22
Add: Interest and 61.30 61.30
dividend income
Profit before Tax (22,035.49) 2,094.69 110.18 (1,920.75) 1,169.74 (19,161.13) (39,742.76)
Profit after tax (22,035.49) 2,094.69 110.18 (1,920.75) 1,169.74 (19,161.13) (39,742.76)
Other Information
Segment assets 57,376.05 4,623.37 2,099.91 15,042.42 111.74 23,610.16 1,02,863.65
Segment liabilities 1435.19 179.47 186.23 616.74 (9.81) 1,35,581.02 1,37,988.84
Capital Expenditure 665.61 - - 271.29 - - 1,238.78
during the year
Depreciation and 21,413.72 452.54 103.20 2,300.64 - - 24,270.10
Amortisation
NOTE 42:

In meeting dated September 14, 2020, the Board of Directors of Imagicaaworld Entertainment Limited 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, subject to Shareholders approval. The total
number of such ESOPs under said grant were 3,994,891 (Thirty Nine Lakhs Ninety Four Thousand Eight Hundred and Ninety
One) Options exercisable into not more 3,994,891 (Thirty Nine Lakhs Ninety Four Thousand Eight Hundred and Ninety One)
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 due shareholders and stock exchange approvals, the said ESOPs were
duly granted during the year.

166

a) The details of Employee Stock Option Scheme are as under :
Particular ESOS 2020

Method of Accounting Intrinsic Value Method
Vesting Plan Options granted under ESOS 2020 would Vest after 1 (one)
year but not later than 3 (three) years from the date of
grant of such Options.
Exercise Price The exercise price for the first grant shall be 30% discount
to trailing 2 weeks Volume Weighted Average Price (on the
stock exchange which has reported higher volumes) from
date of first vesting
The exercise price for the subsequent grant shall be 20%

discount to trailing 2 weeks Volume Weighted Average
Price (on the stock exchange which has reported higher

volumes).
Maximum Term of Options Granted 7 years from the date of vesting
b) Movement of options during the year ended March 31,2021
Particulars Options
Outstanding
outstanding at the beginning of the period NIL
outstanding at the beginning of the period 39,94,891
NOTE 43:

The Term Loan facility availed by the Group is secured by pari passu first charge on movable and immovable fixed assets of
the Group including mortgage of 298 acres of land (out of which 137 acres of land held by Walk Water Properties Pvt Ltd,
wholly owned subsidiary of the Company) to consortium led by Union Bank of India in favour of IDBI Trusteeship Services
Ltd.
The said loan is also secured by first pari passu charge on Current assets of the Group, pledge of shares held by promoters of
the Group, Personal and Corporate Guarantees of the Promoters of the Group and wholly owned subsidiary
The Additional facility availed from other lenders are secured by first charge on additional land parcels aggregating to 34
acres of Land and secured by Second and subservient charge on other assets of the Group. Further, as a collateral security
have been furnished with Personal and Corporate Guarantees of the Promoters of the Group.

02

NOTE 44:

The Company’s equity shares are in dematerialized form with the Central Depository Services (India) Limited (CDSL) and
with National Securities Depository Limited (NSDL) having ISIN No. INE172N01012.
For V. Sankar Aiyar & Co. For and behalf of the Board of Director of
Firm Registration No: 109208W Imagicaaworld Entertainment Limited

Membership No.046050
Dhimant Bakshi Mayuresh Kore Divyata Raval
Jt. CEO CFO Company Secretary
Place: Mumbai
Date: 24th June, 2021

168
Form AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries
Sr. Particulars Details Details

No.
1. Name of the subsidiary Walkwater Properties Blue Haven
Private Limited Entertainment Private
Limited
2. The date since when subsidiary was acquired September 11, 2014 November 16, 2017
3. Reporting period for the subsidiary concerned, if different Same as holding Same as holding
from the holding company’s reporting period company company
4. Reporting currency and Exchange rate as on the last date of Not Applicable Not Applicable
the relevant Financial year in the case of foreign subsidiaries
5. Share capital 2,156.63 1.00

6. Reserves & surplus 4,613.28 (0.78)
7. Total assets 8,433.90 0.28
8. Total Liabilities 1,664.00 0.06
9. Investments - -
10. Turnover - -
11. Profit before taxation (211.24) (0.11)
12. Provision for taxation - -
13. Profit after taxation (211.24) (0.11)
14. Proposed Dividend NIL NIL
15. Extent of shareholding (In percentage) 100.00 100.00


02
Notes

170
INDIA’S LARGEST
SNOW PARK

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IMAGICAAWORLD Entertainment Limited

(Formerly known as Adlabs Entertainment Limited)

Notice of Annual General Meeting 02

Management Discussion and Analysis 33

Corporate Governance Report 44

Independent Auditor’s Report on Financial Statements 61

Statement of Proﬁt and Loss 71

Cash ﬂow Statement 72

Notes to Financial Statements 74

Independent Auditor’s Report on Consolidated Financial Statements 117

Consolidated Balance Sheet 124

Consolidated Statement of Proﬁt and Loss 125

Consolidated Cash ﬂow Statement 126

Notes to Consolidated Financial Statements 128

Form AOC-1 169

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5 days of fun 10,000+ doctors and

Be an Imagineer Contest - Making Friends & Family

ANNUAL REPORT 2020-21 02

NOTICE OF THE ANNUAL GENERAL MEETING

b. Pursuant to the provisions of Section 108 of with the Company/Depositories in accordance

NOTICE OF THE ANNUAL GENERAL MEETING

NOTICE OF THE ANNUAL GENERAL MEETING

NOTICE OF THE ANNUAL GENERAL MEETING

NOTICE OF THE ANNUAL GENERAL MEETING

By Order of the Board of Directors

Date : June 24, 2021

Annexure I to the Notice dated June 24, 2021

Particulars Mr. Kapil Bagla

Walkwater Properties Private Limited

SHARE CAPITAL b) accounting policies selected have been applied

b) Appointments/ Resignations: an objective independent judgment and without any

towards positive growth of the Company, etc. Vigil Mechanism:

d) Corporate Social Responsibility Committee (“CSR e) Stakeholders Relationship Committee (“SRC”):

1. Mr. Ashutosh Kale: Joint Chief Executive Officer link https://www.imagicaaworld.com/investor_docs/

During the year under review, your Company has not

at https://www.imagicaaworld.com/investor_docs/ L. ADEQUACY OF INTERNAL FINANCIAL CONTROLS

S. DISCLOSURE UNDER THE SEXUAL HARASSMENT T. ACKNOWLEDGEMENTS

C. Details related to Scheme 2013 of the Company

(a) Date of shareholders’ approval – November 10, 2020

(d) Exercise price or pricing formula

(f ) Source of shares (primary, secondary or combination) - Primary

(g) Variation in terms of options – Nil

ii. Method used to account for ESOS – Intrinsic Value Method

iv. Option movement during the year (For each ESOS) –

a. Senior Managerial Personnel –

Sr. Name of the Employee Designation No. of Options granted

Sr. Name of the Employee Designation No. of Options granted

Name of Director Median(2) Remuneration Ratio

Name of Director/ Officers Designation FY 2020-21 FY 2019-20 % increased Over

(iv) The number of permanent employees on the rolls of Company

We further report that there are adequate systems and

List of documents verified LIST OF OTHER LAWS SPECIFICALLY APPLICABLE TO THE

7. Intimations / documents/ reports/ returns filed with the

8. E-forms filed by the Company, from time to time, under

9. Statutory Registers under Companies Act, 2013

b) Optimization of running hours of the rides at the

Hotel : For general replacement parts and components, the

01 ANNUAL REPORT 2020-21