Imagicaaworld Entertainment Ltd Auditor Reports

To

The Members of

Imagicaaworld Entertainment Limited

Report on the audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Imagicaaworld Entertainment Limited ("the Company"), which comprises of Standalone Balance Sheet as at March 31, 2026, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, its profit, total other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are

further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current year. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the Standalone Financial Statements section of our report, including in relation to these matters.

Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the Standalone Financial Statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Standalone Financial Statements.

Key Audit Matters	Auditors Response
Recognition of Deferred Tax Asset.	In view of the significance of the matter, we applied the following audit procedures in this area to obtain sufficient appropriate audit
Refer to accountingpolicy information in Note 2.5 to the Standalone Financial Statements and Note 36 to the Standalone Financial Statements.	Test of Controls:
As detailed in Note 36 to the Standalone Financial Statements, the Company had recognized deferred tax asset (DTA) of 18,000.66 as on March 31, 2026 in the Standalone Financial Statements.	We obtained an understanding of managements process and tested the design, implementation, and operating effectiveness of management review controls over the key inputs and assumptions used to produce future projections of taxable profits.
The Company assesses its ability to recover the DTA at the end of each reportingperiod which is based on an assessment of the probability that future taxable income will be available against which the carried forward unused tax losses can be utilised.	Test of details:
There is inherent uncertainty involved in forecasting future taxable profits, which determines the extent to which deferred tax assets are, or are not, recognised.	Obtained the business projections of future taxable profits estimated by the management of the Company and critically reviewed assumptionsused the key therein, including future growth rates and relevant economic and industry estimates, based on their understanding of the business and market factors.
There is judgement involved in determining the extent to which it is probablethatfutureprofitswill arise to utilise the net deferred tax asset.	Checked arithmetical accuracy of the computation future taxable profits and calculation of deferred tax.
Recognition of deferred tax asset involves the assessment of its recoverability within the permissible time frame requiring a significant estimateofthefinancialprojections, and availability of sufficient future taxable income. In effect Assessed the reasonableness of the period we have determined that therecognitionof deferred tax assets has a high degree of estimation uncertainty, with a potential range of reasonable outcomes greater than our materiality for the Standalone Financial Statements as a whole. Considering the history of losses, complexity, and judgment involved in the assessment of recovery of deferred tax assets, the matter is considered to be a key audit matter.	of projections used in the deferred tax asset recoverability assessment in accordance with the time period allowed under the applicable tax laws with respect to utilisation future taxable profits.
	Verified the the impact of open litigations on the tax provision.
	Performed necessary procedures to verify the accuracy of amounts disclosed in the financial and adequacy of disclosures made for compliance with applicable Indian Accounting Standards and accounting principles generally accepted in

 

Revenue Recognition	In view of the significance of the matter, principal audit procedures followed by us in this area to obtain sufficient appropriate audit evidence.
Refer to accounting policy information in Note 2.4 to the Standalone Financial Statements and Note 26 to the Standalone Financial Statements	Test of Controls:
The revenue recognition policy followed by the Company to includes, ticket revenue being recognized at the time when entry tickets are issued to visitors for entry into the amusement park; hotel revenue comprising of room rentals which are recognized when the rooms are occupied and for banquet services when the services have been provided as per the contracts with the customer and sale of items such as, merchandise, that are recognized when the control is transferred to the customers. There is an inherent risk that revenue may be misstated because of fraud, resulting from the pressure local management may fail to achieve performance targets. Revenue is also an important element of how the Company measures its performance. The Company focuses on revenue as a key performance measure, which could create an incentive for revenue to be recognized before control has been transferred.	Evaluated the design, tested the implementation and operating effectiveness of key internal controls including general IT controls and key IT application controls over recognition of revenue.
	Test of Details:
	Assessed whether the revenue recognitionaccounting policies are in compliance with the accounting standards.
	Performed substantive testing by selecting samples of revenue transactions recorded during the year and verifying the underlying documents.
	We carried out analytical procedures on revenue recognised during the year to identify unusual variances
	We tested manual journal entries posted to revenue to identify unusual items.

 

Impairment Assessment of Goodwill related to a Cash Generating Unit (CGU) viz park business acquired and recoverability of investments in and loans given to a subsidiary - Malpani Parks Indore private limited (MPIPL)	In view of the significance of the matter, we applied the following audit procedures in this area to obtain ofparkbusinessasatMarch sufficient appropriate audit
Refer to accounting policy information in Note 2.8 to the Standalone Financial Statements and Notes 4,5 and 6 to the Standalone Financial Statements.	Test of Controls: over the total
The carrying amounts of Goodwill of 4,125.45 Lakhs arising from past acquisition 31, 2026.	Evaluated the design and effectiveness of the internal controls relating to impairment assessment of underlying CGUs.
The excess of the fair value consideration identified net assets has been recognized as Goodwill in tested the operating accordance with Ind AS 103.	Test of Details:
The Company has Investment in a subsidiary company MPIPL with a carrying value of 5,500.83 Lakhs as at March 31, 2026. Further, the Company has also provided loans to this subsidiary with a carrying value of 10,045.10 Lakhs. This subsidiary has been incurring losses. Judgment is required in estimating the recoverable amount of the CGU. The estimation of recoverable amount involves making assumptions regarding the future performance of the CGU, market and economic conditions. Inherent uncertainty is also involved in preparing forecasts, discounted future cash flow projections, terminal value growth rates and in determining an appropriate discount rate. The significance of the amounts involved, the judgement required and the uncertainties estimating the recoverable amount makes this a key audit matter.	Evaluated the reasonableness of the Managements estimates and judgements in corroboration with management enquiry, underlying evidence and past trends.
	Evaluated the reasonableness of the valuation methodology and key assumptions used in the assessment.
	Tested mathematical accuracy and performed sensitivity analysis of the valuation models
	Evaluated the adequacy of disclosures made in the financial statements.

Information Other than the Standalone Financial Statements and Auditors report thereon

The Companys Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report including annexures to the Annual report but does not include the Standalone Financial Statement and our auditors report thereon.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated,

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard,

Responsibilities of Management and those charged with Governance for the Standalone Financial Statements

The Companys Management and Board of Directors are

responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards (Ind AS) specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating

effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Management and the Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management and the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion, Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists,

Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control,

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our

opinion on whether the Company has adequate internal financial controls with reference to the Standalone Financial Statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.

• Conclude on the appropriateness of Managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the entity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that individually or in aggregate makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work and (ii) to evaluate the effect of identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of

most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. Pursuant to the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of Sub-Section (11) of Section 143 of the Act, and on the basis of

such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure "A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable,

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit,

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books, except for the matters stated in the paragraph 2(h) (vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(c) The standalone Balance sheet, the standalone Statement of profit & Loss including other comprehensive income, the standalone Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account,

(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended,

(e) On the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2026 from being appointed as a Directors in terms of Section 164(2) of the Act.

(f) The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 2(b) above on reporting under Section 143(3) of the Act and paragraph 2(h) (vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(g) With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure "B", Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to Standalone Financial Statements.

(h) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and explanations given to us, no remuneration is paid by the Company to its directors during the year. Hence the reporting on compliance with the provisions of section 197 of the Act is not applicable,

(i) With respect to the other matters to be included in the Auditors report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements. (Refer note no 34 to standalone financial statements)

ii. The Company did not have any long-term contracts, including derivative contracts, for which there were any material foreseeable losses,

iii. There have been no delays in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented, that to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed

funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representation under Sub Clause (i) and (ii) of Rule 11(e) of The Companies (Audit

and Auditors) Rules, 2014, as provided under

(a) and (b) above, contains any material misstatement, [Refer note no 51 (a) and 51 (b) to the standalone financial statements.]

v. The Board of Directors of the Company has not proposed, declared or paid dividend during the year.

vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is as under:

Based on our examination which included test checks, the Company has used accounting software for maintaining its books of accounts which has a feature of recording audit trail (edit log) facility except in respect of a frontend software used to record revenue of Parks Business wherein the accounting software did not have the audit trail feature enabled throughout the year. Further, the audit trail facility has been operating throughout the year for all relevant transactions recorded in the software except that no audit trail enabled at the database level for two accounting software to log any direct data changes.

Further, for the periods where the audit trail (edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not come across any instance of audit trail feature being tampered with and the audit trail has been preserved by the Company as per statutory requirement for record retention.

Annexure "A" referred to in "Report on Other Legal and Regulatory Requirements" section of our report to the members of Imagicaaworld Entertainment Limited of even date:

In terms of the information and explanations given to us and the books of accounts and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

i. a. In respect of Companys Property, Plant and

Equipment (PPE) and Intangible Assets:

A. The Company has maintained proper records, showing full particulars, including quantitative details and situation of PPE, except in respect of certain items of plant & machinery at one amusement park, the amount of which is immaterial. We understand that the Company is in the process of updating the required details in the fixed asset register.

B. The Company has maintained proper records showing full particulars of intangible assets.

b. The Company has program of physical verification of property, plant and equipment, so as to cover all the items once every three years which, in our opinion, is reasonable having regard to size of the Company and the nature of its assets. Pursuant to the program, physical verification was carried out by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification. Certain discrepancies noticed have been appropriately dealt with in the Companys Standalone financial statements. In our opinion, the frequency of verification is reasonable in relation to the size of the Company.

C. The title deeds of all the immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in PPE are held in the name of the Company as at the balance sheet date, except for details provided below:

Description of property	Gross carrying value	Held in name of	Whether promoter, director or their relative or employee	Period held - indicate range, where appropriate	Reason for not being held in name of company
Land at Maharashtra	9,816,66	Adlabs Entertainment Ltd	Not Applicable	2009- 2018	Former name of the Company.
Land - Vadwal Village	27,98	Samir Govind Maragaje	No	October 2024	Adivasi Land not yet transferred in name of Company.
Total	9,844,64

d. The Company has not revalued any of its PPE and intangible assets during the year and hence reporting under Clause 3(i)(d) of the Order is not applicable to the Company.

e. There are no proceedings initiated during the year or are pending as at March 31, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988, as amended, and Rules made thereunder,

ii. (a) The inventories have been physically verified by the management during the year at reasonable intervals in accordance with the procedure followed by the management. In our opinion, the frequency of verification by the management is reasonable and the coverage and procedure for such verification

is appropriate. No discrepancy of 10% or more in aggregate for each class of inventory were noticed in respect of such physical verification.

(b) As disclosed in Note 52 (v) to the standalone financial statement, the Company has been sanctioned working capital limits in excess of five crores rupees in aggregate from banks on the basis of security of current assets, immovable property and personal guarantee of directors during the year. However, reporting under Clause 3(ii)(b) of the Order is not applicable to the Company as submission of stock statements is not applicable for the entire facility.

iii. (a) During the year, the Company has provided loans, advances in the nature of loans and stood guarantee to companies as follows:

Particulars	Loans to subsidiary companies
Amount granted during the year	1,740,00
Balance outstanding as at 31st March, 2026	10,238,09

(b) During the year, the investments made and the terms and conditions of the grant of loan to its subsidiaries are not prejudicial to the Companys interest,

(c) In respect of loan and advance in the nature of loan granted to companies, the schedule of repayment of principal and payment of interest has been stipulated in the agreement and the repayment or receipts are regular except in the following cases the schedule of repayment of principal and payment of interest has not been stipulated. (Refer note no 14 and Note 16 to Standalone Financial Statements):

Name of Entity	Nature	Amount outstanding	Remarks
Walkwater Properties Private Limited	Loans	715,86	Walkwater Properties Private Limited has been amalgamated with JBCG Advisory Services Private Limited, pursuant to the scheme of amalgamation approved by the Board of Directors of both companies in their respective meetings held on 29 January 2024, These amounts have been provided for in the books of account,
Walkwater Properties Private Limited	Advance in the nature of loan	420,35

(d) Total amount (Principal and Interest) overdue for more than ninety days in respect of loans granted by the Company aggregates to R 715.86 lakhs and advance in the nature of loans aggregates to R 420.35 as at March 31, 2026.

(e) During the year, the Company has not renewed, extended and granted fresh loans to companies to settle the loan granted to these parties which had fallen due during the year.

(f) The Company has not granted any loans or advances in the nature of loans, either payable on demand or without specifying any terms or period of repayment and hence reporting under Clause 3(iii)

(f) of the Order is not applicable to the Company.

iv. Loans, investments, guarantees and security in respect of which provisions of sections 185 and 186 of the Act are applicable have been complied with by the Company.

V. No deposits or amounts which are deemed to be deposits within the meaning of Section 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 2014 have been accepted by the Company and hence reporting

under Clause 3(v) of the Order is not applicable to the Company.

vi. The Central Government has not specified the maintenance of cost records under Section 148(1) of the Act for the services of the Company and hence reporting under Clause 3(vi) of the Order is not applicable to the Company.

vii. (a) The Company is generally regular in depositing

undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, value added tax, goods and services tax, duty of customs, duty of excise, cess and other statutory dues as applicable to the Company with the appropriate authorities. According to the information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(b) There are no statutory dues mentioned in Clause vii (a) which have not been deposited on account of any dispute except as disclosed below:

Name of the Statute	Nature of the dues	Forum where dispute is pending	Period to which the Amount Relates	Amount of Demand	Amount Deposited
Custom Act, 1962	Special Additional Duty (SAD)	CESTAT	June, 2012 to September 2013	1,118.49	1,041.48
Custom Act, 1962	Interest on SAD	CESTAT	June, 2012 to September, 2013	276. 92	-
Custom Act, 1962	Penalty	CESTAT	June, 2012 to September, 2013	1,118.49	-
Finance Act, 1994	Service Tax	CESTAT	April, 2015 to June, 2017	524.82	42.51
Finance Act, 1994	Interest on Service Tax	CESTAT	Apri,l 2015 to June, 2017	689.31	-
Finance Act, 1994	Penalty on Service Tax	CESTAT	April, 2015 to June, 2017	524.82	-
Goods and Service tax Act	Interest on late payment of tax	Commissioner Appeals (GST)	July, 2017 to March, 2019	23.54	6.22
Goods and Service tax Act	Tran1 Credit	Commissioner Appeals (GST)	July, 2017	19.69	-
Goods and Service tax Act	Penalty	Commissioner Appeals (GST)	July, 2017	1.97	-
Goods and Service tax Act	Interest	Commissioner Appeals (GST)	July, 2017	31.03	-

viii. The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

ix. (a) The Company has not defaulted in repayment

of loans or other borrowings or in repayment of interest thereon to any lender.

(b) The Company has not been declared as willful defaulter by any bank or financial institution or other lender.

(c) To the best of our knowledge and belief, in our opinion and according to the information and explanations given to us and on the basis of our examination of the records, term loans have been applied for the purposes for which they have been raised.

(d) On an overall examination of the Standalone Financial Statements, in our opinion the Company has, prima facie, not utilized funds raised on short term basis for long-term purposes.

(e) The Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

(f) The Company does not have any joint ventures or associate companies. During the year, the Company has not raised any loans on the pledge of securities held in its subsidiaries. Hence, the requirement to report on clause (ix)(f) of the Order is not applicable to the Company

X. (a) The Company has not raised any money by way of initial public offer (including debt instruments) and hence reporting under clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally convertible) during the year. Hence reporting under paragraph 3(x)(b) of the Order is not applicable.

xi. (a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of material fraud by or on the Company, noticed or reported during the year, nor have we been informed of such case by the Management.

(b) During the year and up to the date of this report, no report under Sub Section 12 of Section 143 of

the Act has been filed in Form ADT-4 as prescribed in Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle blower complaints received during the year.

xii. The Company is not a Nidhi Company and hence reporting under Clause 3(xii) of the Order is not applicable to the Company.

xiii. The transactions with related parties are in compliance with Section 177 and 188 of the Act and all the details have been disclosed in the Standalone Financial Statements as required by the applicable Accounting Standards. (Refer note no 43 to the standalone financial statements).

xiv. (a) The Company has an adequate internal audit

system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the Company for the year under audit issued during the year and till date.

xv. The Company has not entered into any non-cash transactions prescribed under Section 192 of the Act with directors or persons connected with them during the year and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.

xvi. (a) The provisions of section 45-IA of the Reserve Bank

of India Act, 1934 are not applicable to the Company and hence requirement to report on clause 3(xvi)(a) of the Order is not applicable to the Company.

(b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to report on clause (xvi)(b) of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi) of the Order is not applicable to the Company.

(d) We have been informed by the management that as at March 31, 2026 as per the definition of Group under Core Investment Companies (Reserve Bank) Directions 2016, there are no Core Investment Company (CIC) forming part of the promoter group.

xvii. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditor of the Company during the year and hence reporting under Clause 3(xviii) of the Order is not applicable to the Company.

xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due. (Refer Note no 50 to the Standalone Financial Statements)

xx. According to the information and explanation given to us and based on the documents and records examined by us, since the company has accumulated losses, the provision of Section 135(5) is not applicable to the Company and hence the provisions of clause 3(xx)(a) and (b) of the Order is not applicable to the Company.

Annexure "B" referred to in "Report on Other Legal and Regulatory Requirements" section of our report to the members of Imagicaaworld Entertainment Limited of even date:

Report on the Internal Financial Controls with reference to standalone financial statement under Clause (i) of SubSection 3 of Section 143 of the Act

We have audited the internal financial controls with reference to Standalone Financial Sstatement of Imagicaaworld Entertainment Limited ("the Company") as of March 31, 2026 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control with reference to standalone financial statement criteria established by the Company considering the essential component of internal control stated in the Guidance Note on Audit of Internal Financial Controls with reference to standalone financial statement issued by the Institute of Chartered Accountants of India (the "Guidance Note"). 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 companys 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 (the "Act").

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to Standalone Financial Statement based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing prescribed under Section 143(10) of the Act to the extent applicable to an audit of internal financial controls with reference to the Standalone Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about

whether adequate internal financial controls with reference to standalone financial statement was established and maintained and if such controls operated effectively in all material respects,

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statement and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statement included obtaining an understanding of internal financial controls with reference to standalone financial statement, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to the Standalone Financial Statement.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A Companys internal financial control with reference to standalone financial statement is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles.

A Companys internal financial control with reference to standalone financial statement includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the entity are being made only in accordance with authorisations of Management and directors of the Company (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the entitys assets that could have a material effect on the standalone financial statements,

Inherent Limitations of Internal Financial Controls with reference to standalone financial statements

Because of the inherent limitations of internal financial controls with reference to standalone financial statement, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statement to future periods are subject to the risk that the internal financial control with reference to standalone financial statement may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, broadly, in all material respects, an adequate internal financial controls

with reference to Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statement were operating effectively as at March 31, 2026, based on the internal control with

reference to standalone financial statement criteria established by the Company considering the essential Component of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India,