Silverstorm Parks and Resorts Ltd Directors Report

To

The Members

Your directors have pleasure in presenting their 25 th Annual Report on the business and operation of the company together with the Audited Accounts for the year ended 31 st March 2023

1. FINANCIAL PERFORMANCE OF THE COMPANY

During the year under review, performance of your company as under:

(Rs in Lakhs)

Particulars	Year Ended 31 st March 2023	Year Ended 31 st March 2022
Revenue From Operations	1673.81	249.94
Other Income	19.66	13.17
Total Income	1693.47	263.11
Profit before Depreciation	612.94	(134.66)
Profit before Tax	250.42	(497.26)
Profit/(Loss) after Tax	118.39	(437.71)

The major highlights of the companys performance is given below

> Revenue from operations was ^ 1673.81 lakhs as against ^ 249.94 lakhs during the corresponding period of the previous financial year 2022.

> Turn Over of the company stood at f 1693.47 lakhs as against K 263.11 lakhs for the year ended 31 st March 2022

> Footfall in park was 4.40 lakhs as against .54 lakhs during the previous year.

2. CHANGE IN NATURE OF BUSINESS, IF ANY

Company is engaged in the business of running Amusement park for the last so many years. There is neither any change in the nature of business nor has any diversification occurred during the period covered under this report.

3. DIVIDEND

With the view to conserve the resources of company the directors are not recommending any dividend.

4. RESERVES

No amount is proposed to be transferred to General Reserve out of profits during the year.

5. SHARE CAPITAL

The Authorized Capital of the company was increased from f 7,00,00,000/- (Rupees Seven Crores only) divided into 7,00,000 equity shares of ? 100/- (Rupees Hundured only) each to K 22,00,00,000/- (Rupees Twenty Two Crores only) divided into 22,00,000 equity shares of ? 100/- (Rupees Hundured only) each during the Financial year 2022-23

The Issued, Subscribed and Paid-up Capital of the company was increased from ^ 7,00,00,000/- (Rupees Seven Crores only) divided into 7,00,000 equity shares of f 100/- (Rupees Hundured only) each to ^ 13,39,20,000 (Rupees Thirteen Crores Thirty Nine Lakhs Twenty Thousand only) divided into 13,39,200 equity shares of ? 100/- (Rupees Hundured only) each during the Financial Year 2022- 23

6. MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY

No material change has occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.

7. REVISION OF FINANCIAL STATEMENT

There was no revision of the Financial Statements of any earlier years during the year under review.

8. DEPOSITS

During the year under review, your Company did not accept any deposits within the meaning of provisions of Chapter V - Acceptance of Deposits by Companies

of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

9. BOARD OF DIRECTORS

Your Companys Board is duly constituted and is in compliance with the requirements of the Companies Act, 2013 and provisions of the Articles of Association of the Company. MrJose Thariath Sippy has been appointed in Board as additional Director W.e.f 22 nd October 2022

According to Articles of Association of the company Mr.T.K.Abdul Hasis, is retiring at this Annual General Meeting and he is eligible for re-appointment.

As on date, the Board of Directors of the Company comprises of Seven Directors including one Managing Director:

No	DIN	Name of the Director	Category	Date of Appointment
1	00326040	Mr.Shalimar. A. I	Managing Director	07/10/1998
2	01628998	Mr.P. K. Abdul Jaleel	Director	07/10/1998
3	01623790	Mr.Siraj. V. A	Director	07/10/1998
4	00836641	Mr.Chandran. M. S	Director	07/10/1998
5	01597475	Mr.Abdul Hasis. T. K.	Director	07/09/2002
6	03622038	Mr. K Aravindakshan	Director (Nominee of KSIDC)	10/05/2021
7	007299734	MrJose Thariath Sippy	Additional Director	22/10/2022

lO.BOARD MEETINGS

During the Financial Year 2022-23, 19 meetings of Board of Directors of the company were held as detailed below;

SI.No	Date of Board Meeting	Board Strength	No of Directors Present
1	29.04.2022	6	5
2	23.05.2022	6	5
3	15.06.2022	6	5
4	17.08.2022	6	5
5	30.08.2022	6	4
6	05.09.2022	6	4
7	08.10.2022	6	4
8	18.10.2022	6	4
9	20.10.2022	6	4
10	22.10.2022	6	4
11	12.11.2022	7	4
12	14.11.2022	7	4
13	27.12.2022	7	4
14	31.12.2022	7	4
15	23.01.2023	7	4
16	06.02.2023	7	5
17	14.02.2023	7	4
18	20.02.2023	7	4
19	13.03.2023	7	4

11.GENERAL MEETINGS

During the Financial Year 2022-23, 6 General Meetings of the company were held as detailed below;

SI.No	Date of Meeting	Nature of Meeting
1	23.05.2022	Extra Ordinary General Meeting
2	13.07.2022	Extra Ordinary General Meeting
3	30.09.2022	24 th Annual General Meeting
4	11.11.2022	Extra Ordinary General Meeting
5	23.12.2022	Extra Ordinary General Meeting
6	04.02.2023	Extra Ordinary General Meeting

12.DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profits of the Company for that period;

c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) they have prepared the annual accounts on a going concern basis; and

e) they have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

13.INTERNAL CONTROL SYSTEMS AND ADEQUACY

The Company has an adequate system of internal controls in place. These controls have been designed to provide a reasonable assurance with regard to maintenance of proper accounting controls for ensuring reliability of financial reporting, monitoring of operations, and protecting assets from unauthorized use or losses, compliances with regulations. The Company has continued its efforts to align all its processes and controls with global best practices. During the year under review, such controls were tested and no reportable material weakness in the design or operation were observed

14. AUDITORS

M/s.Krishnamoorthy & Krishnamoorthy, Chartered Accountants, (FRN:001488S) were appointed as the auditors of the company at the Twenty First Annual General Meeting held in 2019 for a period of five years till the conclusion of the Twenty- Sixth Annual General Meeting. Hence, they were continuing as the Statutory Auditors of the company during the period under review.

There are no qualifications, reservations, adverse remarks and disclaimers of the Statutory Auditors in their report on Financial Statements for the Financial Year ended March 31, 2023.

15. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

As on 31st March, 2023, there is no subsidiary, associate or joint venture of the Company.

16. DISCLOSURE AS REQUIRED UNDER PROVISO 2(1) (C) (VIII) COMPANIES (ACCEPTANCE OF DEPOSIT) RULES, 2014.

During the year under review, your Company has received an amount of f 1,04,43,554/- as unsecured loan from Directors, relative of Directors, and shareholders. Suitable disclosures are given in the notes to the financial statements

17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act 2013 during the year under review and hence the said provision is not applicable.

18. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The particulars of contracts or arrangements with related parties referred to in Section 188 (1) of the Companies Act 2013 for the Financial Year 2022-23 in the prescribed format, AOC-2 has been enclosed with the report as Annexure I

19. CORPORATE SOCIAL RESPONSIBILITY

Since the Company does not fall within the criteria of turnover and/or Profit as prescribed under the provision of Section 135 of the Companies Act, 2013 for the Financial Year 2022-23; the Company has not formed a CSR committee.

20. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

i. Conservation of Energy: Your Company follows a practice of purchase and use of energy efficient electrical and electronic equipment and other machineries in its operations.

ii. Technology Absorption: During the period under review there was no major technology absorption undertaken by the company.

iii. Foreign Exchange Earnings and Outgo:

a) Foreign Exchange Earnings: There is no foreign exchange earnings during the period covered by thus report.

b) Foreign Exchange Outflow : During the period under report, your Company had incurred expenditure in foreign currency of ? 92,67,500/-

21. RISK MANAGEMENT

The Company has formulated an elaborate Risk Management policy which is duly implemented and reviewed from time to time in order to align it with the evolving market conditions.

22. VIGIL MECHANISM

The provisions of Section 177(9) of the Companies Act, 2013 with respect to establishment of Vigil Mechanism is not applicable to the Company.

23. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNAL

There were no significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and operations of the Company.

24. MAINTENANCE OF COST RECORDS

Maintenance of cost records specified by the under section 148 (1) of the companies act, 2013 is not required as the company does not fall under the ambit of prescribed class of companies who are required to make and maintain cost record

25. SECRETARIAL AUDIT REPORT

The provisions relating to submission of Secretarial Audit Report is not applicable to the Company.

26. STATEMENT ON COMPLIANCE OF APPLICABLE SECRETE RIAL STANDARDS:

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India as applicable on meetings of the Board of Directors and General meetings

27. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

During the financial year under review, no application has been made and no proceeding is pending against the Company under the Insolvency and Bankruptcy Code, 2016.

28. ANNUAL RETURN

Annual Return filed with the Ministry of Corporate Affairs is made available on the website of the Company www.silverstorm.in

29. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

Your Company has always believed in providing a safe and harassment free workplace for every woman working in its premises through various interventions and practices.In accordance with The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, to provide for the effective enforcement of the basic human right of gender equality and guarantee against sexual harassment and abuse, more particularly against sexual harassment at work places, measures are laid down by the Company.

During the year, there was no complaint lodged with the Company

30. DISCLOSURE AS REQUIRED UNDER COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

Since our company is not a listed company, disclosure particulars as per rule 5(1) are not applicable to the company. None of the employees drawing remuneration beyond the monetary ceilings prescribed under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

31. PARTICULARS OF EMPLOYEES

There are no such employees whose statement of particulars is required to be given pursuant to the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

32. DECLARATION OF INDEPENDENT DIRECTOR

The provisions of Section 149 of the Companies Act, 2013 with respect to appointment of Independent Directors are not applicable to your Company. Therefore, the requirement of obtaining the declaration confirmation from the Independent Director, is not applicable to the Company.

33. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS

During the year under review, there has been no one time settlement of Loan taken from banks and Financial Institutions.

34. ACKNOWLEDGEMENT

Your Board of Directors takes this opportunity to thank all the employees, customers, suppliers, bankers and regulatory authorities for their constant support and co-operation towards the Company.

Your Directors acknowledge with gratitude the co-operation and assistance received from State Government departments and other agencies during the period under review, viz., KSIDC & Department of Tourism, Government of Kerala.

Your Directors also acknowledge gratefully the shareholders for their support and confidence reposed on the Company.

For and on behalf of the Board of Directors Silver Storm Amusement Parks Private Limited

Sd/-	Sd/-
A. I. Shalimar	T. K. Abdul Hasis
Managing Director	Director
(DIN:00326040)	(DIN:01597475)
Place: Vettilapara
Date: 10/08/2023