MIRA
INFORM REPORT
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Report Date : |
04.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ADLABS ENTERTAINMENT LIMITED |
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Registered
Office : |
9th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.02.2010 |
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Com. Reg. No.: |
11-199925 |
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CIN No.: [Company Identification
No.] |
U92490MH2010PLC199925 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Service provider of Media – Entertainment |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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- |
NB |
New Business |
- |
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Maximum : |
USD 7600000 |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and yet to complete its one full year of
operations. Payment terms are not known. The company can be considered business dealings on a secured trade
terms and conditions, initially. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Rakesh |
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Designation : |
Senior Accountant |
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Contact No.: |
91-22-40680000 |
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Date : |
30.12.2010 |
LOCATIONS
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Registered Office : |
9th Floor, |
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Tel. No.: |
91-22-40680000 |
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Fax No.: |
91-22-40680088 |
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E-Mail : |
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Website : |
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Area : |
Owned |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Manmohan Raman Shetty |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth/Age : |
24.02.1948 |
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Date of Appointment : |
10.02.2010 |
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DIN No.: |
00013961 |
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Name : |
Mr. Kapil Vishnuprasad Bagla |
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Designation : |
Director |
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Address : |
401/402, Ashanagar, Thakur Complex, Kandivali (East), Mumbai – 400101,
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Date of Birth/Age : |
09.10.1968 |
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Date of Appointment : |
10.02.2010 |
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DIN No.: |
00387814 |
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Name : |
Mrs. Aarti Manmohan Shetty |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth/Age : |
02.04.1981 |
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Date of Appointment : |
10.02.2010 |
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DIN No.: |
01798896 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Thrill Park Limited, |
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31378931 |
|
Manmohan Shetty |
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1242 |
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Shashikala Shetty |
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1775 |
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Aarti Shetty |
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1775 |
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Kapil Bagla |
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178 |
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Chandir Gidwani |
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178 |
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Rajeev Jalnapurkar |
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178 |
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Total |
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31384257 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Bodies corporate |
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99.98 |
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Directors or relatives of directors |
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0.02 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Service provider of Media – Entertainment |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Media |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
HDFC Bank, Branch Andheri (West), Mumbai |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. T. Jain of A. T. Jain and
Company Chartered Accountants |
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Address : |
212, Rewa Chambers, 31 New Marine Lines, Mumbai – 400020, |
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Holding Company : |
Thrill Park Limited, CIN No.: U92190MH2007PLC175250 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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40,000,000 |
Equity Share |
Rs. 10/- each |
Rs. 400.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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31,384,257 |
Equity Share |
Rs. 10/- each |
Rs. 313.843 Millions |
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Advance for Equity |
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Rs. 33.500
Millions |
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Total |
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Rs. 347.343 |
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(3,13,84,257
Equity shares of Rs10/- each have been allotted and issued to the partners of
the partnership firm M/s Dreampark on its conversion to a private Limited Company
vide Part IX of the Companies Act ,1956; against the Capital contribution by
the Partners as on 10th February, 2010 without payments being received in cash)
(3,13,78,931
Equity shares of Rs 10/- each is held by the holding company "Thrill Park
Limited")
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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347.343 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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1564.213 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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1911.556 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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232.375 |
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TOTAL BORROWING |
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232.375 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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2143.931 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2234.508 |
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Capital work-in-progress |
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170.905 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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5.746 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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69.553 |
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Total
Current Assets |
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75.299 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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339.109 |
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Other Current Liabilities |
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16.240 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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355.349 |
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Net Current Assets |
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(280.050) |
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MISCELLANEOUS EXPENSES |
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18.568 |
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TOTAL |
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2143.931 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.31 |
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Current Ratio (Current Asset/Current Liability) |
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0.21 |
LOCAL AGENCY FURTHER INFORMATION
The company was a partnership firm in the name of
Operations:
The Company is
developing a mega-theme park project around Mumbai and the project will be under
development over the next couple of years. Consequently, the operations are
expected to commence in FY 2012-13.
During the year,
The Company has initiated the process of securing project finance from banks
through our merchant bankers. The proposal has met with positive response from
many public sector banks and Indian Overseas Bank has agreed to be the lead
banker for the project.
Future Prospects:
Outdoor recreation
industry is one of the most rapidly growing and exciting sectors of the tourism
and hospitality space in
Various State
Governments, including the Government of Maharashtra, are encouraging
development of tourism in their respective states and have identified amusement
parks as one of the key areas to attract both tourists and investments. Our
project has been awarded the ‘Mega Project’ Status from the Tourism Department
of the Government of Maharashtra, The Company expects the financial closure for
the debt component of the project to be completed in the third quarter of the
current financial year.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.81 |
|
|
1 |
Rs.69.28 |
|
Euro |
1 |
Rs.59.81 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.