MIRA INFORM REPORT
|
Report Date : |
23.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADLABS ENTERTAINMENT LIMITED (w.e.f 27.04.2010) |
|
|
|
|
Formerly Known
As : |
ADLABS ENTERTAINMENT PRIVATE LIMITED |
|
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|
Registered
Office : |
30/31 Sangdewadi, Khopoli Pali Road, Taluka Khalapur – 410203,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.02.2010 |
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|
Com. Reg. No.: |
11-199925 |
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Capital
Investment / Paid-up Capital : |
Rs.48.463 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92490MH2010PLC199925 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA36796E |
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|
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PAN No.: [Permanent Account No.] |
AAICA2573P |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged into Building and Running of Amusement Park. (Name of Park is “Adlabs Imagica”) |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘Thrill Park Limited’ India. It is an established company having moderate track. Even though the company was incorporated during February 2010, the
company commenced its business operation from April 2013. Net worth of the company is good. Trade relations are fair. Business
is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term : BB |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
January, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
(Contact No.: 91-22-40680000)
LOCATIONS
|
Registered Office : |
30/31 Sangdewadi, Khopoli Pali Road, Taluka Khalapur – 410203,
Maharashtra, India |
|
Tel. No.: |
91-2192-669749 |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
|
|
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|
Corporate Office : |
9th Floor, Lotus Business Park, New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-40680000 / 40680018 |
|
Fax No.: |
91-22-40680088 |
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E-Mail : |
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|
Website : |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Mr. Manmohan Ramanna Shetty |
|
Designation : |
Director |
|
Address : |
21, Golden Beach, Ruia Park Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
24.02.1948 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
02.09.2013 |
|
PAN No.: |
AAIPS2569L |
|
DIN No.: |
00013961 |
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|
|
|
Name : |
Mr. Kapil Vishnuprasad Bagla |
|
Designation : |
Whole-time Director |
|
Address : |
4A/ 401-402, Himalaya Building, Asha Nagar, Off Western Express Highway, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
09.10.1968 |
|
Qualification : |
B.E., M.M.S. |
|
Date of Appointment : |
06.07.2011 |
|
PAN No.: |
AABPB2274N |
|
DIN No.: |
00387814 |
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|
|
|
Name : |
Mr. Prashant Purker |
|
Designation : |
Nominee director |
|
Address : |
1-C-1 Lloyd's Garden, Appa Saheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1962 |
|
Date of Appointment : |
20.11.2013 |
|
DIN No.: |
00082481 |
|
|
|
|
Name : |
Madam Anjali Seth |
|
Designation : |
Director |
|
Address : |
B-1301, Birchwood CHS Limited, Main Street, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India |
|
Date of Birth/Age : |
25.10.1958 |
|
Date of Appointment : |
04.04.2014 |
|
DIN No.: |
05234352 |
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|
|
|
Name : |
Mr. Ghulam Mohmemed |
|
Designation : |
Director |
|
Address : |
1303, Shubda, Sir Pochkanwala Road, Worli, Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
24.11.1948 |
|
Date of Appointment : |
04.04.2014 |
|
DIN No.: |
00591038 |
|
|
|
|
Name : |
Mr. Steven A. Pinto |
|
Designation : |
Director |
|
Address : |
A-II, Tahnee Hights, 66 Nepean Sea Road, Mumbai- 400006, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1945 |
|
Date of Appointment : |
04.04.1914 |
|
DIN No.: |
00871062 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak |
|
Designation : |
Accounts |
|
|
|
|
Name : |
Mr. G. S. Jhala |
|
Designation : |
Secretory |
|
Address : |
Bari Sadri House, 18 Naiyon Ki Talai, Udaipur-313001, Rajasthan, India |
|
Date of Birth/Age : |
04.07.1959 |
|
Date of Appointment : |
14.08.2014 |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Name of
Shareholders |
No of
Shares |
|
Thrill Park Limited, |
45618570 |
|
Manmohan Shetty |
2842152 |
|
Mayuresh Kore |
1775 |
|
Kapil Bagla |
178 |
|
Chandir Gidwani |
178 |
|
Deepak Agrawal |
178 |
|
IDBI Trusteeship Services Limited, India |
04 |
|
Total |
48463035 |
|
Name of Alotees |
No of
Shares |
|
Nylim Jacob Ballas India Holdings IV , Mauritius |
95 |
|
Jacob Ballas Capital India Private Limited, India |
5 |
|
Total |
100 |
AS ON 30.09.2014
Equity Shares Break – up
|
Category |
Percentage |
|
Bodies corporate |
94.13 |
|
Directors or relatives of Directors |
5.87 |
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Building and Running of Amusement Park. (Name of Park is “Adlabs Imagica”) |
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Products : |
Not Divulged |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by management |
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Bankers : |
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Facilities : |
SECURED LOANS
|
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Banking
Relations : |
--- |
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Financial
Institution: |
· IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17 R Kamani Marg, Ballard Estate, Mumbai
– 400001, Maharashtra, India |
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|
|
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Auditors : |
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|
Name : |
A. T. Jain and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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PAN No.: |
AABFA2587P |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
· Thrill Park Limited, India CIN No.: U92190MH2007PLC175250 |
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|
|
|
Entities controlled by directors / Promoter: |
· Walkwater Properties Private Limited CIN No.: U45400MH2007PTC175247 · Dream Estates · Walkwater India Limited |
CAPITAL STRUCTURE
After 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48,463,135 |
Equity Shares |
Rs.10/- each |
Rs.48.463 Millions |
|
|
|
|
|
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48,463,035 |
Equity Shares |
Rs.10/- each |
Rs.484.630 Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
484.630 |
458.721 |
419.167 |
|
(b) Reserves & Surplus |
2651.766 |
2635.248 |
2084.777 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3136.396 |
3093.969 |
2503.944 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10880.437 |
6388.806 |
30.705 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
15.447 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
10.389 |
0.964 |
|
Total Non-current
Liabilities (3) |
10895.884 |
6399.195 |
31.669 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
520.000 |
1492.222 |
1950.125 |
|
(b) Trade
payables |
146.872 |
4.648 |
2.469 |
|
(c) Other
current liabilities |
302.652 |
548.692 |
183.007 |
|
(d) Short-term
provisions |
0.559 |
7.013 |
4.423 |
|
Total Current
Liabilities (4) |
970.083 |
2052.575 |
2140.024 |
|
|
|
|
|
|
TOTAL |
15002.363 |
11545.739 |
4675.637 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
12870.411 |
2470.130 |
2299.018 |
|
(ii)
Intangible Assets |
73.325 |
4.394 |
2.219 |
|
(iii)
Capital work-in-progress |
1000.891 |
8229.591 |
2155.902 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
143.473 |
7.427 |
0.000 |
|
(d) Long-term Loan and Advances |
103.571 |
102.721 |
68.854 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
14191.671 |
10814.263 |
4525.993 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
49.488 |
0.000 |
0.000 |
|
(c) Trade
receivables |
6.332 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
355.772 |
297.407 |
61.897 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
399.100 |
434.069 |
87.747 |
|
Total
Current Assets |
810.692 |
731.476 |
149.644 |
|
|
|
|
|
|
TOTAL |
15002.363 |
11545.739 |
4675.637 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1038.020 |
0.000 |
0.000 |
|
|
|
Other Income |
32.109 |
39.298 |
0.000 |
|
|
|
TOTAL (A) |
1070.129 |
39.298 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
70.588 |
33.435 |
0.000 |
|
|
|
Purchases of Stock-in-Trade |
43.060 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(10.578) |
0.000 |
0.000 |
|
|
|
Employees benefits expense |
200.046 |
0.000 |
0.000 |
|
|
|
Other Expenses |
696.402 |
27.102 |
5.296 |
|
|
|
Exceptional items |
3.725 |
0.635 |
0.000 |
|
|
|
TOTAL (B) |
1003.243 |
61.172 |
5.296 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
66.886 |
(21.874) |
(5.296) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
425.327 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(358.441) |
(21.874) |
(5.296) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
305.179 |
0.130 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(663.620) |
(22.004) |
(5.296) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(136.046) |
(7.429) |
0.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) AFTER TAX (G-H) (I) |
(527.574) |
(14.575) |
(6.056) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.00 |
(0.33) |
(0.16) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(50.83) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.44 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.79) |
(0.67) |
(0.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21) |
(0.01) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.63 |
2.55 |
0.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84 |
0.36 |
0.07 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
419.167 |
458.721 |
484.630 |
|
Reserves & Surplus |
2084.777 |
2635.248 |
2651.766 |
|
Net
worth |
2503.944 |
3093.969 |
3136.396 |
|
|
|
|
|
|
long-term borrowings |
30.705 |
6388.806 |
10880.437 |
|
Short term borrowings |
1950.125 |
1492.222 |
520.000 |
|
Total
borrowings |
1980.830 |
7881.028 |
11400.437 |
|
Debt/Equity
ratio |
0.791 |
2.547 |
3.635 |
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
0.000 |
1038.020 |
|
|
|
|
|
NET PROFIT MARGIN
|
|
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
0.000 |
1038.020 |
|
Profit |
(6.056) |
(14.575) |
(527.574) |
|
|
|
|
(50.83%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
0.105 |
0.105 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
520.000 |
570.000 |
|
Total |
520.105 |
570.105 |
OPERATIONS
The company owns
and operates, Imagica. The Theme Park, which is one of the leading theme parks in
India. The park features a diverse variety of rides and attractions of
international standards, food and beverages outlets and retail and merchandise
shops,
Thisone-stop
entertainment destination that we intend to offer at this location also
includes Aquamagica - a Water Park, and a family Hotel, which are expected to
commence operations in the course of the year FY 2014-15.
Imagica The Theme
Park is a one-of-a-kind offering in India and currently has 26 rides and
attractions, which are spread over six theme-based zones. The marquee offerings
include Rajasaurus River Adventure, a boat ride offering our guests a peek into
the pre-historic habitats of dinosaurs, Wrath of the Gods, a VFX show based on
an archaeological discovery of an ancient Indian civilization, Nitro, which we
believe is Indias largest roller coaster, I for India, a simulated helicopter
ride over various sights and attractions across India and Mr. India the Ride, a
simulated ride based on the popular Bollywood movie, Mr. India. We also offer
entertainment through live performances by acrobats, magicians, dancers,
musicians and other artists in various parts of our theme park.
In Imagica The Theme Park, we own and operate an array
of F&B outlets, including Robertos Food Coaster, a multi-cuisine food
court, which also has a separate Jain restaurant, Red Bonnet, an American diner
styled restaurant, Imagica Capital, an Indian buffet restaurant which serves
cuisines from across the country, Zeze, a bar and grill which is designed as an
African Zulu village and Arrmada, a cafe and bar modelled as a ship, which
offers panoramic views of the entire theme park, as well as several kiosks
spread across the theme park. Our retail and merchandise offerings provide our
guests an opportunity to memorialize their experiences at the theme park by
purchasing products such as toys, apparel, bags, caps and commemorative
mementos and photographs, which carry the Imagica brand or are based on one of
the rides or attractions in our theme park. We also retail candies, chocolates
and other utilities such as hats and sunglasses. While we largely retail
through our six stores and several kiosks inside our theme park, we have
recently launched our products on ours as well as third party websites and
intend to expand the sales and distribution network of our retail and
merchandise operations.
Imagica The Theme
Park, became fully operational on November 1, 2013. For a period of
approximately six months prior to November 1, 2013, some of the rides and
attractions in our theme park were open to the public. The total number of
guests hosted at our theme park for the five months ended March 31, 2014 was
531,429. We hosted 11,933 guests on December 20, 2013, the highest number of
guests hosted by us in a day since our theme park became fully operational
FUTURE PROSPECTS
Aquamagica, our
upcoming water park is positioned adjacent to our theme park and will offer 14
kinds of water slides and wave pools, including an aqua loop, individual and
family slides, natural-light effect rides, rattlers and other water-based
entertainment such as a beach front, waterfalls, cabanas and will comprise
separate family play areas, kids play zones and toddlers play equipment. Our
water park will have a separate admission ticket and a separate entrance from
our theme park. We intend to take advantage of cross selling opportunities
offered by these two different entertainment experiences. Our upcoming 287 key
hotel will include facilities such as banquet halls, conference rooms,
specialty restaurants, recreation areas, a swimming pool, a spa, a kids
activity centre and a well-equipped gym to cater to varying entertainment
requirements of our guests. We are in discussions with some leading hotel
chains for a management contract with respect to the hotel.
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10343713 |
12/08/2013 * |
14,748,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R.KAMANI MARG, BA |
B82277450 |
* Date of charge modification
FIXED ASSETS
v
Tangible
Assets
· Land
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
v
Intangible
Assets
· Computer Software
NEWS
ICICI VENTURE-BACKED
THEME PARK OPERATOR ADLABS IMAGICA FILES FOR IPO
The firm had previously raised
Rs.1440.000 Millions from ICICI Venture last year.
22 May, 2014
Manmohan Shetty-promoted Adlabs Entertainment Limited, the firm behind theme park Adlabs Imagica, has filed its draft red herring prospectus with SEBI to raise over Rs.4000.000 Millions ($68 million) through an initial public offer.
This marks the first large company to file for a public float after the elections, whose result is seen as positive for the primary market. Early this month another theme park and resorts operator Wonderla Holidays successfully completed its IPO and listed with gains on the bourses.
Adlabs Entertainment is looking to raise the money to part repay its outstanding debt. The firm had availed of consortium loan through the common loan agreement for capex towards the development of Adlabs Mumbai, which includes the theme park, the water park, the hotel and retail, dining and entertainment facilities besides repayment of short term loan from Syndicate Bank for the development of the same project.
The amount sanctioned under the consortium loan aggregated Rs.11000.000 Millions as on March 31, 2014 of which Rs.9441.0000 Millions is outstanding at the end of FY14.
The firm is looking to issue 23 million shares including 2 million shares offered for sale by the promoters.
It said it is also considering a pre-IPO placement of up to 3 million shares for up to Rs.800.000 Millions.
Given that SEBI norms mandate that a company cannot allocate more than 25 per cent of the issue proceeds under ‘general corporate purposes’, Adlabs Entertainment could be looking to raise anywhere between Rs.4000.000 Millions to Rs.5000.000 Millions. This would mean price per share in the range of Rs.190-240 a unit.
The firm had previously raised funding from ICICI Venture at Rs.220 a share. In a deal struck last August ICICI Venture through its India Advantage Fund agreed to invest around Rs.1440.000 Millions through a mix of shares and compulsorily convertible debentures (CCDs). The proceeds of this investment were proposed to be used for capital expenditure for setting up of the theme park, water park, hotel, retail, dining and entertainment. The CCDs are not yet converted into shares.
Adlabs Entertainment clocked revenues of Rs.659.000 Millions with net loss of Rs.223.000 Millions for the nine month period ended December 31, 2013.
Its flagship property Adlabs Imagica is a theme park located in Khopoli in the Mumbai-Pune expressway and was opened in April this year. Spread over 300 acres, the theme park has around 21 rides at present and the firm is expanding the project.
It will also include a water park and a three-star/family hotel which will be operational in early 2014. The park can accommodate about 20,000 visitors daily and aims to host over 3 million visitors in the first year of operations.
Its promoter Manmohan Shetty is better known as the founder of Adlabs Films Limited, which was acquired by Reliance Group (earlier Reliance ADAG) and is now renamed as Reliance Mediaworks Limited. He ventured into the theme park business after selling the previous firm.
His group includes Walkwater Media Limited (WML) which is engaged in the business of film and television content production as well as seeding promising ventures within the media and entertainment space. It has produced/co-produced movies like Tere Bin Laden and Rajneeti. Other ventures seeded by the group include Scrabble Entertainment, which was later acquired by UFO Moviez.
Adlabs Entertainment’s proposed issue is being managed by Deutsche Equities, Centrum Capital and Kotak Mahindra Capital.
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. 61.17 |
|
|
1 |
Rs. 98.85 |
|
Euro |
1 |
Rs. 77.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
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.