MIRA INFORM REPORT
|
Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADLABS ENTERTAINMENT LIMITED (w.e.f 27.04.2010) |
|
|
|
|
Formerly Known
As : |
ADLABS ENTERTAINMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
30/31 Sangdewadi, Khopoli Pali Road, Taluka Khalapur – 410203,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.02.2010 |
|
|
|
|
Com. Reg. No.: |
11-199925 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.458.721 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92490MH2010PLC199925 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA36796E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICA2573P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged into Building and Running of Amusement Park. (Name of Park is “Adlabs Imagica”) |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
31-03-2012.
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 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
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 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Pooja Milind Deora |
|
Designation : |
Director |
|
Address : |
21, Golden Beach, Ruia Park Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
21.07.1978 |
|
Date of Appointment : |
30.09.2013 |
|
PAN No.: |
AOWPS8011F |
|
DIN No.: |
00013027 |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
Name : |
Mr. Praveen Chamanlala Nischol |
|
Designation : |
Additional Director |
|
Address : |
Rita Apartment, 1st Floor, 15 Golf Link Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1948 |
|
Date of Appointment : |
25.03.2013 |
|
DIN No.: |
00269906 |
|
|
|
|
Name : |
Mr. Chandir Gobind Gidwani |
|
Designation : |
Additional director |
|
Address : |
1202, Ocean View, Union Park, Opposite Hotel Pali Hill, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
03.07.1964 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
00011916 |
|
|
|
|
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 : |
Mr. Naresh Patwari |
|
Designation : |
Nominee director |
|
Address : |
Ashok Towers, Tower B, Apt 1303, Dr Br Ambedkar Road, Near ITC Parel, Parel (East), Mumbai – 400012, Maharashtra, India |
|
Date of Birth/Age : |
25.04.1978 |
|
Date of Appointment : |
20.11.2013 |
|
DIN No.: |
03319397 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak |
|
Designation : |
Accounts |
|
|
|
|
Name : |
G S Jhala |
|
Designation : |
Secretary |
|
Address : |
Bari Sadri House, 18 Naiyon Ki Talai, Udaipur – 313 001, Rajasthan,
India |
|
Date of Birth/Age : |
04.07.1959 |
|
Date of Appointment : |
10.02.2012 |
|
PAN No.: |
ABMPJ8628G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Name of
Shareholders |
|
No of
Shares |
|
Thrill Park Limited, |
|
45616795 |
|
Manmohan Shetty |
|
2842152 |
|
Mayuresh Kore |
|
1775 |
|
Aarti Shetty |
|
1775 |
|
Kapil Bagla |
|
178 |
|
Chandir Gidwani |
|
178 |
|
Deepak Agrawal |
|
178 |
|
IDBI Trusteeship Services Limited, India |
|
04 |
|
|
|
|
|
Total |
|
48463035 |
(AS ON 30.09.2013)
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”) |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Syndicate Bank Nariman Point Branch, Nariman Bhavan, Ground Floor, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution: |
· IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17 R Kamani Marg, Ballard Estate, Mumbai
– 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
A. T. Jain and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
PAN No.: |
AABFA2587P |
|
|
|
|
Holding Company : |
· Thrill Park Limited, India CIN No.: U92190MH2007PLC175250 |
|
|
|
|
Entities controlled by directors / Promoter: |
· Walkwater Properties Private Limited CIN No.: U45400MH2007PTC175247 · Dream Estates |
CAPITAL STRUCTURE
AS ON 30.09.2013
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 |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45,872,122 |
Equity Shares |
Rs.10/- each |
Rs.458.721 Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
458.721 |
419.167 |
372.676 |
|
(b) Reserves & Surplus |
2635.248 |
2084.777 |
1858.380 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
57.549 |
|
Total Shareholders’
Funds (1) + (2) |
3093.969 |
2503.944 |
2288.605 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6388.806 |
30.705 |
252.999 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
10.389 |
0.964 |
0.000 |
|
Total Non-current
Liabilities (3) |
6399.195 |
31.669 |
252.999 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1492.222 |
1950.125 |
201.905 |
|
(b) Trade
payables |
4.648 |
2.469 |
107.431 |
|
(c) Other
current liabilities |
548.692 |
183.007 |
2.548 |
|
(d) Short-term
provisions |
7.013 |
4.423 |
2.715 |
|
Total Current
Liabilities (4) |
2052.575 |
2140.024 |
314.599 |
|
|
|
|
|
|
TOTAL |
11545.739 |
4675.637 |
2856.203 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2470.130 |
2299.018 |
2264.443 |
|
(ii)
Intangible Assets |
4.394 |
2.219 |
0.000 |
|
(iii)
Capital work-in-progress |
8229.591 |
2155.902 |
443.380 |
|
(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) |
7.427 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
102.721 |
68.854 |
69.493 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
3.638 |
|
Total Non-Current
Assets |
10814.263 |
4525.993 |
2780.954 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
297.407 |
61.897 |
65.305 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
434.069 |
87.747 |
9.944 |
|
Total
Current Assets |
731.476 |
149.644 |
75.249 |
|
|
|
|
|
|
TOTAL |
11545.739 |
4675.637 |
2856.203 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
39.298 |
0.000 |
0.000 |
|
|
|
TOTAL |
39.298 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
33.435 |
0.000 |
0.000 |
|
|
|
Other Expenses |
27.102 |
5.296 |
0.000 |
|
|
|
Exceptional items |
0.635 |
0.000 |
0.000 |
|
|
|
TOTAL |
61.172 |
5.296 |
0.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
(21.874) |
(5.296) |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.130 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(22.004) |
(5.296) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(7.429) |
0.760 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(14.575) |
(6.056) |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.33) |
(0.16) |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(37.09)
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.67)
|
(0.21)
|
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.55
|
0.79
|
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.36
|
0.07
|
0.24 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
372.676 |
419.167 |
458.721 |
|
Reserves & Surplus |
1858.380 |
2084.777 |
2635.248 |
|
Share Application money
pending allotment |
57.549 |
0.000 |
0.000 |
|
Net worth |
2288.605 |
2503.944 |
3093.969 |
|
|
|
|
|
|
long-term borrowings |
252.999 |
30.705 |
6388.806 |
|
Short term borrowings |
201.905 |
1950.125 |
1492.222 |
|
Total borrowings |
454.904 |
1980.830 |
7881.028 |
|
Debt/Equity ratio |
0.199 |
0.791 |
2.547 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
0.000 |
0.000 |
39.298 |
|
|
|
|
|
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
0.000 |
0.000 |
39.298 |
|
Profit |
0.000 |
(6.056) |
(14.575) |
|
|
|
|
(37.09%) |
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 |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
0.105 |
30.705 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
570.000 |
0.000 |
|
|
|
|
|
Total |
570.105 |
30.705 |
NOTE:
The Registered office of the company has been
shifted from 30/31 Sngdewadi, Khopoli Pali Road, Taluka – Khalapur – 410206,
Maharashtra, India to the present address
w.e.f 22.04.2013.
OPERATIONS
Since previous years, the Company is involved in developing a mega-theme park project at villages Sangdewadi and Vadwal, Khopoli, Taluka.Khalapur, Dist. Raigad in the state of Maharashtra and the project has seen a soft launch and trial period beginning on 18 th of April 2013 with more than 15 attractions. During the soft launch and trial period which is likely to be up to 30 th September,2013 the Company will judge the market response to the product, review various pricing and also check the operations and working of rides and attractions.
The Theme Park has been branded as Adlabs Imagica and has received a very encouraging response from the customers as well as media.
All the necessary approvals, consents, permissions and sanctions for operations of the Theme Park project are in place.
FUTURE PROSPECTS
The Indian consumers are looking forward to a world class experience in amusement park entertainment & The Company has taken the initiative in creating a high quality multi-use entertainment destination in the country.
Having achieved partial launch of the Theme Park, The Company is now focusing on completion of the Water Park and the Hotel.
The Park is slated to become India’s first-of-its-kind entertainment destination and with burgeoning incomes/ highly favorable population dynamics, the park holds tremendous potential.
Mumbai, the financial capital of India, has the most attractive catchment to support the entire eco-system of a project of this magnitude and scale
The company is also planning to raise equity capital in the form of private equity or Initial Public offer (IPO) at an appropriate time. The Company plans to engage with merchant bankers, consultants, legal counsels and other market intermediaries to prepare for the equity raise.
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.60.01 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.81.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
4 |
|
--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 |
|
33 |
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.