Mar 31, 2015
1. GENERAL NOTE ON BUSINESS:
The Company is engaged in the business of development and operations of theme based entertainment destinations in India, including theme parks, water parks and associated activities including retail merchandising and food and beverages. The flagship project of the company is located at Khalapur, on Mumbai Pune Expressway and is branded "Adlabs Imagica" for the theme park component and "Adlabs Aquamagica" for the water park component. The Company is developing a 287 room hotel at the same location by the name "Novotel Imagica" which is expected to commence operation in the financial year 2015-2016.
2. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. 344.62 Million as on March 31,2015.
3. RELATED PARTY DISCLOSURES (AS IDENTIFIED BY THE MANAGEMENT).
a) Related Party Relationship
i) Holding Company
Thrill Park Limited
ii) Subsidiary Company
- Walkwater Properties Private Limited (w.e.f. September 11,2014)(WPPL)
iii) Key Managerial Personnel
- Mr. Manmohan Shetty
- Mr. Kapil Bagla
- Mr. Harjeet Chhabra Mr. Vincent Pijnenburg Mr. Rakesh Khurmi
- Mrs. Pooja Deora
- Ms. Aarti Shetty
v) Entities controlled by Relatives of Director
- Walkwater Properties Private Limited (up to September 10, 2014)(WPPL)
4. a) Earnings in Foreign Currency: Rs. Nil
5. The Current assets, Loans & Advances (including capital advances) have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the balance sheet. Current assets, Loans & Advances (including capital advances) are subject to Confirmation and Reconciliation. Other known liabilities are adequate and not in excess of what are required.
7. The company has mortgaged 298 acres of land with IDBI Trusteeship Services Ltd. as security for the sanctioned term loan from financial consortium with Union Bank of India as the lead banker with pari passu charge.
Term loan by the Company will be repaid over period of 10 years in unequal monthly instalments starting from April 2015. The loan is secured by first pari passu charge on the fixed assets and current assets of the Company
Interest rate on term loan taken from Banks and Financial institutions varies from base rate plus 2.60 to 3.00.
Interest rate on Loan taken in form of Buyers Credit varies from 0.48 to 3.25.
8. The Company equity shares are in dematerialized form with the Central Depository Services (India) Limited (CDSL) and with National Securities Depository Limited (NSDL) having ISIN No. INE172N01012.
9. The previous year figures have been reworked, regrouped, rearranged and re-classified, wherever necessary. Amount and other disclosure for the preceding year are included as an integral part of the current year financial statement and are to be read in relation to the amounts and other disclosures relating to that year.
10. During the year the Company has acquired 100% Shareholding of Walkwater Properties Private Limited.
11. The Company has executed a deed of conveyance on 29th September, 2014 to sell 137.33 acres of land for a total consideration of Rs. 1,057.56 Million to its 100% subsidiary Walkwater Properties Pvt. Ltd. The said conveyance shall be effective and subject to various approvals and no-objection from the consortium of lenders, and fulfillment of other conditions as per conveyance deed.
12. The Company has executed an agreement to sale on 7th November, 2014 to sell 32.58 acres of land for a total consideration of Rs. 273.71 Million to its 100% subsidiary Walkwater Properties Pvt. Ltd., subject to receipt of approval from the Directorate of Industries / Government of Maharashtra ("DIC") and a no objection (NOCs) from the lenders.
13. Share Issue Expenses
Share issue expenses as at March 31, 2015 comprised of expenses incurred in connection with issue of equity shares and there listing on stock exchanges. The total expenses in connection with the IPO where share between the Company and the Holding Company M/s Thrill Park Limited in the proportion of the amount received from the IPO proceeds. The Company share of issue expenses were adjusted against securities premium account u/s 52(2)(c) of the Companies act 2013.
14. The company has made an Initial Public Offering (IPO) during the year of 20,326,227 equity shares of face value of Rs. 10 each. The issue comprised of a fresh issue of equity shares to public of 18,326,227 and an Offer for Sale of 2,000,000 equity shares by the holding company of Adlabs Entertainment Limited, which is M/S Thrill Park Limited. The equity shares were issued at a price of Rs. 180 per share (including premium of Rs. 170 thereon) subject to a discount of Rs. 12 per share to retail investor and at a price of Rs. 221 per share to anchor investors(including premium of Rs. 211 thereon).
15. The fresh equity shares were allotted by the Company on March 27, 2015 and the equity shares were listed on National Stock Exchange of India Limited and BSE Limited on April 6, 2015.
16. The company has mortgaged 25 acres of land for Short Term facilities taken with Union Bank of India at interest rate at Base Rate plus 4%. The facility will be repaid in six months.
17. The company has suspended operation of Bandit of Robinhood ride on account of malfunctioning and it has filed with the vendor for damages including compensation for loss of business. The company has separately disclosed it as retired asset under fixed asset schedule and is carried at lower of Net Book Value or Net Realisable value.