Imagicaaworld Entertainment Ltd

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• Adlabs Entertainment Ltd owns & operates an Integrated Entertainment Holiday Destination `IMAGICA` which is built to match global standards and includes a theme park, a water park, a snow park, a hotel, and other associated activities such as retail & merchandise, food and beverages, etc. Imagica is a magical & fun-filled world of its own, offering entertainment, fun, relaxation, dining, shopping and accommodation at a single location. Imagica is located off the Mumbai - Pune expressway at Khopoli approximately a 90 minute drive from Mumbai & Pune. Due to its proximity, Imagica is easily reachable from anywhere in India via air, rail or road. Spread over 130 acres, this all weather family entertainment destination` provides interesting experiences to all its guests, 365 days a year. Currently, it attracts guests from Mumbai, Pune and the rest of Maharashtra and Gujarat, which are some of the more economically developed areas in India. Adlabs Entertainment Ltd was incorporated as a private limited company on February 10, 2010 at Mumbai, upon conversion of M/s. Dream Park (`Dream Park`), a partnership firm. Dream Park was a partnership firm formed on May 18, 2009. Subsequently, the partners of Dream Park, mutually agreed and transferred their interests by way of a resolution dated December 31, 2009 to convert into private company limited. Further, it was converted into a public limited company and consequently, the name of the company was changed to Adlabs Entertainment Limited on April 27, 2010. Imagica Theme Park became fully operational on November, 2013 Walkwater Properties Private Limited became wholly owned subsidiary of the company with effect from 11 September 2014. Adlabs` water park became fully operational on October 1, 2014. Adlabs Entertainment Ltd successfully completed the Initial Public Offer (IPO) and equity shares of the company were listed on both National Stock Exchanges of India Limited (NSE) and BSE Limited (BSE) w.e.f. April 6, 2015. The issue was open for subscription from March 10, 2015 to March 17, 2015. The company allotted 18,326,227 equity shares of face value Rs. 10 each by way of fresh issue and 2,000,000 equity shares of face value Rs. 10 were transferred by way of an offer for sale equity shares by Thrill Park Limited (the Selling Shareholder). During the financial year ended 31 March 2015, the company allotted on preferential basis 95 equity shares of face value of Rs. 10/- each to NYLIM Jacob Balias India Holdings IV and 5 equity shares of face value of Rs. 10/- each to Jacob Balias Capital India Private Limited. The company allotted 10,434,775 equity shares of face value of Rs. 10/- each to India Advantage Fund S3 I pursuant to Conversion of 1,439,999 Compulsorily Convertible Debentures held. The company allotted 2,539,989 equity shares of face value of Rs. 10/- each to NYLIM Jacob Balias India Holdings IV pursuant to conversion of 474,978 Compulsorily Convertible Debentures held. It also allotted 133,684 equity shares of face value of Rs. 10/- each to Jacob Balias Capital India Private Limited pursuant to conversion of 24,999 Compulsorily Convertible Debentures held. From the IPO proceeds, a debt of Rs 2483 million was paid off 30 June 2015.The company launched its Hotel `Novotel Imagica Khopoli` on September 16, 2015 with 116 rooms in the first phase out of a total of 287 rooms proposed. During the financial year ended 31 March 2016, the footfalls of the Theme Park and the Water Park put together stood at 1.55 million, versus 1.06 million, in the previous year i.e. a growth of 46%. The company had sold land admeasuring out of overall 170 acres of surplus land approximately 138 acres, to Walkwater Properties Private Limited (WPPL), wholly owned subsidiary company of the company in FY 2014-15 and the transfer was completed during FY 2015-16. In consideration of the said transfer 21,151,321 equity shares of Rs10 each at a premium of R 40 per share aggregating to Rs 1,057,566, 026 were issued and allotted to the company by WPPL. WPPL plans to engage with reputed real estate players to develop a township on this land, and monetize it. The company opened its Snow Park to the public in April 2016. The Snow Park is built over an area of 30,000 sq. feet and is the largest Snow based attraction in India. The Snow Park has a capacity of 3,500 guests to 4,000 guests per day. The park will have daily nine sessions of about 45 minute each and each session can host about 400 guests. Average realisation per visitor (weighted average for Theme Park & Water Park put together) for FY 2016-17 was Rs 1,644, as compared to Rs 1,403 for FY 2015-16. This was a growth of about 17% as compared to previous year.During the year ended 31 March 2018, the company recorded its highest ever footfall with 17.22 Lakhs visitors, up from the previous year number of 15.44 Lakhs, resulting in a growth of 14%. Average realisation per visitor (weighted average for Theme Park & Water Park put together) for FY 2017-18 was Rs 1,422, as compared to Rs 1,644 for FY 2016-17 During the year under review, your company announced debt reduction plans and accordingly had presented an overall plan to its lenders. Relevant approvals from lenders are awaited. The outstanding secured loan as on March 31, 2018 aggregate to Rs 1,05,514.50 Lakhs. The company has identified surplus land of ~204 acres and Hotel as their non-core assets and has entered into term sheet with two different parties to sell these assets. The company will use proceed from the sale of non-core assets to reduce ~30% of its outstanding debt. Pursuant to above sale, the company shall still be left with unutilized land of ~30 acres for further addition(s)/expansion(s) to the park attractions. On 20 June 2017, the company issued and allotted 12,48,684 equity shares of face value of Rs 10/- per share at a premium of Rs 85/- per share for an aggregate consideration of Rs 11,86,24,980 to Bennett Coleman and Company Limited (BCCL) on preferential basis. On the same day, the company issued and allotted 5 Convertible Warrants of Rs 2,37,25,000 each on preferential basis to BCCL pursuant to receipt of 25% upfront payment consideration from BCCL. On 15 December 2017, the company issued and allotted 69,15,629 equity Shares of face value Rs 10 per equity share at a premium of Rs 62.30 per equity share for an aggregate consideration equal to Rs 49,99,99,977 to Shaan Agro and Realty India Private Limited (Formerly Shaan Agro Private Limited) on preferential basis. The Board of Directors of Adlabs Entertainment at its meeting held on 17 May 2018 approved to sell 100% investments/shareholding of the company in Walkwater Properties Private (WPPL) and surplus land of approximately 65 acres to Shaan Agro and Realty Private Limited at a total consideration of Rs 150 crore in cash subject to approvals, consents, permissions and/or sanctions from appropriate authorities and approval of Members at the ensuing Annual General Meeting.