It is my pleasure & privilege.
to address you
I am grateful to you for believing and supporting our vision and plans. At AdlabsEntertainment Limited my vision was to create an outdoor and participative entertainmentexperience with a Theme Park and an Integrated Entertainment Holiday Destination whichcompares with global standards. I am proud to say that we have succeeded in translatingthis vision to a reality with Imagica which includes a Theme Park a Water Park a Hotel& now a Snow Park as well.
Since April 2013 over 3.4 million guest have visited the parks. While these numbersand guest feedback give us a good idea of their expectation and appreciation of theproduct we have a long way to go in making this project every Indian's "mustvisit" holiday destination.
We launched our Hotel 'Novotel Imagica Khopoli' on September 16 2015 with 116 rooms.We are pleased to inform that the hotel has got off to a great start with an healthyaverage occupancy of 75% in the first six months of operations. Novotel Imagica in a shortperiod of operations has been able to establish its niche in the leisure and socialsegments and has firmly established Imagica's position as a multi-day family holidaydestination.
During the six months of operations till March 2016 Novotel Imagica has hosted over150 corporates and 6 destination weddings. This is a sort of record in this industry andwe have also seen improvement in ARR since its launch. Novotel Imagica has garneredexcellent customer feedback and reviews on TripAdvisor and other hotel review sites.
In fact Novotel Imagica within few months of operations has received an award for thebest "New Hotel in the Upper Mid Segment Category" by HICSA which is the HotelConvention of Southeast Asia in Delhi in the month of March 2016.
The management has worked on a new branding and positioning and have decided to mergethe entire offering under a single brand of 'Imagica'.
We feel that consolidating the Theme Park Water Park and now the Snow Park under asingle brand name Imagica will lead to optimization of marketing costs and a much betterbrand recall. This will also facilitate focus penetration of Imagica brand in thenon-catchment areas with the philosophy of positioning Imagica as a complete holidaydestination.
We have also launched a new brand logo embodying the Imagica experience as"Imagica badi interesting jagah hai".
We have actively pursued every stream of potential revenue such as Food and BeveragesRetail Advertising and Sponsorships Weddings and MICE and continue to believe that weare merely at the brink of a large potential in each such stream.
We have surplus land of 170 acres part of which has already been transferred to our100% subsidiary Walkwater Properties Pvt. Ltd. which has applied to the Government ofMaharashtra for an approval for a special township. We plan to monetize the surplus landand engage with reputed real estate players to develop a township on the said land. Thiswill lead to alternative sources of cash flow and income for the Company which can beused for reduction / repayment of debt.
We are committed to making our entertainment holiday destination a success and believea sizeable upfront creative technical and Intellectual Property creation has already beendone allowing us to create newer formats of engagement with our consumers without muchadditional resources.
We thank all the shareholders for having faith in our company. We are excited to haveyou on board and we remain committed to making people happy and ultimately realizing thefull potential of this venture.
With best regards