AN OVERVIEW OF THE INDUSTRY The Global Parks Industry
The global amusement parks industry is expected to grow from $54.9 billion in 2022 to
$82.4 billion in 2030 at a compound annual growth rate (CAGR) of 5.2%. Calendar Year 2022
has been a year of recovery from the pandemic and the companies have been rearranging
their processes to better manage their operations, keeping in mind relaxation on COVID
containment measures involving social distancing, remote working, and the closure of
commercial activities that resulted in operational challenges.
Globally, parks started reopening in 2022 and as the international travel opened, the
amusement park industry saw pent-up demand leading increased footfalls. The industry has
recovered strongly even on the back slow down in global economic growth. Top players have
already reached their pre-COVID footfall levels this year.
The Indian Parks Industry
The beginning of 21st century saw the evolution of many parks like Appu Ghar
in 1984 to Esselworld to Nicco Park and many more in small to big cities, depending on the
class of the city, investment and many other factors. During last 20 years more than 150
parks have opened but the market continues to remain fragmented as only 15-20 parks are
notable in terms of scale & size. According to Indian Brand Equity Foundation, the
Indian amusement and theme park industry continues to be ~1% of the global amusement park
industry, but expect this market to grow at 10% CAGR till 2027. However, the industry
landscape is evolving with the increase in per capita income, favorable demographics,
shift in spending pattern on more experience based entertainments, infrastructure
developments and increasing focus of government to promote domestic tourism hubs.
Revenue Mix
In India, the revenue from parks is still highly dominated by admission tickets forming
about 77% of the total revenues. Internationally, admission tickets revenues account for
about 35% of the total revenue. The share of F&B, retailing and merchandise sales is
low in India. However, this mix is changing and the revenue mix is expected to be aligned
to international trend.
(Source: Alphastreet India)
COMPANY AND BUSINESS OVERVIEW
Imagicaaworld Entertainment Limited ("Imagicaa"/"the
Company") has now successfully created Indias First & Only
International Standard Entertainment Holiday Destination
"IMAGICAA", which includes a Theme Park, a Water Park, a
Snow Park & a Luxury Hotel - Novotel Imagicaa Khopoli.
Below are some of the achievements at Imagicaa:
• Guinness World Record - 2022 - Most number of people unboxing simultaneously
• Trip Advisors Travellers Choice Award - 2020
• FICCI Travel & Tourism Excellence Award - 2019
• VFS Global Times Travel Awards 2019 - Winner - Adventure Attraction Sector
• IAAPI National Awards For Excellence 2018-2019 - 5 awards
• Indias Retail Champions Award 2019 - Winner - Entertainment Category
• ET Business Icons February 2019 - Winner - Preferred Themed Entertainment
Destination
• Guinness World Records - February 2019 - Most number of faces (258) washed by P
& G at Imagicaa
• LIMCA BOOK OF RECORDS - Largest collection and distribution of Toys Drive (2018)
• HICSA Awards 2016 - Best New Hotel of the Year - Novotel Imagicaa Khopoli
• Indias Most Attractive Brands - Entertainment Category - Rank 1 (2015)
• Indias Most Trusted Brands 2015 - Theme Park category
• TripAdvisors Travellers Choice Awards 2015
• OTM Award for Excellence - Most Promising New Destination Award (2015)
Imagicaa - The destination
Imagicaa is a magical & fun-filled world of its own, offering entertainment, fun,
relaxation, dining, shopping and accommodation at a single location. Offering a world
class Theme Park, international standard Water Park, Indias largest Snow Park, &
first theme park hotel - the luxurious Novotel Imagicaa, Imagicaa is Indias favourite
family holiday
Business Review
destination. The Company to add novelty factor and repetitive footfalls has added
House of Stars museum which will showcase interactive life-size figurines of leading
Bollywood personalities; also added Eyelusion, which is based on illusion of the still
picture and making customer as part to enjoy it.
Imagicaa is located off the Mumbai- Pune expressway at Khopoli; approximately a 90
minute drive from Mumbai & Pune. Due to its proximity, Imagicaa is easily reachable
from anywhere in India via air, rail or road. Imagicaa also offers bus and car packages
with pick up options from Mumbai and Pune. Spread over 130 acres, this all weather family
entertainment destination provides interesting experiences to all its guests, 365 days a
year.
The outstanding bank loan as on March 31, 2023 is 1,969.88 Lakhs.
The weighted average rate of interest is 4.59% p.a.
Since April 2013, more than 11 million people have visited the parks. While these
numbers and guest feedbacks give us a good idea of their expectation and appreciation of
the product, we have a long way to go in making this project every Indians must-visit
holiday destination.
Segment Performance
Novotel Imagicaa Khopoli comprises of 287 rooms, which is the highest room inventory of
a hotel near Greater Mumbai. The hotel has been consistently receiving excellent reviews
and feedbacks. The ARR (including Room, F&B and Others) of the hotel was over
10,645/- for FY 2022-23. Novotel Imagicaa in a short period of operations has been able to
firmly establish its niche in the leisure and social segments and has firmly established
Imagicaas position as complete family holiday destination.
The total revenue of the Company increased by 248% YoY*, driven by growth in business
as the industry start rebounding post COVID. Both footfall and revenue have jumped this
year after nearly two years of lockdown. Ticketing revenue increased by 288% YoY* and
non-ticketing by 270% YoY*, while Hotel revenue increased by 118% YoY*.
*It may be noted that FY 2021-22 was a Covid impacted year and the parks were not in
complete operations due to lockdown, resulting in a lower base.
KEY STRENGTHS OF THE COMPANY
The Companys primary competitive strengths are set out below:
• The Company is uniquely positioned to capitalise on the increasing propensity of
Indians to spend on entertainment
Favourable macroeconomic and demographic factors such as economic growth, rising
disposable income, a growing young population, an expanding middle class and rapid
urbanisation have resulted in the Indian population spending more on entertainment. With
the rise in education levels and exposure to international trends, Indian consumers are
willing to pay a premium for quality entertainment.
Imagicaa is the only One Stop Entertainment Destination in India, designed to provide a
wholesome and value for
money entertainment option for guests. The Company offers entertainment options for
all age groups through a variety of rides and attractions, which the Company believes are
comparable to and provide the international standards of experience that leading theme
parks and water parks offer globally. Companys offerings are also customised to Indian
tastes. This positions Imagicaa to capitalise on the increasing number of Indian customers
spending on good quality entertainment.
• The Company is strategically located in an attractive catchment area
Imagicaa is located off the Mumbai - Pune expressway. 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. Mumbai is well connected to other large cities in
India by air, road and rail with multiple flight options in a day. Further, Imagicaa is
located in a region that experiences suitable weather throughout the year for spending a
day outdoors. In addition, the majority of the rides, attractions and queuing areas in the
parks are covered to avoid any inconvenience during the monsoon season.
• Rides and Attractions of International Quality Standards which are customised to
Indian tastes and preferences
Imagicaa is attractively themed and aims to deliver high- quality entertainment,
aesthetic appeal, shopping and dining options.
The Parks have been designed by internationally acclaimed design consultants. The rides
and attractions for the theme park have been designed by and sourced from global industry
leaders such as Bolliger & Mabillard Inc., Zamperla Asia Pacific Inc., Sally
Industries Inc., E2M Technologies B.V. and Santec Fabricators (India) Private Limited,
which is a part of the Sanderson Group. The water slides and equipment in the water park
have been sourced from global industry leaders such as Whitewater West Industries Limited,
Neptune Benson (Defender Water Filtration Systems) and Polin Dis Tic. Ltd. Sti. The
Company also follows high levels of park security and safety standards to offer a safe and
injury free environment for its guests to enjoy the parks.
• Competitive advantage through entry barriers
The Company has the opportunity to leverage the first-mover advantage through
Imagicaa. There are significant barriers to entry in the business of theme and water parks
in India and it is difficult to replicate a project of similar scale and size in India.
Among the most important of these barriers is the need for significant capital expenditure
to set up theme and water parks, the difficulty to identify and purchase large and
suitable parcels of land on commercially viable terms and the long lead-time from the
conceptualisation to the launch of rides and attractions. The Company believes that its
location off the Mumbai - Pune Expressway, the large parcel of land owned by the Company,
the rides and attractions of international quality and standards and the qualified
management and operations team provide the Company with a significant competitive
advantage over any new park.
• A well-positioned brand and marketing focus
In the short operational history, the Company has been able to establish brand
recognition in Mumbai, Pune and the rest of Maharashtra and Gujarat markets. The Company
believes that it has been able to achieve this through a combination of factors:
- Delivering superior visitor experiences in the parks through the diverse offerings of
rides and attractions and other entertainment options and
thus, developing a brand recall through word of mouth publicity;
- The Company has also actively focused on attracting school groups as the Company
believes that school children who visit the parks act as the Companys brand ambassadors
and have the potential of bringing the entire family back on another visit;
- Dynamic and attractive pricing strategy to coincide with various events, festivals,
seasons and holidays throughout the year;
- Existing well-established position of the Imagicaa brand in the media and
entertainment industry; and
- Engaging with various target groups through focused marketing, consisting of regular
electronic, print and digital media campaigns and direct sales efforts.
- New Promoters supported by proven and experienced management team
- Malpani Group is well diversified business house active in Renewable energy, FMCG
products, Amusement and Water Park, Real estate, Education etc. In the Parks business, the
group has experience of more than 18 years in park operations as well as new project
development.
- Companys senior management team includes experienced media and entertainment,
marketing and consumer businesses executives, with an average tenure of more than 15 years
in such industries.
FINANCIAL RATIOS
The Debtor turnover ratio stood at 63.11 times the average debtors in FY23 from 21.5
times in FY22, this was due to increase in the revenue for FY23. The Inventory turnover
ratio increased to 11.8 times the average inventory in FY23, compared to 3.9 times the
average inventory in FY22. The Interest Coverage ratio for FY23 was 1.62 times, this was
at 0.02 times in FY22. This ratio has improved as the EBITDA improved. The current ratio
of the Company improved to 0.16 in FY23 from 0.02 in FY22.
The Operating Profit Margin of the Company has improved from -386% in FY22 to 54% in
FY23 due to improvement in revenue during the year, while the Net Profit Margin has
improved from -350% in FY22 to 107% in FY23, mainly due to extraordinary items during the
year on account of the debt resolution with the lenders. The Debt Equity ratio improved to
3.42 times.
Return on Net Worth was 152% in FY 23 due to the increase in the equity base from issue
of fresh equity to the new promoters as part of the resolution plan and increase in
profits from one-time write-off of debt and interest and reversal of impairment of fixed
assets which was originally done in FY20 based upon valuation report available at that
juncture.
OUTLOOK AND OPPORTUNITIES
Post COVID, the demand for experiential outdoor entertainment has been on the rise and
nearing the previous levels achieved. Footfall of all major parks have reached
pre-pandemic levels. Demand for theme and water parks is expected to increase in India
over the next few years driven by increasing disposable income, favorable demographics,
changing consumer preferences, growing affinity towards experiences, and a dearth of
limited outdoor entertainment activities in cities. The state governments in the country
are starting to realize the potential of amusement parks and are working with industry to
implement conducive policies. The industry constantly needs to innovate and introduce
fresh themes, experiences, as well as focus on stronger marketing strategies to draw
larger audience.
Medium & Long Term Business Strategies
The Company is adopting the following business strategies to grow the business in the
future:
• Expand in newer geographies
The company plans to expand its reach and leverage its brand to newer geographies. In
line with this philosophy, the Company has already ventured to a new state - Gujarat. This
year, we have started operations of Aquamagicaa, Water Park, in the city of Surat. Gujarat
is a thriving market for water/amusement parks and there is strong brand affinity of
Imagicaa/Aquamagicaa from audiences across the state.
• Develop Imagicaa, Khopoli, as an Integrated Holiday Destination
Currently, a significant majority of the guests are residents of the catchment area
i.e. Mumbai, Pune, rest of Maharashtra and Gujarat who make day-trips to the theme park
off the Mumbai - Pune Expressway. With the launch of the hotel Novotel Imagicaa, the
Company
intends to market Imagicaa as a multiple day holiday destination and attract guests for
a longer stay. The Company intends to offer various cost promotion and combination
packages of admission tickets to its parks and stay at the hotel to take advantage of
cross selling opportunities. In addition, the Company aims to market its facilities as a
suitable venue for hosting wedding receptions, parties, conferences and meetings and other
corporate events.
• Continue to focus on increasing the number of guests hosted at the parks
The Company plans to increase attendance at the parks through the following strategies:
- Increasing awareness of the parks, and Imagicaa brand through effective media and
marketing campaigns, aimed at various target groups including families, young kids,
college students and young professionals. The Company will also continue to reach out to a
greater number of schools and corporates for increasing attendance at its parks;
- Offering a variety of ticket options and disciplined pricing and promotional
strategies to coincide with events and holidays throughout the year. The Company also aims
to follow a dynamic pricing model which will enable us to adjust admission prices for the
parks based on expected demand and attract diverse segments of customer base;
- Adding new options especially for evening entertainment. The Company is adding a
fountain show in the Theme Park lagoon area. Once launched fully, this will prompt repeat
visitation, increase dwell time for park visitors thus potentially adding retail / F&B
revenues and create an anchor for evening entertainment or events in the park.
- By periodically introducing new attractions especially in the Water Park,
differentiating experiences and enhancing service offerings, the Company believes that
word of mouth is the most important marketing tool for our product and, therefore, the
Companys primary business objective is to make the time spent by the guests in its parks
as enjoyable as possible. The Company specifically focuses on entrance and security
procedures, queue management, cleanliness, quick availability of F&B products and
retail merchandise to make the guests experiences as comfortable and entertaining as
possible; and
• Focusing on sales and marketing initiatives in the secondary catchment areas,
such as the print campaign from time to time in major cities like Delhi NCR, Bangalore,
Hyderabad and Jaipur, to attract tourists visiting the Mumbai - Pune region.
• Diversify our Revenue Streams
Sale of admission tickets comprises a significant portion of the Companys total income
and going forward the Company intends to increase its non-ticketing revenue through the
following strategies:
- Focus on F&B and retail & merchandise operations by targeting the per capita
spending of guests. The Company believes that by providing guests additional and enhanced
offerings at various price points, the Company can increase spending in its parks. The
Company will continue to innovate in its F&B offerings to cater to the diverse
preferences of its guests.
- Monetise the crowd movement in the parks by offering sponsorship opportunities to
advertisers for special events, naming rights for the rides and attractions, partnering in
destination advertising and assisting in products and brand activations;
- With the hotel, the Company intends to position Imagicaa as a destination for varying
customer requirements, including for entertainment, corporate meetings and off-sites and
other social events;
- The Company aims to develop an emotional connect with the guests through its brands
and characters developed by the Company, which will provide the opportunities to leverage
the intellectual property portfolio, and to develop new media and entertainment options
and to increase the sale of consumer products, in and outside Imagicaa.
• Increase profitability and achieve cost optimisation
The Company believes that increased attendance at its parks and an increase in the per
capita spending will allow the Company to make its business more profitable because of the
relatively fixed cost-base and the high operative leverage involved in the business. The
Company will continue to focus on F&B and retail and merchandise spending to improve
its operating margins. The Company shall continue to offer more dynamic pricing to account
for seasonal fluctuations in attendance. The Company
also aims to achieve better cost optimisation through economies of scale by measures
such as company-wide and centralised procurement and sourcing strategy and integrated
marketing campaigns. In addition, the Company aims to benefit from shared services such as
security, ticketing, F&B and general administration of the parks. As an environment
friendly measure and a cost saving initiative as well, the Company is setting up a captive
solar power plan. This is expected to result in substantial savings in the power costs.
PARK SECURITY AND SAFETY
The Company was awarded with an ISO certificate for Integrated Management Systems by
Bureau of Indian Standards (BIS) for Imagicaa Theme Park. Following is the list of ISO
certifications awarded:
• Quality Management System- IS/ISO 9001:2008
• Environmental Management System-IS /ISO 14001:2004
• Occupational Health and Safety Management system - IS 18001:2007
The Company recognises park security and safety as one of its most important focus
areas in ensuring the success of the parks. The park security and safety plan is based on
three principles: being proactive, the utilisation of an optimum combination of technology
and, manpower and meeting international standards on security and safety. Some of the key
features of the security and safety plan are set out below:
• Security Agency: The Company has engaged one of the leading security solutions
providers in India for its security needs and has developed a security plan based on a
study of threats and vulnerabilities. The scope of services provided by its security
solutions service provider includes the development of, setting up and operating the
security infrastructure in the parks, deploying security personnel and carrying out
regular training for the employees for security related issues, particularly emergency
response situations.
• Identified Perimeters and Zones: Company has divided its parks into various
layers with defined internal and external perimeters for effective monitoring and
response. The Company has deployed access control measures at the identified entry and
exit points to reduce trespassing and monitor crowd movement. The Company has also divided
the parks into various zones to facilitate effective emergency response, evacuation and
deployment of resources and manpower.
• Command Centre: The Companys command centre has been planned as an integrated
set-up, capable of monitoring and controlling the management of the parks and responding
to all circumstances which may have an adverse effect on guest experiences. The functions
of the command centre include controlling and monitoring all access controls across the
parks, including the entry and exit points and for other rides and attractions; coordinate
the response to any situation that requires attention; operate the public address system
which is designed for effective communication for functions such as crowd management;
Companys security infrastructure consists of necessary equipment such as metal detectors,
explosive vapour and trace detectors, radio sets, forced entry resistant door system,
panic buttons, hooters and retractable barriers, which have been deployed at vantage
points across the parks.
• Safety Procedures: The most important aspect of the safety procedures is regular
training and assessment of the ride operators and attendants to prevent accidents or
injuries resulting from unsafe acts and conditions. In addition to monitoring for any
hazard or unsafe condition, the ride operators carry out inspections at predesignated
intervals and report any unsafe condition to the maintenance department for correction. A
detailed inspection and monitoring procedure is followed for some of the critical rides
and attractions, such as the roller-coasters. The Company has also engaged qualified
lifeguards, who are on duty during the operating hours of the water park.
• Fire and Medical Emergency Plan: The Company also has a comprehensive fire and
medical emergency response plan. The Company has installed smoke and heat detectors in its
offices and indoor attractions and water sprinkler and fire hydrant systems and fire
extinguishers across the parks. In addition, there is a team of fire-men stationed in the
theme park throughout the operational hours. There is a medical centre in the theme park
& water park including a five- bed ward, which is staffed by a team of one doctor and
eight nurses to respond to any medical emergency in the theme park up to such time that
the guests are moved to the nearby hospitals. There are two ambulances which are deployed
in the parks throughout the operational hours.
MAINTENANCE
The Companys maintenance team is responsible for the inspection, upkeep, repairs and
testing of the rides and attractions. The Company has appointed a safety officer as a
member of each of its parks management team to supervise the maintenance and ride
operations teams, and carry out regular audits and surprise inspections.
Every ride and attraction at the parks is inspected regularly, according to daily,
weekly, monthly, and annual schedules. The Company has formulated detailed maintenance
guidelines and checklists for each of its rides and attractions with the objective of
ensuring that the rides and attractions are operating within the manufacturers criteria
and that maintenance is conducted according to internal standards, industry best practice
and standards, as well as the ride designer or manufacturers specifications. The Company
has installed a networked enterprise software system which is used to plan and track all
the maintenance activities. The maintenance system of some of the rides and attractions is
also linked over VPN to the respective vendors to ensure effective monitoring, data
sharing and resolution of issues, if any. All ride maintenance personnel are trained to
perform their duties according to internal training processes, in addition to recognised
industry certification programs for maintenance activities. The Companys infrastructure
maintenance function comprises upkeep, repair, preventive maintenance and improvement of
the parks infrastructure.
The Company obtains safety certifications from its vendors certifying that the rides
and attractions installed at the parks have been designed and manufactured in accordance
with international standards such as the American Society for Testing and Materials, or
the ASTM standard, the European, or the EN standard or the Deutsches Institut fur Normung
e.V., or the DIN standard. The Company has also engaged TUV SUD South Asia Pvt. Ltd., a
leading global technical services organisation to carry out inspection, testing and
installations certifications for the rides and attractions. The Company also periodically
engage the services of third-party maintenance audit agencies to inspect the maintenance
procedures.
RISKS
• The business is seasonal in nature, and may be affected by weather conditions,
school vacations, public holidays and weekends.
The theme and water park industry is seasonal in nature. The parks could experience
volatility in attendance as a result of school vacations, public holidays, weekends and
adverse weather conditions such as excessive heat and monsoons. It is believed that
attendance at the theme and water park and revenues from F&B and retail and
merchandise operations is, and will continue to be, higher during school vacations, public
holidays and weekends.
In addition, the water park is expected to generate higher revenues in the summer
months. Conversely, the Company may face a reduction in revenues during the monsoon
months. Further, unfavourable weather conditions such as forecasts of excessive rainfalls
or heat may reduce the attendance at the parks.
• Companys business and results of operations could be adversely affected by
changes in public and consumer tastes or a decline in discretionary consumer spending,
consumer confidence and general economic conditions.
The success of the parks depends substantially on consumer tastes and preferences that
can change in often unpredictable ways. The Company must adapt to these changes to meet
consumer tastes and preferences. The Company carries out research and analysis before
opening new rides and attractions and often invest substantial time and resources to gauge
the extent to which these new rides and attractions will earn consumer acceptance.
Further, the success depends to a significant extent on discretionary consumer spending,
which is heavily influenced by general economic conditions and the availability of
disposable income. Actual or perceived difficult economic conditions and inflationary
periods may adversely impact park attendance figures, the frequency with which guests
choose to visit the parks and guest spending patterns at the parks. Both attendance and
total per capita spending at the parks are key drivers of its revenue and profitability,
and reductions in either can adversely affect the business and results of operations.
• Incidents or adverse publicity concerning the parks or the theme or the water
park industry generally could harm Companys brands or reputation as well as negatively
impact the business.
The Companys brands and reputation are among the most important assets. The ability to
attract and retain guests depends, in part, upon the external perceptions of the parks,
the quality of the parks and services and performance of the operations team. The
operation of the parks involves the risk of accidents, contagious, airborne or waterborne
diseases and other incidents that may negatively affect guest satisfaction and the
perception of the guests in relation to safety, health and security of the parks, which
could negatively impact the brands and reputation and the business and results of
operations.
• Impact of Epidemics and Pandemics
The Theme and Amusement park industry has been impacted by the recent pandemic of
COVID-19. This is a new risk which has been faced by the industry. The theme park industry
operates in a highly crowded environment where physical distancing may be difficult to
maintain. The regulators have been targeting this industry for various restrictions, being
categorised as a "non-essential" service.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has internal controls commensurate with its size. It has also adopted
standard operating procedures, policies and process guidelines. These guidelines are well
documented with clearly defined authority limits corresponding with the level of
responsibility for each functional area. They are designed to ensure that transactions are
conducted and authorised within their framework. Further, the Companys reporting
guidelines ensure that transactions are recorded and reported in conformity with generally
accepted accounting principles. These guidelines are regularly reviewed and updated to
meet the expectations of the current business environment. The Companys Code of Business
Conduct lays down ethical standards expected from each of its personnels and business
associates in their day today actions. The Companys robust internal audit programme which
works to conduct a risk-based audit not only tests the adherence to laid down policies and
procedures but also suggests improvements in the current processes and systems. The audit
program is agreed upon with the Audit Committee. Internal Audit observations and
recommendations are reported to the Audit Committee, which monitors the implementation of
such recommendations. The Company had appointed M/s BDO India LLP as the internal auditor
during the financial year 2022-23.
SIGNIFICANT DEVELOPMENT IN HUMAN RESOURCES
People are one of the key and critical success factors for the Company. The Theme Park
and Amusement Park industry in India is in the nascent stages. As such to find skilled
manpower having experience of the industry is challenging. The Company has developed a
very strong on-job training and development program, which cuts across the junior team
members as well as the middle management layer. The senior technical & engineering
team has been trained under supervision of global experts of theme park industry. The
Company engaged these experts during the development
anH initial nnorotinnc nf tho D -n r 1/
Being located in the outskirts of Mumbai and Pune, the Company needs to ensure that the
employees are motivated enough to travel the distance for work. The Company provides
employee friendly transport and local stay facilities for the same. Employee satisfaction
is a top priority, and the Company ensures that all its employees enjoy a safe, healthy
and progressive work environment at all its offices. The Companys Human Resource team
works cohesively with the employees to help them in their personal as well as professional
development. The Company has a well- defined Code of Conduct that guides all employees in
their interaction with the various stakeholders of the Company. The Company has a unique
work-culture based on team building and bonding through cross-job training.
As of March 31, 2023, the total number of permanent employees on the rolls of the
Company were 552.
CAUTIONARY STATEMENT
This document contains statements about expected future events, financial and operating
results of Imagicaaworld Entertainment Limited, which are forward looking. By their
nature, forward- looking statements require the Company to make assumptions and are
subject to inherent risks and uncertainties. There is significant risk that the
assumptions, predictions and other forward-looking statements will not prove to be
accurate. Readers are cautioned not to place undue reliance on forward-looking statements
as a number of factors could cause assumptions, actual future results and events to differ
materially from those expressed in the forward-looking statements. Accordingly, this
document is subject to the disclaimer and qualified in its entirety by the assumptions,
qualifications and risk factors referred to in the Managements Discussion and Analysis
section.
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