MIRA
INFORM REPORT
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Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
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Name : |
COX AND KINGS LIMITED |
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Formerly Known
As : |
COX AND KINGS ( |
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Registered
Office : |
1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.06.1939 |
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Com. Reg. No.: |
011352 |
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CIN No.: [Company Identification
No.] |
L99999MH1939PLC011352 |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
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Line of Business
: |
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RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 27958000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered for any normal for business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Ms. Pallavi |
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Designation : |
Accounts Department |
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Date : |
06.01.2011 |
LOCATIONS
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Registered Office/ Corporate Office : |
1st Floor, |
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Tel. No.: |
91-22-22709100 |
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Fax No.: |
91-22-22709161 |
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E-Mail : |
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Website : |
DIRECTORS
As on 31.03.2010
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Name : |
Mr. A. B. M. Good |
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Designation : |
Chairman |
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Name : |
Mr. Peter Kerkar |
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Designation : |
Executive Director |
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Name : |
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Designation : |
Independent Director |
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Name : |
Ms. Urrshila Kerkar |
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Designation : |
Executive Director |
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Name : |
Mr. Pesi Patel |
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Designation : |
Independent Director |
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Name : |
Mr. M. Narayanan |
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Designation : |
Independent Director |
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BOARD COMMITTEES |
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Audit Committee : |
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Name : |
Mr. M. Narayanan |
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Designation : |
Chairman |
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Name : |
Mr. A. B. M Good |
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Designation : |
Member |
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Name : |
Mr. Pesi Patel |
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Designation : |
Member |
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Name : |
Mr. S. C. Bhargava |
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Designation : |
Member |
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Remuneration Committee : |
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Name : |
Mr. Pesi Patel |
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Designation : |
Chairman |
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Name : |
Mr. M. Narayanan |
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Designation : |
Member |
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Name : |
Mr. A.B. M. Good |
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Designation : |
Member |
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Name : |
Mr. Peter Kerkar |
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Designation : |
Member |
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Shareholders’ / Investors Grievances Committee : |
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Name : |
Mr. Pesi Patel |
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Designation : |
Chairman |
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Name : |
Mr. A. B. M Good |
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Designation : |
Member |
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Name : |
Mr. M. Narayanan |
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Designation : |
Member |
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Name : |
Mr. S. C. Bhargava |
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Designation : |
Member |
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Finance Committee : |
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Name : |
Ms. Urrshila Kerkar |
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Designation : |
Chairperson |
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Name : |
Mr. Peter Kerkar |
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Designation : |
Member |
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Name : |
Mr. Arup Sen |
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Designation : |
Member |
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Name : |
Mr. S. C. Bhargava |
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Designation : |
Member |
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Name : |
Mr. Anil Khandelwal |
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Designation : |
Member |
KEY EXECUTIVES
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Name : |
Mr. Thomas C. Thottathil |
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Designation : |
Head - Corporate Communications |
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Name : |
Mr. Anil Khandelwal |
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Designation : |
Chief Financial Officer |
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Name : |
Ms. Rashmi Jain |
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Designation : |
Company Secretary |
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Name : |
Ms. Pallavi |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Category of Shareholder |
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No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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26,475,348 |
41.47 |
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26,475,348 |
41.47 |
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13,565,532 |
21.25 |
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13,565,532 |
21.25 |
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Total shareholding
of Promoter and Promoter Group (A) |
40,040,880 |
62.72 |
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(B) Public
Shareholding |
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4,130,745 |
6.47 |
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344,079 |
0.54 |
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14,203,786 |
22.25 |
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18,678,610 |
29.26 |
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1,285,337 |
2.01 |
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1,385,396 |
2.17 |
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935,958 |
1.47 |
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1,511,064 |
2.37 |
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205,424 |
0.32 |
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760,648 |
1.19 |
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60,608 |
0.09 |
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1,200 |
- |
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129,800 |
0.20 |
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24,211 |
0.04 |
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329,173 |
0.52 |
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5,117,755 |
8.02 |
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Total Public
shareholding (B) |
23,796,365 |
37.28 |
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Total (A)+(B) |
63,837,245 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
4,426,700 |
- |
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Total
(A)+(B)+(C) |
68,263,945 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
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Line of Business : |
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GENERAL INFORMATION
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
Notes: a) Loan referred
to in I (b) (i) above is secured against the first ranking charge on all its current
assets, both present and future, excluding credit card receivables. b) Loan to the
extent of Rs.849.497 millions (Previous year Rs.500.000 millions) refered to
in I (b) (ii) is secured against credit card receivables; second charge on
the current assets of the company, present and future and Personal Guarantee
of two Directors. c) Loan to the
extent of Rs.10.924 millions (Previous year Rs.14.807 millions) refered to in
I (b) (ii) is secured against respective vehicles purchased. d) Loan to the
extent of Rs.140.000 millions (Previous year Rs.NIL) refered to in I (b) (ii)
is secured by pledge of shares held by company in JV company and Personal
Guarantee of two Directors. e) Loan to the
extent of Rs.NIL (Previous year Rs.60.388 millions) refered to in I (b) (ii)
is secured against execution of Demand Promissory Note, hypothecation of
company’s movable and immovable assets, Shares of Group Company, Personal
Guarantee of a Director. f) Loans refered
to in I (c) are secured against respective vehicles purchased. g) Debentures
referred to in II (b) above are redeemable at par, in one or more
installments, on various dates with the earliest redemption being on 7th
October, 2010 and the last being on 15th November, 2010. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
Mumbai |
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Subsidiaries/ Fellow Subsidiary : |
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Associates : |
Tulip Star Hotels Limited |
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Joint Venture : |
Royale Indian Rail Tours Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110000000 |
Equity Shares |
Rs.10/- each |
Rs.1100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
68263945 |
Equity Shares |
Rs.10/- each |
Rs.682.639
millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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110000000 |
Equity Shares |
Rs.10/- each |
Rs.1100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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62922942 |
Equity Shares |
Rs.10/- each |
Rs.629.229
millions |
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(Of the above:
i) 1,139,815 (Previous
year 1,139,815) Equity Shares of Rs.10/- each were issued pursuant to a
contract without payment being received in cash
ii) 19,443,945
(Previous year 19,443,945) Equity Shares of Rs.10/- each were issued as bonus
shares by capitalisation of Reserves)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
629.229 |
279.253 |
279.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6360.189 |
1570.672 |
1202.240 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6989.418 |
1849.925 |
1481.490 |
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LOAN FUNDS |
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1] Secured Loans |
1456.656 |
826.326 |
502.350 |
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2] Unsecured Loans |
900.000 |
1020.200 |
713.000 |
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TOTAL BORROWING |
2356.656 |
1846.526 |
1215.350 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9346.074 |
3696.451 |
2696.840 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
193.446 |
191.859 |
147.120 |
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Capital work-in-progress |
73.359 |
36.554 |
25.380 |
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INVESTMENT |
3234.056 |
1095.300 |
985.880 |
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DEFERREX TAX ASSETS |
19.257 |
33.974 |
12.630 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
55.846
|
35.275 |
40.530 |
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Sundry Debtors |
2090.298
|
1849.626 |
1542.190 |
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Cash & Bank Balances |
2010.567
|
275.833 |
350.640 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
2605.829
|
1728.708 |
1385.910 |
|
Total
Current Assets |
6762.540
|
3889.442 |
3319.270 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
439.502 |
|
1326.960 |
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Other Current Liabilities |
331.193
|
951.101 |
|
|
|
Provisions |
165.889
|
260.271 |
466.480 |
|
Total
Current Liabilities |
936.584
|
1550.678 |
1793.440 |
|
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Net Current Assets |
5825.956
|
2338.764 |
1525.830 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
9346.074 |
3696.451 |
2696.840 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
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|
Commission and Other Operating Income |
1763.872 |
1550.942 |
1175.920 |
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Other Income |
56.444 |
62.763 |
45.470 |
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|
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TOTAL (A) |
1820.316 |
1613.705 |
1221.390 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Expenses |
391.985 |
318.528 |
654.400 |
|
|
|
Other Expenses |
532.633 |
545.347 |
|
|
|
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TOTAL (B) |
924.618 |
863.875 |
654.400 |
|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
895.698 |
749.830 |
566.990 |
|
|
|
|
|
|
|
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Less |
INTEREST &
FINANCIAL EXPENSES (D) |
88.234 |
91.215 |
40.880 |
|
|
|
|
|
|
|
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|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
807.464 |
658.615 |
526.110 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
52.496 |
49.470 |
38.550 |
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
754.968 |
609.145 |
487.560 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
254.339 |
226.961 |
166.930 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
500.629 |
382.184 |
320.630 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1157.834 |
782.184 |
460.390 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
62.923 |
5.585 |
NA |
|
|
|
Tax on dividend |
10.451 |
0.949 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1585.089 |
1157.834 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Travel, Tour and
other receipts (As certified by Bankers) |
1000.827 |
1297.277 |
NA |
|
|
TOTAL EARNINGS |
1000.827 |
1297.277 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.77 |
8.82 |
11.48 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
786.420 |
438.340 |
|
Total Expenditure |
|
337.960 |
265.210 |
|
PBIDT (Excl OI) |
|
448.460 |
173.130 |
|
Other Income |
|
6.910 |
45.900 |
|
Operating Profit |
|
455.370 |
219.020 |
|
Interest |
|
31.980 |
68.820 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
423.390 |
150.200 |
|
Depreciation |
|
14.450 |
15.910 |
|
Profit Before Tax |
|
408.940 |
134.300 |
|
Tax |
|
144.210 |
19.600 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
264.730 |
114.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
264.730 |
114.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
27.50
|
23.68 |
26.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
42.80
|
39.28 |
41.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.85
|
14.93 |
14.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.33 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
1.84 |
2.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.22
|
2.51 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Trade Creditors
: |
|
|
|
|
i) Total
outstanding dues to Micro, Small and Medium Enterprises |
-- |
-- |
NA |
|
ii) Others |
439.502 |
339.306 |
NA |
Change of Name
In the past few
years, the Company has expanded its business across many countries and has now
attained the status of being a global company with significant presence in
various Countries. To reflect its true status, the name of the Company has
changed to Cox and Kings Limited.
A fresh
Certificate of Incorporation was received from the Registrar of Companies dated
29th July 2010 pursuant to the change of name of the company from Cox and Kings
(India) Limited to Cox and Kings Limited.
Change in Capital
Structure
Rights Issue
The Company, on
25th June 2009, opened the Rights issue of 19,547,682 equity shares with a face
value of Rs.10/- each for cash aggregating to Rs.195.477 millions to the
existing shareholders of the Company on Rights Issue basis in the ratio of 7
Rights equity shares for every 10 equity shares held on the record date i.e. 19th
June 2009. The issue was successfully closed on 22nd July 2009.
Initial Public
Offering
During the year,
the company successfully completed the Initial Public Offering of its
securities. The issue comprised of 18,496,640 equity shares (15,450,000 being
the fresh issue of equity shares and 3,046,640 being the offer for sale) of
Rs.10/- each at a premium of Rs.320 per share. The issue was over-subscribed by
5.64 times. The shares were listed on Bombay Stock Exchange Limited and
National Stock Exchange Limited on 11th December 2009.
Credit Rating
Credit Analysis
and Research Limited (CARE), the Rating Agency, has reaffirmed ‘PR1+ (PR One
plus)’ to Commercial Paper (CP) issue of the Company amounting to Rs.1500.000
millions, for a maturity not exceeding one year. Instruments with this rating
indicate strong capacity for timely payment of shortterm debt obligations and
carry lowest credit risk. CARE has also revised the long term rating to ‘CARE
AA — (Double A minus)’ to Non – Convertible Debenture (NCD) issue of the
Company amounting to Rs.3000.000 millions. Instruments with this rating
indicate high safety for timely servicing of debt obligations and carry very
low credit risk.
Investments in
direct subsidiaries
As on 31st March,
2010 the Company had invested an aggregate of Rs.527.356 millions as loan, in
its direct subsidiaries Cox and Kings Limited, UK, Cox and Kings Singapore
Private Limited, Clearmine Limited UK, Quoprro Global Services, UK, Quoprro
Global Services Private Limited and Cox and Kings (Australia) Pty Limited
Incorporation of
New Subsidiaries
During the year,
the Company has invested Rs. 2.222 millions in Quoprro Global Services UK, a
100% subsidiary of the Company. The main object of Quoprro Global Services UK
is to provide comprehensive visa processing services to diplomatic missions.
Mergers and
Acquisitions
The Company
continued to pursue the strategy of acquiring businesses which complement their
service offerings, provide access to niche skill sets and expand their presence
in select geographies.
In April 2009,
they completed acquisition of East India Travel Company Inc, which is in the
business of selling upmarket tour and travel packages in the
In December 2009,
Cox and Kings (Australia) Pty Limited, a wholly owned subsidiary of the Company
has acquired 100% shares of My Planet Australia Pty Limited and Bentours
International Pty Limited, through share sale agreement from First Choice
Holdings Australia Pty Limited, a European tourism group which is part of the
TUI Travel Plc Group of Companies. The acquisition has been done through an
earn-out mechanism. The business of the acquired companies is currently trading
under the brand MyBentours for its wholesale FIT and leisure groups to
All the
subsidiaries of the Company are unlisted and none of them are material unlisted
subsidiaries as per Clause 49 of the Listing Agreement.
Awards and
Recognition during the year under review:
1. “First Runner Up”
in the Best Large Tour Operator category awarded by the Telegraph Ultra Travel
luxury survey UK 2010.
2. “First Runner
Up” in the Favourite Tour Operator category awarded by Condé Nast Traveller
Readers’ Choice Awards (2010).
3. “Most admired
tour operator 2010” awarded by SATTE (2010)
4. “Best Domestic
Tour Operator” awarded by the Abacus TAFI TravelBiz Monitor Awards (2009).
5. “Best Inbound
Tour Operator” awarded by the Abacus TAFI TravelBiz Monitor Awards (2009).
6. “Most
Innovative Product Launch” awarded by the Abacus TAFI TravelBiz Monitor Awards
(2009).
7. “
8. “Most
Innovative Travel Company of 2009” awarded by Today’s Traveller Platinum Award.
Management’s Discussion and Analysis of Financial Condition and Results
of Operations
Overview
Cox and Kings (C
and K) is a large global travel and tours company with operations in 20
countries around the world. C and K is one of the largest travel and tour
companies in
C and K’s core
business is the sale of packages for leisure travel where two or more
components of travel, such as flights, hotels, car rentals, transfers and
ground handling services, are bundled together in advance and sold to
customers. C and K solutions include land, air and cruise ticketing services,
hotel reservations services, in-transit arrangements, local sightseeing
services, visa, passport and medical insurance assistance and other destination
management services, and travel related foreign exchange and payment solutions.
C and K also has recently undertaken initiatives to further strengthen its
brand and access new customers. For example, in December 2008 C and K formed a
Joint Venture with IRCTC to operate a luxury train called Maharajas’ Express, which was
launched in March 2010.
C and K’s business
is organized under the following four service offerings: (i) Leisure Travel; (ii)
Corporate Travel; (iii) Visa Processing; and (iv) Foreign Exchange. Leisure Travel. Leisure Travel is the
core business, through which C and K provides both outbound travel and inbound
travel services. C and K outbound travel services principally involve its
customers in
States travelling on leisure packages to overseas destinations. C and K
inbound travel services include destination management services covering all
aspects of ground tour arrangements, primarily for customers travelling into
Corporate Travel. C and K offers customized business travel solutions
to its corporate clients in
Foreign Exchange. C and K provides foreign exchange services to its customers
in
RESULTS OF
OPERATIONS
Year ended March
31, 2010 compared to year ended March 31, 2009
C and K acquired a
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER,
2010
|
Particulars |
Quarter Ended 30.09.2010 (Unaudited) |
Half Year Ended 30.09.2010 (Unaudited) |
|
1. Income from
Operations |
438.338 |
1224.757 |
|
|
|
|
|
2. Total Expenditure: |
|
|
|
|
|
|
|
a) Employee Cost |
132.943 |
252.660 |
|
b) Advertisement
Cost |
29.834 |
144.215 |
|
c) Depreciation |
15.905 |
30.358 |
|
d) Other expenditure |
102.437 |
237.804 |
|
e) Sub-Total (a+b+c+d) |
281.119 |
665.038 |
|
3. Profit from
Operations before Other income, interest and Exceptional items (1 -2) |
157.217 |
559.720 |
|
4. Other income |
45.899 |
84.234 |
|
5. Profit before
interest & Exceptional items (3+4) |
203.116 |
643.954 |
|
6. Interest
& Finance Charges (Net) |
68.821 |
100.802 |
|
7. Profit before
Exceptional items (5-6) |
134.295 |
543.152 |
|
8. Exceptional
items |
-- |
-- |
|
9. Profit from Ordinary
activities before Tax (7-8) |
134.295 |
543.152 |
|
10. Tax Expense |
19.600 |
183.805 |
|
11. Net Profit
from Ordinary Activities after Tax (9-10) |
114.695 |
379.347 |
|
12.
Extraordinary items (Net of Taxes) |
-- |
-- |
|
13. Net Profit for
the Period attributable to consolidated Group |
114.695 |
379.347 |
|
14. Paid-up
equity share capital (Face Value Rs.10/- each) |
682.639 |
682.639 |
|
15. Reserves
excluding revaluation reserve as per Balance Sheet of previous year |
-- |
-- |
|
16. Basic and
Diluted Earning Per Share (Rs.) |
1.79 |
9.43 |
|
17. Public
shareholding: |
282.23 |
282.23 |
|
-Number of
Shares |
41.34% |
41.34% |
|
-Percentage of
Shareholding |
|
|
|
18. Promoter and
Promoter Group Shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of
Shares |
NA |
NA |
|
- Percentage of
Shares (as a % of total shareholding of promoter & promoter group) |
NA |
NA |
|
- Percentage of
Shares (as a o/o of total share capital of the Company) |
NA |
NA |
|
b)
Non-Encumbered |
|
|
|
- Number of
Shares |
400.41 |
400.41 |
|
- Percentage of
Shares (as a % of total shareholding of promoter & promoter group) |
100% |
100% |
|
- Percentage of
Shares (as a o/o of total share capital of the Company) |
58.66% |
58.66% |
Unaudited
Statement of Assets and liabilities as at September 30, 2010
|
Particulars |
30.09.2010 (Unaudited) |
|
1. Shareholders Funds: |
|
|
a) Share Capital |
682.639 |
|
b) Reserves and Surplus |
9589.955 |
|
|
|
|
2. Loan Funds |
4346.369 |
|
Total |
14618.963 |
|
|
|
|
1. Fixed Assets |
308.117 |
|
2. Deferred Tax assets |
23.052 |
|
3. Investment |
4317.516 |
|
|
|
|
4. CURRENT ASSETS, LOANS & ADVANCES |
|
|
a) Inventories |
60.622 |
|
b) Sundry Debtors |
2745.617 |
|
c) Cash & Bank Balances |
5049.896 |
|
d) Loans & Advances |
3229.652 |
|
|
|
|
5. Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
a) Current Liabilities |
1056.426 |
|
b) Provisions |
59.082 |
|
Total |
14618.963 |
CONTINGENT LIABILITIES
a) Guarantees
given by banks Rs.1292.402 millions (Previous Year Rs.10.672 millions)
b) Claims against
the Company not acknowledged as debts estimated at Rs.127.937 millions
(Previous Year Rs.140.634 millions)
c) Disputed income
tax demand Rs.29.567 millions (Previous Year Rs.127.676 millions). The Company
has made advance payment of Rs.5.091 millions (Previous Year Rs.61.895
millions) against the same.
d) Guarantees
given to bank for loan taken by wholly owned subsidiaries company Rs.2566.716 millions
equivalent to USD 57 Million (Previous Year Rs.1360.764 millions equivalent to
USD 32 Million)
FIXED ASSETS:
TANGIBLE
·
·
Residential Flats
·
Computer and Printers
·
Electrical Installations and Fittings
·
Office Equipments
·
Furniture and Fixtures
·
Lease Hold Improvements
·
Vehicles
INTANGIBLE
·
Database
·
Softwares
WEBSITE DETAILS:
PROFILE:
Cox and Kings Limited is the longest
established travel company in the world since 1758. Headquartered in
Cox and Kings operates in 20 countries
through branch offices, subsidiaries, representative offices, franchised sales
shops as well as through their global network of sales agents.
The company has 12 branch sales offices in
Cox and Kings has subsidiaries in UK,
Japan, Australia, New Zealand, UAE, USA, Singapore, Hong Kong, Greece and
Germany; branch offices in New York, Moscow, Maldives and Tahiti; and
representative offices in Spain, Germany, Italy, France, South America, Sweden
and South Africa.
The company owns Tempo Holidays Australia,
East India Travel Company in North America, ETN in the UK and Quoprro Global
Services Private Limited,(visa processing). In December 2009 it also acquired
MyPlanet Australia Pty Limited and Bentours International Pty Limited in
Cox and Kings is amongst the largest
players with its range of specialist options. Innovative packaging, pricing and
marketing have been the hallmarks of its success over the years. Among its many
products are Leisure Travel- Domestic (Bharat Deko), Inbound and International,
Corporate Travel, MICE, Trade Fairs, Visa Processing and Foreign Exchange. The
Outbound Tours is segregated into Duniya Dekho (escorted tours), FlexiHols
(customised tours), Luxury Escapades (unique and luxurious travel) and NRI
(catering to Indians across the world).
Over the years the company has won many awards.
In October 2010, it was voted
CKL is one of the founding members of the World Travel and Tourism
Council (WTTC), and are members of premier industry associations namely the
Travel Agents Federation of India (TAFI), the Travel Agents Association of
India (TAAI), Indian Association of Tour Operators (IATO), and the Pacific Asia
Travel Association (PATA).
Awards and Recognition:
- "
- CNBC Awaaz Travel Award 2010 for
"Taking
- "Best Outbound Tour Operator"
awarded by Hospitality
- "First Runner Up" in the Best
Large Tour Operator category awarded by the Telegraph Ultra Travel luxury
survey UK 2010.
- "First Runner Up" in the
Favourite Tour Operator category awarded by Condé Nast Traveller Readers'
Choice Awards (2010).
- "Most admired tour operator
2010" awarded by SATTE (2010)
- "Best Domestic Tour Operator"
awarded by the Abacus TAFI TravelBiz Monitor Awards (2009).
- "Best Inbound Tour Operator"
awarded by the Abacus TAFI TravelBiz Monitor Awards (2009).
- "Most Innovative Product
Launch" awarded by the Abacus TAFI TravelBiz Monitor Awards (2009).
- "
- "Most Innovative Travel Company of
2009" awarded by Today's Traveller Platinum Award.
- "The Number One Brand in
India" based on a survey conducted by research agency, TNS and
co-funded by Media magazine, ranking it 152 amongst the top 1,000 brands
in the Asia Pacific region - Australia, China, India, Japan, Hong Kong,
Korea, Malaysia, Singapore, Taiwan and Thailand.
- "Best Domestic Tour Operator"
awarded by Galileo Express Travel World Awards (2008)
- "Best Visual Advertising
Campaign" awarded by Galileo Express Travel World Awards (2008)
- "WTM Global Award" to Mr.
Peter Kerkar, Global CEO, Cox and Kings for his remarkable contribution to
the travel and tourism industry (2008)
- "One of the top 15 travel
companies in the world" by Condé Nast Traveller Awards (2008)
- "One of the top 15 travel
companies in the world" by Condé Nast Traveller Awards (2003)
- "
- "Most Preferred Tour Operator
Award" by CNBC Travel Awards (2007)
- TAFI-Abacus Award for the "Best
Outbound Tour Operator" (2007)
- TAFI-Abacus Award for the "Best
Domestic Tour Operator" (2007)
- 3 Awards for being the "Best
Domestic Tour Operator" awarded by Galileo Express Travel World
Awards (2005 - 2006, 2004 - 2005, 2003 - 2004)
- "Best Technology" Award By
Galileo Express Travel Awards (2005-2006)
- "Best Outbound Tour Operator"
by Galileo Express Travel (2003 - 2004)
- 3 National Tourism Awards for being the
"Best Domestic Tour Operator" awarded by Government of India,
Department of Tourism (2005 - 2006, 2004 - 2005, 2003 - 2004)
- 7 National Tourism Awards for being the
"Best Conference Agency" awarded by Government of India,
Department of Tourism (2004 - 2005, 2003 - 2004, 2002 - 2003, 2001 - 2002,
2000 - 2001) 1999 - 2000, 1998 - 1999, 1995 - 1996
PRESS RELEASES:
Cox and Kings presents upto 100% Cash Back Upto 100% Cash Back for 100
people. Upto 50% Cash Back for everyone else.
5th, January 2011
Mumbai, 05 January 2011: Cox and Kings Limited, the longest established travel
company in the world since 1758 presents upto 100% Cash Back for 100 people.
All that one needs to do is log on to www.coxandkings.com or contact
1800221235, 18002090400, 9867565599; any of our franchisees or agents or SMS:
CB to 5757513. Book a holiday for a minimum booking amount of 
3,000/- only. Then answer 3 simple questions
and write a slogan, 'Why do you want to travel to your chosen destination with
Cox and Kings'. Pay the full and final balance amount of the holiday to become
eligible for your free holiday. The best part is even if you don't figure in
the 100 people, you still get upto 50% Cash Back. That makes everybody a
winner! This offer is valid till 13th January 2011.
According to Karan Anand, Head-Relationships and Supplier Management, Cox and
Kings (
European Whirl, a 11-day / 10-night package,
priced at 1,05,900 with a 50% cash back of 52,950.
European Experience, a 11-day / 10-night
package, priced at 1,30,000 with a 50% cash back of 65,000.
European Discovery, a 15-day / 14-night
package, priced at 1,53,999 with a 30% cash back of 46,200.
American Bonanza, a 16-day / 15-night
package, priced at 2,15,200 with a 50% cash back of 1,07,600.
Amazing 1,84,247 with a 20% cash back of 36,849.
Orient and Magical Far East, a 13-day /
12-night package, priced at 1,35,539 with a 50% cash back of 67,770.
1,07,759 with a 50% cash back of 53,880.
Land of the Pharaohs, an 11-day / 10-night
package, priced at 1,38,000 with a 50% cash back of 69,000.
Turkish Delight, an 8-day / 7-night package,
priced at 1,31,200 with a 50% cash back of 65,600.
Kenyan Safari, a 6-day / 5-night package,
priced at 1,28,200 with a 50% cash back of 64,100.
The tour costs per person on twin sharing basis are inclusive of return economy
class airfare ex-Mumbai/Delhi, hotel accommodation, meals as per the itinerary,
sightseeing, Cox and Kings tour manager services and TrawellTag with insurance.
Hurry, find out more, log on to www.coxandkings.com; call 1800221235,
18002090400, 9867565599 or SMS: CB to 5757513.
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 records 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.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.