MIRA INFORM REPORT

 

 

Report Date :

09.07.2011

 

IDENTIFICATION DETAILS

 

Name :

THOMAS COOK (INDIA) LIMITED (w.e.f 07.03.1979)

 

 

Formerly Known As :

THOMAS COOK (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Thomas Cook Building D N Road, Fort, Mumbai – 400001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

21.10.1978

 

 

Com. Reg. No.:

11-020717

 

 

Paid-up Capital :

Rs. 217.723 Millions

 

 

CIN No.:

[Company Identification No.]

L63040MH1978PLC020717

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange

 

 

Line of Business :

Providing Travel and Financial Services

 

 

No. of Employees :

Information not divulged by management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (63)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 12000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company in concern business. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments.

 

The company can be considered 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.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Amit Baraskar

Designation :

General Manager in Finance

Date :

08.07.2011

 

 

LOCATIONS

 

Registered Office :

Thomas Cook Building D N Road, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-61603333/660917001

Fax No.:

91-22-22844529/66091454

E-Mail :

sharedept@in.thomascook.com

Website :

www.thomascook.com

 

 

International Branches :

Located at:

  • Barcelona
  • Frankfurt
  • London
  • Madrid
  • New York
  • Tokyo
  • Egypt
  • Port Louis
  • Mauritius
  • Sri Lanka

 

 

DIRECTORS

 

As On 05.05.2011

 

Name :

Ms. Annette Gerret Hoeher

Designation :

Alternate Director to Dr. Juergen Bueser (w.e.f 15.12.2005)

Address :

George-C, Marshall Ring 54 61440 Oberursel, Germnay

Date of Appointment :

15.12.2005

 

 

Name :

Ms. Ellen Karl-Josef Nehs

Designation :

Alternate Director to Mr. Roland Zeh (w.e.f 15.12.2005)

Date of Appointment :

15.12.2005

 

 

Name :

Mr. Bernd Kuno Lienhard

Designation :

Alternate Director to Dr. Thomas Doering (w.e.f 15.12.2005)

Address :

Kleist Str. 20, 61440 Oberuserl, Germany

Date of Appointment :

15.12.2005

 

 

Name :

Mr. Mahendra Kumar Charan Das Sharma

Designation :

Director

Address :

192 Centrum Towers Barkhat Ali Road, Near Wadala Flyover Wadala East, Mumbai – 400037, Maharashtra, India 

Date of Birth/Age :

04.05.1947

Date of Appointment :

14.12.2010

DIN No.:

00327684

 

 

Name :

Hoshang Shavaksha Billimoria

Designation :

Director

Address :

B221 Grand Paradi 572 Dadyseth Hill August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

07.07.1951

Date of Appointment :

07.12.1983

DIN No.:

00005003

 

 

Name :

Mr. Anant Vishnu Rajwade

Designation :

Director

Address :

2 Parshwa Kunj, Malaviya Road, Vile Parle (E), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

29.09.1936

Date of Appointment :

21.01.2006

DIN No.:

00007232

 

 

Name :

Mr. Ramesh Amrut Savoor

Designation :

Director

Address :

201, Pine Viewm 9 Edward Road, Bangalore – 560052, Karnataka, India

Date of Birth/Age :

24.04.1944

Date of Appointment :

29.05.2009

DIN No.:

00149089

 

 

Name :

Mr. Krishnan Ramachandran

Designation :

Director

Address :

2401-2402, ‘A’ Wing, Raheja Atlantis, Ganpatrao Kadam Marg, Opposite Nerolac House, Lower Parel, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

22.06.1949

Date of Appointment :

29.05.2009

DIN No.:

00193357

 

 

Name :

Mr. Madhavan Karunakara Menon

Designation :

Managing Director

Address :

Flat No. 702, Supreme Pearl, 17th Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

12.02.1955

Date of Appointment :

01.05.2000

DIN No.:

00008542

 

 

Name :

Mr. Purohit Kashinath Vinayak

Designation :

Whole-Time Director

Address :

Flat No. 1003/1004, Astoria Building, 10th Floor, Raheja Garden, Thane – 400604, Maharashtra, India

Date of Birth/Age :

03.11.1955

Date of Appointment :

14.05.2007

DIN No.:

00185052

 

 

Name :

Mr. Rakshit Pradeep Desai

Designation :

Whole-Time Director

Address :

Flat No. 221, 2nd Floor, Tahnee Heights, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

20.02.1976

Date of Appointment :

25.11.2008

DIN No.:

02435721

 

 

Name :

Heinrich Ludger Maria Heuberg

Designation :

Director

Address :

Koernerstrasse 52, 63067 Offenbach Germany

Date of Birth/Age :

30.11.1958

Date of Appointment :

27.02.2009

Date of Cessation :

30.06.2010

DIN No.:

02581163

 

 

KEY EXECUTIVES

 

Name :

Mr. Amit Baraskar

Designation :

General Manager in Finance

 

 

Name :

Mr. Rambhau Rudraji Kenkare

Designation :

Secretary

Address :

B-202, 2nd Floor, Pluto Vasant Galaxy, Bangur Nagar Junction, Off M.G. Link Road, Goregaon (W), Mumbai – 400090, Maharashtra, India

Date of Birth/Age :

01.06.1965

Date of Appointment :

01.12.1998

Pan No.:

AAHPK0996N

 

 

Name :

Mr. Balakrishnan S

Designation :

Head - Client Management, Corporate Travel

 

 

Name :

Mr. Braganza James

Designation :

General Manager - Leisure Travel (Inbound)

 

 

Name :

Mr. Cephas John

Designation :

General Manager - Dealings

Name :

Ms. Chawla Payal

Designation :

Senior Manager – Foreign Exchange

 

 

Name :

Mr. Chheda Jayesh

Designation :

General Manager - Commercial, Liesure Travel

 

 

Name :

Ms. Dangi Dhanvanti

Designation :

Associate Vice President –Treasury and Branch Controller

 

 

Name :

Mr. Dawe Sohrab

Designation :

Vice President – Information Technology

 

 

Name :

Mr. Desai Rakshit

Designation :

Executive Director - Travel Services

 

 

Name :

Mr. Devgon Ashish

Designation :

Regional Manager – Foreign Exchange, North

 

 

Name :

Ms. Dosabhai Maharukh

Designation :

Vice President - Human Resources

 

 

Name :

Mr. Fernandez Lalit G.

Designation :

Associate Vice President – South Corporate Travel

 

 

Name :

Mr. Gupta Kailash

Designation :

Associate Vice President - Commercial, Leisure Travel (Outbound)

 

 

Name :

Ms. Gupta Shivani

Designation :

Associate Vice President - E-Business

 

 

Name :

Mr. Issar Bhimesh

Designation :

Associate Vice President – Liesure Travel (Outbound and Domestic)

 

 

Name :

Mr. Iyer Mahesh

Designation :

Vice President - Foreign Exchange

 

 

Name :

Mr. Kale Rajeev D.

Designation :

Head - Leisure Travel (MICE, Domestic, Cruises and Sports Holidays)

 

 

Name :

Mr. Kenkare Rambhau R.

Designation :

President and Head - Legal and Company Secretary

 

 

Name :

Mr. Krishna Mohan

Designation :

Vice President - Foreign Exchange

 

 

Name :

Mr. Maheshwari Surendra

Designation :

Associate Vice President – Strategy and Planning and MIS

 

 

Name :

Mr. Mantry Kuldeep

Designation :

Senior Vice President – Business Process Improvement and Audit

 

 

Name :

Mr. Menon Madhavan

Designation :

Managing Director

 

 

Name :

Mr. Mitbander Sameer

Designation :

Vice President - Liesure Travel (Inbound)

 

 

Name :

Mr. Modi Brijesh

Designation :

Vice President - Strategy Planning and Commercial (Foreign Exchange)

 

 

Name :

Dr. Nair Prasanth

Designation :

President and Head – Human Resources and Financial Services

 

 

Name :

Mr. Nair Suraj

Designation :

Vice President - Strategy and Planning

 

 

Name :

Mr. Nandy Debasis

Designation :

Senior Vice President - Finance and Controller

 

 

Name :

Mr. Narayan Prashant

Designation :

Vice President – Leisure Travel (Inbound)

 

 

Name :

Mr. Pai Madhav

Designation :

Chief Operating Officer – Leisure Travel (Outbound)

 

 

Name :

Mr. Palsule Tushar

Designation :

Associate Vice President - Accounts, MIS and Budgeting

 

 

Name :

Mr. Pandey Amitabh

Designation :

President and Head - E-Business

 

 

Name :

Ms. Pereira Suzanne

Designation :

Vice President - E-Business

 

 

Name :

Ms. Pimenta June

Designation :

Senior Vice President – Foreign Exchange

 

 

Name :

Mr. Purohit Vinayak K

Designation :

Executive Director – Finance

 

 

Name :

Mr. Rastogi Indiver

Designation :

Head - Enterprise Sales

 

 

Name :

Mr. Sachdeva Anil

Designation :

Associate Vice President - Accounts, North and East

 

 

Name :

Mr. Sain Ajay Singh

Designation :

Senior Vice President – Liesure Travel (Inbound)

 

 

Name :

Ms. Sehan Tonia

Designation :

Head - Operations, Corporate Travel

 

 

Name :

Mr. Sengupta Saibal

Designation :

Head - Financial Services

 

 

Name :

Mr. Shah Hetal

Designation :

Associate Vice President - Financial Services

 

 

Name :

Mr. Sharma Ashish

Designation :

Associate Vice President – Foreign Exchange

 

 

Name :

Mr. Singh Surinder Sodhi

Designation :

Senior Vice President – Liesure Travel (Inbound

 

 

Name :

Mr. Srinivasan Anil

Designation :

Chief Operating Officer - Visa and Passport Services and Sri Lankan Operations

 

 

Name :

Mr. Suri Sunit

Designation :

Chief Operating Officer – Leisure Travel (Inbound)

 

 

Name :

Mr. Suri Vishal

Designation :

Chief Operating Officer – Leisure Travel (Inbound)

 

 

Name :

Mr. Tanwar Raj

Designation :

Associate Vice President – Human Resorces, North and East

 

 

Name :

Mr. Thangaraj J.

Designation :

Vice President - Human Resources

 

 

Name :

Mr. Thatte Amod

Designation :

Head - Outbound Sales, Leisure Travel

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2011

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

(2) Foreign

 

 

Bodies Corporate

163,471,449

77.18

Sub Total

163,471,449

77.18

Total shareholding of Promoter and Promoter Group (A)

163,471,449

77.18

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

3,272,922

1.55

Financial Institutions / Banks

9,400

-

Insurance Companies

404,475

0.19

Foreign Institutional Investors

2,957,373

1.40

Sub Total

6,644,170

3.14

(2) Non-Institutions

 

 

Bodies Corporate

7,503,002

3.54

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 million

32,580,401

15.38

Individual shareholders holding nominal share capital in excess of Rs. 0.100 million

1,613,177

0.76

Any Others (Specify)

4,600

-

Trusts

2,600

-

Directors and their Relatives and Friends

2,000

-

Sub Total

41,701,180

19.69

Total Public shareholding (B)

48,345,350

22.82

Total (A)+(B)

211,816,799

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

211,816,799

-

 

 

As on 26.04.2011

 

List of Allottees

 

No. of Shares

John Thangaraj

 

10000

Amitabh Pandey

 

25000

S. Balakrishnan

 

10832

V G Shahdadpuri

 

15002

Total

 

60834

 

As on 29.06.2011

 

List of Allottees

 

No. of Shares

Anil Srinivasan

 

12500

Kailash Gupta

 

20330

Shantanoo Mohan

 

10000

Total

 

42830

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Travel and Financial Services

 

 

Service Offered :

  • Financial Services
  • Travel and Travel Related Services
  • Authorised Foreign Exchange Dealers
  • Travel Agents
  • Tour Operators

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Information not divulged by management

 

 

Bankers :
  • The Hongkong and Shanghai Banking Corporation Limited – 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India
  • ANZ Grindlays Bank PLC 90, Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
  • State Bank of Bikaner and Jaipur, Thomas Cook Building, Dr. D. N. Road, Mumbai – 400001, Maharashtra, India
  • Standard Chartered Grindlays Bank Limited – 90, Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
  • State Bank of India – World Trade Center, Cuffe Parade, Mumbai – 400005, Maharashtra, India
  • Standard Chartered Bank – 23-25, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India
  • Axis Bank Limited
  • Deutsche Bank
  • HDFC Bank Limited
  • lClCl Bank Limited
  • lnduslnd Bank Limited
  • Scotia Bank

 

 

Facilities :

Secured Loans

31.12.2010 (Rs. In Millions)

31.12.2009 (Rs. In Millions)

Finance Lease Liability

(Obligations under finance lease are secured against fixed assets

acquired under finance lease arrangements)

19.804

4.829

Total

19.804

4.829

 

 

Secured Loans

31.12.2010 (Rs. In Millions)

31.12.2009 (Rs. In Millions)

Short-term Loans from Banks

1696.605

1395.368

Bank Overdrafts

270.897

275.634

Total

1967.502

1671.002

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Lovelock and Lewes

Chartered Accountant

Address :

252 Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India

Pan No.:

AABFL5878L

 

 

Holding Company :
  • TCIM Limited, UK holds 55.77% of Equity Shares of the Company. Thomas Cook UK Limited, the Holding Company of TCIM Limited, UK owns 21.41% of Equity Shares of the Company. Thomas Cook UK Limited is a step down subsidiary of Thomas Cook Group plc, the ultimate holding company.

 

 

Group Company :

  • Airtours the Holidaymakers Limited
  • Thomas Cook Group UK Limited (erstwhile Blue Sea Investments
  • Limited)
  • Blue Sea Overseas Investments Limited
  • MyTravel Group plc
  • MyTravel UK Limited
  • Sandbrook Overseas Investments Limited
  • Sandbrook UK Investments Limited
  • Thomas Cook Continental Holdings Limited
  • Thomas Cook Group plc
  • Thomas Cook Investments (1) Limited
  • Thomas Cook Investments (2) Limited
  • Thomas Cook Overseas Limited
  • Thomas Cook Scheduled Tour Operations Limited
  • Thomas Cook Tour Operations Limited
  • Thomas Cook UK Limited

 

 

Subsidiaries :
  • Travel Corporation (India) Limited

CIN: U63040MH1961PLC012067

  • Thomas Cook Insurance Services (India) Limited

CIN: U63040MH1989PLC054760

  • Indian Horizon Travel And Tours Limited

CIN: U63040MH1989PLC054765

  • Thomas Cook Tours Limited

CIN: U63040MH1989PLC054761

  • Thomas Cook (Mauritius) Holding Company Limited
  • Thomas Cook (Mauritius) Operations Company Limited
  • Thomas Cook (Mauritius) Holidays Limited
  • Thomas Cook (Mauritius) Travel Limited

 

 

Fellow Subsidiaries :
  • Thomas Cook AG, Germany
  • Thomas Cook Tour Operations Limited, UK
  • Thomas Cook Signature Limited, UK
  • Thomas Cook Reisen, Germany
  • Neckermann Reisen, Germany
  • Thomas Cook Overseas Limited, Egypt

 

 

CAPITAL STRUCTURE

 

As On 31.12.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

345827060

Equity Shares

Rs. 1/- each

Rs. 345.827 Millions

114760000

Class A' 4.65% Cumulative Non-Convertible Redeemable Preference Shares

Rs. 10/- each

Rs. 1147.600 Millions

355294

Class B' 0.001% Cumulative Convertible/Redeemable

Preference Shares

Rs. 10/- each

Rs. 3.553 Millions

302000

Class C' 0.001% Cumulative Convertible/Redeemable

Preference Shares

Rs. 10/- each

Rs. 3.020 Millions

125000000

1% Cumulative Non-Convertible Redeemable

Preference Shares

Rs. 10/- each

Rs. 1250.000 Millions

 

Total

 

Rs. 2750.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

211807699

Equity Shares

[118,125,000 Equity Shares are held by the holding company, TCIM Limited, UK]

[45,346,449 Equity Shares are held by Thomas Cook UK Limited, the Holding Company of TCIM Limited, UK]

Rs. 1/- each

Rs. 211.808 Millions

319765

'Class B' 0.001% Cumulative Convertible/Redeemable Preference Shares

Rs. 10/- each

Rs. 3.197 Millions

271800

'Class C' 0.001% Cumulative Convertible/Redeemable Preference Shares

Rs. 10/- each

Rs. 2.718 Millions

 

Total

 

Rs. 217.723 Millions

 

Note:

Of the above:

(a) 2,799,930 Equity Shares were allotted pursuant to a contract without payment being received in cash.

(b) 138,833,330 Equity Shares were allotted as fully paid-up bonus shares by capitalisation of General Reserve and Capital Reserve.

(c) Following shares allotted to the erstwhile shareholders of LKP Forex Limited pursuant to its merger with the

Company effective 01.04.2006

 

(i) 319,765 'Class B' 0.001% Cumulative Convertible/ Redeemable Preference Shares of Rs. 10 each

(ii) 271,800 'Class C' 0.001% Cumulative Convertible/ Redeemable Preference Shares of Rs. 10 each

(iii) 14,949,000 Equity Shares of Rs. 1 each

 

Note: The Company has granted share options under the Company’s Employees Stock Option Plan and share options outstanding as at 31.12.2010 are 4,926,478 (Previous Year 3,976,725). Of these 205,667 (Previous Year 271,500) options have vested in 2008, 462,500 (Previous Year 636,000) options have vested in 2009, 857,605 (Previous Year 1,325,575) options have vested in 2010, 1,153,396 (Previous Year 1,054,075) will vest in 2011, 896,563 (Previous Year 689,575) will vest in 2012 and 1,350,747 (Previous Year Nil) will vest in 2013. During the Year 361,130 (Previous Year Nil) options were exercised.

 

 

As On 05.05.2011

 

Authorised Capital : Rs.2750.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs. 217.793 Millions

 

 

After 05.05.2011

 

Authorised Capital : Rs.2750.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs. 217.836 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2010

31.12.2009

31.12.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

217.723

217.362

1216.712

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

2846.106

2507.898

757.055

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

3063.829

2725.260

1973.767

LOAN FUNDS

 

 

 

1] Secured Loans

19.804

4.829

0.117

2] Unsecured Loans

1967.502

1671.002

2573.975

TOTAL BORROWING

1987.306

1675.831

2574.092

DEFERRED TAX LIABILITIES

43.936

36.296

32.544

 

 

 

 

TOTAL

5095.071

4437.387

4580.403

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

655.318

603.832

589.678

Capital work-in-progress

52.721

22.665

10.424

 

 

 

 

INVESTMENT

1974.150

1925.421

1925.421

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
1863.293

1721.204

1056.864

 

Cash & Bank Balances
1083.769

1181.104

1329.936

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
1236.924

883.113

871.710

Total Current Assets
4183.986

3785.421

3258.510

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

1310.349

1551.719

937.085

 

Other Current Liabilities
350.390

228.428

122.905

 

Provisions
110.365

119.805

143.640

Total Current Liabilities
1771.104

1899.952

1203.630

Net Current Assets
2412.882

1885.469

2054.880

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

5095.071

4437.387

4580.403

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2010

31.12.2009

31.12.2008

 

SALES

 

 

 

 

 

Revenue

2673.609

2196.170

2506.652

 

 

Other Income

118.607

59.637

81.346

 

 

TOTAL                                     (A)

2792.216

2255.807

2587.998

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Personnel Cost

1004.684

839.531

835.702

 

 

Advertisement and Business Promotion

188.143

98.907

111.522

 

 

Other Expenses

740.463

671.053

670.396

 

 

Exceptional Item

(100.000)

0.000

31.896

 

 

TOTAL                                     (B)

1833.290

1609.491

1649.516

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

958.926

646.316

938.482

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

211.547

206.793

345.095

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

747.379

439.523

593.387

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

115.858

98.523

88.810

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

631.521

341.000

504.577

 

 

 

 

 

Less

TAX                                                                  (I)

216.140

119.353

202.614

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

415.381

221.647

301.963

 

 

 

 

 

Add

TRANSFER FROM RESERVE CREATED UNDER SECTION 80 HHD OF THE INCOME-TAX ACT, 1961

15.000

15.000

17.500

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

737.788

617.047

439.661

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

41.538

22.164

33.500

 

 

Dividend for the previous year paid during the year

0.073

0.000

0.000

 

 

Corporate Dividend Tax for the Previous year and

paid during the year

0.012

0.000

0.000

 

 

Proposed Dividend on Equity Shares

79.428

79.292

79.292

 

 

Dividend on Preference Shares

0.000

0.832

3.816

 

 

Proposed Dividend on Preference Shares

0.001

0.001

9.697

 

 

Corporate Dividend Tax

13.192

13.617

15.772

 

BALANCE CARRIED TO THE B/S

1033.925

737.788

617.047

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

- Basic

1.96

1.06

1.76

 

- Diluted

1.91

1.03

1.71

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

 

31.03.2011

1st Quarter

Net Sales

 

 

652.470

Total Expenditure

 

 

603.540

PBIDT (Excl OI)

 

 

48.930

Other Income

 

 

113.500

Operating Profit

 

 

162.430

Interest

 

 

59.790

PBDT

 

 

102.640

Depreciation

 

 

26.860

Profit Before Tax

 

 

75.780

Tax

 

 

27.460

Profit After Tax

 

 

48.320

Net Profit

 

 

48.320

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2010

31.12.2009

31.12.2008

PAT / Total Income

(%)
14.88

9.83

11.67

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
23.62

15.53

20.13

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
13.05

7.77

13.11

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.21

0.13

0.26

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.23

1.31

1.91

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.36

1.99

2.71

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

THE DETAILS OF SUNDRY CREDITORS:

Rs. In Millions

Particulars

31.12.2010

31.12.2009

31.12.2008

Sundry Creditors other than Micro and Small Scale Business

Entities

1310.349

1551.719

937.085

 

 

Operations and Results

The year 2010 saw a revival in the general economy as well as the tourism industry. A strong GDP growth and the rising stock indices, coupled with positive outlook and the resurgence of suppressed demand, helped boost travel and tourism sector in 2010.

 

The demand for leisure holidays increased due to receding recessionary pressures, economic revival and return of confidence in Indian consumers. Despite the challenges faced last year in terms of a slow economy, sluggish demand and security concerns, the country was fighting back and tourism developments were taking place. Although there could be some short- to medium-term setbacks, the longterm outlook remains positive.

 

With Indian economy growing at around 8% per annum and rise in disposable incomes of Indians, an increasing number of people are going on holiday trips within the country and abroad resulting in the tourism industry growing wings. 2010 saw a revival in foreign tourist arrivals after the slump last year on account of the slowdown with a growth rate of 8% as compared to a de-growth of 2.2 % in 2009.

 

The year 2010 witnessed rupee appreciation against major currencies. The buoyant market conditions helped financial services of the Company grow by 8% in volumes over 2009 despite the fact that rupee appreciation created a challenging trading environment for the wholesale forex volumes.

 

Despite the constraints faced such as the volcanic eruption in Iceland and consequential ash cloud formation over UK and Europe, and heavy snowfall in the USA and UK, which disrupted air traffic, the Company overcame the difficult situation to report an increase in revenues by Rs. 539.000 million to Rs. 2792.000 million. Profit before Taxation and exceptional items increased to Rs. 532.000 million from Rs. 341.000 million.

 

The Company recorded turnover of Rs. 2792.000 million and profit before tax and exceptional item of Rs. 532.000 million with profit after tax being Rs. 415.000 million for the year ended 31.03.2010. The basic earning per share of the Company is Rs. 1.96.

 

Thomas Cook Presence

As of December 2010 end, Subject, alongwith its subsidiaries, continues to be the largest integrated travel group in India with over 180 locations by way of its own branches, and additional presence by way of Preferred Sales Agents (PSA’s) and Franchisee Offices.

 

They have 180 branches located in 72 cities, 184 PSA’s in India, 14 in overseas market and around 72 Franchisee Offices across India to have a wider spread and network across the country.

 

They also have presence in 6 countries outside of India through there representative offices in USA (New York), Spain (Barcelona and Madrid), UK (London), Japan (Tokyo), Germany (Frankfurt) and Nepal (Kathmandu), apart from there subsidiaries in Mauritius and Branch offices in Sri Lanka

 

 

Accolades and Awards

Subject has been the recipient of the following highly prestigious awards/ accolades in 2010:

– CNBC AWAAZ - Best FOREX Company in India for the second year in a row

– ‘India’s Most Preferred Foreign Exchange Company’ by Indian Hospitality Excellence Awards

– “Special Commendation” for the ‘Golden Peacock National Training Award for the year 2010’

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Travel and Tourism Industry Overview

Travel and tourism is one of the largest service industries globally in terms of gross revenue and foreign exchange earnings. It isalso one of the largest employment generators in the world. It has been a major social phenomenon and is driven by social, religious, recreational, knowledge seeking and business interests and motivated by the human urge for new experience, adventure, education and entertainment. Tourism is both cause and consequence of economic development. It has the potential to stimulate other sectors in the economy owing to cross-synergistic benefits and its backward and forward linkages. Globally, travel and tourism is one of the fastest-growing industries and a leader in many countries. The contribution of the industry to the global economy remains high.

 

Indian travel and to urism industry

India’s travel and tourism industry is expected to generate revenue of Rs. 1,970 billion (US$ 42 billion) in 2010, according to the World Travel and Tourism Council (WTTC). This would be around 3.1% of total GDP. However, travel and tourism touches all sectors of the economy, its real impact is greater and the travel and tourism economy directly and indirectly accounts for Rs. 5,533 billion (US$ 118 billion), equivalent to 8.6% of total GDP. (Source: Indian Travel, tourism and Hospitality Industry – D and B Sectoral Round Table Conferences, a Dun and Bradstreet Publication).

 

The Indian tourism sector is seen generating $42.8 billion by 2017, according to an industry research note by auditing and consulting firm Deloitte Touche. Despite the challenges faced last year in terms of a slow economy, sluggish demand and security concerns, the country was fighting back and tourism developments were taking place, it said. “Although there could be some short-to medium-term set backs, the long-term outlook remains positive,” it said.

 

With Indian economy growing at around 8% per annum and rise in disposable incomes of Indians, an increasing number of people are going on holiday trips within the country and abroad resulting in the tourism industry growing wings. It is fast turning into a volume game where an ever-burgeoning number of participants are pushing up revenues of industry players (hotels, tour operators, airlines, shipping lines, etc). Thus, the tourism sector is expected to perform very well in future and the industry offers an interesting investment opportunity for longterm investors.

 

India is now chalking up one of its strongest growth charts in a long time. As the Indian economy continues to open up in an effort to integrate with the world economy, benefits of doing business with and in India are increasing. With the results, hundreds of thousands of jobs are moving to the Indian shores from the West. This brings in its wake transit travelers, business travelers, business meets and holiday seekers. 2010 saw a revival in foreign tourist arrivals after the slump last year on account of the slow down. Foreign Tourist Arrivals (FTAs) in India during 2010 were 5.58 million with a growth rate of 8% as compared to the FTAs of 5.17 million versus de-growth of 2.2% in 2009. The 8% growth rate in FTAs for 2010 over 2009 for India is much better than UNWTO’s projected growth rate of 5% to 6% for the world during the same period. Foreign Exchange Earnings from tourism (FEE) in Rupee terms during 2010 were Rs. 648890.000 millions with a growth rate of 18.1%, as compared to FEE of Rs. 549600.000 millions with a growth rate of 8.3% during 2009 over 2008. Thus the growth rate in 2010 was more than double of that observed during 2009. FEE from tourism during 2010 were US$ 14,193 million as compared to US$ 11,394 million during 2009 and US$ 11,747 million during 2008. The growth rate in FEE in US$ terms during 2010 was 24.6% as compared to a decline of 3% in 2009 over 2008. Therefore, in US$ terms also, growth rate observed in 2010 was positive and substantially high.

 

SPECIAL GOVERNMENT INITIATIVES

According to the Consolidated FDI Policy, released by DIPP, Ministry of Commerce and Industry, Government of India, the government has allowed 100 per cent foreign investment under the automatic route in the hotel and tourism related industry. The terms hotel includes restaurants, beach resorts and other tourism complexes providing accommodation and /or catering and food facilities to tourists.

 

The term tourism related industry includes:

  • Travel agencies, tour operating agencies and tourist transport operating agencies
  • Units providing facilities for cultural, adventure and wildlife experience to tourists
  • Surface, air and water transport facilities for tourists
  • Convention/seminar units and organizations
  •  

The Government of India has announced a scheme of granting Tourist Visa on Arrival (T-VoA) for the citizens of Finland, Japan, Luxembourg, New Zealand and Singapore. The scheme is valid for citizens of the above mentioned countries planning to visit India on single entry strictly for the purpose of tourism and for a short period of upto a maximum of 30 days. During 2010, a total number of 6549 Visa on Arrivals (VoA) were issued under VoA Scheme.

 

The tourism master plan, the first for Karnataka, envisages initiatives to attract private investment ranging from US$ 2.2 billion to US$ 4.4 billion in the next three to five years. The plan is prepared based on the Vision 2020 document prepared and adopted by the Karnataka State Planning Board. The state government aims to generate 200,000 jobs in the tourism sector in the next five years. The master plan is aimed at making Karnataka the number one destination for tourism in the country by 2020, according to Mr. G. Janardhan Reddy, Minister for Tourism and Infrastructure Development

 

As per the press release by Press Information Bureau (PIB) dated 15.11.2010, the Union Ministry of Tourism has included Medical Tourism under the Marketing Development Assistance (MDA) Scheme. The Ministry of Tourism has sanctioned 781 projects in 34 States/ Union Territories (UTs) in the country amounting to US$ 511.82 million during the last three years up to June 2010, as per a press release dated 18.10.2010.

 

Present Scenario

India’s GDP growth in 2010-11 is estimated to be 8.6%. This is versus a lower GDP growth of 7.4 % witnessed in 09-10 (Source: Finance Ministry website).

 

The year 2010 witnessed rupee appreciation against major currencies. Net FII inflows recovered from Rs. 879.9 billion in 2009 to Rs. 1,796.7 billion in 2010 (Source: SEBI website). The national Indices, BSE SENSEX and NSE S and P CNX NIFTY, reflecting the positive outlook for India, increased from 17,473.45 and 5200.90 at the beginning of the year and ended at 20,509.09 and 6134.50 points respectively (Source: BSE and NSE websites). Tracking the positive indices, corporates increased their travel spends, which helped them grow there corporate travel volumes by 38% against last year. Leisure travel also benefitted due to the positive signals and the Company was able to record a growth of over 30% in volumes over last year.

 

The above buoyant market conditions also helped financial services grow by around 8% in volumes over last year.

 

FINANCIAL SERVICES

Forex market in India is a regulated market and volumes are closely tied up to Dollar-Rupee exchange rate. The Company is the market leader in forex and offers various services like currency exchange, money transfer, remittance, Travellers cheques, pay orders, wire transfers and pre-paid cards. It caters to the forex needs across various segments of customers such as leisure outbound travellers, travellers for migration, employment and medical treatment, students travelling abroad for studies, inbound tourists, business travellers, banks, non-bank retailers and money changers.

 

The Company handled 1.2 million transactions in 2010 and is one of the largest exporters in the world for bank notes. It handles majority of India’s foreign currency bank notes. It has a largest distribution of 172 locations in 70 cities amongst the forex players in the country.

 

The year 2010 too like 2009, witnessed a volatility in Indian Rupee (INR) Vs all the major currencies (Vs USD 8%, GBP 15% and Euro 18%). Higher confidence level in the Indian economy led to higher Foreign Institution Inflows in the country. Gross inflow in the country has increased by 32% in 2010 over 2009. This made the Rupee stronger. However, this created a challenging trading environment for the forex players dealing in bulk volumes. On the retail side, they saw an increase in demand of foreign currencies by corporates, leisure travellers and remittances abroad. It is a clear indication of higher confidence level by consumers in the economy. This increase in demand coupled with the results of initiatives that were taken by the Company in 2009 such as new branches opened in 2009, new counters at Delhi and Mumbai airport, post office tie-up etc. enabled the Company to improve the retail volumes significantly over 2009. The Company continued its focus on margin and cost management during the year.

 

The Company for the second year in a row won the “Best Forex Company” award by CNBC Awaaz. The Company is focusing on retail side of the business where the impact of volatility of exchange rate is not significant. Bundling of products for various consumer segments, higher visibility of products offered, increasing the distribution channels, new tie-ups, re-negotiation of rates with vendors etc. are some of the key initiatives in pipeline for 2011.

 

In addition to the above, the Company would like to focus on the expansion of the remittance business which has a huge potential. India is the world’s largest recipient of remittances. The remittances grew from $49.6 billion in 2009 to $55 billion in 2010. It is also the country with the second largest number of emigrants after Mexico, according to the World Bank. India is ranked 10th in the list of nations attracting the most immigrants. Moreover, Reserve Bank of India has recently done away with the exclusivity clause for the money transfer services. This offers attractive opportunities for inward remittances. The Company is in the process of tie-up with various principal agents worldwide for the remittance business. In this direction, it has signed Sub Agency agreement with UAE Exchange, Second largest inward remittance service in India and largest service provider in the Gulf Markets. Volatility in exchange rate, increasingly stringent compliance requirements, dearth of skilled manpower, rising inflation are some key external factors that could impact the business adversely. However, the Company is exploring every possible avenue to mitigate these risks.

 

Thomas Cook Mauritius has consolidated all its operations and controls have been beefed up to cater for the future expansion plans of the organization. In Sri Lanka, the inflow of tourists has started to increase. With a safe and stable environment, conducive to travel, the outlook seems positive for the country’s economy and the Company would look to capitalize on it. The focus of the Company is to expand its operations by opening more branches in Colombo city and also various other cities across the Island as and when the approvals are received from the regulatory authorities. The Company is also seeking to enhance its scope of license to enable it to play a more constructive role in the financial system of the country.

 

Insurance business

According to data released by the Insurance Regulatory and Development Authority (IRDA), the General Insurance industry recorded a growth of 22.76% year-on-year (y-o-y) in gross premium underwritten during April–October 2010. The General Insurance industry collected gross premium of US$ 5.29 billion during April–October 2010 compared with US$ 4.31 billion in the same period last year. The public sector players posted 21.09% y-o-y growth in gross premium during April-October 2010 over the corresponding period last year. At the same time, private players recorded a 25.19% y-o-y increase in gross premium.

 

According to the IRDA’s Summary Reports of Motor Data of Public and Private Sector Insurers - 2009-10, nearly 28.4 million policies were issued and a total premium of US$ 2.31 billion was collected. In view of these growing trends, they have moved there vision from being a sole travel insurance provider to introducing other personal lines of insurances like Motor, Health, Personal Accident, etc.

 

They, as Thomas Cook, have grown by 88% over last year and have been maintaining a steady growth. With introduction of these other lines of General Insurance products and with new distribution systems in place, they are poised to grow, negating all fluctuations in the market.

 

TRAVEL AND RELATED SERVICES

The economy registered signs of revival in 2010, with the robust GDP growth and the rising stock indices. The positive outlook and the resurgence of suppressed demand, helped boost travel and tourism sector in 2010. Passengers handled at the airports grew by 16% over last year. The Company took several initiatives during the year to capitalize on this growth momentum.

 

Despite the constraints faced such as the volcanic eruption in Iceland and consequential ash cloud formation over UK and Europe, and heavy snowfall in the USA and UK, which disrupted air traffic, they continued there robust growth in outbound. Further, with the receding recessionary pressures, the demand in the leisure holidays space came back strongly. This year the Leisure business has shown a robust recovery due to economic revival and return of confidence in Indian consumers.

 

The Company launched new products to meet the growing demands of the consumers. The new products were targeted at new destinations and new customer segments. The Company also expanded its distribution network by opening several new stores and appointing new franchisees across the country. A new booking software was launched during the year to improve operational efficiencies.

 

The Company continued to build on the success of the media plan launched under the new ‘Holidaywallas campaign’ in 2009. The Company launched television commercials and also sponsored ‘Mumbai Indians’, a cricket team which is part of the Indian Premier League. During the year, the Company also launched “Readymade Holidays” a holiday package box available through any of there network and channel partners. These are pre-packaged holidays for both domestic and international selected destinations. The ‘new – look’ of the Thomas Cook website was also launched during the year. All Thomas Cook products are available through the portal with more user-friendly applications. The Company is focusing on building the product range on the portal to capitalize on the growing segment of e-commerce.

 

After witnessing the continued and consistent uptrend in the business activities across the globe, Indian corporates gradually increased their business travel. During the recessionary period, corporates realized the value of travel consulting and strategies to cut costs This year, the investments made in technology over the past few years started bearing fruits. The in-house developed ‘Corporate Travel Module’ (CTM) which is unique of its kind in the industry, was deployed across the country. This is an end to end processing tool with very high degree of automation. With this tool, they were able to reduce there costs significantly and these benefits were passed on to the clients. They consolidated there GDS partnership and migrated to Amadeus for better business gains for there all India operations.

 

However, newly acquired clients, and even some of the existing clients went for re-pricing, bringing the margins under pressure. Also, during the period of recession, large corporates made investments in substitute technologies in a bid to cut travel costs. However, this couldn’t dent the travel spend, as the resurgence in business activity was quite strong. Meetings, Incentives, Conferences and Events (MICE), which is a fast growing segment within the leisure travel sector, continues to be a focus area. The Company is able to leverage its corporate business to grow this segment. The Company has emerged as one of significant player in this Business. With all the stalled expansion projects being put back on the growth path, and the lift of the travel freeze, business travel demand also saw a significant upsurge in 2010. Several large accounts were acquired during the year which helped in increasing sales. Also, there was a continual focus on process changes and training, to sustain operational excellence.

 

Domestic tourism has been growing rapidly in the last few years. The Company has launched several tour packages to capitalize on the growing demand from the domestic tourism. The stronger demand has also led to airlines firming up ticket prices, which will lead to better yields. The increase in total ticketed volume for the combined travel businesses, will enable us have better bargaining power with there principals, to sustain higher revenue margins.

 

The customer base is projected to expand with the inclusion of some new large volume corporates. This possibility, coupled with organic growth and newer business avenues from there existing large accounts, would help us register growth during 2011.

 

While the domestic demand grew, the inbound sector was soft through the year. The major source markets were still in recession through a large part of the year. Continued negotiation with suppliers helped protect margins. Costs were kept under a tight control with several initiatives being taken to boost productivity. The Company also had some senior management attrition and went through organizational re-structuring exercise.

 

Despite the continuing recession in some of the source markets, the last quarter of the year saw an increase in tourist arrivals, and the demand is expected to continue through the coming year.

 

The outlook for next year looks positive; demand for travel services continues to grow. The Company will nurture and grow the new product lines and continue to innovate to meet the needs and expectations of the customers. The increase in total ticketed volume for the combined travel businesses will enable us to have better bargaining power with there principals and to sustain higher revenue margins in the coming year. The demand forecast for business and corporate travel in the year 2011 is strong and could see a growth in double digit figures. This is because in a growing economy, the travel grows at a rate higher than the GDP. They see there clients aggressively adding headcounts which is one of the strongest factors in favour of there business. They see growth coming from across there clientele, with IT and Oil and Gas sectors leading the pack. In addition to this, they have increased there focus on high margin travel consulting services and they expect its share in overall business revenue to go up significantly during the year.

 

Any desperate attempt by competition to eat in there customer base, even on loss making financials, could affect there growth during the year. Small and large competitors are desperate to make inroads into there existing customer base, as also continue to woo new customers with unviable financial terms with extended credit.

 

The possibility of oil prices going on an upward trend are a cause of concern, as any continual rise in fare hikes would lead corporates to prune their travel budgets during the year by either curtailing number of trips or travelling on lower classes/ low cost airlines.

 

Any unforeseen global economic downturn, or acts of terror, natural calamities which may derail the economy, would lead to curtailment of travel during the year; these perils cannot be disregarded in the future.

 

The Company will continue to take concrete actions to take advantage of the ever changing and growing travel sector, and continue to provide the Indian tourists with global bench-marked services and an appropriate infrastructural platform to the tourism sector.

 

VISA AND PASSPORT BUSINESS

This vertical of the Company has been in existence for over two years primarily catering to the needs of the Travel Businesses of  the Company. It also services external customers from the travel domain both online and bricks and motor agencies, and Small and Medium corporate houses and has significantly grown its throughput of transactions last year to over a lakh.

 

The content site developed by the business is quite informative and rich in content, facilitating travellers who wish to apply for visas and provides detailed information to intermediary customers such as agents. It also has an online tracker enabling tracking the documents through its various stages of processing.

 

The business is poised for further growth in view of increase in Indians with high disposable incomes travelling overseas on holidays. It has also launched a variety of products which are ancillary to the long-term visas which are procured by corporate travellers and their families and hence embarked on Attestations, Legalization, Apostille, Translation, Notarization of documents, Foreigners Regional Registration Office (FRRO) registration/ visa extension/ exit permit, procures People of Indian Origin / Overseas Citizen of India (PIO/ OCI) cards etc.

 

The business continues to faces challenges and risks in the form of biometrics processes being introduced by some of the Missions which will eliminate the use of intermediaries. ‘Visas on Arrival’ being granted to Indians in selective cases pose the challenge of fewer visas being processed.

 

FINANCIAL PERFORMANCE

The Company has posted profit before tax (and before exceptional items) of Rs. 532.000 million (previous year Rs. 341.000 million) and the profit after tax (after exceptional items) of Rs. 415.000 million (previous year Rs. 222.000 million). On a consolidated basis, the profit before tax (and before exceptional items) stood at Rs. 636.000 million (previous year Rs. 405.000 million) and the profit after tax (after exceptional items) was Rs. 472.000 million (previous year Rs. 250.000 million).

 

Rs. In Millions

 

As at

As at

 

31.12.2010

31.12.2009

(b)

Contingent Liabilities

 

 

 

(i) Claims against the Company not acknowledged as debts:

 

 

 

-Demand from Bombay Electricity Supply and Transport

 

 

 

(BEST) for Electricity

1.961

1.961

 

(ii) Disputed Income-tax Demands

 –

57.601

 

(iii) Disputed Service Tax Demands

686.384

238.730

 

(iv) Disputed Demand for increase in rent raised by Brihanmumbai

 

 

 

Municipal Corporation

41.346

37.212

 

(v) Disputed Value Added Tax Demands

3.183

–

 

(vi) Corporate Guarantee given to a bank for the credit facilities extended by the said bank to Thomas Cook (Mauritius) Operations

 

 

 

Company Limited

 –

69.795

 

Note:

Future cash outflows in respect of (i) to (v) above are determinable only on receipt of judgements/decisions pending with various forums/authorities.

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2011

Rs. In Millions

 

Standalone

Quarter

 

ended

 

31.03.2011

 

(Unaudited)

1 Income from Operations

652.470

Less: Prior Period items [ Refer note 7 ]

-

Income from Operations (Net)

652.470

2 Total Expenditure

 

(a) Employee cost

314.460

(b) Advertisement cost

81.750

(c) Depreciation

26.860

(d) Other expenditure

207.330

(e) Total (a + b + c + d)

630.400

3 Profit from Operations before Other Income, Interest &

22.070

Exceptional Items (1 - 2)

 

4 Other Income [ Refer note 6 ]

113.500

5 Profit before Interest and Exceptional Items (3 + 4)

135.570

6 Interest and Finance expenses ( net of Interest Income )

59.790

7 Profit before Tax and Exceptional Items (5 - 6)

75.780

8 Exceptional Items

-

9 Net Profit after Exceptional Items and before Tax (7 + 8)

75.780

10 Tax expense

27.460

11 Net Profit for the period ( 9 - 10 )

48.320

12 Paid-up equity share capital

211.820

(Face Value of Re. 1 per Share)

 

13 Reserves excluding Revaluation Reserve

-

14 Earning Per Share (EPS) (not annualised)

 

(a) Basic EPS ( Rs.)

0.23

(b) Diluted EPS ( Rs.)

0.23

15 Public Shareholding

 

- Number of Shares

48,345,350

- Percentage of Shareholding

22.8%

16 Promoter and promoter group Shareholding

 

(a) Pledged/Encumbered

 

 - Number of Shares

-

- % to the total shareholding of promoter and promoter group

-

- % to the total share capital of the Company

-

(b) Non-encumbered

 

 - Number of Shares

163,471,449

 - % to the total shareholding of promoter and promoter group

100.0%

 - % to the total share capital of the Company

77.2%

 

Notes:

  1. The standalone results for the quarter ended 31.03.2011 have been subjected to limited review by the statutory auditors in compliance with Clause 41 of the Listing agreement with the Stock Exchanges.
  2. The above results were reviewed by the Audit Committee at its meeting held on 26.04.2011 and approved at the meeting of the Board of Directors held on that date.
  3. The relevant Accounting Standards have been complied with.
  4. During the quarter ended 31.03.2011, a total of 9,100 Equity shares of Re. 1 each were issued and allotted under the Thomas Cook Employees Stock Option Plan 2007, consequently the issued and paid up Share Capital have increased to 211,816,799 shares.
  5. Payroll cost and other expenses for standalone results for the quarter ended 31.03.2011 are net of reimbursement from Travel Corporation (India) Limited towards common expenses incurred for Leisure Inbound business aggregating to Rs. 30.430 Lakhs.
  6. Other Income in the standalone results for the current quarter includes profit on sale of Fixed Assets Rs. 75.710 Lakhs ( Previous quarter Rs 22.670 Lakhs).
  7. The Company had noticed certain accounting and reconciliation issues in the books of accounts of one of its subsidiaries in Mauritius. It appointed an independent agency to carry out a forensic audit to determine if there was any instance of overstatement of assets or defalcation of cash, do a root-cause analysis, identify control weakness and recommend control measures to mitigate further risks. The investigation by the agency observed that there were unexplained asset balances, accounting of duplicate/unsupported sales entries, unsatisfactory books of accounts and erroneous bank reconciliation statements in the books as on 30.09.2009 and concluded that the Mauritian subsidiary overstated the profits aggregating to Rs 75.840 Lakhs in the prior years, however they did not indicate any instance of unauthorized or inappropriate withdrawals or missing deposit in the bank accounts. This amount has been recognised in the Financial Statements for quarter ended 30.06.2010 and has been netted off as a prior period item under the head Income from Operations.
  8. Previous period figures have been regrouped where necessary.
  9. Information on investor complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended 31.03.2011 :

 

 

BUSINESSWISE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2011

 

Rs. In Millions

 

Standalone

Quarter

 

ended

 

31.03.2011

 

(Unaudited)

1 Segment Revenue

 

(a) Financial Services

148.570

(b) Travel and Related Services

503.900

Less: Prior Period items [ Refer note 7 ]

-

Net Revenue from Operations

652.470

2 Segment Results

 

Profit before Taxation and Interest

 

(a) Financial Services

80.510

(b) Travel and Related Services

173.170

Total

253.680

Less: Interest and Finance expenses ( net of Interest Income )

59.790

 : Common Expenditure

118.110

Profit before Taxation & Exceptional Items

75.780

3 Capital Employed

 

(a) Financial Services

1291.680

(b) Travel and Related Services

1636.000

Sub Total

2927.680

Add: Common Capital Employed

187.130

Total

3114.810

 

Notes;

Previous period figures have been regrouped where necessary.

 

 

REGIONWISE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2011

 

Rs. In Millions

 

Standalone

Quarter

 

ended

 

31.03.2011

 

(Unaudited)

1 Segment Revenue

 

(a) India

620.940

(b) Rest of the World

31.530

Less: Prior Period items [ Refer note 7 ]

 

Net Revenue from Operations

652.470

2 Segment Results

 

Profit before Taxation and Interest

 

(a) India

109.750

(b) Rest of the World

25.820

Total

135.570

Less: Interest and Finance expenses ( net of Interest Income )

59.790

Profit before Taxation & Exceptional Items

75.780

3 Capital Employed

 

(a) India

2874.570

(b) Rest of the World

53.110

Sub Total

2927.680

Add: Common Capital Employed

187.130

Total

3114.810

 

Notes;

Previous period figures have been regrouped where necessary.

 

 

Fixed Assets:

  • Goodwill
  • Software
  • Leasehold properties
  • Freehold properties
  • Strong room
  • Furniture and fittings
  • Computers
  • Office equipment
  • Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.44.32

UK Pound

1

Rs.70.74

Euro

1

Rs.63.64

 

 

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

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--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

 

63

 

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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.