MIRA
INFORM REPORT
|
Report Date : |
30.11.2011 |
IDENTIFICATION DETAILS
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Name : |
COX AND KINGS LIMITED [w.e.f.
29.07.2010] |
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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) : |
31.03.2011 |
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Date of
Incorporation : |
07.06.1939 |
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Com. Reg. No.: |
11-011352 |
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Capital
Investment / Paid-up Capital : |
Rs.682.639 Millions |
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CIN No.: [Company Identification
No.] |
L63040MH1939PLC011352 |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchanges. |
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Line of Business
: |
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No. of Employees
: |
16805 (Approximately) |
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 42200000 |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
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 31.03.2011
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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 : |
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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Name : |
Mr. S. C. Bhargava |
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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. 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 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
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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5834000 |
4.41 |
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Bodies Corporate |
47116696 |
35.64 |
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52950696 |
40.05 |
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8784504 |
6.64 |
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Bodies Corporate |
18346560 |
13.88 |
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27131064 |
20.52 |
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Total
shareholding of Promoter and Promoter Group (A) |
80081760 |
60.58 |
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(B) Public
Shareholding |
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|
10369153 |
7.84 |
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|
797068 |
0.60 |
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|
25807341 |
19.52 |
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|
36973562 |
27.97 |
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|
3580455 |
2.71 |
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|
4177228 |
3.16 |
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|
4881185 |
3.69 |
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|
2503196 |
1.89 |
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|
410848 |
0.31 |
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|
857296 |
0.65 |
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|
1551 |
- |
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703208 |
0.53 |
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530293 |
0.40 |
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|
15142064 |
11.45 |
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Total Public
shareholding (B) |
52115626 |
39.42 |
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Total (A)+(B) |
132197386 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
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Public |
4330504 |
- |
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Total
(A)+(B)+(C) |
136527890 |
- |
(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 : |
16805 (Approximately) |
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Bankers : |
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Facilities : |
Notes: a) Loan referred
to in I (a) (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.666.167 millions (Previous year Rs. 849.497 millions) referred to in I
(a) (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.5.586 millions (Previous year Rs. 849.497 millions) referred to
in I (a) (ii) is secured against respective vehicles purchased. d) Loan to the
extent of Rs.125.000 millions (Previous year Rs. 140.000 millions) referred
to in I (a) (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) referred 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
referred to in I (b) are secured against respective vehicles purchased. g) Debentures referred
to in II (a) above are redeemable at par, in 3 equal installments, on various
dates with the earliest redemption being on 09.06.2014 and the last being on
09.06.2016. |
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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 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
110,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
68,263,945 |
Equity Shares |
Rs.10/- each |
Rs.682.639
millions |
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Of the above:
i) 1,199,815 Equity Shares of Rs.10/- each were issued
pursuant to a contract without payment being received in cash
ii)
19,443,945 Equity Shares of Rs.10/- each
were issued as bonus shares by capitalization of Reserves)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
682.639 |
629.229 |
279.253 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9889.370 |
6360.189 |
1570.672 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10572.009 |
6989.418 |
1849.925 |
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LOAN FUNDS |
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1] Secured Loans |
1200.825 |
1456.656 |
826.326 |
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2] Unsecured Loans |
3000.000 |
900.000 |
1020.200 |
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TOTAL BORROWING |
4200.825 |
2356.656 |
1846.526 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14772.834 |
9346.074 |
3696.451 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
316.772 |
193.446 |
191.859 |
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Capital work-in-progress |
364.396 |
73.359 |
36.554 |
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INVESTMENT |
2830.145 |
3234.056 |
1095.300 |
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DEFERREX TAX ASSETS |
3.938 |
19.257 |
33.974 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
72.003
|
55.846
|
35.275 |
|
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Sundry Debtors |
2552.542
|
2090.298
|
1849.626 |
|
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Cash & Bank Balances |
5056.773
|
2010.567
|
275.833 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
4770.594
|
2605.829
|
1728.708 |
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Total
Current Assets |
12451.912
|
6762.540
|
3889.442 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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|
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|
Sundry Creditors |
665.378 |
439.502 |
339.306 |
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Other Current Liabilities |
375.627
|
331.193
|
951.101 |
|
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Provisions |
153.324
|
165.889
|
260.271 |
|
Total
Current Liabilities |
1194.329
|
936.584
|
1550.678 |
|
|
Net Current Assets |
11257.583
|
5825.956
|
2338.764 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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TOTAL |
14772.834 |
9346.074 |
3696.451 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
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|
Commission and Other Operating Income |
2356.567 |
1763.872 |
1550.942 |
|
|
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Other Income |
172.654 |
56.444 |
62.763 |
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TOTAL |
2529.221 |
1820.316 |
1613.705 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Personnel Expenses |
517.864 |
391.985 |
318.528 |
|
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Other Expenses |
648.252 |
532.633 |
545.347 |
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TOTAL |
1166.116 |
924.618 |
863.875 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1363.105 |
895.698 |
749.830 |
|
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|
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|
|
|
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Less |
INTEREST &
FINANCIAL EXPENSES |
190.761 |
88.234 |
91.215 |
|
|
|
|
|
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1172.344 |
807.464 |
658.615 |
|
|
|
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|
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|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
71.124 |
52.496 |
49.470 |
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|
|
|
|
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|
PROFIT BEFORE
TAX |
1101.220 |
754.968 |
609.145 |
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|
|
|
|
|
|
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Less |
TAX |
335.119 |
254.339 |
226.961 |
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|
|
|
|
|
|
|
|
Less |
Tax Provision in respect of earlier years written back |
[1.135] |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
767.236 |
500.629 |
382.184 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1585.089 |
1157.834 |
782.184 |
|
|
|
|
|
|
|
|
|
Less |
Dividend paid for previous year |
5.341 |
0.000 |
0.000 |
|
|
|
Tax on dividend paid for previous year |
1.151 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
68.264 |
62.923 |
5.585 |
|
|
|
Tax on Proposed dividend |
11.074 |
10.451 |
0.949 |
|
|
|
Transfer to debenture redemption reserve |
151.847 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
2114.648 |
1585.089 |
1157.834 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Travel, Tour and
other receipts (As certified by Bankers) |
935.805 |
1000.827 |
1297.277 |
|
|
TOTAL EARNINGS |
935.805 |
1000.827 |
1297.277 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.60 |
9.77 |
8.82 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1023.470 |
545.450 |
|
Total Expenditure |
|
446.790 |
338.040 |
|
PBIDT (Excl OI) |
|
576.680 |
207.410 |
|
Other Income |
|
32.680 |
127.82 |
|
Operating Profit |
|
609.360 |
335.23 |
|
Interest |
|
46.900 |
130.42 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
562.460 |
204.810 |
|
Depreciation |
|
20.910 |
23.230 |
|
Profit Before Tax |
|
541.550 |
181.580 |
|
Tax |
|
175.060 |
57.510 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
366.490 |
124.080 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
366.490 |
124.080 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
30.33
|
27.50
|
23.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
46.73
|
42.80
|
39.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.62
|
10.85
|
14.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.11
|
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.47
|
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
10.42
|
7.22
|
2.51 |
LOCAL AGENCY FURTHER INFORMATION
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.
Credit Rating
Credit Analysis and Research Limited (CARE), the Rating Agency has
revised and enhanced the long term rating of the Company to ‘CARE AA (Double
A)’ of Non – Convertible Debenture (NCD) of the Company amounting to Rs. 8000
millions. Instruments with this rating indicate high safety for timely
servicing of debt obligations and carry very low credit risk.
CARE has also reaffirmed ‘PR1+ (PR One plus)’ of Commercial Paper (CP)
amounting to Rs. 1500 millions, for a maturity not exceeding one year. Instruments
with this rating indicate strong capacity for timely payment of short-term debt
obligations and carry lowest credit risk.
Change in Capital
Structure
Issue of Global Depository Receipts (GDRs) During the year , the Company
successfully completed the issue of 53,41,003 GDRs underlying the equity shares
of the Company with face value of Rs. 10/- each. The issue price of GDRs was
US$ 12.17 ( Rs. 569.17). The GDRs were listed on Luxembourg Stock Exchange on
August 24, 2010 and traded on the EURO MTF segment of the Luxembourg Stock
Exchange. Citibank N.A.
Each GDR represents one underlying equity share of the Company. GDR is
not time bound instrument and can be surrendered any time and converted into
underlying equity shares of the Company. The shares so released in favor of the
investor upon surrender of the GDRs can either be held by the investors
concerned in their name or sold off in the Indian secondary market for cash. To
the extent of the shares so sold in Indian markets, GDRs can be reissued under
the available headroom.
Outstanding GDRs
The total number of GDRs outstanding as on March 31, 2011 are 2,333,334
constituting 3.42% of the paid up share capital of the Company.
Investments
in Direct Subsidiaries
During the year, the Company had invested an aggregate of Rs.
2047.604 millions as loan, in its Direct Subsidiaries Cox and Kings (UK)
Limited, Cox and Kings Singapore Private Limited, Cox and Kings Asia Pacific
Private Limited, Cox and Kings (Japan) Limited, Quoprro Global Limited,
Clearmine Limited, Quoprro Global Services Private Limited and Cox and Kings
(Australia) Pty Limited.
Incorporation
of New Subsidiaries and Branch offices
During the year , the Company has incorporated 3 new
subsidiaries namely Cox and Kings Global Services Private Limited, Cox and Kings
Asia Pacific Private Limited and Prometheon Holdings Private Limited. The main
object of Cox and Kings Global Services Private Limited, is to provide
comprehensive visa processing services to diplomatic missions. Cox and Kings
Asia Pacific Private Limited was incorporated to establish the presence of
Company business in Asia Pacific region.
The Company has also set up a Branch office in
All the subsidiaries of the Company are unlisted and none of
them are material unlisted Subsidiaries as per Clause 49 of the Listing
Agreement.
Industry Overview
Travel and Tourism is currently one of the world’s largest economic
activities. It is the leading industry in many countries, as well as the
fastest growing economic sector in terms of job creation worldwide.
The travel industry, including offline agencies, online agencies and
suppliers of travel products and services, has been characterised by intense
competition, as well as rapid and significant change. In addition, beginning in
late 2008, global economic and financial market conditions worsened markedly,
creating uncertainty for travelers and suppliers. This macroeconomic downturn
had pressured discretionary spending on travel and advertising, with initial
weakness in the
Global 2011 forecast
According to the forecast prepared by UNWTO at the beginning of the
year, international tourist arrivals (number of passengers traveling) are
projected to increase by some 4% to 5% in 2011. The impact of recent
developments in North Africa and the Middle East, as well as the tragic
earthquake and tsunami that hit
Results for North East Asia, North Africa and the Middle East are below
initial forecasts, but destinations in Europe and
As per UNWTO, in 2010, international tourism receipts are estimated to
have reached US$ 919 billion worldwide, up from US$ 851 billion in 2009. In
real terms (adjusted for exchange rate fluctuations and inflation)
international tourism receipts increased by 5% as compared to an almost 7%
growth in arrivals, showing the close relation between both indicators and
confirming that in recovery years, arrivals tend to pick up faster than
receipts. By 2020 the top three
receiving regions will be Europe, East Asia and Pacific and
As per WTTC and Euro monitor International, India-2011, Travel and Tourism
Industry in India will grow at a CAGR of 10.2% over 2010-2020 i.e. US$ 42 bn in
2010 to US$ 111 bn in 2020, thus a fast growing T and T market. Direct
contribution of Travel and Tourism to GDP is expected to be INR 1,570.50 bn
(1.9% of total GDP) in 2011, rising by 8.1% p.a. to INR 3,414.80 bn (2.0%) in
2021.
Company Overview
Cox and Kings Group (C and K) is a large global travel and tours group
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 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 facilities. C and K
also has recently undertaken initiatives to further strengthen its brand and
access new customers. A few of such examples are the launch of “Private Van
Journeys” and “Instant Holidays”.
C and K’s business is organised 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
Corporate Travel: C and K offers
customised business travel solutions to its corporate clients in
Visa Processing: C and K provides visa processing services
as an outsourced business solution to diplomatic missions in various countries,
including in Germany, Greece, Hong Kong, the U.K. and Singapore, where C and K
is the provider of visa processing services for inbound travelers to India.
Foreign Exchange: C and K provides foreign
exchange services to its customers in
C and K operates in 20 countries through its Company, its subsidiaries,
branch offices and representative offices, as well as through global network of
sales agents. C and K also is a shareholder member of Radius, a consortium of
leading travel agents present in more than 3,300 locations across approximately
80 countries.
C and K’s consolidated revenue in the year ended March 31, 2011 was Rs.
5327.239 millions (as against Rs. 4412.683 millions in the year ended March 31,
2010) while consolidated net profit was Rs. 1290.860 millions (as against Rs.
1338.499 millions in the year ended March 31, 2010).
Commencement of
New Operations in 2011
Cox and Kings Global Services
Cox and Kings Global Services (CKGS), a 100% subsidiary of Cox and Kings
Limited is a new company in Visa Processing segment in
New Branch at
In February 2011, C and K commenced its operations by opening up a
branch in
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2011
Rs. in millions
|
Particulars |
Quarter
Ended 30.09.2011 (Unaudited) |
Half
Year Ended 30.09.2011 (Unaudited) |
|
1. Income from
Operations |
545.452 |
1567.964 |
|
|
|
|
|
2. Total Expenditure: |
|
|
|
|
|
|
|
a) Employee Cost |
176.045 |
327.559 |
|
b) Advertisement
Cost |
33.850 |
179.223 |
|
c) Depreciation |
23.232 |
44.145 |
|
d) Other
expenditure |
128.135 |
279.775 |
|
e) Sub-Total (a+b+c+d) |
361.262 |
830.703 |
|
3. Profit from Operations
before Other income, interest and Exceptional items (1 -2) |
184.190 |
737.261 |
|
4. Other income |
127.815 |
160.689 |
|
5. Profit before
interest & Exceptional items (3+4) |
312.005 |
897.950 |
|
6. Interest
& Finance Charges (Net) |
130.421 |
177.321 |
|
7. Profit before
Exceptional items (5-6) |
181.584 |
720.629 |
|
8. Exceptional
items |
- |
- |
|
9. Profit from
Ordinary activities before Tax (7-8) |
181.584 |
720.629 |
|
10. Tax Expense |
57.507 |
231.962 |
|
11. Net Profit from
Ordinary Activities after Tax (9-10) |
124.077 |
488.667 |
|
12.
Extraordinary items (Net of Taxes) |
- |
- |
|
13. Net Profit
for the Period attributable to consolidated Group |
124.077 |
488.667 |
|
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.) |
0.91 |
3.58 |
|
17. Public
shareholding: |
|
|
|
-Number of
Shares |
56446130 |
56446130 |
|
-Percentage of
Shareholding |
41.34% |
41.34% |
|
18. Promoter and
Promoter Group Shareholding |
|
|
|
a) Pledged /
Encumbered |
|
|
|
- Number of
Shares |
14000000 |
14000000 |
|
- Percentage of Shares
(as a % of total shareholding of promoter & promoter group) |
17.48% |
17.48% |
|
- Percentage of
Shares (as a o/o of total share capital of the Company) |
10.26% |
10.26% |
|
b)
Non-Encumbered |
|
|
|
- Number of
Shares |
66081760 |
66081760 |
|
- Percentage of
Shares (as a % of total shareholding of promoter & promoter group) |
82.52% |
82.52% |
|
- Percentage of
Shares (as a o/o of total share capital of the Company) |
48.40% |
48.40% |
Unaudited
Statement of Assets and liabilities as at September 30, 2011
Rs. in millions
|
Particulars |
30.09.2011 (Unaudited) |
|
1. Shareholders Funds: |
|
|
a) Share Capital |
682.639 |
|
b) Reserves and Surplus |
10294.833 |
|
|
|
|
2. Loan Funds |
9167.707 |
|
3. Deferred Tax Liability |
0.624 |
|
Total |
20165.803 |
|
|
|
|
1. Fixed Assets |
919.238 |
|
2. Deferred Tax assets |
- |
|
3. Investment |
2434.836 |
|
|
|
|
4. CURRENT ASSETS, LOANS & ADVANCES |
|
|
a) Inventories |
99.967 |
|
b) Sundry Debtors |
3317.513 |
|
c) Cash & Bank Balances |
10949.275 |
|
d) Loans & Advances |
3878.250 |
|
|
|
|
5. Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
a) Current Liabilities |
[1317.390] |
|
b) Provisions |
[115.886] |
|
Total |
20165.803 |
Notes :
§
During the quartet the Company acquired Holidaybreak
Pic Limited an education and activity travel group with market leading
positions in the
§
Out of the total public issue proceeds [excluding
offers for sale by shareholders] of Rs. 5098.500 millions company has so far
utilised Rs. 3183.800 millions towards objects of the issue. Pending
utilization of the Balance proceeds, the same have been temporary invested in
Mutual Funds and Current account.
- The statutory
Auditors have carried out a limited review of standalone results for the
quarter ended 30.09.2011 in compliance with clause 41 of the listing
agreement with the Stock Exchanges.
§
The above results were reviewed by the Audit
Committee The Board of Directors at its meeting held on 14.11.2011 has approved
the above results and its release.
- The above financial
results are in accordance with the accounting policies followed by the
Company in preparation of its statutory accounts.
- During the quarter
ended 30th September
2011, the Company has received 6 investor Complaints which have been
resolved and there are nil complaints pending at the Beginning and
end of the quarter
- The company presently
does not have more than one segment eligible for reporting in terms of
Accounting Standard 17 - "Segment Reporting" B The figures for
the corresponding period of the previous year have been restated,
regrouped wherever necessary, to make them comparable.
- The equity shares of
the company which composed of 68.264 millions equity shares of Face value
of Rs. 10/- each were sub-divided into 136.528 millions equity shares of
Rs.5/- with effect from June 22nd , 2011, the Record Date fixed
by the Board of Directors The Basic and diluted Earnings per share (EPS)
has been adjusted for all the periods presented on the basis of new number of equity shares as
per the requirement of Accounting Standard 20- "Earning per Snare' to
make them comparable with EPS of the current quarter
§
The Company has incorporated 2 new subsidiaries during
the quarter namely Cox and Kings Global Services (
- Information
as per clause 29 of Debt Listing Agreement
|
Particulars |
Half
Year Ended 30.09.2011 |
|
Debt Service Coverage Ratio [No. of Times] |
2.58 |
|
Interest Service Coverage Ratio [No. of
Times] |
4.00 |
The above has been computed as under
- Debt Service
Coverage Ratio = Earning before interest, Tax, depreciation and
amortization – Tax / [Interest and finance expenses + principal repayment of
long term debts]
- Interest
Service Coverage Ratio = Earning before interest, Tax, depreciation and
amortization – Tax / Interest and finance expenses
CONTINGENT LIABILITIES [As on 31.03.2011]
a) Guarantees given by banks Rs. 3158.878 millions (Previous Year Rs. 1292.402 millions)
b) Claims against the Company not acknowledged as debts estimated at Rs. 85.308 millions (Previous Year Rs. 127.937 millions)
c) Disputed income tax demand Rs. 76.952 millions (Previous Year Rs. 29.567 millions). The Company has made advance payment of Rs. 12.089 millions (Previous Year Rs. 5.091 millions) against the same.
d) Guarantees given to bank for loan taken by wholly owned subsidiaries company Rs. 2587.675 millions equivalent to USD 57 Million (Previous Year Rs. 2566.716 millions equivalent to USD 57 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:
Business
Description
Subject, formerly Cox and Kings (
Provision of travel advice and ticket booking services
Board of Directors
Mr. Anthony B. M.
Good
Mr. Anthony B. M. Good serves as Non-Executive Chairman of the Board of
Cox and Kings India Limited. He is a Fellow member of the
Shri. Subhash
Chandra Bhargava
Shri. Subhash Chandra Bhargava serves as Non-Executive Independent
Director of Cox and Kings India Limited. He is a graduate in commerce (B.com)
from
Ms. Urrshila
Kerkar
Ms. Urrshila Kerkar serves as Executive Director of Cox and Kings India
Limited. She is one of the promoter of the Company. She is a graduate in arts
(B.A.) with distinction in Economics and Psychology from
Shri. Mahalinga
Narayanan
Shri. Mahalinga Narayanan serves as Non-Executive Independent Director
of Cox and Kings India Limited. He is a post graduate in commerce (M.com) and
holds a Degree in Law. He is also a Certified Associate of Indian Institute of
Bankers (CAIIB). He has over 40 years of experience and knowledge in the field
of Banking and Finance. He has served as Chairman and Managing Director with
Tourism Finance Corporation of India Limited between July 2004 and September
2006. Prior to his tenure as CMD, he did serve as a Managing Director from
October 1997 till June 2004. He had also occupied the position of General
Manager, Industrial Finance Corporation of
Mr. Pesi S. Patel
Mr. Pesi S. Patel serves as Non-Executive Independent Director of Cox
and Kings India Limited. He is a graduate in commerce (B.com) from
Press Release
16 November 2011
MUMBAI, Nov 16Asia Pulse - Overseas investments by Indian companies in
October stood at US$2.06 billion, with Cox and Kings and Tata Communications
(BSE:500483) emerging as the major investors.
The FDI outflows in last month were 40 per cent less than the US$3.46
billion outflow in September.
According to the RBI data released on Monday, as many as 330 overseas
investment transactions were carried out by various companies in October.
Cox and Kings India committed US$280.56 million in its UK-based wholly
owned subsidiary (WoS)- Prometheon Holdings (UK) Limited -- which is engaged in
transport, storage and communication services.
Cox and Kings India also made five other investments worth a total of
over US$8.05 million in its WoSs, based in Honk Kong,
Tata Consultancy Services has committed US$48.92 million in its UK-based
joint venture Diligenta Limited. The subsidiary is engaged in community, social
and personal services.
Another Tata Group firm, Tata Communications Limited has committed
US$162.5 million in its Singapore-based WoS, VSNL International Pte, which is
also engaged in transport, storage and communication services.
In the first seven months of this fiscal (April-October), the outward
FDI stood at US$21.07 billion.
While Indian companies are spreading their overseas footprints, the FDI
inflows in the April-September (latest data available), too, went up by a huge
74 per cent to US$19.13 billion from US$11 billion in the corresponding period
last year.
15 August 2011
New Delhi, August 16, 2011 (PTI) -- The Delhi High Court today sought a
response from the Indian Railway Catering and Tourism Corporation Limited
(IRCTC) and directed it to maintain status quo regarding the operation of the
luxury tourist train Maharaja Express till the next date of hearing "Till the next date of hearing, it is
directed that respondent (IRCTC) shall maintain status quo on the train which
is the subject matter of the case," a bench of Justice Manmohan Singh said
The direction of the court came on a plea of tour and travel operator Cox and
Kings challenging the notice of IRCTC terminating the joint venture agreement.
The letter was sent by it on August 12 In its plea before the court, Cox and
Kings said the notice is illegal as its consent has not been obtained before
terminating the agreement The company also alleged IRCTC is not allowing it to
operate the luxury tourist train, which was granted on lease to the joint
venture company in which both are stake holders Royale Indian Rail Tours
Limited, a joint venture of IRCTC and Cox and Kings India Limited, operates the
luxury train Cox and Kings also sought a direction of the court to restrain
IRCTC from terminating the joint venture agreement between the two.
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.51.93 |
|
|
1 |
Rs.80.62 |
|
Euro |
1 |
Rs.69.36 |
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.