MIRA INFORM REPORT
|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TEMPO HOLIDAYS PTY LTD |
|
|
|
|
Formerly Known As : |
ACCENT HOLIDAYS PTY LTD |
|
|
|
|
Registered Office : |
'Cox & Kings House', 72 Market Street, South Melbourne, Victoria, Zip/postal code 3205 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2012 (Non Consolidated) |
|
|
|
|
Date of Incorporation : |
09.11.1989 |
|
|
|
|
Com. Reg. No.: |
007331213 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Wholesale and retail travel agent |
|
|
|
|
No. of Employees : |
84 employees (Subject) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Australia |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Australia - ECONOMIC OVERVIEW
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
|
Source : CIA |
Verified Address
Subject name : TEMPO HOLIDAYS PTY LTD
Business address : Cox & Kings House'
72 Market Street
Town : South Melbourne
Province : Victoria
Zip/postal code : 3205
Country : Australia
Tel : +61 3 96460277
Fax : +61 3 96466722
Email : info@tempoholidays.com
Website : www.tempoholidays.com
Registered address : 'Cox & Kings House'
72 Market Street
Town : South Melbourne
Province : Victoria
Zip/postal code : 3205
Country : Australia
Executive Summary
Date founded or registered : 09/11/1989
Legal form : Australian Proprietary Company
Chief executive : Steven Michael Reynolds
Issued & paid up capital : AUD 117,000
Sales turnover : AUD 48,711,232 (Non-consolidated 12 months, 30/06/2012)
Net income : AUD 4,501,883 (Non-consolidated 12 months, 30/06/2012)
Total fixed assets : AUD 36,710,461 (Non-consolidated 12 months, 30/06/2012)
Line of business : Wholesale and retail travel agent.
Staff employed : 84 employees (Subject)
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is adequately experienced
Financial performance Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 09/11/1989
Legal form : Australian Proprietary Company
Registration no Australia Company Number: 007331213
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australia Business Number: 51007331213
Registry status : Live/Active
Previous name : ACCENT HOLIDAYS PTY LTD
YA'LLA TOURS PTY. LTD.
TELROCK PTY. LTD. (initial)
Change of legal form : None reported
Key Management
Name : Steven Michael Reynolds
Designation : Managing Director
Appointments
Name : Ajay Ajit Peter Kerkar
Designation : Director
Appointment date : 07/11/08
Address : 5 Priory Road
London NW6 4NN
United Kingdom
Biography : Born on 19-06-1963 in Mumbai, India.
Name : Patrick Henry Tully
Designation : Director
Appointment date : 07/11/08
Address : 33 Prince Edward Road
Seaforth, NSW 2092
Australia
Biography : Born on 25-04-1967 in New Delhi, India.
Name : Steven Michael Reynolds
Designation : Director
Appointment date : 07/11/08
Address : Unit 4, 10 Dene Avenue
Malvern East, VIC 3145
Australia
Biography : Born on 13-09-1970 in Kidderminster, United Kingdom.
Name : Nigel John Stewart Loveday
Designation : Company Secretary
Appointment date : 02/02/09
Address : 12 Gale Court
Lysterfield, VIC 3156
Australia
Biography : Born on 31-08-1952 in Melbourne, Victoria, Australia.
Staff employed : 84 employees (Subject)
Key Advisors
Auditors : CROWE HORWATH
Level 17, 181 William Street
Melbourne, VIC 3000
Australia
Composition
Authorized Capital : AUD 117,000
No of shares : 117,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 117,000
Paid up capital : AUD 117,000
How listed : Full List
Composition
Shareholder
name : COX & KINGS (AUSTRALIA)
PTY LTD
Address : 'Cox & Kings House'
72 Market Street
South Melbourne, VIC 3205
Australia
No. of shares
: 117,000 Ordinary Shares
% of shares : 100%
Structure
Name : COX & KINGS LIMITED
Affiliation type : Ultimate Holding Company
Address : Turner Morrison Building, 1st Floor
16 Bank Street, Fort
Mumbai 400 001
Maharashtra
India
Comments : Cox & Kings Limited operates as a travel and tours company primarily in India,
Europe, Australia, the United States, Dubai, Japan, and Singapore. The company
offers destination management services; outbound tourism services; leisure and
business travel services; education travel services; hotel bookings;
car/coach/railway bookings; visas/passport/medical insurance assistance
services; camping holidays services; and meetings, incentives, conferences, and
events services, as well as NRI, trade fairs, and foreign exchange services. It
offers various leisure holiday packages primarily under the Cox & King, Explore,
Edge, Superbreak, CKDMS, Tempo, BenTours, online Bookit, and Djoser brand
names; education travel services principally under the PGL, NST, Meininger,
EST, and Travelplus brand names; and camping holidays primarily under the
Eurocamp, Keycamp, Ecamp, Eurocamp Independent, and Own a Holiday Home
brand names. The company was formerly known as Cox and Kings (India)
Limited and changed its name to Cox & Kings Limited in July 2010. Cox & Kings
Limited was founded in 1758 and is headquartered in Mumbai, India.
Name : COX & KINGS (AUSTRALIA) PTY LTD
Affiliation type : Parent Company
Address : 'Cox & Kings House'
72 Market Street
South Melbourne, VIC 3205
Australia
Comments : Cox & Kings (Australia) Pty Ltd. operates as a travel company. The company was
incorporated in 2008 and is based in Melbourne, Australia. Cox & Kings
(Australia) Pty Ltd. operates as a subsidiary of Cox & Kings India Ltd.
Name : COX & KINGS (JAPAN) LIMITED
Affiliation type : Sister Company
Address : YK Building, 3rd Floor
2-2-16, Sangenjaya
Setagaya-ku, Tokyo 154-0024
Japan
Name : TEMPO HOLIDAYS NZ LIMITED
Affiliation type : Sister Company
Address : Level 1, 333 Remuera Road
Auckland Central, Auckland 1050
New Zealand
Name : COX AND KINGS SINGAPORE PRIVATE LIMITED
Affiliation type : Sister Company
Address : No.8 Temasek Boulevard
#22-03 Suntec Tower Three
Singapore 038988
Singapore
Related companies
and corporate affiliations comments
Other companies of the Cox & Kings Group should be considered affiliates of the Subject.
Bank Details
Name of bank : National Australia Bank
Address : Australia
Account details : Current Account
Comments : It is generally not the policy of local banks to provide credit status information to
non related parties, however interested parties would be advised to consult first
with the Subject if banker's references are required.
Mortgages : None reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of financial statement : Commercial Registry Filings
Financial statement date : 30/06/12
Type of accounts : Full audited
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 0.95 as of 18-12-2012
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated Group Consolidated
Currency : Australia Dollar (AUD) Australia Dollar (AUD) India, Rupee (INR)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end : 30/06/12 30/06/11 31/03/12
Length of accounts : 12 months 12 months 12 months
Sale turnover / Income : 48,711,232 48,720,614 10,039,700,000
Profit before tax : 5,665,155 4,289,260 687,400,000
Net income : 4,501,883 3,505,656 416,000,000
Non current assets : 2,521,876 10,757,688 50,133,400,000
Current assets : 34,188,585 28,084,137 26,365,000,000
Inventories : 172,600,000
Total assets : 36,710,461 38,841,825 76,498,400,000
Current liabilities : 19,598,366 26,085,049 29,031,000,000
Non current liabilities : 56,292 202,856 35,543,700,000
Total liabilities : 19,654,658 26,287,905 64,574,700,000
Share equity : 17,055,803 12,553,920 11,923,700,000
Retained earning : 16,938,803 12,436,920
Comments : The non-consolidated financial information above relates to the Subject only.
The group’s consolidated financial information above relates to the Subject’s
Ultimate Holding Company
Main
activities : The
Subject operates as a wholesale travel agent. It provides flight and
accommodation booking, tour packages, sightseeing, car rental, and
cruise
booking services.
The Subject provides services focused on the Mediterranean,
Central
Europe, the United Kingdom, Ireland, the Middle East, India, and
Latin
America.
As of November 19, 2008, the Subject operates as a subsidiary of
Cox &
Kings India Ltd.
Cox & Kings Limited operates as a travel and tours company
primarily in
India, Europe, Australia, the United States, Dubai, Japan, and
Singapore.
The company offers destination management services; outbound
tourism
services; leisure and business travel services; education travel
services;
hotel bookings; car/coach/railway bookings; visas/passport/medical
insurance assistance services; camping holidays services; and
meetings,
incentives, conferences, and events services, as well as NRI,
trade fairs,
and foreign exchange services. It offers various leisure holiday
packages
primarily under the Cox & King, Explore, Edge, Superbreak,
CKDMS,
Tempo, BenTours, online Bookit, and Djoser brand names; education
travel services principally under the PGL, NST, Meininger, EST,
and
Travelplus brand names; and camping holidays primarily under the
Eurocamp, Keycamp, Ecamp, Eurocamp Independent, and Own a Holiday
Home brand names. Cox & Kings Limited was founded in 1758 and
is
headquartered in Mumbai, India.
Purchases
Local : None
reported.
International
: None
reported.
Sales
Local : Yes
International
: None
reported.
Property &
Assets
Premises : The Subject
operates from premises located at the verified heading
address consisting of an administrative office.
Branches : None reported.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.586 trillion
GPP (Purchasing power parity) : 954.296 billion of International dollars
GDP per capita - current prices : US$ 68,916
GDP - composition by sector : agriculture: 4% industry: 25.6% services: 70.4%
Inflation : 2009: 1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate 2009: 5.6 %
2010: 5.2 %
2011:5.1 %
Public debt
(General Government gross
debt as a % GDP) 2009: 16.9%
2010: 20.4%
2011: 22.9 %
Government bond
ratings Standard
& Poor's: AAA-/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 1.258 trillion
Largest companies in the country Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac
Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)
Trade & Competitiveness Overview
Total exports US$210.7
billion
Exports commodities coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports US$187.2
billion
Imports commodities machinery and
transport equipment, computers and office machines, telecommunication equipment
and parts, crude oil and petroleum products
Export - major partners Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany
5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows 2009: US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows 2008: US$33,604 million
2009: US$ 16,160 million
2010: US$26,431 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 20
(ranking by country on a basis of 142, the first is the best)
Country and Population Overview
Total population :
22.23 million
Total area :
7,692,024 km2
Capital : Canberra
Currency : Australian Dollars (AUD)
Internet users as % of total population :
76%
Sales Term
Local : Cash, Bank transfer, Credit card
Trade Reference/
Payment Behaviour
Comments : As local and international trade references were not supplied, the Subject's
payment track record history cannot be appropriately determined but based
on our research, payments are believed to be met without delay.
Investigation Note
Sources : Interviews and material provided by the Subject
Other official and local business sources
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.