MIRA
INFORM REPORT
|
Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
THOMAS COOK (INDIA) LIMITED (w.e.f.07.03.1979) |
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Formerly Known
As : |
THOMAS COOK ( |
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Registered
Office : |
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Country : |
India |
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Financials (as
on) : |
31.12.2012 |
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Date of
Incorporation : |
21.10.1978 |
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Com. Reg. No.: |
11-020717 |
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Capital
Investment / Paid-up Capital : |
Rs. 219.074 Millions
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CIN No.: [Company Identification
No.] |
L63040MH1978PLC020717 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange |
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Line of Business
: |
Subject is engaged in diversified businesses as Authorised Foreign
Exchange Dealer and also engaged in Tour and Travel Business and working as
Travel Agent and Tour Operator. |
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No. of Employees
: |
2800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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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 |
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Maximum Credit Limit : |
USD 15900000 |
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Status : |
Good |
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Payment Behaviour : |
Regulars |
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Litigation : |
Exist |
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Comments : |
Subject is a well established company having fine track record. The company has seen a growth in its sales turnover during December
2012. Financial and liquidity position appears to be strong and sound. The rating also takes into consideration the strong brand image in the
foreign exchange and travel business. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. The company can be considered good for business 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.
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
March 14, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A1+ |
|
Rating Explanation |
Very strong degree of safety |
|
Date |
March 14, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Sameer Shirke |
|
Designation : |
Account Department |
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Contact No.: |
91-22-61603333 |
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Date : |
16.10.2013 |
LOCATIONS
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Registered/ Head Office : |
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Tel. No.: |
91-22-61603333/
660917001 |
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Fax No.: |
91-22-22844529/
66091454 |
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E-Mail : |
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Website : |
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Branch Offices : |
Located at: · Maharashtra Andhra Pradesh Goa Haryana Gujarat Himachal Pradesh Karnataka Assam Bihar Chattisgarh Jharkhand Madhya Pradesh Orrisa Kerala Punjab New Delhi Tamilnadu Uttaranchal Uttar Pradesh Rajasthan West Bengal |
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Airport Counters : |
Located at: · Mumbai Ernakulam Bangalore New Delhi Trivandrum |
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Learning Offices : |
Located at: · Mumbai Pune Chennai Kochi |
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International
Offices : |
Located at: · Mauritius Sri Lanka |
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DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Mahendra Kumar Charan Das Sharma |
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Designation : |
Non-Executive Chairman-Independent |
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Address : |
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Date of Birth/Age : |
04.05.1947 |
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Date of Appointment : |
14.12.2010 |
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DIN No.: |
00327684 |
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Name : |
Mr. Madhavan Karunakara Menon |
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Designation : |
Managing Director |
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Address : |
Flat No. 702, Supreme |
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Date of Birth/Age : |
12.02.1955 |
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Qualification : |
B.A. |
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Date of Appointment : |
01.05.2000 |
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DIN No.: |
00008542 |
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Name : |
Mr. Ramesh Amrut Savoor |
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Designation : |
Director |
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Address : |
201, Pine Viewm |
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Date of Birth/Age : |
24.04.1944 |
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Date of Appointment : |
29.05.2009 |
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DIN No.: |
00149089 |
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Name : |
Mr. Krishnan Ramachandran |
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Designation : |
Director |
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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 |
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DIN No.: |
00193357 |
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Name : |
Harsha Raghavan |
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Designation : |
Non-Executive Director |
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Name : |
Chandran Ratnaswami |
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Designation : |
Non-Executive Director |
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Name : |
Uday Khanna |
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Designation : |
Non-Executive Independent Director |
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Name : |
Kishori Udeshi |
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Designation : |
Non-Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Rambhau Rudraji Kenkare |
|
Designation : |
Company Secretary and President and Head |
|
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 |
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Pan No.: |
AAHPK0996N |
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|
Name : |
Mr. Menon
Madhavan |
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Designation : |
Managing
Director |
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|
Name : |
Mr. Madhav Pai |
|
Designation : |
Director – Leisure Travel (Outbound) |
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Name : |
Ambreesh Mahajan |
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Designation : |
President - Operations |
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|
Name : |
Debasis Nandy |
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Designation : |
President and Chief Financial Officer |
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Name : |
Rajeev Kale |
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Designation : |
Chief Operating Officer - Leisure Travel (MICE, Domestic, Cruises and
Sports Holidays) |
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Name : |
Amit Madhan |
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Designation : |
Chief Operating Officer – IT and E-Services |
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Name : |
Surinder Singh Sodhi |
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Designation : |
Senior Vice President and Head – Leisure Travel (Inbound) |
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Name : |
Suraj Nair |
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Designation : |
Senior Vice President – Strategy and Planning |
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Name : |
Suraj Nair |
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Designation : |
Senior Vice President – Strategy and Planning |
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Name : |
Adrian Williams |
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Designation : |
Head – Human Resources |
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Name : |
Mahesh Iyer |
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Designation : |
Senior Vice President and Head – Foreign Exchange |
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Name : |
Prashant Narayan |
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Designation : |
Senior Vice President and Head – Leisure Travel (Inbound) |
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Name : |
Indiver Rastogi |
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Designation : |
Senior Vice President and Head – Global Enterprise Business |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholder |
Total
No. of Shares |
%
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
185653725 |
74.98 |
|
|
185653725 |
74.98 |
|
Total shareholding of Promoter and Promoter Group (A) |
185653725 |
74.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7773 |
0.00 |
|
|
22685 |
0.01 |
|
|
4604475 |
1.86 |
|
|
31214066 |
12.61 |
|
|
35848999 |
14.48 |
|
|
|
|
|
|
2370352 |
0.96 |
|
|
|
|
|
|
23094687 |
9.33 |
|
|
500437 |
0.20 |
|
|
120100 |
0.05 |
|
|
10100 |
0.00 |
|
|
110000 |
0.04 |
|
|
26085576 |
10.54 |
|
Total Public shareholding (B) |
61934575 |
25.02 |
|
Total (A)+(B) |
247588300 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
247588300 |
100.00 |
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Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
No. |
Name of the
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Fairbridge Capital Mauritius Limited |
2,21,82,276 |
8.96 |
|
2 |
Fairbridge Capital Mauritius Limited |
16,34,71,449 |
66.03 |
|
|
Total |
18,56,53,725 |
74.98 |
(*) The term encumbrance has the same meaning as assigned to it in
regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
LKP Merchant Financing Limited |
0 |
0.00 |
|
|
2 |
Morgan Stanfey Mauritius Company Limited |
7967705 |
3.22 |
|
|
3 |
Tiger Global Mauritius Fund |
6896439 |
2.79 |
|
|
4 |
Copthall Mauritius Investment Limited |
6483288 |
2.62 |
|
|
5 |
Citigroup Global Markets Mauritius Private Limited |
5674482 |
2.29 |
|
|
6 |
ICICI Preduntial Life Insurance Company Limited |
4100000 |
1.66 |
|
|
7 |
India Capital Fund Limited |
3257692 |
1.32 |
|
|
|
Total |
34379606 |
13.89 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged
in diversified businesses as Authorised Foreign Exchange Dealer and also
engaged in Tour and Travel Business and working as Travel Agent and Tour
Operator. |
GENERAL INFORMATION
|
No. of Employees : |
2800 (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
Deutsche Bank ·
Development Bank of Singapore ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IndusInd Bank Limited ·
IDBI Bank Limited ·
Kotak Mahindra Bank Limited ·
State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountant |
|
Address : |
252 Veer Savarkar Marg, |
|
PAN No. : |
AABFL5878L |
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Holding Company : |
Fairbridge Capital (Mauritius) Limited, Mauritius holds
87.10% of Equity Shares of the Company |
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|
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|
Ultimate Holding Company : |
Fairbridge Capital (Mauritius) Limited is a step down
subsidiary of Fairfax Financial Holdings Limited, Canada |
|
|
|
|
Subsidiary Companies : |
· Travel Corporation (India) Limited Thomas Cook Insurance Services (India) Limited Indian Horizon Travel and Tours Limited Thomas Cook Tours Limited TC Visa Services (India) Limited Thomas Cook (Mauritius) Holding Company Limited Thomas Cook (Mauritius) Operations Company Limited Thomas Cook (Mauritius) Holidays Limited Thomas Cook (Mauritius) Travel Limited Thomas Cook Lanka (Private) Limited (w.e.f 1st August,
2012) |
|
|
|
|
Fellow Subsidiaries : |
· Thomas Cook AG, Germany (upto 14th August, 2012) Thomas Cook Tour Operations Limited, UK (upto 14th August,
2012) Thomas Cook Signature Limited, UK (upto 14th August, 2012) Neckermann Reisen, Germany (upto 14th August, 2012) Thomas Cook Overseas Limited, Egypt (upto 14th August,
2012) |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
345,827,060 |
Equity Shares |
Re. 1/- each |
Rs. 345.827 Millions |
|
114,760,000 |
‘Class A’ 4.65% Cumulative Non-Convertible Redeemable
Preference Shares |
Rs. 10/- each |
Rs. 1147.600 Millions |
|
355,294 |
‘Class B’ 0.001% Cumulative Convertible / Redeemable
Preference Shares |
Rs. 10/- each |
Rs. 3.553 Millions |
|
302,000 |
‘Class C’ 0.001% Cumulative Convertible / Redeemable
Preference Shares |
Rs. 10/- each |
Rs. 3.020 Millions |
|
125,000,000 |
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 |
|
|
|
|
|
|
213,158,694 |
Equity Shares |
Re. 1/- each |
Rs. 213.159
Millions |
|
319,765 |
‘Class B’ 0.001% Cumulative Convertible / Redeemable Preference
Shares |
Rs. 10/- each |
Rs. 3.197
Millions |
|
271,800 |
‘Class C’ 0.001% Cumulative Convertible / Redeemable
Preference Shares |
Rs. 10/- each |
Rs. 2.718
Millions |
|
|
Total |
|
Rs. 219.074 Millions |
(a) Reconciliation
of the number of shares
|
|
31.12.2012 |
|
|
Equity Shares |
No. of shares |
Rs. in Millions |
|
Balance as at the beginning of the year |
212,007,362 |
212.007 |
|
Add : Addition on account of Stock Options allotment |
1,151,332 |
1.151 |
|
Balance as at the end of the year |
213,158,694 |
213.159 |
(b) Rights,
preferences and restrictions attached to shares
Equity Shares:-The Company has one class of equity shares having a par value
of Re.1/- per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the approval of
the shareholders in the ensuing Annual General Meeting, except in case of
interim dividend. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after distribution to
preference shareholders of all preferential amounts, in proportion to their
shareholding. Preference Shares:- 319,765 ‘Class B’ 0.001% Cumulative
Convertible / Redeemable Preference Shares of Rs.10 each and 271,800 ‘Class C’
0.001% Cumulative Convertible / Redeemable Preference Shares of Rs.10 each were
issued on 7th February, 2007 to the erstwhile shareholders of LKP Merchant
Financing Limited (presently known as LKP Finance Limited) pursuant to the
Scheme of Amalgamation without payment being received in cash. The terms of
redemption of these preference shares.
(c) Shares held by
Holding Company and Subsidiary of Holding Company #
|
|
31.12.2012 |
|
|
Equity Shares |
No. of shares |
Rs. in Millions |
|
Fairbridge Capital (Mauritius) Limited |
185,653,725 |
185.654 |
|
TCIM Limited, UK |
-- |
-- |
|
Thomas Cook UK Limited |
-- |
-- |
(d) Details of Shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
|
31.12.2012 |
|
|
Equity Shares |
No. of shares |
% of holding |
|
Fairbridge Capital (Mauritius) Limited |
185,653,725 |
87.10% |
|
TCIM Limited, UK |
-- |
0.00% |
|
Thomas Cook UK Limited |
-- |
0.00% |
|
Preference Shares- ‘Class B’ |
|
|
|
LKP Merchant Financing Limited |
3,197,650 |
100.00% |
|
Preference Shares- ‘Class C’ |
|
|
|
LKP Merchant Financing Limited |
2,718,000 |
100.00% |
(e) Shares reserved
for issue under Options
|
Particulars |
31.12.2012 |
31.12.2011 |
|
Number of shares to be issued under the Employees Stock Option Schemes |
3,042,009 |
5,924,654 |
|
|
|
|
(f) Terms of
securities convertible into Equity Shares
Class B Preference
Shares:-
If the EPS of the Company for any financial year during the Earn out
period first exceeds Rs.30.30/-, each Class B Preference Share shall be
converted into 1 (One) equity share of the Company within 6 (six) months from
the expiry of the said Financial Year. The number of the equity shares to be
issued upon conversion of the Class B Preference shares shall be
proportionately adjusted in case of any subdivision of equity shares or Bonus
issues of equity shares during the Earn Out period. Provided however that if
the EPS of the Company does not exceed Rs.30.30/- for any Financial Year
comprised in the Earn Out period, each Class B Preference share shall be
redeemed by the Company at par within 6 (Six) months from the expiry of the Earn
Out period.
Class C Preference
Shares:-
If the EPS of the Company for any financial year during the Earn out
period first exceeds Rs.36.40, each Class C Preference Share shall be converted
into 1 (one) equity share of the Company within 6 (six) months from the expiry
of the said Financial Year. The number of the equity shares to be issued upon
conversion of the Class C Preference shares shall be proportionately adjusted
in case of any subdivision of equity shares or Bonus issues of equity shares during
the Earn Out period. Provided however that if the EPS of the Company does not
exceed Rs.36.40 for any Financial Year comprised in the Earn Out period, each
Class C Preference share shall be redeemed by the Company at par within 6 (Six)
months from the expiry of the Earn Out period.
Pursuant to sub division of equity share capital of Company in May 2007,
wherein the face value of one equity share of Rs.10 each was sub-divided into
ten equity share of Re.1 each, the aforesaid EPS figures have respectively been
adjusted to Rs.3.03/- and Rs.3.64/- per the terms of issue of those shares.
Both Class B and Class C Preference Shares will be due for redemption on 31st
December, 2013 if not converted before the said date.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
219.074 |
217.923 |
|
(b) Reserves & Surplus |
|
3765.993 |
3328.434 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3985.067 |
3546.357 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
22.231 |
16.063 |
|
(b) Deferred tax liabilities (Net) |
|
226.184 |
129.203 |
|
(c) Other long
term liabilities |
|
6.601 |
10.664 |
|
(d) long-term
provisions |
|
44.426 |
50.371 |
|
Total Non-current
Liabilities (3) |
|
299.442 |
206.301 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1820.862 |
2228.701 |
|
(b)
Trade payables |
|
1149.091 |
1247.970 |
|
(c)
Other current liabilities |
|
1225.899 |
873.148 |
|
(d) Short-term
provisions |
|
118.744 |
132.983 |
|
Total Current
Liabilities (4) |
|
4314.596 |
4482.802 |
|
|
|
|
|
|
TOTAL |
|
8599.105 |
8235.460 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
584.721 |
574.972 |
|
(ii)
Intangible Assets |
|
104.137 |
124.753 |
|
(iii)
Capital work-in-progress |
|
2.159 |
4.580 |
|
(iv)
Intangible assets under development |
|
13.252 |
16.104 |
|
(b) Non-current Investments |
|
1939.982 |
1924.141 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
530.870 |
304.347 |
|
(e) Other
Non-current assets |
|
165.598 |
8.126 |
|
Total Non-Current
Assets |
|
3340.719 |
2957.023 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
800.148 |
50.019 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c) Trade
receivables |
|
1835.000 |
1933.033 |
|
(d) Cash
and cash equivalents |
|
1677.160 |
2455.326 |
|
(e)
Short-term loans and advances |
|
709.481 |
661.614 |
|
(f)
Other current assets |
|
236.597 |
178.445 |
|
Total
Current Assets |
|
5258.386 |
5278.437 |
|
|
|
|
|
|
TOTAL |
|
8599.105 |
8235.460 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
217.723 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2846.106 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3063.829 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
19.804 |
|
|
2] Unsecured Loans |
|
|
1967.502 |
|
|
TOTAL BORROWING |
|
|
1987.306 |
|
|
DEFERRED TAX LIABILITIES |
|
|
75.014 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5126.149 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
655.318 |
|
|
Capital work-in-progress |
|
|
52.721 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1974.150 |
|
|
DEFERRED TAX ASSETS |
|
|
31.078 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
1863.293 |
|
|
Cash & Bank Balances |
|
|
1083.769 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
1236.924 |
|
Total
Current Assets |
|
|
4183.986 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1315.151 |
|
|
Other Current Liabilities |
|
|
345.588 |
|
|
Provisions |
|
|
110.365 |
|
Total
Current Liabilities |
|
|
1771.104 |
|
|
Net Current Assets |
|
|
2412.882 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5126.149 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3771.295 |
3423.375 |
2673.609 |
|
|
|
Other Income |
92.331 |
144.332 |
118.607 |
|
|
|
TOTAL (A) |
3863.626 |
3567.707 |
2792.216 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
1481.594 |
1237.620 |
|
|
|
|
Other Expenses |
1008.169 |
906.128 |
|
|
|
|
Advertisement Expenses |
218.274 |
180.579 |
|
|
|
|
TOTAL (B) |
2708.037 |
2324.327 |
1833.290 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1155.589 |
1243.380 |
958.926 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
300.488 |
299.913 |
211.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
855.101 |
943.467 |
747.379 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
117.182 |
114.709 |
115.858 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
737.919 |
828.758 |
631.521 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
245.855 |
269.636 |
216.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
492.064 |
559.122 |
415.381 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFER FROM RESERVE CREATED UNDER SECTION
80HHD OF THE INCOME-TAX ACT, 1961 |
0.000 |
0.000 |
15.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1445.319 |
1033.926 |
737.788 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General
Reserve |
49.206 |
55.912 |
41.538 |
|
|
|
Dividend for the
previous year paid during the year |
0.312 |
0.026 |
0.073 |
|
|
|
Corporate Dividend Tax
for the Previous year and paid during the year |
0.050 |
0.004 |
0.012 |
|
|
|
Proposed Dividend on Equity
Shares |
79.935 |
79.503 |
79.428 |
|
|
|
Proposed Dividend on
Preference Shares |
0.000 |
0.000 |
0.000 |
|
|
|
Corporate Dividend Tax |
12.967 |
12.284 |
13.192 |
|
|
BALANCE CARRIED
TO THE B/S |
1794.913 |
1445.319 |
1033.926 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Receipts from
Independent Tours and Travel |
382.321 |
476.377 |
426.694 |
|
|
|
Commission on
Travellers Cheques |
33.666 |
35.296 |
28.951 |
|
|
|
Cash Passport /
Incentive on GMC Card |
0.000 |
0.258 |
1.458 |
|
|
|
Prepaid Card Sign-on
and Anniversary Bonus |
36.690 |
97.950 |
0.000 |
|
|
|
Interest Income from
Foreign Currency Deposit |
0.955 |
0.000 |
0.000 |
|
|
|
Incentive on Prepaid
Card sales |
8.312 |
0.000 |
0.000 |
|
|
|
Dividend Income |
0.026 |
0.030 |
0.000 |
|
|
TOTAL EARNINGS |
461.970 |
609.911 |
457.103 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
2.31 |
2.64 |
1.96 |
|
|
|
Diluted
|
2.26 |
2.57 |
1.91 |
|
%20LIMITED%20-%20240093%2017-Oct-2013_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
12.74
|
15.67 |
14.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.57
|
24.21 |
23.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.11
|
13.17 |
13.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.23 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.46
|
0.63 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.18 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
31.12.2010 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of Finance Lease Obligations |
9.229 |
5.995 |
NA |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter
involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
THOMAS COOK (INDIA) LIMITED |
|
EPFO |
EXEMPTED AND UNEXEMPTED ESTABLISHMENTS
DEFAULTED WITH EPFO INCLUDING PROVIDENT FUND, PENSION AND EDLI CONTRIBUTION,
ADMINISTRATION CHARGES AND PENAL DAMAGES OF RS.1.917 MILLIONS |
AMONG OTHER ACTIONS, NAMES OF DEFAULTERS
PUT ON THE EPFO WEBSITE |
|
LITIGATION DETAILS:
CASE DETAILS
Bench:- Bombay
|
Stamp No.: crast/2521/2013 Filing Date:- 06.09.2013 |
|
Petitioner:- STATE BANK OF BIKANER AND JAIPUR Respondent:- THOMAS COOK (INDIA) LIMITED Petn. Adv: SHRADHA WORLIKAR District:- MUMBAI |
|
Bench:- SINGLE Status :- Pre – Admission Last Date:- 13/09/2012 Stage:- Last Coram:- REGISTRAR (JUDICIAL) |
|
Act:- Maharashtra Rent Control Act, 1999 |
UNSECURED LOANS
|
UNSECURED LOANS |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Short-term Loan from Banks |
540.000 |
1095.000 |
|
Commercial Paper |
1158.813 |
896.486 |
|
Bank Overdrafts |
122.049 |
237.215 |
|
|
|
|
|
Total |
1820.862 |
2228.701 |
GENERAL INFORMATION:
The Company is a
Public Limited Company listed on the Bombay Stock Exchange (BSE) and the
National Stock Exchange (NSE). The Company is engaged in diversified businesses
primarily working as Authorised Foreign Exchange Dealer. The Company is also
engaged in Tour and Travel Business and working as Travel Agent and Tour
Operator.
OPERATIONS AND RESULTS:
The Travel and
Tourism Industry has recovered following the last economic recession, which saw
falling demand for tourism activity as consumers postponed trips to concentrate
their budgets on more essential areas. Inbound tourism market has expanded due
to efforts of government to promote tourist attractions in India. The Company
expanded its Foreign Exchange and Travel distribution network by opening
several new stores and appointing new franchisees across the country and
launched an array of new products to meet a wide range of customer needs. These
new products are targeted at new customer segments.
The Company
continued focus on acquiring new clients and strived to provide un-paralleled
customer service along with a suite of products. The efforts to fortify the
structure will continue in the coming year as will cost management through
efficiency and productivity improvement leading to bottom-line growth.
The Company
recorded total revenue of ` 3864 million and profit before tax of Rs. 7380.000
million with profit after tax being Rs. 4920.000 million for the year ended 31st
December 2012. The basic earning per share of the Company is Rs. 2.31.
THOMAS COOK PRESENCE
As of December
2012 end, the Company, along with its subsidiaries, continues to be among the
largest integrated travel group in India. It operates through over 253
locations by way of its own branches, and additional presence by way of
Preferred Sales Agents (PSA’s) and Franchisee Offices. The Company has 158
branches located in 78 cities, 169 PSAs and 124 Gold Circle Partner outlets to
have a wider spread and network across the country.
The Company also
has presence in 5 countries outside India through their branches/
representative offices in USA (New York), Spain (Barcelona & Madrid), UK
(London), Japan (Tokyo) and Germany (Frankfurt), apart from its subsidiaries in
Mauritius and Sri Lanka.
THOMAS COOK (INDIA) LIMITED
OPERATIONS IN INDIA
[INCLUDING SUBSIDIARIES]
The year 2012 saw
the overall Foreign Exchange volumes increase by 5.7% despite the uncertainty
that surrounded the Rupee for most part of the year. The year saw
appreciable growth of their portfolio of retail products. The strong leisure
travel trends for both group and individual travel business and the outreach
program with channel partners helped growth in the Holiday business. With
change of visa norms in the UK, the student business was sluggish but with more
students going to Australia and Canada things improved towards the end of the
year. The ‘Maintenance of close relatives’ was another product which saw
tremendous growth on account of channel activation and awareness creation
through marketing, with volume growth upwards of 30%.
Corporates
remained cautious while spending on travel and foreign exchange. The Company
continued focus on acquisition of new clients and strived to provide
un-paralleled customer service along with a suite of products, which led to a
moderate increase of 9% in volumes.
The Company
maintained its lead in the thought leadership through the successful launch of
its 2nd White Paper on Convergence of Travel and Technology, in 3 cities across
India. Despite intense competition amongst large and smaller players in the
Corporate Travel business, the topline grew by 15%; although while the higher
airfares give a perception of increased sales, in actual fact, the number of
International transactions remained flat, and the domestic tickets have
declined (this is in line with DGCA trend of domestic transactions as well). It
can be thus inferred that travel was inevitable for some, and big companies
with financial muscle continued to travel while the smaller ones have
restricted their travel during 2012. Higher fares this year have distorted
travel budgets of some customers, and to offset that some corporations have
reduced internal travel.
In the light of
handsome growth in the insurance sector, the Company continues its focus on
Travel insurance. With the strategy of being a complete travel solution
provider, the insurance arm of Thomas Cook tries to understand the specific
needs of the customers and offers the best product which suite the requirement.
It helps them in garnering higher share of wallet and building customer
loyalty.
Continued
negotiation with service providers has helped their Company protect margins in
the Inbound business. The increase in total ticketed volume for the combined
travel businesses enables them by increasing their bargaining power with
service providers to offer competitive products/prices. Costs are kept under a
tight control, along with several initiatives to increase productivity. To
improve efficiency and promote growth, their Company restructured the inbound
sales and operations team.
With technology
being the main driver, the Company will also be in a position to do an
intelligent cross sell to the existing as well as newly acquired customer base
and drive efficiencies.
MICE offers a
potential for high revenue earnings but corporate clients have reduced MICE
related activities due to rising airline fares, hotel fares etc., which has
caused a significant overall increase in cost of these activities. Competition
in this sector and budget constraints have limited the destination options.
Despite these challenges, their Company has witnessed an overall growth in MICE
revenue by tapping new markets and serving new clients.
Visa and Passport
Business, the four-year old vertical of the Company with over 0.15 million
transactions in the year is growing from strength to strength. Apart from
catering to the Travel Businesses of the Company, it has added direct external
customers for their visa, passport and ancillary services [Attestations,
Legalization, Apostille, Translation, Notarization of documents, Foreigners
Regional Registration Office (FRRO) registration/ visa extension/ exit
permit procures People of Indian Origin
(PIO) / Overseas Citizen of India (OCI) cards]. Additionally, The Company has
tied up with attorneys to service the long term immigration visas/ work permits
required by corporates for their projects abroad to move their resources to
these countries.
The content site
developed by the business has now been packaged and is being promoted and sold
as a reckoner to the travel industry and is also being shared with internal
businesses for visa information. Informative and rich in content, it
facilitates travellers who wish to apply for visas and provides detailed
information to intermediary customers and agents. It also has an online tracker
enabling tracking the documents through its various stages of processing.
OPERATIONS IN MAURITIUS
The recession in
European countries which directly impacted the tourist inflow into the country
also reduced spending of foreign travelers impacting the retail part of the
business. The fall of EURO against USD to 1.23 in the mid of the year affected
the overall Foreign Exchange business.
Thomas Cook
Mauritius has consolidated all its operations by rationalization of branches,
controls have been beefed up, processes have been strengthened to cater to the
future expansion plans of the organization. Mauritius operations consist of 15
branches across the island and they have expansion plans in high end shopping
malls this year, which will increase retail footprint of foreign tourists and
local customers. They have adopted a systematic approach to training on the
area of concern to improve the productivity of staff. The company has embarked
on a major process restructuring and cost control measures.
OPERATIONS IN SRI LANKA
2012 brings the
commencement of expansion plan for Sri Lanka Thomas Cook operations, wherein
Thomas Cook Sri Lanka Branch business was transferred to a newly incorporated
company styled as “Thomas Cook Lanka (Private) Limited”. The Company has
outlets both at the Arrival and Departure terminals at the Bandaranaike
International Airport. With political stability returning to Sri Lanka, Thomas
Cook Lanka (Private) Limited intends to further expand its operations. Thomas
Cook Lanka (Private) Limited serves as an investment vehicle for any proposed
future
AWARDS AND ACCOLADES
·
Subject has been the recipient of the following
highly prestigious awards and accolades in 2012:
·
The Most Trusted Brand in travel services by The
Brand Trust Report™, India study 2012
·
Favourite Specialist Tour Operator at the Condé
Nast Traveller Readers’ Travel Awards 2012.
·
Best Corporate Travel Management Company by World
Travel Brands 2012
·
“Consumer Superbrand” 2011-2012 by Superbrands for
‘Travel Smooth’
·
Centre of Learning has received IATA accreditation
as “Top 10 South Asia IATA Authorized Training Centers”, 2012
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
TRAVEL AND TOURISM INDUSTRY OVERVIEW
The Travel and
Tourism Industry represents a wide spectrum of global economic activity
spanning countries across the world and includes not just large commercial hubs
and capital cities, but also smaller towns and villages as well as remote rural
destinations. It is one of the world’s largest industries or economic sectors,
representing a major contributor to GDP, employment, exports and taxes for many
global economies.
In 2011, the
Travel and Tourism Industry contributed over USD 6 trillion to the global
economy, or 9% of global gross domestic product (GDP) and accounted for 255
million jobs worldwide. The rapid rise in global demand for Travel and Tourism
over the past few decades has been spurred by the rise in living standards
across the world, fuelled by growing wealth and aspirations and aided by
increasing global commerce, trade and connectivity across nations and their
people.
In the Asia
Pacific region specifically, the direct contribution of Travel and Tourism to
the region’s GDP in 2012 was USD 614 billion (2.7% of GDP) and is forecast to
rise by 5.2% to USD 646 billion in 2013. India and China are expected to emerge
as two of the leading tourism markets in next 10 years
The industry is
showing signs of recovery following the last economic recession, which saw
falling demand for tourism activity as consumers postponed trips to concentrate
their household budgets on more essential areas. As disposable incomes rise and
a social trend towards travelling and exploring new destinations grows, the
global tourism industry is attracting greater number of consumers eager to
travel and experience life in other countries or just optimize time off work to
unwind by taking holidays.
Over the next ten
years, emerging tourism markets are expected to start reaping greater benefits
from their investments in Travel and Tourism development. While the USA, China,
Japan and Germany are expected to retain their leading positions in terms of
total Travel and Tourism Demand (in absolute terms), China and India are
expected to be amongst the leaders in terms of annual growth in Travel and
Tourism between 2010 and 2022, with a CAGR of 15% and 11% respectively in terms
of Travel and Tourism’s Direct Contribution to GDP.
Despite numerous
challenges that impacted the industry, including terror attacks, epidemics,
economic slowdown and natural disasters, international Travel and Tourism
demand has shown noteworthy growth. New emerging markets and consumer segments
will continue to fuel the Industry’s growth trajectory, with e and m-Commerce
adding impetus.
INDIAN TRAVEL, TOURISM AND FOREIGN EXCHANGE
INDUSTRY
India represents
an attractive market for both inbound tourism and outbound tourism. On the
inbound side, a recorded 5,000 year history, rich cultural heritage of art and
architecture, natural beauty, diversity of religions, culture, food and customs
as well as alternative medicine etc., fascinate budget and luxury travellers
alike.
Tourism in India
has registered significant growth in the recent years. With rising incomes,
growing aspirations and increasing globalization the Indian traveller is
travelling both within India and abroad for leisure, more than ever before. A
growing airline, train and bus network, increased competition, cheaper fares
and improvement in travel related infrastructure such as airports, stations,
roads and hotels have all contributed to this. The Tourism sector also holds
immense potential for the growth and development of the Indian economy
providing impetus to other industries through both backward and forward
linkages to contribute significantly to the country’s GDP.
Air transportation
sales are forecast to grow dramatically thanks to low air travel penetration. Low-cost
carriers are helping to shake up the market. Domestic travel is predicted to
reach 1.6 billion trips by 2016 driven by the desire of the rising middle
classes to explore their own country. (Source: World Travel Market Global
Trends Report 2012) India’s tourism
industry overlaps with and contributes to related industries such as civil
aviation, transport and hospitality. Domestic tourism is strong, and leisure
and pilgrim tourism are both leading sectors. Rising income is fuelling
outbound travel, with Singapore, Malaysia and Thailand as popular destinations.
Overseas tourist arrivals in India are forecast to record yearly growth of 8%
through 2014. The industry is fragmented and intensely competitive, though not
very organized.
The domestic
travel and tourism spending has grown from USD 31.9 billion in 2000 to USD
79.31 billion in 2010, registering a CAGR of 8.0%. The visitor export has grown
from USD 3.6 billion in 2000 to USD 14.7 billion in 2010, registering a CAGR of
15.1%. The domestic travel and tourism spending and the visitor export are
expected to register CAGR of 11.0% and 8.2% respectively, over the period 2010
– 2020.
Foreign Tourist
Arrivals (FTAs): FTAs in India during 2012 were 6.65 million with a growth of
5.4%, as compared to the FTAs of 6.31 million in 2011, a growth of 9.2% during
the year 2011 over 2010.
Foreign Exchange
Earnings (FEEs) from Tourism: FEEs from tourism in rupee terms during 2012 were
` 94487 crore with a growth of 21.8%, as compared to the FEEs of ` 77591 crore
with a growth of 19.6% during the year 2011 over 2010. FEEs in USD terms during
the month of December 2012 were USD 1.93 billion as compared to FEEs of USD
1.69 billion during the month of December 2011 and USD 1.56 billion in December
2010
After touching an
all time low of 54.30 in 2011, Rupee gained some ground in the 1st quarter
after the Reserve Bank of India (RBI) came out with a slew of measures to curb
the Rupee freefall. But with the overall global economic conditions worsening,
especially the Eurozone crisis, the Rupee was hit in the 2nd Quarter where it
touched a new low of 57.32. With the Eurozone conditions improving a bit in the
3rd quarter, the risk appetite improved after the RBI also cut
interest rates which took the pressure off the Rupee eventually taking the
Rupee to a high of 51.35. But overall with the global risks remaining intact,
the Rupee continued to remain under pressure and trade above the 50 mark.
The GBP suffered
on the back of the Central Bank’s policy to infuse liquidity into the system
and also due to a series of austerity measures. This led to a fall in the GDP
which eventually affected the currency. The global downturn also made matters
worse.
EUR was in the
thick of things in 2012. Right from the Greek financial issue to fears of a
breakup of the Eurozone, the markets were constantly on tenterhooks. Some bold
steps by the European Central Bank in the second half of the year aided the
Eurozone recovery which eventually led to a bit of calm in the global markets.
TRAVEL AND RELATED SERVICES
LEISURE TRAVEL
(OUTBOUND):
Leisure Travel
expanded its distribution network by opening several new stores and appointing
new franchisees across the country and launched an array of new products to
meet a wide range of customer needs. These new products are targeted at new
customer segments and also offer customer friendly options such as Marathi/
Gujarati/ Jain/ South Indian tours. The need to market the Company’s outbound
tours and outbound travel related services to increase awareness and generate
business, resulted in significant marketing and advertising costs.
Devaluation of the
Rupee has resulted in the outbound traveler spending more to get the foreign
currency of the destination. Further, rising fuel costs has resulted in higher
airline ticket prices while inflation has resulted in higher operating costs.
These factors have together made outbound travel more expensive and travellers
have reduced the frequency of outbound travel. This has tempered the high
growth rate of the outbound tourism industry. Despite these factors affecting
the Company’s outbound business, the business continues to grow.
In 2012, with a
diverse range of international holiday packages covering group escorted tours,
customised holidays and ad hoc groups, the company’s product portfolio includes
short break getaways, family sightseeing tours, adventure holidays, eco and
wild life packages, special interest experiences, honeymoon-romantic escapades,
and more.
Escorted group
departures for 2012 included: Europe, USA-Canada, Australia-New Zealand, Asia,
Africa and the Middle East. New destinations introduced were Russia, Oman,
Vietnam and Cambodia. The array of customised holidays showcased diverse
options of seat-incoach holidays, rail tours, van tours, cruises and self-drive
vacations.
The Company
introduced new experiences in 2012:
·
Regional Tours were launched to target the emerging
Tier II and III markets- specialised Marathi (Vishwa Parikrama), Hindi (Satrangi),
Kannada, Gujarati and Tamil group tours with regional language-speaking tour
managers and the comfort of home style meals.
·
Holiday Supermarket – The Company was the first to
launch Summer 2013 group tours as early as October 2012, via a unique concept
of “Holiday Supermarket”.
·
Rock On Holidays- India’s first youth centric
travel product range- was launched to tap the strong potential Youth market: a
delightful diversity of youthful experiential itineraries at destinations
handpicked to enthuse young travellers.
·
48H Holidays - For the growing breed of impatient
last minute Indian travellers, the company launched an empowering consumer
initiative “48H Holidays” (48 Hour Holidays), with a promise of delivering an
international holiday in just 48 hours.
·
Travel and
Learn: This unique new product was launched to harness the growing
potential of student travel - tours combining education and fun, challenge
young minds and catering to not just students, but also faculty with novel ways
of imparting knowledge.
·
Trade Fairs: This new business vertical was
launched to focus on the business traveller, whether SME, Indian corporates or
MNCs, attending Trade Fairs worldwide.
·
A pioneering initiative was commencement of DMC
(Destination Management Company) Operations in Europe by the Outbound Business.
Direct contracting with local hotels and ground suppliers will bring benefits
of superior pricing and control over operations and service delivery.
VISA AND PASSPORT
BUSINESS:
This four-year old
vertical of the company with over 0.15 million transactions for the year is
growing from strength to strength. Apart from catering to the Travel Businesses
of the company, it has added direct external customers for their visa, passport
and ancillary services [Attestations, Legalization, Apostille, Translation,
Notarization of documents, Foreigners Regional Registration Office (FRRO)
registration/ visa extension/ exit permit, procures People of Indian Origin
(PIO) / Overseas Citizen of India (OCI) cards]. Additionally, The Company has
tied up with attorneys to service the long-term immigration visas/ work permits
required by corporates for their projects abroad to move their resources to
these countries.
The content site
developed by the business has now been packaged and is being promoted and sold
as a reckoner to the travel industry and is also being shared with internal
businesses for visa information. Informative and rich in content, it
facilitates travelers who wish to apply for visas and provides detailed information
to intermediary customers and agents. It also has an online tracker enabling
tracking the documents through its various stages of processing.
TCI, a subsidiary,
has also incorporated a new company, styled TC Visa Services (India) Limited,
to handle the visa, passport and other allied services. It is expected to
commence operations in the present year. They expect this to increase
efficiency.
The business is
poised for further growth in view of increase in Indians with high disposable
incomes travelling overseas on holidays. The business continues to face
challenges and risks in the form of biometrics processes being introduced by
some of the Missions and the Passport offices which eliminate the use of
intermediaries. ‘Visas on Arrival’ being granted to Indians in selective cases,
pose the challenge of fewer visas being processed.
E-BUSINESS:
The online travel
industry is continuing to boom. According to reports of 2011, the industry grew
by 47% (y-o-y) in December 2011. Whilst there are no reports available for 2012
as yet, trade estimates peg the industry growth at 30% for the year ended
December 2012. Whilst the flights market is still growing; a large part of the
growth is coming from the hotels and holidays segment
This channel
continues to be a focus area for the Company. The year 2012 saw several new
developments on the website with the launch of new products (international
hotel bookings, foreign exchange booking) and the launch of the new interface.
The call center was also strengthened in 2012 and saw a marked growth in
bookings. The Company also strengthened its position in the agents segment that
uses the online booking portal to serve the customer better. The company also
made a foray into the social media space in 2012 in order to connect and engage
with its customers on Facebook and Twitter.
Continuous efforts
are on to build this channel. Holidays and Forex would be the key focus area
for online in 2013 along with a strategic focus on the mobile commerce.
CENTRE OF LEARNING:
In the context of
high growth, increasing customer expectations and a highly competitive
environment, talent management has become a critical challenge of the Tourism
and Travel Industry. The company’s foray into Tourism Education with “Centre of
Learning”- is hence another innovative and key initiative to develop talent for
not merely the organization, but rather the Industry as a whole. Hence, the
primary objective of Centre of Learning is to proactively facilitate talent
management and to grow, harness and nurture the skill sets in the Tourism and
Travel Industry. It is run by a group of dedicated, knowledgeable people headed
by the Vice President and Head – Centre of Learning.
Centre of Learning
serves as a guide and mentor to the travel industry via several forums,
industry meets and associated education programs like: Certificate Course in
World Tour Management, Domestic Certificate course in ‘My India My Way, IATA/
UFTAA – Foundation/ Consultant Course, Travel Professional Program, PGDM in
International Business, MBA – Tourism (Distance Learning).
The Centre of
Learning has been selected for another year in a row a 2013 South Asia Top
Performing IATA Authorized Training Centre (ATC). In recognition of its role in
developing the people for the tourism industry in India, by reaching out to the
next generation of leaders, IATA strongly recognizes and supports COL’s
efforts. The below criteria has been used to distinguish COL:
·
Number of students you trained in 2012
·
The students’ exam pass rate throughout 2012
The Centre of
Learning has tied up with Pondicherry University to offer its MBA – Tourism
(Distance Learning) at the Mumbai Centre. In doing so, the company has become
the first and only non academic partnership with the Pondicherry University to
offer the MBA distance learning courses.
Centre of Learning
has been awarded destination trainings to travel agents pan India by Swiss and
Egypt Tourism Boards.
FOREIGN EXCHANGE BUSINESS PERFORMANCE:
The year 2012 saw
the overall volumes increase by 5.7% despite the uncertainty that surrounded
the Rupee for most part of the year.
The year saw
appreciable growth of our portfolio of retail products. The strong leisure
travel trends for both group and individual travel business and the outreach
program with channel partners helped grow the Holiday foreign exchange business
by 22%. With change of visa norms in the UK, the student business was sluggish
but with more students going to Australia and Canada things improved towards
the end of the year. The ‘Maintenance of close relatives’ was another product
which saw tremendous growth on account of channel activation and awareness
creation through marketing, with volume growth upwards of 30%. Retail Encashments
saw a moderate growth during the year.
Corporate remained
cautious while spending on travel and foreign exchange. The company continued
focus on acquisition of new clients and strived to provide un-paralleled
customer service along with a suite of products, which led to a moderate
increase of 9% in volumes.
The company
extended its distribution reach from 174 locations in 77 cities last year to
215 locations in 90 cities. This is the largest network of branches among all
Indian Foreign Exchange players and reflects the commitment of the company to
be accessible to as many customers across the country.
The company
further strengthened its Inward Remittance business both from a penetration
perspective as well as from a business growth perspective. According to the
latest issue of the World Bank’s ‘Migration and Development Brief’, released on
20th November, 2012, India is expected to have received USD 70 billion in the
year 2012 and to have remained the top recipient of Inward remittances for the
fifth consecutive year. The company has grown its inward remittance business at
a faster clip than this growth in the overall inward remittance market and
ended the year with over 16,800 agent locations across the country. The number
of transactions grew at a CAGR of 30% over the last 3 years. With the rollout
of the Money Gram Money Transfer service at over 1,000 branches of State Bank
of India, the company expanded its network and added further impetus to the
growth in the business. The company also enhanced productivity of network in
key areas which will drive future growth in this business in the years to
come. The company launched its own
Prepaid Travel Card in association with MasterCard and Access Prepaid Worldwide
and with it became the first non bank institution to be permitted by RBI to do
so. The Card known as “Borderless Prepaid” is one of its kind Multi Currency
card with the capacity to hold 8 currencies in one single card along with a
host of other benefits. The prepaid foreign exchange card market is worth USD
1.6 Billion. This product wills not only help the company attain the leadership
position in this market but also to convert the currency/ traveller’s cheques
preferring customers to carry prepaid cards, thereby enhancing the overall
prepaid cards market. In the year 2012,
the company launched foreign exchange ordering services online at its website
www.thomascook.in, thus becoming the first player in the market to do so.
For the coming
year, the company will continue its efforts to strengthen the retail business
by providing innovative products, by differentiating itself through excellent
customer service and by expanding its online and offline reach. The company is
committed to engage with the discerning customer who wants his travel related needs
to be fulfilled swiftly and without any hassles. To achieve this objective, the
company will strengthen the online proposition along with a robust call centre.
The company will also invest in marketing activities and reach out to its
target customer base to inform them about new products, services and
distribution channels. The company will focus on the offline distribution model
as well, through network expansion and on-boarding of more channel
partners. The foreign exchange business
reorganized itself in 2012 to make the structure more agile and concentrate on
new areas of growth. The efforts to fortify the structure will continue in the
coming year as will cost management through efficiency and productivity
improvement leading to bottom-line growth.
The company also
plans to invest in new technologies to keep pace with the changing needs of the
customers and to ensure seamless delivery. A new system for foreign exchange
business will be launched in the year 2013, which will lead to better response
times, improved management reporting and reduction of effort for the employees.
Volatility in
exchange rate, increasingly stringent compliance requirements, increasing
competitive intensity, risk of obsolescence and adverse economic conditions are
some key external factors that could impact the business adversely. However,
the company is exploring every possible avenue to mitigate these risks.
FINANCIAL PERFORMANCE
The company has
posted profit before tax of Rs. 737.900 millions (previous year Rs. 828.800
millions) and the profit after tax of Rs. 492.100 millions (previous year Rs.
559.100 millions). On a consolidated basis, the profit before tax stood at Rs.
770.800 millions (previous year Rs. 806.400 millions) and the profit after tax
was Rs. 504.400 millions (previous year 562.400 millions).
INFORMATION TECHNOLOGY
There are four
mega trends in the Information Technology (IT) world shaping the way
information is getting generated and consumed today. These trends are (1)
Mobility and Internet, (2) Social Media, (3) Cloud Computing and (4)
Consumerization of IT. The company continues to explore the impact of these
mega trends and is working to deploy innovative IT application around these
mega – trends.
The company also
continues to invest in its IT infrastructure to support various business
applications and has made use of various networking service providers like
Airtel – Bharti, Tata, BSNL etc. for its communication needs. The internet is
also used to connect remote users to our business applications with necessary
security. The relevance of managing online reputation has also gained immense
significance in today’s world. The company has already established its presence
on popular social media platforms like Facebook and Twitter to ‘listen’ to
opinions expressed by various consumers about the company and channel it to the
Customer Relationship Management Teams.
As the IT systems
and related processes get embedded into the ways of working for the
organization, there is continuous focus on IT security and a reliable disaster
management process to ensure that all critical systems are always available.
These policies are periodically reviewed and tested for efficiency and
adequacy. Based on the current state assessments, appropriate changes to the
information security policies and practices are being considered to protect the
company’s information assets.
The company is
also partnering with leading IT vendors and service providers to build innovative
applications that exploit the nexus of mobility, internet, cloud and consumer
experience. These will be deployed to solve complex business problems in the
coming years. Information Systems Security Committee (ISSC): The internal
information security is governed by the Information System Security Policy
(ISSP). As noted, the policy is implemented and monitored by the ISSC. The
Committee consists of members from the Business Process Improvement and Audit department and the Human Resources
Department. Member from the Information Technology (IT) department acts as
Rapporteur.
The Committee
meets quarterly before each of the Risk Committee Meetings. It also meets when
significant changes take place in the Information Systems and/or Technology
that would affect the security and control perspective favourably/ adversely
and on any significant breaches of the security/ security policy. This
Committee has overall responsibility for all areas concerning IT security.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
JUNE, 2013
(Rs. in Millions)
|
PART 1 |
|
|
|
|
Particulars |
Quarter ended
30th June 2013 (Unaudited) |
Quarter ended 31st March 2013 (Unaudited) |
Half year ended 30th June 2013 (Unaudited) |
|
1 Income
from Operations |
|
|
|
|
(a) Financial and Travel and Related
Services |
1239.570 |
654.150 |
1893.720 |
|
(b) Human Resource Services |
- |
- |
- |
|
(c) Other Operating income |
56.710 |
36.080 |
92.790 |
|
Total income from operations (Net) (a+b+c) |
1296.280 |
690.230 |
1986.510 |
|
2 Total Expenditure |
|
|
|
|
(a) Employee Cost |
424.410 |
303.970 |
728.380 |
|
(b) Advertisement Cost |
15.500 |
74.750 |
90.250 |
|
(c) Depreciation/Amortisation |
27.640 |
27.290 |
54.930 |
|
(d) Other Expenditure |
256.920 |
248.160 |
505.080 |
|
(e) Total (a + b + c + d) |
724.470 |
654.170 |
1378.640 |
|
3 Profit / (Loss)
from operations before other income, finance costs and exceptional items (1 -
2) |
571.810 |
36.060 |
607.870 |
|
4 Other Income |
14.390 |
20.840 |
35.230 |
|
5 Profit
/ (Loss) from ordinary activities before finance costs and exceptional items
(3 + 4) |
586.200 |
56.900 |
643.100 |
|
6 Interest and Finance expenses |
89.110 |
68.330 |
157.440 |
|
7 Profit
/ (Loss) from ordinary activities after finance costs but before
exceptional items (5 - 6) |
497.090 |
(11.430) |
485.660 |
|
8 Exceptional Items |
- |
- |
- |
|
9 Profit
/ (Loss) from ordinary activities before tax (7 + 8) |
497.090 |
(11.430) |
485.660 |
|
10 Tax Expense |
172.380 |
(3.830) |
168.550 |
|
11 Net
Profit / (Loss) from ordinary activities after tax ( 9 - 10 ) |
324.710 |
(7.600) |
317.110 |
|
12 Extraordinary items (net of tax expense) |
- |
- |
- |
|
13 Net Profit / (Loss) for the period ( 11 -
12 ) |
324.710 |
(7.600) |
317.110 |
|
14 Share of Profit / (loss) of associates |
- |
- |
- |
|
15 Minority interest |
- |
- |
- |
|
16 Net Profit / (Loss) after taxes, minority
interest and share of profit / (loss) of associates (13 + 14 + 15) |
324.710 |
(7.600) |
317.110 |
|
17 Paid-up Equity Share Capital (Face Value
of Re. 1 per Share) |
247.540 |
213.160 |
247.540 |
|
18 Reserves Excluding Revaluation Reserve |
- |
- |
- |
|
19 Earnings Per Share (EPS) (Not
Annualised) (a) Basic
EPS (Rs.) (b) Diluted
EPS (Rs.) |
1.45 1.41 |
(0.04) (0.03) |
1.42 1.38 |
|
20 Interest Coverage Ratio |
26.41 |
NA |
28.98 |
|
21 Debt Service Coverage Ratio |
26.41 |
NA |
28.98 |
|
PART II |
|
||
|
A PARTICULARS OF SHAREHOLDING |
|
||
|
Particulars |
Quarter ended
30th June 2013 (Unaudited) |
Quarter ended
31st March 2013 (Unaudited) |
Half year ended
30th June 2013 (Unaudited) |
|
1 Public Shareholding - Number
of Shares - Percentage
of Shareholding |
61884575 25.0% |
27504969 12.9% |
61884575 25.0% |
|
2 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 - %
to the total shareholding of promoter and promoter group - %
to the total share capital of the Company |
185653725 100.0% 75.0% |
185653725 100.0% 87.1% |
185653725 100.0% 75.0% |
|
Particulars |
Quarter ended 30th June 2013 |
|
B
INVESTOR COMPLAINTS Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the
quarter |
Nil Nil |
Notes:
1. The results for the Quarter and Half year ended 30th June 2013 have
been reviewed by the Audit Committee in its meeting held on 30th July, 2013 and
were approved by the Board of Directors in its meeting of date.
2. The standalone results for the quarter and half year ended 30th June,
2013 have been subjected to limited review by the statutory auditors in
compliance with Clause 41 of the listing agreement with the Stock Exchanges.
3. The Company issued and allotted 34.380 Millions equity shares for cash
at a price of Rs 53.50 per equity share (including share premium of Rs 52.50
per equity share) aggregating to Rs 1839.309 Millions by way of an
Institutional Placement Programme (IPP), on 7th May, 2013, under Chapter VIII-A
of the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009, as amended, with the conditions prescribed by
SEBI, vide its letters dated 8th March, 2013 and 15th April, 2013. Upon issue
of equity shares under the IPP on 7th May, 2013, the promoter, Fairbridge
Capital (Mauritius) Limited's shareholding in Thomas Cook (India) Limited has
reduced from 87.1% to 75% in line with Clause 40A (ii)(d) of the Equity Listing
Agreement.
4. Out of the proceeds of Rs 1839.309 Millions from the aforementioned
issue of shares under the IPP, Rs. 1566.956 Millions was used to part finance
the acquisition of 74.85 % interest in IKYA Human Capital Solutions Private
Limited (IKYA) by acquiring equity shares and mandatorily convertible
preference shares (representing up to 74.85% of the share capital on a fully
diluted basis) pursuant to the Share Purchase Agreement dated 5th February,
2013 Rs. 60.179 Millions was used to meet the issue related expenses and the
balance amount was used to meet the working capital requirements of the
company.
5. The consolidated unaudited results for the quarter and half year ended
30th June 2013 include the consolidated unaudited results of IKYA for the
period 14th May 2013 to 30th June 2013 and consequently the same are not
comparable with the consolidated results of the corresponding previous periods.
6. Consequent to the acquisition of IKYA, income from operations also
includes IKYA's revenue from Human Resource Services.
7. Previous period figures have been regrouped where necessary.
(Rs.
in Millions)
|
Particulars |
30th June 2013 (Unaudited) |
|
EQUITY AND LIABILITIES |
|
|
Shareholders' funds (A) Capital (B) Reserves
And Surplus |
253.450 5882.560 |
|
Share application money pending allotment |
- |
|
Minority Interest |
- |
|
Non -current liabilities (A) Long-term
borrowings (B) Deferred
Tax Liability ( Net) (C) Other
long term liabilities (D) Long-term
provisions |
1016.350 47.000 241.170 |
|
Current liabilities (A) Short-term
borrowings (B) Trade
payables (C) Other
current liabilities (D) Short-term
provisions |
464.690 1890.670 1727.300 118.340 |
|
Total |
11641.530 |
|
ASSETS |
|
|
Non-current assets (A) Fixed
assets (B) Goodwill
on consolidation (C) Non-current
investments (D) Deferred
tax assets (net) (E) Long-term
loans and advances (F) Other
non-current assets |
665.330 -- 4529.330 -- 439.450 186.160 |
|
Current assets (A) Current
investments (B) Inventories (C) Trade
receivables (D) Cash
and Bank (E) Short-term
loans and advances (F) Other
current assets |
200.000 -- 2549.540 1733.590 1097.070 241.060 |
|
Total |
11641.530 |
BUSINESSWISE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER & HALF
YEAR ENDED 30TH JUNE, 2013
(Rs. in Millions)
|
|
Quarter ended
30th June 2013 (Unaudited) |
Quarter ended
31st March 2013 (Unaudited) |
Half year ended
30th June 2013 (Unaudited) |
|
1 Segment Revenue |
|
|
|
|
(a) Financial Services |
96.330 |
77.410 |
173.740 |
|
(b) Travel and Related Services |
1199.950 |
612.820 |
1812.770 |
|
(c) Human Resource Services |
- |
- |
- |
|
Net Revenue from Operations |
1296.280 |
690.230 |
1986.510 |
|
2 Segment Results |
|
|
|
|
Profit before Taxation and Interest |
|
|
|
|
(a) Financial Services |
53.620 |
41.320 |
94.940 |
|
(b) Travel and Related Services |
670.990 |
112.600 |
783.590 |
|
(c) Human Resource Services |
- |
- |
- |
|
Total |
724.610 |
153.920 |
878.530 |
|
Less: Interest and Finance expenses |
89.110 |
68.330 |
157.440 |
|
Common Expenditure |
138.410 |
97.020 |
235.430 |
|
Profit / (Loss) from ordinary activities
before tax |
497.090 |
(11.430) |
485.660 |
|
3 Capital Employed |
|
|
|
|
(a) Financial Services |
1314.070 |
1432.510 |
1314.060 |
|
(b) Travel and Related Services |
2259.890 |
2347.600 |
2259.890 |
|
(c) Human Resource Services |
1624.700 |
- |
1624.700 |
|
Sub Total |
5198.660 |
3780.110 |
5198.650 |
|
Add: Common Capital Employed |
937.350 |
197.810 |
937.360 |
|
Total |
6136.010 |
3977.920 |
6136.010 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
(i) Claims against the Company not acknowledged as debts: |
|
|
|
- Demand from Bombay Electricity Supply and Transport (BEST) for
Electricity charges |
1.961 |
1.961 |
|
- Revocation of Bank Guarantee given to Airports Authority of India |
0.000 |
5.387 |
|
- Disputed claims made by clients |
2.634 |
0.000 |
|
(ii) Disputed Income Tax demands |
47.098 |
20.556 |
|
(iii) Disputed Service Tax demands |
2055.699 |
1288.637 |
|
(iv) Disputed Demand for increase in rent raised by Brihanmumbai
Municipal Corporation |
49.615 |
45.481 |
|
Note: Future cash
outflows in respect of (i) to (iv) above are determinable only on receipt of
judgments/decisions pending with various forums/ authorities. |
||
FIXED ASSETS:
Tangible Assets
·
Office Building
Leasehold
Improvements
Furniture and
Fixtures
Computers
Office Equipment
Vehicles
Computers
Vehicles
Intangible Assets
·
Goodwill
Software
PRESS RELEASES
THOMAS COOK INDIA COMMENCES
FOREIGN EXCHANGE SERVICES FROM THIRUVANANTHAPURAM INTERNATIONAL AIRPORT
Mumbai, December 31,
2012: Thomas Cook
(India) Limited, India’s largest integrated travel and travel related financial
services company, launched two Foreign Exchange Counters at Thiruvananthapuram
International Airport, Kerala, today. The dedicated Foreign Exchange counters,
located at both the Departure and Arrival Terminals, will offer passengers a
range of foreign exchange services, like buying and selling currency and travellers
cheques and prepaid cards while travelling to and from the country. The Foreign
Exchange operations was inaugurated by Mr. V.N Chandran, Director
–Thiruvananthapuram International Airport.
With the opening of the new airport counters at Thiruvananthapuram
International Airport, Thomas Cook India now offers its customers access to 11
dedicated Foreign Exchange outlets across the state of Kerala, including
Thiruvananthapuram (M.G. Road, S L Theatre & Manacaud), Kollam, Kottayam,
Kochi (M.G. Road, Kochi International Airport), Thrissur, Calicut and Kannur.
Thomas Cook (India) Limited is now operational at 23 airport counters across
Mumbai, Delhi, Bengaluru, Kochi, Chennai, and now in Thiruvananthapuram.
Mr. Madhavan Menon, Managing Director, Thomas Cook (India)
Limited said, “Thiruvananthapuram plays
a significant role in our “gateway strategy“ at Thomas Cook India, and I am
delighted with the inauguration of our Foreign Exchange counters- at both the
departure and arrival terminals.
He added: Thiruvananthapuram
International Airport is at once a key commercial hub and a prominent tourist
gateway for Kerala. Our outlets at Thiruvananthapuram International Airport
will bring to the diversity of our customers (foreign nationals and NRIs, as
also our outbound and returning Indian travellers) not just the reliability of
Brand Thomas Cook but also convenience and access at both departure and arrival
points of a gateway location.”
About Thomas Cook
(India) Limited:
Thomas Cook is the largest integrated travel and travel
related financial services company in the country offering a broad spectrum of
services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel,
Insurance, Visa & Passport services and E-Business. The Company set up its first
office in India in 1881, and has been providing world-class travel service for
132 years. Thomas Cook’s pioneering heritage as inventor of the world’s first
package holiday (1841) was followed by a number of innovations and marketing
initiatives that we take for granted today, such as the pre-paid hotel coupon
(in 1868), holiday brochures (1858) and travellers cheques (1874).
TCIL’s footprint currently extends to over 253 locations
(including 23 airport counters) in 102 cities across India, Mauritius & Sri
Lanka and is supported by a strong partner network of 124 Gold Circle Partners
and 169 Preferred Sales Agents in over 100 cities pan India.
The Brand Trust Report™, India study 2012, has ranked Thomas
Cook (India) Limited as The most Trusted Brand in Travel Services. Thomas Cook
India has also been honoured with the prestigious “Favourite Specialist Tour
Operator" award at the Condé Nast Traveller Readers' Travel Awards 2011
& 2012 and was conferred with the CNBC AWAAZ - “ Best company providing
foreign exchange” in India for the third year in a row. In addition, Thomas
Cook (India) Limited has been awarded the ‘Most Trusted Tour Operator Brand’ by
the Times Travel Honours 2011 and also recognized as a “Superbrand” 2011-2012
by consumers for excellence in travel services. TCIL was awarded the
prestigious National Tourism Award (2010-2011) for ‘Outstanding Performance’ as
an ‘Inbound Tour Operator’ in Category I, third position.
About Fairfax
Financial Holdings Limited:
Fairfax Financial Holdings is a Toronto-based financial
services holding company with a global presence in insurance and reinsurance
and a portfolio of assets in excess of $30 billion invested worldwide. The
Company, founded in 1985 by the present Chairman and Chief Executive Officer,
Prem Watsa, has over the past 25 years, demonstrated a strong financial track
record to achieve an annual appreciation in Book Value per Share of 24.7%
annually.
Fairfax has almost 20 general insurance subsidiaries and
joint ventures globally, including ICICI Lombard (India). The portfolio also
includes several market leading insurance companies such as Odyssey Re (USA),
Crum & Forster (USA), First Capital (Singapore), Fairfax Brasil (Brazil),
Gulf Insurance (Kuwait). Fairfax is engaged in long term investments from its
own resources, with a focus to delivering long term capital appreciation
through a flexible and value oriented approach.
THOMAS COOK (INDIA) LIMITED LAUNCHES
APP FOR WINDOWS 8 USERS
Only app offering both travel and
foreign exchange
Mumbal, December 20, 2012: Thomas Cook
(India) Limited, India's
largest integrated travel and travel related financial services company, launched the thomascook.in App for Windows 8, a
unique customer empowering app offering a host of travel and foreign exchange
services on the go. This app is available free of cost and can be downloaded
from the Windows Store.
Thomas Cook India was the first
company to offer foreign exchange via its Windows 8 app and is today the only
Travel Company to offer both Forex and Travel on the new Windows 8 platform.
With dynamic Foreign Exchange rates
(for 26 global
currencies) powering its simple and convenient ordering mechanism,
thomascook.in is both a handy guide and an effective transactive tool for holiday
makers, the business traveler and students.
Thomas Cook India's internal research
has reiterated that the evolving Indian traveler is constantly on the look-out
for new destinations and engaging travel experiences. Its Windows 8 app hence
provides invaluable support with weekly destination features, holiday deals
& a delightful diversity of packages-both domestic and international.
Commenting on the launch of this new
app, Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Limited said,
"Indian travelers are researching and booking online like never before.
Thomas Cook's pioneering heritage as the inventor of the
world's first package holiday and travelers' cheques continues unabated, and
keeping up with today's tech savvy customer, is increasingly driven by
technology This innovative, customer^empowering Windows 8 thomascook.in app
with its unique interface, provides our customers with yet another way to
explore and order their holidays and forex online
and on the move delivering a smooth & enriching travel experience".
Speaking of the app, Amrlsh Goyal,
Director - Windows Business Group, Microsoft Corporation India Private
Limited said, "thomascook.in on Windows 8 is exactly what the OS
is all about - providing the consumers with access and convenience on the go. This app will
provide first class travel and foreign exchange services to Windows 8 users
with features on weekly destinations, an array of domestic and international
holiday packages and a lot more. We are very
excited about this unique addition to the steadily growing Windows Store which
has an array of some amazing apps.
The Win 8 Forex Store App can be used
to plan and buy domestic and international holidays with attractive offers.
Moreover, one can also see forex rates, buy forex,
send/receive money, and a lot more.
THOMAS COOK (INDIA)
LIMITED HONOURED WITH ‘SUPERBRAND 2011-12’
Travel Corporation
(India) Limited wins at the National Tourism Awards
Mumbai, March 9, 2012: Superbrands is a global organisation
dedicated to recognise, showcase and pay tribute to the best brands in each
country. For the 4th edition of Consumer Superbrands, Thomas Cook (India)
Limited has been accorded with the ‘Superbrand 2011-12’ status. Thomas Cook
(India) Limited was selected by consumers and then by an independent
Superbrands Council comprising eminent professionals from India’s corporate
sector.
Superbrands is a concept that originated in the UK in 1993,
to chronicle case studies of exceptional brands, to pay tribute to them and
their brand guardians. It recognises the brand custodian’s persevering efforts
to build brands that are strong on consumer perceptions, making them more
resilient to fluctuating economic conditions. Participation in Superbrands is
strictly by invitation and since its inception; 86 countries have already
published 293 volumes featuring more than 12,500 case studies.
Travel Corporation (India) Limited (TCI), a 100% subsidiary
of Thomas Cook (India) Limited was awarded the third position for ‘Outstanding
Performance’ as an ‘Inbound Tour Operator Category-I’ by Smt. Pratibha Patil,
Honorable President of India at the National Tourism Awards 2010-1011. The
Ministry of Tourism along with the Government of India presents National
Tourism Awards annually, to various segments of the travel, tourism and
hospitality industry in recognition of their performance in their respective
fields.
Commenting on this occasion, Mr. Madhavan Menon, Managing
Director, Thomas Cook (India) Limited said,
“It is indeed an honour for us to receive such high accolades from our
customer, the industry and the government, and a delightful reiteration of our
leadership position. Thomas Cook (India) Limited being accorded the status of a Superbrand and then TCI winning the
National Tourism Award for inbound travel is a testament of both our commitment
to our customers via our exceptional portfolio of products-services and unique
travel experiences, as also our focus on service excellence.”
THOMAS COOK INDIA VOTED FAVOURITE
"SPECIALIST TOUR OPERATOR" AT THE CONDE NAST
TRAVELLER READERS1 TRAVEL AWARDS 2012, FOR THE SECOND
CONSECUTIVE YEAR.
Mumbai, December 4, 2012: Thomas Cook (India) Limited,
India's largest integrated travel and travel related financial services company,
was chosen as the "Specialist Tour Operator" at the Cond6 Nast
Traveller Readers' Travel Awards 2012, for the second consecutive year.
The Conde Nast Traveller Readers'
Travel Awards, recognized internationally as a benchmark for excellence in travel
and tourism, is widely acknowledged as the most prestigious awards in the
travel industry. Its discerning and well travelled audience was asked to
determine the finest that India has to offer, and Thomas Cook (India) Limited was voted
number one, again.
The Favourite Tour Operator award is
based on the following criteria:
First-hand knowledge of destination -
Flexibility of arrangements • Level of expertise * Range of
accommodation • Reliability * Service/staff * Value for money * Variety of
destinations
offered
Mr. Madhavan Menon, Managing Director, Thomas Cook (India)
Limited said, "It is an honour to
receive this prestigious award, and to be acknowledged by Conde Nast's highly
discerning and sophisticated travelers, as the best Specialist Tour Operator in
India. The award is recognition of our sustained endeavours through innovation
in product development and excellence in service delivery."
He added, "At Thomas Cook India,
our customer is always at the heart of every initiative, and our people strive
relentlessly to ensure customer delight. Given that this was the only Tour
Operator category, being voted numero-uno, and by Conde Nast's undoubtedly
demanding audience, is high praise indeed for our exceptional people,"
"With a pioneering heritage as
the inventor of the world's first package holiday (1841), we have consistently
set benchmarks for the industry, and we welcome 2013 as an opportunity for us
to further raise the bar."
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 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. 61.69 |
|
|
1 |
Rs. 98.59 |
|
Euro |
1 |
Rs. 83.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
ANK / BVA |
SCORE and 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 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--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 |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 and 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.