MIRA
INFORM REPORT
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Report Date : |
08.09.2014 |
IDENTIFICATION DETAILS
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Name : |
COX AND KINGS LIMITED (w.e.f. 29.07.2010) |
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Formerly Known
As : |
COX AND KINGS ( |
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Registered
Office : |
1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.06.1939 |
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Com. Reg. No.: |
11-011352 |
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Capital
Investment / Paid-up Capital : |
Rs.682.600 Millions |
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CIN No.: [Company Identification
No.] |
L63040MH1939PLC011352 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject is engaged in Tours and Travel activity. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track
record. Financial position of the company seems to be sound. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered for any normal for business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic development
in the dragon economy and has figured out something that is quite worrying. He
is of the view that the Chinese economy could be heading toward trouble on
account of new Chinese President Xi Jingping’s very aggressive anti-corruption
drive. Chanos believes tat many things such as apartment sales, luxury
products, etc. were largely bought with dirty money. And it is now beginning to
impact consumption. This may indeed be bad news for an economy that is
struggling to transition from an investment-driven export-oriented economy to a
domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized return
of 15.5 % ! However, while these returns may seem mouthwatering, the fact is
that the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term fund based bank facilities: “AA-” |
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Rating Explanation |
Have high adequate degree of safety and carry low credit risk. |
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Date |
14.01.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term fund based bank facilities: “A1+” |
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Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
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Date |
14.01.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-22709100)
LOCATIONS
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Registered/ Corporate Office : |
1st Floor, Turner Morrison Building, 16 Bank Street, Mumbai
– 400023, Maharashtra, India |
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Tel. No.: |
91-22-22709100 |
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Fax No.: |
91-22-22709161 |
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E-Mail : |
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Website : |
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Branch Offices : |
Located at: · Mumbai · Chennai · Pune · Ahmedabad · Bangalore · Goa · Delhi · Kolkata · Kochi · Jaipur · Hyderabad |
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Overseas Office : |
Located at: · UK · USA · Japan · Russia · Singapore · Dubai |
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Associates Offices: |
Located at: · Germany · Italy · Spain · South Africa · Sweden · Australia |
DIRECTORS
As on 31.03.2013
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Name : |
Mr. A. B. M. Good |
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Designation : |
Non-Executive Chairman |
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Name : |
Mr. Peter Kerkar |
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Designation : |
Non-Executive Director |
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Name : |
Ms. Urrshila Kerkar |
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Designation : |
Executive Director |
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Name : |
Mr. Pesi Patel |
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Designation : |
Independent Director |
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Name : |
Mr. M. Narayanan |
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Designation : |
Independent Director |
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Name : |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Anil Khandelwal |
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Designation : |
Chief Financial Officer |
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Name : |
Ms. Rashmi Jain |
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Designation : |
Company Secretary |
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Name : |
Mr. Abhishek Goenka |
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Designation : |
General Manager in Finance |
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BOARD COMMITTEES |
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AUDIT COMMITTEE : |
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Name : |
Mr. M. Narayanan |
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Designation : |
Chairman |
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Name : |
Mr. A. B. M Good |
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Designation : |
Member |
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Name : |
Mr. Pesi Patel |
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Designation : |
Member |
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Name : |
Mr. S. C. Bhargava |
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Designation : |
Member |
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REMUNERATION COMMITTEE : |
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Name : |
Mr. Pesi Patel |
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Designation : |
Chairman |
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Name : |
Mr. M. Narayanan |
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Designation : |
Member |
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Name : |
Mr. A.B. M. Good |
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Designation : |
Member |
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Name : |
Mr. Peter Kerkar |
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Designation : |
Member |
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Name : |
Mr. S. C. Bhargava |
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Designation : |
Member |
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SHAREHOLDERS’ / INVESTORS GRIEVANCES COMMITTEE : |
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Name : |
Mr. Pesi Patel |
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Designation : |
Chairman |
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Name : |
Mr. A. B. M Good |
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Designation : |
Member |
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Name : |
Mr. M. Narayanan |
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Designation : |
Member |
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Name : |
Mr. S. C. Bhargava |
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Designation : |
Member |
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FINANCE COMMITTEE : |
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Name : |
Ms. Urrshila Kerkar |
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Designation : |
Chairperson |
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Name : |
Mr. Peter Kerkar |
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Designation : |
Member |
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Name : |
Mr. Arup Sen |
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Designation : |
Member |
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Name : |
Mr. S. C. Bhargava |
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Designation : |
Member |
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Name : |
Mr. Anil Khandelwal |
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Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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5914000 |
4.37 |
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48199217 |
35.58 |
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54113217 |
39.94 |
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8784504 |
6.48 |
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18346560 |
13.54 |
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27131064 |
20.03 |
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Total shareholding of Promoter and Promoter Group (A) |
81244281 |
59.97 |
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(B) Public Shareholding |
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2829797 |
2.09 |
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3891634 |
2.87 |
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27158094 |
20.05 |
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33879525 |
25.01 |
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11594157 |
8.56 |
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|
5184241 |
3.83 |
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|
1991531 |
1.47 |
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1579596 |
1.17 |
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857296 |
0.63 |
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80700 |
0.06 |
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478969 |
0.35 |
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162631 |
0.12 |
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20349525 |
15.02 |
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Total Public shareholding (B) |
54229050 |
40.03 |
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Total (A)+(B) |
135473331 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
1054559 |
0.00 |
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|
1054559 |
0.00 |
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Total (A)+(B)+(C) |
136527890 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
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|
2,15,38,368 |
15.78 |
18616146 |
86.43 |
13.64 |
15.78 |
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2 |
Kubber Investment (Mauritius) Private Limited |
1,83,46,560 |
13.44 |
0 |
0.00 |
0.00 |
13.44 |
|
3 |
LIZ Investments Private Limited |
86,63,807 |
6.35 |
6029384 |
69.59 |
4.42 |
6.35 |
|
4 |
Sneh Sadan Graphic Services Limited |
84,66,000 |
6.20 |
0 |
0.00 |
0.00 |
6.20 |
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5 |
LIZ Investments Private Limited |
64,97,042 |
4.76 |
0 |
0.00 |
0.00 |
4.76 |
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6 |
Anthony Bruton Meyrick Good |
60,39,832 |
4.42 |
0 |
0.00 |
0.00 |
4.42 |
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7 |
Urrshila Kerkar |
46,39,600 |
3.40 |
3849600 |
82.97 |
2.82 |
3.40 |
|
8 |
Sneh Sadan Graphic Services Limited |
30,34,000 |
2.22 |
2284000 |
75.28 |
1.67 |
2.22 |
|
9 |
Ajay Ajit Peter Kerkar |
27,44,672 |
2.01 |
2389633 |
87.06 |
1.75 |
2.01 |
|
10 |
Elisabeth Kerkar |
12,74,400 |
0.93 |
1274400 |
100.00 |
0.93 |
0.93 |
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Total |
8,12,44,281 |
59.51 |
34443163 |
42.39 |
25.23 |
59.51 |
(*) 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
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Smallcap World Fund INC |
10592000 |
7.76 |
7.76 |
|
|
2 |
ICICI Prudential Life Insurance Company Limited |
5824171 |
4.27 |
4.27 |
|
|
3 |
Macquarie Bank Limited |
4042533 |
2.96 |
2.96 |
|
|
4 |
Life Insurance Corporation of India |
2600000 |
1.90 |
1.46 |
|
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5 |
Copthall Mauritius Investment Limited |
2014000 |
1.48 |
1.90 |
|
|
6 |
Reliance Capital Trustee Company Limited A/c Reliance Regular Saving Funds Equity Option |
2000000 |
1.46 |
1.48 |
|
|
7 |
Doric Asia Pacific Small Cap Mauritius Limited |
1850000 |
1.36 |
1.36 |
|
|
8 |
Manulife Global Fund Asian Small Cap Equity |
1756647 |
1.29 |
1.29 |
|
|
|
Total |
30679351 |
22.47 |
22.47 |
|
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Smallcap World Fund INC |
10592000 |
7.76 |
7.76 |
|
|
|
Total |
10592000 |
7.76 |
7.76 |
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BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Tours and Travel activity. |
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Brand Names : |
“Cox and Kings” |
GENERAL INFORMATION
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No. of Employees : |
Information declined by management |
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Bankers : |
· State Bank of India · Axis Bank Limited · IDBI Bank Limited · Central Bank of India · Societe Generale |
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Facilities : |
NOTE (AS ON
31.03.2013) LONG TERM BORROWINGS (a) Secured Non-Convertible debentures to the extent Rs. 1700.000 Millions (Previous Year Rs. 5000.000 millions) are secured by First Pari Passu charge on all Fixed and Current Assets of the Company. (b) Secured Non-Convertible debentures to the extent Rs. 1000.000 millions (Previous Year Rs. 1000.000 millions) are secured by First Pari Passu charge on all Current Assets of the Company. (c) Secured Term Loan from Bank to the extent Rs. 267.700 millions (Previous Year Rs. 473.500 millions) is secured against Credit Card Receivables, second charge on the current assets of the company, present and future, and Personal Guarantee of two Directors. (d) Secured Term Loan from Bank to the extent Rs. 223.700 millions (Previous Year Rs. 333.100 millions) is secured by first ranking charge on all Current Assets, both present and future, excluding credit card receivables. (e) Vehicle Loans are secured by hypothecation of respective vehicles purchased. (f) A Promoter Director has given Personal Guarantee for unsecured loan Rs. 500.000 millions SHORT TERM BORROWINGS Working Capital Loan is secured by first pari passu charge on all Fixed and Current Assets of the Company, personal guarantee of two Promoters companies and two directors. Working
Capital Loan Rs. Nil Millions (Previous year Rs. 10,000 Millions) is secured
by First charge on one Residential flat and whole of Current Assets of the
Company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Joint Venture: |
Royale Indian Rail Tours Limited |
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Associate / Group
Company: |
· Tulip Star Hotels Limited · Radius Global Travel Limited |
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Enterprises over which Key Management Personnel
and their relatives exercise significant influence : |
· Far Pavilions Tours and Travels Private Limited · Ezeego One Travel and Tours Limited |
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Subsidiary
Companies: |
· Clearmine Limited UK · Cox and Kings Destination Management Services Limited · Cox and Kings Tours LLC, Dubai · Cox and Kings Singapore Private Limited · Quoprro Global Limited · Cox and Kings Asia Pacific Travel Limited · Quoprro Global Services Pvt Limited · Cox and Kings Global Services Private Limited · Cox and Kings Japan Limited · Cox and Kings Destinations Management Services Pvt Limited (With effect from 9th November 2011) · Prometheon Enterprise Limited · Cox and Kings (UK) Limited · Cox and Kings Travel Limited · East India Travel Company Inc, · Cox and Kings (Shipping) Limited · Cox and Kings Special Interest Holidays Limited · Cox and Kings Tours Limited · Cox and Kings Enterprises Limited · Cox and Kings Holdings Limited · ETN Services Limited · Cox and Kings Finance Limited · Cox and Kings Finance (Mauritius) Limited · Cox and Kings (Agents) Limited · CandK Investments Limited · Grand Tours Limited · Cox and Kings (Australia) Pty Limited · Tempo Holidays Pty Limited · Tempo Holidays NZ Limited · Cox and Kings Nordic Pty Limited · Prometheon Holdings Private Limited · Prometheon Holdings Limited · Cox and Kings Global Services (Singapore) Pte Limited (With effect from 7th July 2011) · Cox and Kings Global Services Management (Singapore) Pte Limited (With effect from 8th July 2011) · Cox and Kings GmBH · Quoprro Global Hellas, Greece · Cox and Kings Global Services LLC Dubai (With effect from 2nd March 2012) · Quoprro Global Services Pte. Limited · Quoprro Global Services Pvt Limited · Cox and Kings Consulting Service (Beijing) Co. Limited · Cox and Kings Global Services Sweden AB (with effect from 13th September 2012) · Cox and Kings Egypt (with effect from 12th June 2012) · Cox and Kings Global Services Lanka Pvt Limited (with effect from 7th August 2012) · Prometheon Holdings (UK) Limited (With effect from 30th June 2011)
· Prometheon Limited · Holidaybreak Limited · NST Limited · NST Transport Services Limited · SASu Le Chateau d’Ebblinghem · SARL Chateau d’Ebblinghem · PGL Air Travel Limited · PGL Voyages Limited · PGL Travel Limited · PGL Adventure Limited · Freedom of France Limited · Noreya SL · PGL Adventure SAS · Simpar Sasu · Chateau de Lamorlaye SCI · SCI Domaine de Segries · Hertford Travel Group Limited · European Study Tours Limited (With effect from 27th September · NST Holdings Limited 2011) · NST Travel Group Limited · PGL Group Limited · EST Transport Purchasing Limited · Explore Worldwide Limited · Explore Aviation Limited · Explore Worldwide Adventures Limited · Regal Diving and Tours Limited · Superbreak Mini-Holidays Limited · Business Reservations Centre Holland BV · Bookit BV · BV Weekendjeweg.nl · Business Reservations Centre Holland Holding BV · Superbreak Mini Holidays Group Limited · Greenbank Holidays Limited · Easycamp BV · ECAMP Gmbh · Eurocamp Travel AG · Ecamp AG · Eurosites BV ·
· Camping in Comfort BV · Keyline Continental Limited · Keycamp Holidays BV · Keycamp Holidays Ireland Limited · Eurosites AS · Eurocamp Travel BV · Camping Division Limited · Sites Services SARL · Greenbank Packages Limited · Greenbank Services Limited · Own A Holiday Home Limited · Holidaybreak Trustee Limited · Holidaybreak Holding Company Limited · Holidays Limited (With effect from 27th September · Holidaybreak Education Limited 2011) · Holidaybreak Reisevermittlung GmbH (formerly Eurocamp Travel GmbH) · Depot Starvillas SARL · Eurocamp Independent Limited · Eurocamp Limited · Eurocamp Travel GMBH · GHL Transport Limited · Holidaybreak Quest Trustee Limtied · Hotelnet Limited · SAS Travelworks France · Select Sites Limited · StarvillasLimited · Travelplus Group Gmbh · Travelworks UK Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : NOT AVAILABLE
Issued, Subscribed & Paid-up Capital : Rs. 682.600 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22,00,00,000 |
Equity Shares |
Rs.5/- each |
Rs. 1100.000 Millions |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13,65,27,890 |
Equity Shares |
Rs.5/- each |
Rs. 682.600 Millions |
|
|
|
|
|
Note:
1.1 3,88,87,890 equity share of face value Rs. 5/- each (Previous Year 3,88,87,890 equity shares of face value Rs. 5/- each) out of issued, subscribed and paid up share capital were alloted as bonus share in the past five years by capitalisation of reserves.
1.2 20,82,630 equity share of face value Rs. 5/- each (Previous Year 23,99,630 equity shares of face value Rs. 5/- each) out of issued, subscribed and paid up share capital were alloted in the past five years pursuant to the contract without payment being received in cash.
1.3 Number of Equity Shares held by each
shareholder holding more than 5% shares in the company are as follows:
|
Particulars |
31st March, 2013 |
|
|
No of Shares |
Share Holding in % |
|
|
Sneh Sadan Graphic Services Limited |
33,538,368 |
24.57% |
|
Kubber Investments (Mauritius) Private Limited |
18,346,560 |
13.44% |
|
Liz Investments Private Limited |
14,482,526 |
10.61% |
|
Smallcap World Fund Inc |
10,592,000 |
7.76% |
1.4 Reconciliation of
the no. of shares outstanding at the beginning and at the end of the year:
|
Particulars |
No of Shares
For the year ended on 31st March,
2013 |
|
|
No of shares |
|
No. of Equity Shares outstanding at the beginning of the year |
136,527,890 |
|
Add: Subdivision (Refer Note 1.5) |
-- |
|
Less: Equity Shares forfeited/Bought back during the year |
-- |
|
No. of Equity Shares outstanding at the end of the year |
136,527,890 |
1.5 The equity shares of the company of Face value of Rs. 10/- each were sub-divided into equity shares of Rs.5/-
with effect from June 22, 2011”
1.6 Terms/rights attached to equity shares:
The company has only one class of equity shares having a par value of Rs. 5/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
682.600 |
682.600 |
682.600 |
|
(b) Reserves & Surplus |
11616.200 |
10705.600 |
10331.000 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12298.800 |
11388.200 |
11013.600 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3518.800 |
3072.200 |
9032.600 |
|
(b) Deferred tax liabilities
(Net) |
129.500 |
104.000 |
15.400 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
9.000 |
|
Total
Non-current Liabilities (3) |
3648.300 |
3176.200 |
9057.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2657.600 |
2200.500 |
2550.000 |
|
(b) Trade payables |
594.700 |
1064.100 |
712.000 |
|
(c) Other current liabilities |
2781.600 |
2243.400 |
1253.500 |
|
(d) Short-term provisions |
642.300 |
190.000 |
169.800 |
|
Total
Current Liabilities (4) |
6676.200 |
5698.000 |
4685.300 |
|
|
|
|
|
|
TOTAL |
22623.300 |
20262.400 |
24755.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1780.800 |
716.500 |
585.700 |
|
(ii) Intangible Assets |
0.000 |
266.600 |
108.500 |
|
(iii) Capital work-in-progress |
0.000 |
23.900 |
111.200 |
|
(iv) Intangible assets under
development |
0.000 |
627.800 |
477.800 |
|
(b) Non-current Investments |
1169.400 |
1152.000 |
971.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
150.700 |
151.300 |
10147.800 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3100.900 |
2938.100 |
12402.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
280.600 |
280.700 |
280.700 |
|
(b) Inventories |
42.200 |
61.500 |
50.700 |
|
(c) Trade receivables |
6544.500 |
4737.900 |
3741.500 |
|
(d) Cash and cash equivalents |
2491.300 |
2708.200 |
3219.000 |
|
(e) Short-term loans and advances |
10163.800 |
9536.000 |
5061.800 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
19522.400 |
17324.300 |
12353.700 |
|
|
|
|
|
|
TOTAL |
22623.300 |
20262.400 |
24755.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
4185.955 |
3722.700 |
2957.800 |
|
|
Other Income |
539.767 |
234.900 |
318.200 |
|
|
TOTAL
(A) |
4725.722 |
3957.600 |
3276.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Advertisement Cost |
278.093 |
-- |
-- |
|
|
Rent |
306.966 |
-- |
-- |
|
|
Exchange Fluctuation Loss/
(Gain) |
3.740 |
-- |
-- |
|
|
Employees benefits expense |
990.743 |
886.200 |
715.900 |
|
|
Other expenses |
539.901 |
1032.100 |
802.600 |
|
|
TOTAL
(B) |
2119.443 |
1918.300 |
1518.500 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2606.279 |
2039.300 |
1757.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
460.958 |
863.700 |
570.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2145.321 |
1175.600 |
1187.400 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
215.830 |
181.600 |
98.500 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1929.491 |
994.000 |
1088.900 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
802.742 |
460.100 |
311.900 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1126.749 |
533.900 |
777.000 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
2355.800 |
2114.800 |
|
|
|
|
|
|
|
|
TAX
ON DIVIDEND PAYMENT FOR PREVIOUS YEAR |
NA |
0.700 |
0.300 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Debenture Redemption Reserve |
NA |
0.000 |
318.800 |
|
|
Transfer to General Reserve |
NA |
40.100 |
58.300 |
|
|
Proposed Dividend |
NA |
136.500 |
136.500 |
|
|
Tax on Proposed Dividend |
NA |
22.100 |
22.100 |
|
|
Balance
Carried to the B/S |
NA |
2690.300 |
2355.800 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Travel, Tour and other receipts (As certified by Bankers) |
NA |
781.200 |
976.300 |
|
|
TOTAL
EARNINGS |
NA |
781.200 |
976.300 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.25 |
3.91 |
5.69 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
23.84 |
13.49
|
23.72
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
46.09 |
26.70
|
36.81
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.99 |
5.38
|
4.69
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.09
|
0.10
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.50 |
0.46
|
1.05
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.92 |
3.04
|
2.64
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
682.600 |
682.600 |
682.600 |
|
Reserves & Surplus |
10331.000 |
10705.600 |
11616.200 |
|
Net
worth |
11013.600 |
11388.200 |
12298.800 |
|
|
|
|
|
|
long-term borrowings |
9032.600 |
3072.200 |
3518.800 |
|
Short term borrowings |
2550.000 |
2200.500 |
2657.600 |
|
Total
borrowings |
11582.600 |
5272.700 |
6176.400 |
|
Debt/Equity
ratio |
1.052 |
0.463 |
0.502 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2957.800 |
3722.700 |
4185.955 |
|
|
|
25.860 |
12.444 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2957.800 |
3722.700 |
4185.955 |
|
Profit |
777.000 |
533.900 |
1126.749 |
|
|
26.27% |
14.34% |
26.92% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Secured |
|
|
|
|
Term Loans from Banks |
NA |
370.400 |
368.900 |
|
Vehicle Loans from Banks |
NA |
0.100 |
1.200 |
|
Vehicle Loans from Others |
NA |
0.100 |
0.600 |
|
Unsecured |
|
|
|
|
Term Loan from Bank |
NA |
500.000 |
0.000 |
|
Total |
NA
|
870.600
|
370.700 |
|
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 |
No |
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10394956 |
05/12/2012 |
2,360,000,000.00 |
STATE BANK OF INDIA |
NEVILLE HOUSE, J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B65160319 |
|
2 |
10352456 |
23/04/2012 |
1,300,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B38305827 |
|
3 |
10334090 |
26/03/2012 * |
500,000,000.00 |
TOURISM FINANCE CORPORATION OF INDIA LIMITED |
IFCI TOWER, 61, NEHRU PLACE, NEW DELHI - 110019, INDIA |
B37587540 |
|
4 |
10330976 |
06/03/2013 * |
400,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B70307681 |
|
5 |
10334877 |
06/03/2013 * |
1,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B70769187 |
|
6 |
10206569 |
18/03/2010 |
3,556,430,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R.KAMANI MARG, BA |
A81004392 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Non Convertible Debentures |
250.000 |
2000.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Term Loan |
750.000 |
1550.000 |
|
Total |
1000.000 |
3550.000
|
COMPANY’S PERFORMANCE
This year was a satisfactory year for C&K Group, as the India business continued its stellar performance, and Holidaybreak Limited was successfully integrated into the Subject fold and FY’13 being the first full year since the acquisition in September 2011.
INDIA BUSINESS
Subject had another great year in the India business. Subject saw healthy growth in Outbound and Domestic travel, within both the leisure retail and corporate MICE category. Subject growth in the leisure retail business can be attributed to three factors – i) Increased penetration across Tier I cities and smaller towns owing to deeper distribution network ii) Increased market share for organized tour operators, as customers increasingly move away from the unorganized travel agency segment iii) Repeat business from existing customers as they travel more frequently than ever before. They are seeing a growing trend of customers taking multiple weekend breaks during the year, in addition to an annual holiday thus accelerating growth. Growth in corporate MICE business has been substantial, as a result of Subject investment into cementing strong relationships with several respected Indian corporate houses (both large and mid-sized).
DISTRIBUTION NETWORK:
Talking about the distribution network, Subject franchised network of stores currently reach more than 70 cities, tapping pent up demand for high quality holiday experience across international and domestic destinations at competitive prices. Subject in-house call centre network, manned by knowledgeable and trained staff, apart from assisting customers with their various information needs, is now getting better traction in converting phone and email enquiries into sales. The Subject web portal is well equipped to provide comprehensive holiday information to customers, apart from the ability to book online if the customer chooses to. Strong distribution has helped Subject expand their reach within the country.
This wide reach has also made subject a preferred partner for various international and domestic tourism boards and other suppliers to promote newer destinations and holiday experience worldwide.
AWARDS AND RECOGNITION
INDIA
• ‘Best Outbound Tour Operator 2012’awarded by CNBC Awaaz.
• ‘Best Outbound Tour Operator’ awarded by Hospitality India and Explore the World Annual International Awards, 2012
• ‘Best Travel Company of 2012’ awarded by TAAI Travel Awards, 2012.
• ‘Best Domestic Tour Operator’ awarded by TAAI Travel Awards, 2012
• Best International Tour operator for Wildlife of the Year 2012, by The Travel Operators for Tigers (TOFT)
• ‘Best Luxury Operator’ at the 2012 Globe Travel Awards
• PATA Gold Award 2012 in the Marketing Media - Consumer Travel Brochure (BR) category for its entry, “Luxury Escapades”
• Best Inbound Tour Operator from UK’ awarded by the Ministry of Tourism, Govt of India (2012-2013)
SUBSIDIARIES
SUPERBREAK
• TTG – Agent Website of the Year (Sept ‘12)
• Travel Weekly – Best Operator UK Holidays (Jan ‘13)
• Worldchoice – Voted Best UK Operator
• SPAA -2012 – Winner of Best Short Break Operator and Best Hotel Booking Company
CAMPING
• British Travel Awards 2012: Best Medium Family Tour Operator (Eurocamp)
• British Travel Awards 2012: Best Overall Camping and Mobile Operator (Eurocamp)
• The Camping Division has achieved a five star responsible tourism classification from AITO, the highest rating achievable
• The Camping Division have FSC certification for using paper from approved, sustainable sources
EXPLORE
• British Travel Awards 2012: Best Overall Escorted Experience Tour Operator for Promoting Responsible Tourism
• British Travel Press Award 2012: Travel Editors Green Award of the Year
• AITO Awards 2012: Best Innovative Sustainable Tourism Initiative
• Travel Trade Awards 2012: Special Interest Tour Operator of the Year (Travel Agents’ Choice Awards) and Star Adventure/Activity Holidays Specialist (Travel Bulletin Star Awards)
• Explore has achieved a five star responsible tourism classification from AITO, the highest rating achievable
REGAL
• Sport Diver 2012: Best Tour Operator Finalist
• Regal has achieved a three star responsible tourism classification from AITO
PGL
• Youth Sport Trust Business Awards – Winner 2012 – For outstanding contribution towards supporting young people through the power of PE and sport
• French Tourist Board Schools Operator of the year 2012
• Achieved re-certification of the Carbon Saver Gold Standard in March 2012.
COX and KINGS UK
• Awarded the Best Overseas Tour Operator to India from the UK at the Indian National Tourism Awards (March, 2013)
• UK’s Compass magazine shortlisted (list of 5) for the Consumer Travel Publication of the Year at the British Travel Press Awards (November, 2012)
• Won the “International Tour Operators for Wildlife Promotion” award for 2012 at the Travel Operators for Tigers (TOFT) awards (October 2012)
COX and KINGS, USA
• One of the best tour operators in Travel and Leisure's Best Awards 2012 for Africa.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY
Travel and Tourism (T&T) is one of the largest industries globally and contributes over 9% to the global GDP. The direct contribution of T&T in the year 2012 has been estimated at USD 2.06 trillion. Over the next ten years, it is forecasted to grow much faster than the global GDP, at an annual growth rate of 4.4% to USD 3.45 trillion. Its contribution to the global GDP is expected to increase from 9% to 10% in the year 2023.
During the year 2012, despite a tough global macroeconomic environment, global Travel and Tourism grew by a strong 3.2% in revenue while the tourism export grew by 4.7%. Asia was the fastest growing destination and origin market. The industry achieved a key landmark as the international tourist arrival crossed 1 billion.
The total number of international tourist arrival during the year was 1.035 billion against 0.996 billion in the year 2011. Over half of this was in European countries and nearly a quarter in the Asia Pacific region. The Company has a very strong presence in both the regions.
South East Asia and Central and Eastern Europe were one of the fastest growing regions during the year. Country wise, India saw the second fastest growth in International Tourist receipts at 22% just after Japan, which grew by
37% in 2012 after a sharp drop in the international tourist inflow post Tsunami in the year 2011.
Globally, USD 1.24 trillion is estimated to have been earned through visitor exports in the year 2012. It is expected to grow at 3.1% in the year 2013 to USD 1.28 trillion and at a CAGR of 4.2% to USD 1.9 trillion by the year 2023.
The global leisure travel spending during the year was USD 3.2 trillion and is expected to rise at a CAGR of 4.6%, to USD 5.2 trillion by the year 2023. It is estimated to grow by 3.2% in 2013 to reach USD 3.3 trillion. The total business travel spending during the year was USD 1.0 trillion and is expected to grow at a CAGR of 4.1% to USD 1.57 billion by the year 2023. It is estimated to grow by 3.1% in 2013 to reach USD1.05 trillion.
INDIA BUSINESS
They had another great year in the India business as revenues grew by 26% to INR 3722.700 millions and EBITDA grew by 29% to INR 1863.800 millions. They saw healthy growth in their Outbound and Domestic travel, within both the leisure retail and corporate MICE category. Their growth in the leisure retail business can be attributed to three factors – i) Increased penetration across Tier I cities and smaller towns owing to their deeper distribution network ii) Increased market share for organized tour operators, as customers increasingly move away from the unorganized travel agency segment iii) Repeat business from existing customers as they travel more frequently than ever before. Growth in corporate MICE business has been substantial, as a result of their investment into cementing strong relationships with several respected Indian corporate houses (both large and mid-sized). Growth in Inbound business was a bit muted this year. This is because the cost of premium hotels in popular tourist destinations such as Rajasthan and Kerala shot up during the key inbound season thereby making holidays into India for overseas customers very expensive this year, when compared with other destinations in Asia and beyond.
Talking about their distribution network, their franchised network of stores currently reach more than 100 town/ cities, tapping pent up demand for high-quality holiday experience across international and domestic destinations
at competitive prices. Their in-house call centre network, manned by knowledgeable and trained staff, apart from assisting customers with their various information needs, is now getting better traction in converting phone and email enquiries into sales. The Cox and Kings web portal is wellequipped to provide comprehensive holiday information to customers, apart from the ability to book online if the customer chooses to. Strong distribution has helped them expand their reach within the country. This wide reach has also made them a preferred partner for various international and domestic tourism boards and other suppliers to promote newer destinations and holiday experience, worldwide.
EDUCATION BUSINESS
It was another good year for their key education brands, viz. PGL and NST. Revenues grew by 9% to INR 4905.500 millions. EBITDA (including 100% Meininger) grew by 26% to INR 2857.500 millions. PGL further consolidated its market leadership position in the UK schools market, witnessing better than industry growth. They focused on consolidating their operations, to reduce costs, particularly during the lean business period from Oct-Mar. As part of that strategy, they closed two smaller centres, one each in UK and France, totaling 300 beds. They successfully moved the schools business of these two centres into other larger PGL centers nearby, thereby, reducing centre overheads costs without impacting bookings. Thereby, current PGL bed capacity stands at ~8900 beds across 23 centres (including 19 owned centres).
Meininger continued its rapid expansion in the European market. They opened two new hotels during the year – Berlin airport hotel and Amsterdam hotel, together ~1200 beds across 375 rooms. Apart from healthy first year revenues from the two new hotels in FY13, they witnessed growth through driving higher occupancies in existing bedstock. Their deepening ties with leading European student tour operators resulted in strong uptick from that segment. In addition, their popularity among youth travelers, looking forclean, affordable city-centre accommodation, has helped increase business, with bookings done through internet, phone or walk-ins. During the year, they closed down two smaller hotels in Berlin (~450 beds) and replaced it withthe signing of a larger 830 bed hotel in the same city. As Meininger gathers momentum in the European youth andstudent travel market and they are able to attract more traffic, they believe it makes imminent sense to operate larger hotels resulting in higher margins.
CAMPING BUSINESS
They had mixed results in their Camping business this year with revenues declining by 7% to INR 3205.700 millions and EBITDA growing by 13% to INR 1483.100 millions. The Jun- Aug period is the key camping holiday season in Europe (coinciding with school summer holidays). But, their customers in UK, which is the highest yielding market for the business, replaced their annual camping holiday with the London Olympics, a once-in-a-lifetime experience for most UK citizens. This resulted in a YoY decline in their revenues. They however softened the impact by controlling the employee and marketing expenses during the business season and the subsequent off-peak months.
OTHER INTERNATIONAL LEISURE BUSINESSES
Their International Leisure Businesses comprise of their European operations (through C&K UK outbound, Hotelbreaks, Explore soft adventure holidays and inbound operations through CKDMS), Australia, Dubai, US and Japan. Revenues grew by 6% to INR 6079.000 millions while EBITDA was similar to FY12
at INR 2080.300 millions. They managed a flattish FY13 performance in Europe, despite difficult economic conditions. For Explore, they consolidated their ground handling operations in key destinations with other subject operations, driving better bargains to generate savings. Explore distribution in the Australian market saw encouraging offtake. During the year, C&K group leveraged on Superbreak’s strong supplier relationship in the UK market (~2000 hotels) to obtain better pricing for its leisure tours. They saw strong growth at their Dubai operations, benefitting from increased inbound business, driven by key subject markets of India and Australia. In addition, the outbound business from Dubai is also seeing good traction, with impetus coming from their NRI customer base. Business in their Australian operations was soft through the year, achieving marginal growth. Their business in US grew well, driven by an expanded product portfolio of luxury FIT and Group Tour options. In addition, the shifting of their operational base from Tampa to Los Angeles has helped them tap a larger customer base. Their operations in Japan continued to face headwinds during the year. During the year, they concluded the sale of Djoser, their soft adventure holiday business in Netherlands. Djoser, a small-sized operation within the Holidaybreak business, was seeing a declining revenue trend in the face of tough business environment and insufficient synergy opportunities with Cox and Kings Group. The business was disposed off as the management time being spent far outweighed any future improvement in business prospects.
In addition to the Leisure, Education and Camping businesses discussed above, subject also provides outsourced visa processing services to diplomatic missions around the world. During the year, they continued their investments into this business. New business operations during the year included Indian Embassy in Sweden and Italian Consulate in Dubai.
BUSINESS OUTLOOK FOR FY14
The total market for Packaged Holiday Sales in India reached INR 235 bn in 2011, growing at an annual rate of 8.4%, as per Euromonitor International report. They believe the organized sector grew at twice this pace. The Indian outbound segment is still quite a nascent market. As per Ministry of Tourism India statistics, total outbound departures from India in 2011 were 14.2 mn, with a significant percentage still being business travel or Visiting Friends and Relatives (VFR) trips. As per estimates, total outbound departures from India would reach 50 mn by 2020. Benefiting from this trend, they believe organized packaged holiday segment will continue its healthy growth over the medium-term.
They remain extremely bullish about their prospects in the Indian market for FY14 and further beyond. As several Indians take their first overseas holidays, clubbed with multiple domestic short-breaks over long weekendsduring the year, they are well-placed to benefit from this market expansion. They will continue to corner higher market share from the unorganized segment as customers demand superior holiday experience at affordable prices. They will also continue to grow their FIT holiday segment, designing customized holidays for the more seasoned travelers, offering them with the widest destinations choices achieved through their significant global sourcing platform. In addition, they are bullish about their prospects in the MICE business where they are taking market share from weaker and unorganized competition. They also expect a reduced working capital cycle in their corporaterelated business, due to shortening of the BSP cycle and promoting greater use of supplier purchase cards.
PGL, their Education residential outdoor centre brand for primary schools is well-placed to further consolidate its strong position among the UK private schools at the expense of weaker competition. PGL is also slowly stepping into the Public Schools market, currently catered by the Local Education Authorities (LEA), in an environment where the LEA are struggling to allocate adequate funds for the 200+ centres they operate across UK. They are very excited about their future prospects as this trend plays out over the next few years.
They completed the acquisition of the remaining 26% tranche in Meininger in April 2014 and will consolidate its full financials from FY14. Coinciding with that, they also opened their newest 720 bed hotel in Brussels on 1st May, taking the total capacity to 7340 beds across 16 hotels. They expect strong growth in this business, as they remain well placed as a prominent brand to cater to a robust student travel demand in Europe, apart from being a popular choice destination for young urban travelers.
The Camping brands of Eurocamp and Keycamp has already registered strong forward bookings visible for the 2014 season across their 8300 accommodation homes (including 7000 mobile homes). They will this year see growth from their highest yielding market of UK where they are the clear market leaders offering premium camping experience. This also clearly validates their belief that the revenue decline in FY13 could be attributed to exceptional conditions triggered by Olympics.
Within their international leisure operations, they are witnessing strong advance booking trends at “Superbreak”, a trend not seen for the last several years. Superbreak has begun to see the results of integration with subject executed through FY13. Superbreak’s enhanced product portfolio (packaged holidays to UK and other European destinations) and a refreshed IT platform, achieved through synergies with C&K group operations, has contributed dramatically to this turnaround. Their premium Outbound tour operator business in UK continues to focus on expansion in its core product areas for growth; through expansion of the range and style of holiday types on offer. They expect to see strong growth in their Dubai driven by both inbound and outbound, business. Their outlook for US operationsis positive with increased distribution of the Cox and Kings “Small Group Tours” business. Travel bookings in Australia are encouraging and they expect growth to be better than FY13, particularly travel to Europe.
BUSINESS OVERVIEW
They are an international travel and tours Company with operations in 26 countries around the globe, present in the Leisure holidays, Education travel and Camping holidays business through multiple brands. Their brand “Cox and Kings”, which has evolved over a period of more than 250 years, is one of the oldest, and they believe, one of the most recognized, names in the travel and tourism industry
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
|
31.03.2013 |
|
Guarantees: |
|
|
|
Corporate Guarantee given on behalf of wholly owned subsidiaries |
|
28468.500 |
|
Guarantees given by Bank |
|
2075.100 |
|
Tax demands |
|
|
|
Disputed income Tax Demand |
|
95.400 |
|
Advance income Tax paid against demand |
|
32.100 |
|
Disputed Service Tax demand |
|
1290.800 |
|
Legal Claims |
|
|
|
Claim against the Company not acknowledged as debts |
|
107.100 |
|
Total |
|
32069.000 |
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
30.06.2014
(Rs. In millions)
|
Sr.
No. |
Particulars |
Quarter ended 30.06.2014 (Unaudited) |
|
|
1 |
Income
from operations: |
|
|
|
|
(a)
Net sales/Income from operations |
1656.816 |
|
|
|
(b)
Other operating income |
0.000 |
|
|
|
Total
income from operations (net) |
1656.816 |
|
|
|
|
|
|
|
2 |
Expenses: |
|
|
|
|
a) Employee benefit expense |
257.850 |
|
|
|
b) Advertisement Cost |
139.505 |
|
|
|
c)
Rent |
82.858 |
|
|
|
d)
Exchange Fluctuation Loss/ (Gain) |
26.290 |
|
|
|
e)
Depreciation and amortization expense |
83.159 |
|
|
|
f)
Other Expenses |
153.811 |
|
|
|
Total
Expenses |
743.473 |
|
|
3 |
Profit / (Loss) from operations before other income, finance costs and
Exceptional Items (1-2) |
913.343 |
|
|
4 |
Other income |
171.553 |
|
|
5 |
Profit / (Loss) from Ordinary activities before Finance Cost and
Exceptional Items (3+4) |
1084.895 |
|
|
6 |
Finance costs |
165.811 |
|
|
7 |
Profit / (Loss) from Ordinary activities after Finance Cost but before
Exceptional Items (5-6) |
919.085 |
|
|
8 |
Exceptional Items |
0.000 |
|
|
9 |
Profit / (Loss) from Ordinary Activities before Tax (7+8) |
919.085 |
|
|
10 |
Tax Expense |
324.178 |
|
|
11 |
Net Profit / (Loss) from Ordinary Activities after Tax (9-10) |
594.907 |
|
|
12 |
Extraordinary
Items |
0.000 |
|
|
13 |
Net Profit / (Loss) for the period
(11-12) |
594.907 |
|
|
14 |
Paid
up Equity Share Capital (Face Value of Rs.5/- each) |
682.639 |
|
|
15 |
Reserve
excluding Revaluation reserve as per Balance Sheet |
|
|
|
16 |
Earnings
per share (EPS) (before and before extraordinary items) (in Rs.5/- each) (not
annualised) |
|
|
|
|
(a) Basic |
4.36 |
|
|
|
(b) Diluted |
4.36 |
|
|
16 |
Earnings
per share (EPS) (before and after extraordinary items) (in Rs.5/- each) (not
annualised) |
|
|
|
|
(a) Basic |
4.36 |
|
|
|
(b) Diluted |
4.36 |
|
|
|
|
|
|
|
PART
II |
|
||
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
1 |
Public
shareholding |
|
|
|
|
a. |
Number
of shares |
55283609 |
|
|
b. |
Percentage
of shareholding |
4.49 |
|
2 |
Promoters
and promoter group shareholding |
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
Number
of shares |
34443163 |
|
|
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
42.40 |
|
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
25.23 |
|
|
b. |
Non-encumbered |
|
|
|
Number
of shares |
46801118 |
|
|
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
57.60 |
|
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
34.28 |
|
Particulars |
Quarter ended 30.06.2014 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTE
Given the seasonal nature of the business of the Company, the results of any quarter may not be a true and/or proportionate reflection of the annual performance of the Company.
The Statutory Auditors have carried out a limited review of standalone results
for the quarter ended June 30, 2014. in compliance with clause 41 of the
listing agreement with the Stock Exchanges.
The above results were reviewed by the Audit Committee. The Board of Directors
at its meeting held on August 14, 2014 has approved the above results and its
release.
The above financial results are in accordance with the accounting policies consistently followed by the Company in preparation of its statutory accounts.
The principal business of company is Tours and Travels, all other activities of
the company revolve around or are connected with its principal business.
Considering this, the company has only one reportable business segment as per
Accounting Standard 17 - "Segment Reporting".
Tax Expense include Current Tax and Deferred Tax.
The figures for the corresponding period of the previous year have been
restated, regrouped wherever necessary, to make them comparable with the
current period.
Consequent to the enactment of the Companies Act, 2013 (the Act) and its
applicability for accounting periods commencing after April 01, 2014 the
Company has re-worked depreciation with reference to the estimated economic
lives of fixed assets prescribed by schedule II to the Act. In case of any
asset whole life has completed as above, the carrying value, net of residual
value, as at 1st April 2014 has been adjusted to the General Reserve and in
other cases the carrying value has been depreciated over the remaining of the
revised life of the assets and recognised in the Statement of Profit and Loss.
As a result, the charge for depreciation is higher by Rs. 24.900 Millions for
the quarter ended June 30, 2014.
The figures of the last quarter of previous financial year are the balancing
figures between audited figures in respect of full previous financial year and
the published year to date figure up to the third quarter of the previous
financial year.
FIXED ASSETS
v
Tangible
Assets
·
Leasehold Land
·
Building
·
Computers
·
Furniture and Fixtures
·
Electrical Equipments
·
Office Equipments
·
Motor Car
·
Lease Hold Improvement
v
Intangible
Assets
·
Computer Software
·
Trade Mark
·
Video
PRESS RELEASES
MTDC APPOINTS COX AND KINGS AS AN OUTSOURCED PARTNER FOR DECCAN ODYSSEY
AUGUST 26, 2014
The Maharashtra Tourism Development Corporation (MTDC), has appointed Cox and Kings Limited (CKL), as its outsourced partner to operate the luxury train, Deccan Odyssey from October 2014. This partnership will cover full management of on-board and off-board services, sales, marketing and operational activities. The agreement is for a period of 5 years with scope for extension for another 5 years.
Commenting on its decision to engage with CKL, Mr Sumit Mullick IAS, Additional Chief Secretary and Chief Protocol Officer, Govt of Maharashtra said, “With a long-term perspective and to boost the luxury train business, the MTDC has selected Cox and Kings. We are making efforts to showcase maximum possible destinations in Maharashtra. With the new partners, we are expecting innovative ideas to flow. The contract will be initially for five years and can be extended to 10 years.”
Dr Jagdish Patil, Managing Director, MTDC said, “Deccan Odyssey is a prestigious product of MTDC and a big attraction for foreign tourists. We have won several accolades for this luxurious train and our priority is to maintain that quality standard of services and facilities. This association with Cox and Kings will assure the desired level of professionalism to manage services which also need flexible itineraries suiting best to various demands of customers. Highly complex logistic arrangements have enabled us to offer 10 different itineraries for Deccan Odyssey.”
The award-winning luxury train of MTDC, Deccan Odyssey, has been one of the major attractions for the discerning tourists from across the globe. With the increasing foreign tourists to India, MTDC has put up an aggressive plan to promote this luxury train internationally.
The train has 21 coaches, out of which 12 are passenger cars accommodating 8 people per coach (10 passenger Cars, 4 coupes per coach - 2 Presidential Suite Cars, 2 coupes per coach), 1 Conference Car, 2 Dinning Cars, 2 Generator Cars with Luggage Store, 2 Staff, spare Car, 1 Spa Car, 1 Bar Car. The train has on-board facilities like T.V., Cable connection with central audio disc player, cell phones, Channel Music, Foreign exchange facilities, etc. The capacity of the train is 88 passengers.
Referring to this partnership, Mr Arup Sen, director, special projects, Cox and Kings Limited., said, “It is a privilege & pride to be appointed as the outsourced partner for the Deccan Odyssey and we will ensure that this spirit of partnership will benefit Maharashtra and enhance its position in India tourism.”
Ripe with romance, adventure and style, each luxury rail tour with the Deccan Odyssey is a once-in-a-lifetime experience. A range of short and long journeys give travellers a chance to explore India’s diverse, exotic locales and discover timeless traditions.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.60.44 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.