MIRA INFORM REPORT
|
Report No. : |
308552 |
|
Report Date : |
18.02.2015 |
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) : |
31.12.2013 |
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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. 253.596
Millions |
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CIN No.: [Company Identification
No.] |
L63040MH1978PLC020717 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged
in diversified businesses primarily working 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
: |
2686 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well-established company having fine track record. Financial position seems 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 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating AA- |
|
Rating Explanation |
High degree of safety and carry very low
credit risk. |
|
Date |
May 13, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
May 13, 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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-61603333)
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 · Chhattisgarh · Jharkhand · Madhya Pradesh · Orissa · Kerala · Punjab · New Delhi · Tamilnadu · Uttaranchal · Uttar Pradesh · Rajasthan · West Bengal |
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Airport Counters : |
Located at: · Mumbai · Ernakulum · 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 |
DIRECTORS
As on 31.12.2013
|
Name : |
Mr. Mahendra Kumar Charan Das Sharma |
|
Designation : |
Non-Executive Chairman-Independent |
|
Address : |
192 Centrum Towers Barkhat Ali Road, Near Wadala Flyover Wadala
(East), Mumbai – 400037, Maharashtra, India
|
|
Date of Birth/Age : |
04.05.1947 |
|
Date of Appointment : |
14.12.2010 |
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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 Pearl, 17th Road, Khar (West), Mumbai
– 400052, Maharashtra, India |
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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 : |
Non-Executive Independent Director |
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Address : |
201, Pine Viewm 9 Edward Road, Bangalore – 560052, Karnataka, India |
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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 : |
Non-Executive Independent 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 (West), Mumbai – 400090, Maharashtra,
India |
|
Date of Birth/Age : |
01.06.1965 |
|
Date of Appointment : |
01.12.1998 |
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Pan No.: |
AAHPK0996N |
|
|
|
|
Name : |
Mr. Menon
Madhavan |
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Designation : |
Managing
Director |
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|
Name : |
Mr. R.R. Kenkare |
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Designation : |
President and Head Legal and Company Secratry |
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|
Name : |
Mr. Debasis Nandy |
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Designation : |
President and Chief Financial Officer |
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Name : |
Mr. Rajeev Kale |
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Designation : |
Chief Operating Officer - Leisure Travel (MICE, Domestic, Cruises and
Sports Holidays) |
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Name : |
Mr. Amit Madhan |
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Designation : |
Chief Operating Officer – IT and E-Services |
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Name : |
Mr. Adrian Williams |
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Designation : |
Head – Human Resources |
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Name : |
Mr. Mahesh Iyer |
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Designation : |
Senior Vice President and Head – Foreign Exchange |
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Name : |
Mr. Prashant Narayan |
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Designation : |
Senior Vice President and Head – Leisure Travel (Inbound) |
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Name : |
Mr. Indiver Rastogi |
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Designation : |
Senior Vice President and Head – Global Enterprise Business |
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Name : |
Mr. Abraham Alapatt |
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Designation : |
Head Marketing |
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Name : |
Mr. Jatinder Paul Singh |
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Designation : |
Senior Vice President and Head – Sales and Distribution, Leisure
Travel (Outbound) |
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|
Name : |
Ms. Shibani Phadkar |
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Designation : |
Senior Vice President Leisure Travel (Outbound), Products and
Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and
Promoter Group |
||
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|
|
|
|
|
|
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|
185653725 |
72.96 |
|
|
185653725 |
72.96 |
|
Total shareholding of Promoter and
Promoter Group (A) |
185653725 |
72.96 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2926792 |
1.15 |
|
|
28239 |
0.01 |
|
|
6333494 |
2.49 |
|
|
30349445 |
11.93 |
|
|
39637970 |
15.58 |
|
|
|
|
|
|
6048219 |
2.38 |
|
|
|
|
|
|
21399695 |
8.41 |
|
|
1601878 |
0.63 |
|
|
110100 |
0.04 |
|
|
10100 |
0.00 |
|
|
100000 |
0.04 |
|
|
29159892 |
11.46 |
|
Total Public shareholding (B) |
68797862 |
27.04 |
|
Total (A)+(B) |
254451587 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
254451587 |
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 |
Details of Shares held |
|
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
||
|
1 |
Fairbridge Capital Mauritius Limited |
2,21,82,276 |
8.72 |
|
2 |
Fairbridge Capital Mauritius Limited |
16,34,71,449 |
64.24 |
|
|
Total |
18,56,53,725 |
72.96 |
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 |
as a % of diluted
share capital |
|
|
1 |
Morgan Stanfey Mauritius company Limited |
2572432 |
0.81 |
|
|
2 |
Kotak Mahindra (International) Limited |
4359365 |
1.38 |
|
|
3 |
Copthall Mauritius Investment Limited |
3907504 |
1.23 |
|
|
4 |
Citigroup Global Markets Mauritius Private Limited |
6458481 |
2.04 |
|
|
5 |
ICICI Preduntial Life Insurance company Limited |
6333494 |
2.00 |
|
|
6 |
India Capital Fund Limited |
3257692 |
1.03 |
|
|
|
Total |
26888968 |
8.48 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in diversified businesses primarily working 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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Products : |
- |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2686 (Approximately) |
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Bankers : |
¨
Axis Bank Limited ¨
Deutsche Bank ¨
HDFC Bank Limited ¨
ICICI Bank Limited ¨
IndusInd Bank Limited ¨
IDBI Bank Limited ¨
Kotak Mahindra Bank Limited ¨ State Bank of
India ¨ Bank of America |
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Facilities : |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountant |
|
Address : |
252 Veer Savarkar Marg, |
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PAN
No. : |
AABFL5878L |
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|
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|
Holding Company : |
Fairbridge Capital (Mauritius) Limited, Mauritius holds 87.10%
of Equity Shares of the Company |
|
|
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|
Ultimate Holding Company : |
Fairbridge Capital (Mauritius) Limited is a step down
subsidiary of Fairfax Financial Holdings Limited, Canada |
|
|
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|
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) ·
IKYA Human Capital Solutions Limited (w.e.f
May 14, 2013) ·
Avon Facility Management Services Limited (w.e.f
May 14, 2013) ·
CoAchieve Solutions Private Limited (w.e.f May
14, 2013) ·
Magna IKYA Infotech Inc. (w.e.f May 14,
2013) |
|
|
|
|
Fellow Subsidiaries : |
· Fairfax (Barbados) International Corp. |
CAPITAL STRUCTURE
After 30.05.2014
Authorised Capital : Rs. 2910.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 316.587
Millions
As on 31.12.2013
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 |
|
|
|
|
|
|
247,680,897 |
Equity Shares |
Re. 1/- each |
Rs. 247.681
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. 253.596 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
253.596 |
219.074 |
217.923 |
|
(b) Reserves & Surplus |
5854.298 |
3765.993 |
3328.434 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6107.894 |
3985.067 |
3546.357 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1012.423 |
22.231 |
16.063 |
|
(b) Deferred tax liabilities (Net) |
25.917 |
44.426 |
50.371 |
|
(c) Other long term
liabilities |
180.696 |
226.184 |
129.203 |
|
(d) long-term
provisions |
8.810 |
6.601 |
10.664 |
|
Total Non-current
Liabilities (3) |
1227.846 |
299.442 |
206.301 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
128.060 |
1820.862 |
2228.701 |
|
(b) Trade
payables |
1899.562 |
1149.091 |
1247.970 |
|
(c) Other
current liabilities |
1319.820 |
1225.900 |
873.148 |
|
(d) Short-term
provisions |
196.862 |
118.744 |
132.983 |
|
Total Current Liabilities
(4) |
3544.304 |
4314.597 |
4482.802 |
|
|
|
|
|
|
TOTAL |
10880.044 |
8599.106 |
8235.460 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
547.929 |
584.721 |
574.972 |
|
(ii)
Intangible Assets |
83.111 |
104.137 |
124.753 |
|
(iii)
Capital work-in-progress |
5.087 |
2.159 |
4.580 |
|
(iv)
Intangible assets under development |
36.227 |
13.253 |
16.104 |
|
(b) Non-current Investments |
4532.477 |
1939.982 |
1924.141 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
446.157 |
530.870 |
304.347 |
|
(e) Other
Non-current assets |
182.789 |
165.598 |
8.126 |
|
Total Non-Current
Assets |
5833.777 |
3340.720 |
2957.023 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1400.461 |
800.148 |
50.019 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
1761.596 |
1835.000 |
1933.033 |
|
(d) Cash
and cash equivalents |
927.883 |
1677.160 |
2455.326 |
|
(e)
Short-term loans and advances |
730.795 |
709.481 |
661.614 |
|
(f) Other
current assets |
225.532 |
236.597 |
178.445 |
|
Total
Current Assets |
5046.267 |
5258.386 |
5278.437 |
|
|
|
|
|
|
TOTAL |
10880.044 |
8599.106 |
8235.460 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3781.031 |
3771.295 |
3423.375 |
|
|
|
Other Income |
55.009 |
92.331 |
144.332 |
|
|
|
TOTAL |
3836.040 |
3863.626 |
3567.707 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
1478.962 |
1481.594 |
1237.620 |
|
|
|
Advertisement Expenses |
159.912 |
218.274 |
180.579 |
|
|
|
Other expenses |
1034.830 |
1008.169 |
906.128 |
|
|
|
TOTAL |
2673.704 |
2708.037 |
2324.327 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1162.336 |
1155.589 |
1243.380 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
347.526 |
300.488 |
299.913 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
814.810 |
855.101 |
943.467 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
111.870 |
117.182 |
114.709 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
702.940 |
737.919 |
828.758 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
241.691 |
245.856 |
269.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
461.249 |
492.063 |
559.122 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1794.912 |
1445.319 |
1033.926 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General
Reserve |
46.125 |
49.206 |
55.912 |
|
|
|
Transfer to Debenture Redemption Reserve |
48.958 |
0.000 |
0.000 |
|
|
|
Dividend for the
previous year paid during the year |
12.892 |
0.312 |
0.026 |
|
|
|
Corporate Dividend Tax
for the Previous year and paid during the year |
2.809 |
0.050 |
0.004 |
|
|
|
Proposed Dividend on
Equity Shares |
92.880 |
79.935 |
79.503 |
|
|
|
Proposed Dividend
distribution tax on proposed dividend on equity shares |
15.785 |
12.967 |
12.284 |
|
|
BALANCE CARRIED
TO THE B/S |
2036.712 |
1794.912 |
1445.319 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Receipts from
Independent Tours and Travel |
2328.577 |
382.321 |
476.377 |
|
|
|
Commission on
Travellers Cheques |
36.237 |
33.666 |
35.296 |
|
|
|
Cash Passport /
Incentive on GMC Card |
|
0.000 |
0.258 |
|
|
|
Prepaid Card Sign-on and
Anniversary Bonus |
0.000 |
36.690 |
97.950 |
|
|
|
Interest Income from
Foreign Currency Deposit |
5.631 |
0.955 |
0.000 |
|
|
|
Incentive on Prepaid
Card sales |
92.448 |
8.312 |
0.000 |
|
|
|
Dividend Income |
0.030 |
0.026 |
0.030 |
|
|
TOTAL EARNINGS |
98.109 |
461.97 |
609.911 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
1.96 |
2.31 |
2.64 |
|
|
|
Diluted |
1.91 |
2.26 |
2.57 |
|
QUARTERLY
RESULT
|
|
31.03.2013 |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
|
1 (Unaudited) |
2 (Unaudited) |
3 (Unaudited) |
4 (Unaudited) |
|
Revenue |
722.060 |
1506.860 |
1157.240 |
896.810 |
|
Other Income |
12.500 |
24.750 |
11.920 |
11.640 |
|
Total Income |
734.560 |
1,531.610 |
1,169.160 |
908.450 |
|
Expenditure |
(717.530) |
(835.390) |
(850.090) |
(799.170) |
|
Interest |
(110.600) |
(144.4700 |
(120.080) |
(109.810) |
|
PBDT |
(93.570) |
551.750 |
198.990 |
(0.530) |
|
Depreciation |
(28.140) |
(29.360) |
(30.470) |
(30.200) |
|
PBT |
(121.710) |
522.390 |
168.520 |
(30.730) |
|
Tax |
22.640 |
(161.790) |
(54.980) |
9.820 |
|
Net Profit |
(99.070) |
360.600 |
113.540 |
(20.910) |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
12.20 |
13.05 |
16.33 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
30.74 |
30.64 |
36.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.15 |
11.11 |
13.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.19 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.19 |
0.46 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.22 |
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
217.923 |
219.074 |
253.596 |
|
Reserves & Surplus |
3328.434 |
3765.993 |
5854.298 |
|
Net
worth |
3546.357 |
3985.067 |
6107.894 |
|
|
|
|
|
|
long-term borrowings |
16.063 |
22.231 |
1012.423 |
|
Short term borrowings |
2228.701 |
1820.862 |
128.060 |
|
Total
borrowings |
2244.764 |
1843.093 |
1140.483 |
|
Debt/Equity
ratio |
0.633 |
0.462 |
0.187 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3423.375 |
3771.295 |
3781.031 |
|
|
|
10.163 |
0.258 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3423.375 |
3771.295 |
3781.031 |
|
Profit |
559.122 |
492.063 |
461.249 |
|
|
16.33% |
13.05% |
12.20% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
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 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 04/03/2014 |
|
Stamp No.:- CRAST/25217/2013 Filing
Date:- 06/09/2013 Reg. No.:- CRA/908/2013 Reg.
Date:- 26.12.2013 |
|
Petitioner: STATE
BANK OF BIKANER AND JAIPUR Respondent: THOMAS COOK
(INDIA) LIMITED
Petn. Adv : SHRADHA
WORLIKAR District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Next Date : 09.07.2014
Stage: C.R.A. FOR ADMISSION (FRESH)
[CIVIL SIDE MATTERS] Coram : HON’BLE
SHRI JUSTICE K.K. TATED Last Date: 13.06.2014
Stage: C.R.A. FOR ADMISSION (FRESH) [CIVIL SIDE MATTERS] Last Coram: HON’BLE SHRI JUSTICE K.K. TATED |
|
Act: Maharashtra Rent Control Act, 1999 |
UNSECURED LOANS
|
PARTICULAR |
31.12.2013 (Rs.
In Millions) |
31.12.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Debenture (1000 (Previous Year Nil) Redeemable non-convertible debenture) |
1000.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from bank |
0.000 |
540.000 |
|
Commercial Paper |
0.000 |
1158.813 |
|
Bank Overdraft |
128.060 |
122.049 |
|
|
|
|
|
Total |
1128.060 |
1820.862 |
INDEX OF CHARGES
No Charges Exist for Company
OPERATIONS AND
RESULTS
The Travel and Tourism Industry has maintained a steady pace of recovery
from the after effects of economic recession. Customers remained cautious while
spending on their travel and foreign exchange requirements. The Company
continued its focus on launching new and innovative products, while maintaining
its concentration on acquisition of new clients and providing un-paralleled
customer service, which led to maintaing moderate business volumes.
To keep up with the changing needs of the customers and to ensure
seamless delivery, the Company kept on investing in new technology. 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.
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 as part of strategy.
The Company recorded total revenue of Rs. 3836.000 million and profit
before tax of Rs. 703.000 million with profit after tax being Rs. 461.000
million for the year ended 31st December 2013. The basic earnings per share of
the Company is Rs. 1.96.
AWARDS AND
ACCOLADES
Subject has been the recipient of the following highly prestigious
awards and accolades in 2013:
¨ Best Tour Operator
at the Lonely Planet Travel Awards 2013
¨ Favorite
Specialist Tour Operator at the Conde Nast Traveler Readers' Travel Awards 2013
¨ Best Tour
Operator-Outbound at the CNBCAWAAZ Travel Awards 2013
¨ National Tourism
Awards 2011-2012; 3 prestigious awards:
- Best Inbound Tour Operator in (Category
I): Third Prize
- Best Tour Operator promoting Niche
Segments other than Adventure and MICE
- Award of Excellence: Best Tourism
Promotion Publicity Material (Private Stakeholder) -Joint winner
¨ Retailer of the
Year - Leisure and Holidays by ET NOW 2012
¨ Centre of Learning
has received IATA accreditation as "Top 10 South Asia IATA Authorized
Training Centers", 2013
TRAVEL AND TOURISM INDUSTRY OVERVIEW
Travel and Tourism industry is an important, even vital, mode of income
generator for many countries. Its importance was recognized as an activity
essential to the life of nations because of its direct effects on the social,
cultural, educational, and economic sectors of national societies and on their
international relations. Tourism brings in large amounts of income into a local
economy in the form of payment for goods and services needed by tourists,
accounting for 30% of the world's trade of services, and 6% of overall exports
of goods and services. It also creates opportunities for employment in the service
sector of the economy associated with the industry.
The service industries which benefit from tourism include transportation
services, such as airlines, cruise ships, and taxicabs; hospitality services,
such as accommodations, including hotels and resorts; and entertainment venues,
such as amusement parks, casinos, shopping malls, music venues, and theatres.
This is in addition to goods bought by tourists, including souvenirs, clothing
and other supplies.
Tourism has become a popular global leisure activity. Tourism can be
domestic or international, and international tourism has both incoming and
outgoing implications on a country’s balance of payments. Today, tourism as a
major source of income for many countries, affects the economy of both the source
and host countries.
Sustainable tourism is envisaged as leading to management of all
resources in such a way that economic, social and aesthetic needs can be
fulfilled while maintaining cultural integrity, essential ecological processes,
biological diversity and life support systems." World Tourism Organization
(UNWTO).
As a result of the late-2000s recession, international arrivals suffered
a strong slowdown beginning in June 2008. However, evidence suggests that
tourism as a global phenomena shows no signs of substantially abating in the
long term. It has been suggested that travel is necessary in order to maintain
relationships, as social life is increasingly networked and conducted at a
distance. For many travel is being viewed as a necessity rather than a luxury,
and this is reflected in tourist numbers recovering and increasing day by day
despite recession.
The UNWTO forecasts that international tourism will continue growing at
the average annual rate of 4%. With the advent of e-commerce, tourism products
have become one of the most traded items on the internet. Tourism products and
services have been made available through intermediaries, although tourism
providers (hotels, airlines, etc.), including small-scale operators, can sell
their services directly. This has put pressure on intermediaries from both
on-line and traditional shops.
According to World Travel and Tourism Council (WTTC) estimates, the
international tourism expenditure exceeded the expectations with estimated
growth of 4% in 2013, compared with its previous estimate of 3.1%. The growth
in international tourism expenditure is partially offset however by weaker
growth in domestic tourism expenditure and Travel and Tourism investment, which
is expected to grow 2.8% rather than the 3.2%predicted at the start of the
year.
It has been suggested there is a strong correlation between tourism
expenditure per capita and the degree to which countries play in the global
context. Not only as a result of the important economic contribution of the
tourism industry, but also as an indicator of the degree of confidence with
which global citizens leverage the resources of the globe for the benefit of
their local economies. This is why any projections of growth in tourism may
serve as an indication of the relative influence that each country will
exercise in the future.
The developments in technology and transport infrastructure, such as
jumbo jets, low-cost airlines and more accessible airports have made travel
more affordable. There is a significant increase in sale of travel products
through internet. Some sites have now started to offer dynamic packaging, in
which an inclusive price is quoted for a tailor-made package requested by the
customer upon impulse.
There have been many setbacks to the industry, such as the terrorist
threats to tourist destinations, natural calamities and disasters, continuous
political unrest in many countries which hampered the industry operations with
a substantial impact on the economies of many countries.
Despite the inherent challenges faced by the industry, the expectations
on performance are positive and the industry is poised to grow, outpace the
past growth trends and remain a leading generator of revenue and jobs. There
has been an up-trend in tourism in the recent past, especially in the middle
class and upper middle class traveler segment. International travel for short
breaks has become common. Tourists have a wide range of budgets and tastes, and
a wide variety of choice. 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 with its rich cultural heritage of art and architecture, natural beauty,
diversity of religions, culture, food and customs, fascinate budget and luxury
travelers a like. Travel and tourism is one of the largest service industry in
India. India as tourist destination has been improving its competitiveness and
expand its existing tourism products to ensure employment generation and
economic growth.
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 Report2012) India's domestic tourism is
strong, and leisure and pilgrim tourism are both leading sectors. Rising income
is fuelling outbound travel and foreign 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.
Foreign Tourist Arrivals (FTAs): FTAs in India during 2013 (January to
June provisional estimates) is 3.31 million with a growth of 2.6%, as compared
to the FTAs of 6.58 million during the year 2012 with a growth of 4.3% during
the year 2012 over 2011. (Source: Ministry of Tourism, India)
Foreign Exchange Earnings (FEEs) from Tourism: FEEs from tourism in
rupeetermsduring2013 (January to June provisional estimates) were Rs. 50448 crore with a growth of 15.3%, as compared to
the FEEs of Rs. 94487 crore with a growth of 21.8%
during the year 2012 over 2011. FEEs in USD terms during (January to June
provisional estimate) 2013were USD 9.2 billion as compared to FEEs of USD 17.7
billion during the year 2012 and USD16.5 billion during the year 2011 (Source:
Ministry of Tourism, India).
TRAVEL AND RELATED SERVICES
LEISURE TRAVEL (OUTBOUND):
This year has been a mixed bag for the travel industry in India,
considering the devaluation of the rupee against the US dollar, taxation issues
and announcements at the policy level. The second most populous country
reported the slowest rate of growth since2002; GDP slipped from 5.0% in 2012 to
4.5% in 2013.
The Indian Rupee (INR) depreciated by-13%-15% in 2013 over 2012;
additionally with the economic slowdown and inflation (Consumer Price Index) rising
from 9.3% in 2012 to 10.9%in 2013 have adversely affected the outbound travel
spend of India.
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. Data from respective Tourism Boards, showed an
approximate 12% decline in Indians travelling to popular destinations across
the world in 2013 over 2012.
Despite these factors affecting their Company's outbound business, the
business continues to grow in a challenging 2013.
Leisure Travel has further expanded its distribution network by opening
several new stores and appointing new franchisees across the country as well as
in overseas market total NRI segment.
The Company added 24 new Gold Circle Partners in India, 2 GCPs in Nepal
and Sri Lanka and 9 new branches in 2013. Beyond the conventional medial
channels, the Company extensively undertook roadshows, consumer holiday
carnivals and other events to promote the leisure products. The Company saw
commendable tractions from the Pan India 10 city road shows to reach out to B2B
partners, to promote their products and product differentiation, covering 1000+
travel agents. The Company is slowly moving from the traditional marketing
investments in print/TV to digital space targeting the emergent HENRY (High
Earners Not Rich Yet) customer segment.
Leisure Travel Outbound continued the concept of launching wide range of
products. The Company expanded its reach by ensuring it has products right from
Super Budget, Budget to Premium and Royale category, thus reaching to a larger
market segment with wide choices.
Improvised products targeting customer segments through value add and
customer friendly options for Marathi/ Gujarati/Jain/Tamil/ Kannada tours.
Improvised products targeting customer segments through value add and
customer friendly options for Marathi/ Gujarati/Jain/Tamil/ Kannada tours.
In 2013, apart from the regular escorted tours, customized holidays and
adhoc groups the Company also introduced the below new concepts:
- Holiday Pe Holiday Offer: The Company
was the first to launch summer 2014 group tours as early as October 2013,
via a unique concept of "Holiday Pe Holiday offer". It offered
options to travelers to Europe for a free trip to Far East. Thiswas
evidenced to be an impetus to improve customer experience and loyalty.
- Regional Tours: Apart from the existing
regional tours, the Company introduced Durga Puja Holidays specially for
its Bengali clients.
- University Tours: For the first time
the Company launched university tours under the brand of "Travel and
Learn" giving Indian students to visit Universities abroad along with
city tours. The new forte has already shown good traction from their
student customer base and promises to be a budding avenue.
- Long weekend Tours: Keeping in mind the
long weekends, the Company introduced tours like Independence day special,
F1 tours, etc.
- Holy Land Tours: This is one segment
which was untapped for years and in 2013for the first time, they captured
this segment which is more about religious tourism and their holy land
tours were a big success.
- Targeting youth and Family: New
concepts such as Hostelling / Apartment Stays /Villa Stay Packages / Rail
Expeditions / Unique Stay Options were introduced for the first time in
2013 and is proving to be a high growth trajectory.
- Escorted group departures for 2013 included:
Europe, USA-Canada, Australia-New Zealand, Asia, Africa and the Middle
East.
- New destinations introduced were South
America, Philippines, South America, Korea, Zimbabwe, Tanzania, Jordan.
- Trade Fairs: This new business vertical
was launched to focus on the business traveler, whether SME, Indian
corporates or MNCs, attending Trade Fairs worldwide.
The Company's operations through DMC (Destination Management Company) in
Europe, direct contracting with hotels has enabled in pricing and delivering products
more competitively and thereby resulting in improved Company performance.
The online portal has developed into a very user friendly and mobile
friendly platform for users to explore all their group and individual tour
options, pricing and book online with ease. With call center support, the
Company has witnessed burgeoning growth in enquiries and calls for Holidays.
World Travel andTourism Council (WTTC) predicts the number of Indian out
bound travelers to touch 50 million by 2020 with a forecast GDP growth @ 4.7%
in 2014. Those optimistic about the growth in the segment believe that a
significant contribution will come from business travelers, adventure travelers
and the youth. There is also a growing consensus that emerging destinations
will be on the must-visit list of holidaymakers, and that short-haul
destinations will also continue to see good demand; in the light of which
Thomas Cook is driving and improvising their Leisure offers.
With continuous effort to offer quality leisure experience to a wide
range of customers with various prices/product options, increasing focus on FIT
customized packages, indulgence, short haul destinations the Company is bullish
on continuing a robust growth in 2014. Early 2014 seeing an improvement in
India's GDP and easing of inflations will be highly supportive to the Company's
growth plans.
LEISURE TRAVEL (INBOUND):
Inbound Tourism grew a modest 4% in 2013 which is less than 5% growth in
2012 and 9% in2011. Foreign exchange earnings in rupee terms registered a
growth of 12% in 2013 over2012 as compared to 22%in2012over2011.
The depreciation of rupee by 12% did make India a more attractive
destination, but inbound tourism has not grown to the expectations due to
sluggish economic climate insource markets in 2013. Other key reasons for poor
growth of the leisure inbound travel business in India are as under:
- Lack of proper infrastructure
- Lack of Language speaking guides,
particularly in South India and East India
- Poor maintenance of the tourist touch
points such as railway stations, hotels, tourist spots etc.
- Growing concerns over the physical
security of the tourists, particularly women and children.
Ministry is trying to ease its visa regime and extension of visa on
arrival facility to40 countries. Currently it is available to 11 countries.
During the period of Jan-Dec2013, total number of visas on arrivals issued were
26% higher than the corresponding period of 2012. They encourage and propose
that Ministry must look at the opportunity of introducing e-visa to augment
tourism growth. Other measures such as tie-up with the SAARC countries (e.g.
Sri Lanka, Nepal etc.), free visa to the tourists to Thailand, Malaysia,
Singapore etc. will also help in increasing the inbound tourist arrivals into
the country.(Source: Ministry of Tourism website)
For over 50 years, Travel Corporation (India) Limited. (TCI) has
perfected the art of making the entire travel experience memorable. TCI is
India's premier Destination Management Company with an impeccable record in all
aspects of leisure inbound travel business in India, Sri Lanka, Nepal and
Mauritius. Maintaining its position as the “Best Inbound Tour Operator",
TCI has further consolidated its presence in the leisure inbound travel
industry with offices across 12 cities in India, 7 marketing offices overseas
at USA, United Kingdom, Frankfurt, Spain, Japan and Nepal and Representatives
in Portugal, Russia, China, Korea, Mexico and Australia.
ACHIEVEMENTS:
- Reiterating its reputation as pioneers,
MICE Team braved challenges of language, local procedures and approvals,
to successfully manage a movement of 1150 top dealers from the Paints
industry to Japan.
- Movement of 1000 plus passengers in one
shot was handled to Dubai, Japan, Malaysia successfully.
- TCIL MICE was selected to handle the
prestigious Havel’s movement of 650 premier dealers to Norwegian cruise.
- First time ever in the history of
Thomas Cook MICE, with increased focus on domestic business, the Company managed
to cater to a conference of 2000 dealers of the automobile industry.
Further, the Company registered a growth of 19% in overall MICE domestic
sales.
- A special exclusive "Ladies
Only" incentive tour of 450 was conducted to Malaysia.
ACQUISITIONS
The Company is committed to build long term shareholder value by growing
the business organically and through acquisitions and alliances. The key
considerations for making any acquisition are as under:
- Cash flow generating businesses with
proven track across business cycles
- Stable management teams who are aligned
with our guiding principles and culture
- Fair and friendly transactions with
full support of the existing management teams
In May 2013, the Company acquired a 74.85% stake on a fully diluted
basis in IKYA Human Capital Solutions Limited, the third largest temporary
staffing company in India employing over 70,000 employees, for a total
consideration of Rs. 2,568.20 million. IKYA is run
by a seasoned manager and entrepreneur, Ajit Isaac. IKYA offers specialized
human resources services including search, recruitment, project based hiring,
general and professional staffing, skill development, and facilities management
to over 500 leading Indian corporate clients through 32 offices, with 1,400
team members and over 54,000associates. By virtue of this investment, the
Company has broadened its portfolio of service-related businesses with an entry
into one of the world's largest human resource markets.
In February 2014, the Company announced the acquisition of a controlling
stake of Sterling Holiday Resorts (India) Limited which will be followed by
merger with Subject. Sterling Holiday Resorts is a leading time share vacation
ownership company that was founded by R. Subramanian in 1986. Sterling Holiday
Resorts owns and operates 10 resorts (approximately 1,100 rooms with additional
350 more rooms coming on stream by next year) and has an additional 400 rooms
under management on long term leases across 9 resorts. Sterling also owns 210
acres of land at the prominent tourist locations in the country. Of this,
Sterling has 10 owned resorts constructed on 60 acres of land and the balance
150 acres is available for development of resorts in the future. Sterling
Holiday Resorts has about 79,000 members but only about 25,000 of them are
currently actively holidaying with the company. This provides a huge potential
to get more members to holiday with the company and sell the additional
memberships for which the capex has already been invested.
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2013 (Rs.
In Millions) |
31.12.2012 (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 |
|
- Disputed claims made by clients |
2.634 |
2.634 |
|
(ii) Disputed Income Tax demands |
24.203 |
47.098 |
|
(iii) Disputed Service Tax demands |
3140.440 |
2055.699 |
|
(iv) Disputed Demand for increase in rent raised by Brihanmumbai
Municipal Corporation |
53.750 |
49.615 |
NOTES:
Future cash outflows in respect of (i) to (iv) above are determinable only on receipt of judgments/decisions pending with various forums/ authorities.
* Disputed Service Tax demands include matters in respect of Outbound Tours to the extent of Rs. 3,093,295,602. In this respect, the Central Excise Service Tax Appellate Tribunal, New Delhi, vide its order dated December 10, 2013, in case of the Company's wholly owned subsidiary, Travel Corporation (India) Limited, has ruled that Service Tax is not applicable on Outbound Tours to the extent that services are rendered abroad.
The said order is expected to hold good for the litigation of the aforesaid issue of Service Tax on Outbound tours in case of the Company, currently amounting to Rs. 3,093,295,602.
FIXED
ASSETS:
Tangible Assets
·
Office Building
·
Leasehold Improvements
·
Furniture and Fixtures
·
Computers
·
Office Equipment
·
Vehicles
·
Computers
·
Vehicles
Intangible Assets
·
Goodwill
·
Software
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND TWELVE MONTHS
ENDED ON
31.12.2014
(Rs. in millions)
|
|
|
Particulars |
Quarter Ended |
Year Ended Twelve Months |
|
|
|
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Financial and Travel & Related Services |
833.410 |
1120.660 |
4127.080 |
|
|
|
b) Human Resource Services |
- |
- |
- |
|
|
|
c) Other Operating income |
- |
- |
- |
|
|
|
Total Income from Operations (Net) |
896.810 |
1157.240 |
4282.970 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Employee Cost |
428.600 |
485.010 |
1755.040 |
|
|
b) |
Advertisement Cost |
88.100 |
57.810 |
257.010 |
|
|
c) |
Depreciation / Amortisation |
30.200 |
30.470 |
118.170 |
|
|
d) |
Other Expenditure |
282.470 |
207.270 |
1190.130 |
|
|
Total Expenses |
829.370 |
880.560 |
3320.350 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
67.440 |
276.680 |
962.620 |
|
4 |
Other
Income |
11.640 |
11.920 |
60.810 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
79.080 |
288.600 |
1023.430 |
|
6 |
Finance
Costs |
109.810 |
120.080 |
484.960 |
|
|
7 |
|
Profit /(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
(30.730) |
168.520 |
538.470 |
|
8 |
Exceptional
Items |
- |
- |
- |
|
|
9 |
Profit /(Loss) from ordinary activities
before tax |
(30.730) |
168.520 |
538.470 |
|
|
10 |
Tax
Expense |
(9.820) |
54.980 |
184.310 |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9-10) |
(20.910) |
113.540 |
354.160 |
|
|
12 |
Extraordinary
items (net of tax expense) |
- |
- |
- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
(20.910) |
113.540 |
354.160 |
|
|
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) |
(20.910) |
113.540 |
354.160 |
|
|
17 |
Paid up
equity share capital (Eq. shares of
Rs.1/- each) |
254.450 |
254.200 |
254.450 |
|
|
18 |
Reserve
excluding revaluation reserves |
|
|
|
|
|
19 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic |
(0.08) |
0.45 |
1.41 |
|
|
|
Diluted |
(0.08) |
0.42 |
1.38 |
|
20 |
|
Interest Coverage Ratio |
|
|
|
|
21 |
|
Debt Service Coverage Ratio |
|
|
|
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
68797862 |
68463660 |
68797862 |
|
|
|
-
Percentage of Shareholding |
27.04 |
26.94 |
27.04 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number
of shares |
- |
- |
- |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
- |
- |
- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
- |
- |
- |
|
|
|
b) Non-
encumbered |
- |
- |
- |
|
|
|
- Number
of shares |
185653725 |
185653725 |
185653725 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage
of shares (as a % of the total share capital of the Company) |
72.96 |
73.06 |
72.96 |
|
|
Particulars |
Quarter
ended 31.12.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
1 |
|
|
|
Received
during the quarter |
1 |
|
|
|
Disposed
during the quarter |
2 |
|
|
|
Remaining
unresolved at the end of the quarter |
0 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND TWELVE MONTHS
ENDED ON
31.12.2014
|
|
Particulars |
Quarter Ended |
Year Ended Twelve Months |
|
|
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
Segment Revenue |
|
|
|
|
a) |
Financial
Services |
447.380 |
553.250 |
2090.120 |
|
b) |
Travel and
Related Services |
449.430 |
603.990 |
2192.850 |
|
c) |
Human Resource
Services |
- |
- |
- |
|
|
Revenue from Operations |
896.810 |
1157.240 |
4282.970 |
|
|
|
|
|
|
|
|
Segment Results: |
|
|
|
|
|
[Profit/ (Loss)
before tax and interest from each segment] |
|
|
|
|
a) |
Financial
Services |
238.840 |
319.000 |
1192.650 |
|
b) |
Travel and
Related Services |
5.590 |
158.000 |
560.750 |
|
c) |
Human Resource
Services |
- |
- |
- |
|
|
TOTAL |
244.430 |
477.000 |
1753.400 |
|
|
Less: Interest and Finance expenses |
109.810 |
120.080 |
484.960 |
|
|
Common
Expenditure |
165.350 |
188.400 |
729.970 |
|
|
Profit / (Loss) from ordinary activities before
tax |
(30.730) |
168.520 |
538.470 |
|
|
|
|
|
|
|
|
Capital Employed: |
|
|
|
|
a) |
Financial
Services |
1507.720 |
1993.480 |
1501.720 |
|
b) |
Travel and
Related Services |
(723.160) |
(130.540) |
(723.160) |
|
c) |
Human Resource
Services |
- |
- |
- |
|
|
Sub Total |
778.560 |
1862.9400 |
778.560 |
|
|
Add: Common Capital
Employed |
10835.330 |
9739.270 |
10835.330 |
|
|
TOTAL |
11613.890 |
11602.210 |
11613.890 |
NOTES:
- There has been change in nature of Segment Reporting, whereby the retail purchase and sale of foreign currencies and paid documents have been reclassified under Financial Services, as against Travel and Related Services earlier, to ensure a more appropriate presentation of events or transactions in the financial statements of the enterprise. This has resulted in the reclassification of previous quarter / year segment information between Financial Services, Travel and Related Services and Human Resource Services however it does not have any financial impact on Total Segment Revenue and Total Segment Result. As such, the following would be the composition of the Primary Business Segments:
Financial Services- Includes wholesale & retail purchase and sale of foreign currencies and paid documents.
Travel and Related Services- Includes tour operations, travel management, visa services and travel insurance and related services.
Human Resource Services- Includes staffing services, facilities management services, selection services, training fees and food service.
The impact of the change in Segment Reporting in the Standalone for the Quarter ended 31st March, 2013, Quarter ended 31st December, 2013, and the Year ended 31st December, 2013, on account of the above change is as follows:
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.12.2013 |
31.12.2013 |
|
Segment Revenue |
|
|
|
Financial
Services |
372.670 |
1410.580 |
|
Travel and Related
Services |
(372.670) |
(1410.580) |
|
|
|
|
|
Segment Results: |
|
|
|
Profit/ (Loss)
before tax and interest |
|
|
|
Financial
Services |
222.450 |
801.280 |
|
Travel and
Related Services |
(234.840) |
(852.560) |
|
Human Resource
Services |
-- |
-- |
|
Common
Expenditure |
12.390 |
51.280 |
|
|
|
|
|
Capital Employed: |
|
|
|
Financial
Services |
328.310 |
328.310 |
|
Travel and
Related Services |
(2355.170) |
(2355.170) |
|
Human Resource
Services |
(1624.700) |
(1624.700) |
|
Common Capital Employed |
3651.560 |
3651.560 |
- As per clause 41 of the Listing Agreement, only Primary Segments are required to be disclosed and hence, Secondary segments are not being disclosed.
- Previous period figures have been regrouped where necessary.
NEW RELEASE:
Thomas Cook
(India) Limited announces strong consolidated Results for the 12 Months ended
December 31, 2014
- Income from Operations growth of 84%
- Profit Before Tax growth of 57%
- Earnings Before Interest and Tax growth of 55%
- Profit After Tax growth of 60%
Mumbai Jan 30, 2015: Thomas Cook (India) Limited today declared its consolidated Financial Results for the 12 months ended December 31, 2014 with an increase in consolidated Income from Operations of 84% (Rs 12.9 Bn. to Rs 23.9 Bn.), consolidated Profit Before Tax of over 57% (Rs 1.0 Bn. to Rs. 1.6 Bn.) and consolidated Profit After Tax of 60% (Rs 687.3 Mn to Rs 1.1 Bn), as compared to the corresponding period of 2013.
The diversified Thomas Cook India Group saw strong results with delivery of its core businesses of Travel and Foreign Exchange, Quess Corp Limited (formerly IKYA Human Capital Solutions Limited) and Sterling Holiday Resorts (India) Limited
Thomas Cook India Business Highlights:
- The Foreign Exchange business’ strategic focus on Payment Solutions resulted in noteworthy delivery- the Company’s multi-currency Borderless Prepaid Card registering impressive growth of 70%, ending the 12 month period with a loaded value of over US$ 450 Mn. and a market share of aprox. 14%, making it the largest non-bank player in the space.
- Sustained focus on its online channel saw an impressive increase of over 300% in Forex online transactions in the Year 2014 and the Company’s expanded EBiz platform delivered a significant online B2C sales growth of over 61% vs the same period for the Year ended Dec 31, 2013.
Other Group companies also delivered
impressively:
Quess Corp Limited (formerly Ikya Human
Capital Solutions Limited)
- The company staffing strength grew up by 47% during the year 2014.
- Quess Corp completed three acquisitions in 2014.
Sterling Holiday Resorts (India) Limited
- Consolidated PBT of Rs 8.200 Millions for the quarter ended December 31, 2014 is significant, indicating delivery of an effective turnaround strategy by its leadership team.
Commenting on the Results, Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd. said, “The 12 months ended December 31, 2014 has seen significant business growth across the diversified Thomas Cook India Group, with an overall Income from Operations increase of 84% and Profit after Tax of 60%. The three pronged drive by the company - retail focus, product innovation and efficient working capital management has helped deliver this performance.”
About Thomas Cook (India) Limited:
Thomas Cook (India) Limited (TCIL) is the leading 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 and Passport services and E-Business. The company set up its first office in India in 1881.
TCIL’s footprint currently extends to over 234 locations (including 22 airport counters) in 98 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 110 Gold Circle Partners and 112 Preferred Sales Agents in over 134 cities across India.
ICRA has assigned long term rating of ‘ICRA AA-/ Stable’ to Thomas Cook (India) Limited non-convertible debenture programmer. CRISIL has assigned long term rating of CRISIL AA-/ stable outlook to the non-convertible debenture programmer and banking facilities and short term rating of CRISIL A1+ to TCIL’s banking facilities.
Thomas Cook (India) Limited has been voted as Best Tour Operator - Outbound at the CNBC AWAAZ Travel Awards 2014 & 2013 and Best Company providing Foreign Exchange at the CNBC AWAAZ Travel Awards 2014; honored as ‘India's Leading Tour Operator’ for the year 2014, at the 21st Annual World Travel Awards Asia & Australasia 2014, Best Tour Operator at the Lonely Planet Travel Awards 2013, Favorite Tour Operator at the Condé Nast Traveler Readers' Travel Awards 2014, 2013, 2012 & 2011 and recognized as a “Consumer Super brand” 2013-14 & 2012-2013. In addition, TCIL has been chosen as the Best Corporate Travel Management Company by World Travel Brands 2012. At the National Tourism Awards 2012-2013, TCIL was the recipient of 3 prestigious awards. Thomas Cook India’s Centre of Learning has received IATA accreditation as “Top 10 South Asia IATA Authorized Training Centers”, 2013 & 2012. For more information, please visit www.thomascook.in
Thomas Cook (India) Limited is promoted by Fairfax Financial Holdings Limited through its wholly-owned subsidiary, Fair bridge Capital (Mauritius) Limited. Fair bridge is responsible for the execution of acquisition and investment opportunities in the Indian subcontinent on behalf of the Fairfax family of companies.
About Fairfax Financial Holdings Limited:
Fairfax Financial Holdings Limited is a Toronto-based financial services holding company with a global presence in insurance and reinsurance and a portfolio of assets in excess of $38 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). 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. Fairfax Financial Holdings through Thomas Cook (India) Ltd. owns 73.96% on a fully diluted basis of the Quess Corp Limited (formerly IKYA Human Capital Solutions Limited), a provider of specialized Human Resource related Services and 55.07% of Sterling Holiday Resorts (India) Ltd, engaged in time share and resort business and holiday activities.
About Quess Corp Limited (formerly IKYA Human Capital Solutions Limited)
Quess Corp Limited is a market leading business services entity with interests in Asset Management, IT Services and HR services. Headquartered in Bangalore, the Group has more than 80000 employees, operates in 27 cities in India, the North America, Middle East and South East Asia. The group has grown through a series of acquisitions in the last seven years and has INR 2,200 crores as revenue. Quess Corp Limited is a subsidiary of Thomas Cook (India) Ltd. For more information visit: http://www.quesscorp.com
About Sterling Holiday Resorts (India) Limited:
Sterling Holiday Resorts (India) Limited, a pioneer in vacation ownership and a leading leisure hospitality company in India, was incorporated in 1986 with the vision of delivering great holiday experiences to Indian families. Sterling Holidays’ network includes 1634 rooms across 21 resorts in 18 scenic holiday destinations pan India. The company also has 15 additional sites where it plans to add new resorts in the coming years. The company also plans to add new resorts to 15 additional sites. For more information visit: www.sterlingholidays.com
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MTN |
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 |
8 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--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 |
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 |
|
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.