MIRA INFORM REPORT
|
Report No. : |
322800 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
COX AND KINGS LIMITED (w.e.f. 29.07.2010) |
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|
Formerly Known
As : |
COX AND KINGS (INDIA) LIMITED |
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Registered
Office : |
1st Floor, Turner Morrison Building, 16 Bank Street, Mumbai
– 400023, Maharashtra |
|
Tel. No. : |
91-22-22709100 |
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|
Country : |
India |
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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 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63040MH1939PLC011352 |
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IEC No.: |
Not Available |
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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 Tours and Travels activity. |
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No. of Employees
: |
Information declined by the management. |
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 |
|
Maximum Credit Limit : |
35000000 |
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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. Overall financial position of the company seems to be strong. The rating takes into consideration
long track record in the tourism industry,
experienced promoters, its geographical diversification and scale
which lends significant bargaining power with its suppliers and C&K’s
established brand both domestically as well as in the international markets. 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
trade usual terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE RATING |
|
Rating |
Long Term Bank Facilities = AA |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk. |
|
Date |
January 28, 2015 |
|
Rating Agency Name |
CARE RATING |
|
Rating |
Commercial paper issue = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
January 28, 2015 |
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-cooperative (Tel No.: 91-22-22709100)
LOCATIONS
|
Registered Office : |
1st Floor, Turner Morrison Building, 16 Bank Street, Mumbai
– 400023, Maharashtra, India |
|
Tel. No.: |
91-22-22709100 |
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Fax No.: |
91-40-23420814 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. A. B. M. Good |
|
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
|
Name : |
Mr. Anil Khandelwal |
|
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 |
|
Designation : |
Chairman |
|
|
|
|
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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CORPORATE SOCIAL
RESPONSIBILITY AND GOVERNANCE COMMITTEE |
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Name : |
Ms. Urrshila Kerkar |
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Designation : |
Chairperson |
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Name : |
Me. 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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FINANCE COMMITTEE : |
|
|
Name : |
Ms. Urrshila Kerkar |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. Peter Kerkar |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Pesi Patel |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. S. C. Bhargava |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Anil Khandelwal |
|
Designation : |
Member |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
5914000 |
3.50 |
|
|
48199217 |
28.52 |
|
|
54113217 |
32.02 |
|
|
|
|
|
|
8784504 |
5.20 |
|
|
18346560 |
10.86 |
|
|
27131064 |
16.06 |
|
Total shareholding
of Promoter and Promoter Group (A) |
81244281 |
48.08 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
2785016 |
1.65 |
|
|
4615357 |
2.73 |
|
|
61718347 |
36.52 |
|
|
69118720 |
40.90 |
|
|
|
|
|
|
8857790 |
5.24 |
|
|
|
|
|
|
5061866 |
3.00 |
|
|
4134580 |
2.45 |
|
|
561343 |
0.33 |
|
|
870 |
0.00 |
|
|
524220 |
0.31 |
|
|
36253 |
0.02 |
|
|
18615579 |
11.02 |
|
Total Public
shareholding (B) |
87734299 |
51.92 |
|
Total (A)+(B) |
168978580 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
336310 |
0.00 |
|
|
336310 |
0.00 |
|
Total (A)+(B)+(C) |
169314890 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Tours and Travels activity. |
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Products : |
Not Available |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate / Group Company: |
·
Tulip Star Hotels Limited ·
Radius Global Travel Limited |
|
|
|
|
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 |
|
|
|
|
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 ·
NST Holdings Limited ·
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 ·
Parkovi Sunca d.o.o ·
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 ·
Holidaybreak Education Limited ·
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 ·
Chalets de France Limited ·
Hole In The Wall
Manangement Limited ·
Holidaysbreak Hotel Holdings Limited ·
Holidaybreak Hotel Holdings Gmbh ·
Meininger Amsterdam Amstelstation BV ·
PGL Travel Pty. Limited ·
PGL Property Pty. Limited ·
PGL Adventure Camps Pty. Limited ·
Meininger Amsterdam B.V. ·
Meininger Shared Services Gmbh ·
Meininger Berlin Hauptbahnhof Gmbh ·
Meininger “10” Hamburg Gmbh ·
Meininger Airport Frankfurt Gmbh ·
Meininger Brussels Gmbh ·
Meininger West Gmbh and Co. Kg ·
Meininger West Verwaltungs Gmbh ·
Meininger “10” City Hostel Köln Gmbh ·
Meininger “10” Frankfurt Gmbh ·
Meininger Oranienburger Straße Gmbh ·
Meininger Nürnberg Gmbh ·
Meininger “10” City Hostel Berlin-Mitte Gmbh ·
Meininger “10” Hostel Und Reisevermittlungs
Gmbh ·
Meininger Airport Hotels Bbi Gmbh ·
Meininger Potsdamer Platz Gmbh ·
Meininger Barcelona Gmbh ·
Meininger City Hostels & Hotels Gmbh ·
Meininger Limited ·
Meininger Hotelerrichtungs Gmbh ·
Meininger Wien Gmbh ·
Meininger Wien Schiffamtsgasse Gmbh ·
Meininger Holiding Gmbh |
CAPITAL STRUCTURE
As on 26.09.2014
Authorised Capital : Rs. 1100.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 846.574
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22,00,00,000 |
Equity Shares |
Rs.5/- each |
Rs. 1100.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13,65,27,890 |
Equity Shares |
Rs.5/- each |
Rs. 682.600 Million |
Number of Equity Shares held by each
shareholder holding more than 5% shares in the company are as follows:
|
Particulars |
31st March, 2014 |
|
|
No of Shares |
Share Holding in % |
|
|
Sneh Sadan Graphic Services Limited |
33038368 |
24.20% |
|
Kubber Investments (Mauritius) Private Limited |
18346560 |
13.44% |
|
Liz Investments Private Limited |
15160849 |
11.10% |
|
Smallcap World Fund Inc |
10592000 |
7.76% |
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,
2014 |
|
|
No of Shares |
|
No. of Equity Shares outstanding at the beginning of the year |
136,527,890 |
|
Less: Equity Shares forfeited/Bought back during the year |
-- |
|
No. of Equity Shares outstanding at the end of the year |
136,527,890 |
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 Million]
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 |
|
|
|
|
|
|
(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 |
666.600 |
716.500 |
585.700 |
|
(ii)
Intangible Assets |
422.700 |
266.600 |
108.500 |
|
(iii)
Capital work-in-progress |
8.300 |
23.900 |
111.200 |
|
(iv)
Intangible assets under development |
683.200 |
627.800 |
477.800 |
|
(b) Non-current Investments |
1469.300 |
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 |
3400.800 |
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 |
6544.800 |
4737.900 |
3741.500 |
|
(d) Cash
and cash equivalents |
2491.300 |
2708.200 |
3219.000 |
|
(e)
Short-term loans and advances |
9863.600 |
9536.000 |
5061.800 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
19222.500 |
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 |
4186.000 |
3722.700 |
2957.800 |
|
|
|
Other Income |
539.800 |
236.000 |
318.200 |
|
|
|
TOTAL |
4725.800 |
3958.700 |
3276.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
990.700 |
886.200 |
715.900 |
|
|
|
Other expenses |
1128.800 |
1033.200 |
802.600 |
|
|
|
TOTAL |
2119.500 |
1919.400 |
1518.500 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2606.300 |
2039.300 |
1757.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
461.000 |
863.700 |
570.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2145.300 |
1175.600 |
1187.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
215.800 |
181.600 |
98.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1929.500 |
994.000 |
1088.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
802.700 |
460.100 |
311.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1126.800 |
533.900 |
777.000 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
8.25 |
3.91 |
5.69 |
|
QUARTERLY RESULTS
|
Particulars
(Rs. In Million) |
30.09.2014 1st Quarter |
31.12.2014 2nd Quarter |
31.03.2015 3rd Quarter |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
999.560 |
1101.680 |
974.850 |
|
Total Expenditure |
542.390 |
608.880 |
725.220 |
|
PBIDT (Excl OI) |
457.170 |
492.800 |
249.630 |
|
Other Income |
267.500 |
222.610 |
218.540 |
|
Operating Profit |
724.670 |
715.410 |
468.170 |
|
Interest |
173.140 |
125.340 |
84.020 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
551.530 |
590.070 |
384.150 |
|
Depreciation |
102.660 |
98.710 |
92.970 |
|
Profit Before Tax |
448.870 |
491.360 |
291.180 |
|
Tax |
137.720 |
178.260 |
171.650 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
311.150 |
313.100 |
119.530 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
311.150 |
313.100 |
119.530 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
26.92
|
14.34 |
26.27 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
62.26
|
54.78 |
59.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.43 |
5.38 |
4.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.09 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.50 |
0.46 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.88 |
3.04 |
2.64 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
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 Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2957.800 |
3722.700 |
4186.000 |
|
|
|
25.860 |
12.445 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2957.800 |
3722.700 |
4186.000 |
|
Profit |
777.000 |
533.900 |
1126.800 |
|
|
26.27% |
14.34% |
26.92% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
No |
|
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 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Non convertible debentures |
250.000 |
250.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Other short term loans |
1500.000 |
750.000 |
|
|
|
|
|
Total |
1750.000 |
1000.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10514320 |
04/08/2014 |
750,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
C14982318 |
|
2 |
10394956 |
22/11/2013 * |
3,060,000,000.00 |
State Bank of India |
Corporate Accounts Group Branch, Neville House, J. N. Heredia Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA |
B91979542 |
|
3 |
10352456 |
23/04/2012 |
1,300,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B38305827 |
|
4 |
10334090 |
18/10/2014 * |
830,000,000.00 |
TOURISM FINANCE CORPORATION OF INDIA LIMITED |
IFCI TOWER, 61, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
C30521959 |
|
5 |
10330976 |
26/08/2014 * |
150,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
C17968439 |
|
6 |
10206569 |
18/03/2010 |
3,556,430,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A81004392 |
* Date of charge modification
COMPANY’S PERFORMANCE
FY14 has been a good year of consolidation for the Group, with the India business demonstrating robust performance in key markets of Outbound holidays and MICE amidst cautious consumer sentiment, while we also made solid progress in executing their strategy with the various businesses in Holidaybreak Limited. During the year, we acquired the balance 26% tranche in Meininger on 30th April, 2013 for Rs. 2568.200 million, thereby gaining full control over the business. Hence effective this date, Meininger business has been consolidated into the Group financials. In FY14, Cox and Kings Group Net revenues increased 28% to Rs. 23075.900 million and Profit after Tax increased by 55% to Rs. 3831.700 million.
AWARDS AND
RECOGNITION:
- Awarded as the favorite Outbound Tour Operator in the Outlook Traveller Awards 2014
- Awarded as the favorite Inbound Tour Operator in the Outlook Traveller Awards 2014
- Awarded 1st Runner-Up - Favourite Specialist Tour Operator in Condé Nast Traveller Readers' Travel Awards 2013
- Awarded as Best Outbound Tour Operator in International Tourism Conclave Travel Awards (ITCTA) 2013
- Awarded as India's Leading Tour Operator in World Travel Awards 2013
- Awarded as India's Leading Travel Agency in World Travel Awards 2013
- Awarded as the Best
Outbound Tour Operator in Hospitality India & Explore the World Annual
International Awards 2013
- Awarded as the Best Inbound Tour Operator in TAAI Travel Awards 2013
- Awarded as the Best Company providing Foreign Exchange in India in CNBC Awaaz Travel Awards 2013:
- Received award for “Contribution to the Promotion of Taiwan Tourism in 2013”awarded by Taiwan Tourism
SUBSIDIARIES
SUPERBREAK
- Awarded as the “Best UK Operator” and “Best Accommodation Only Supplier”by Travel Weekly in Jan 2014
- Awarded as the Best Hotel Booking Company and Best UK Holiday Company in SPAA 2013
CAMPING
Awarded as the “Best medium family holiday company”, the “Best medium holiday company to Western Europe”and the “Best overall camping and mobile tour operator” by British Travel Awards in 2013
EXPLORE
- Awarded as the “Best medium holiday company for escorted tours” and “Best medium holiday company for safari, wildlife and nature” by British Travel Awards
- Awarded as the Best
Adventure/Activity Specialist in Travel Bulletin Star Awards
PGL
Received Quality Mark from the Hospitality Guild for the PGL Hospitality and Catering Foundation Programme
MEININGER
- MEININGER Group received Best Hostel Large Chain 2014 from Hostelworld.com/Hoscar Awards
- MEININGER Berlin Hauptbahnhof GmbH received Gold Circle Award from Agoda.com
MANAGEMENT DISCUSSION
AND ANALYSIS
FY14 – A Year in
Summary
FY14 for Cox and Kings was the year of consolidation. Their India business continued to demonstrate robust performance in key markets of outbound holidays and Meeting, Incentive, Conference and Exhibition (MICE) amidst cautious consumer sentiment. They made considerable progress in consolidating the various businesses of Holidaybreak Limited we acquired during FY12. During the fiscal, we acquired the balance 26% tranche in Meininger for INR 256.8 crore. During FY14, our consolidated revenues increased by 28% to INR 2308 crore and Profit after Tax (PAT) increased by 55% to INR 383 crore.
In June 2014, we announced the sales of our Camping business. Camping business was a tactical investment came along with Holidaybreak acquisition which we primarily acquired for its Education and Leisure businesses due to their high synergies with the C and K Group as compared to the Camping business. Additionally, the Camping business is a capital intensive business and because if its sale, annually we would have significantly higher free cash flow with the firm. The deal has been agreed at all-cash consideration of £89.2 million, of which £85.5 million is payable in cash on completion of the transaction and an additional £3.7 million as deferred payment relating to a tax refund. The deal completion is subject to customary conditions including various approvals. The sale will allow the Group to sharpen its focus on the vast growth opportunities that exists within the Leisure and Education business.
India Business
During the year, their India business net revenues grew by 13% to INR Rs. 4190.000 million and EBITDA grew by 11% to INR Rs. 2070.000 million. They continued to strengthen our market standing in the outbound holiday market, with customers opting from our wide bouquet of travel destination choices and for our warm customer service, delivered across multiple price points. Additionally, their growth was aided by further expansion of their distribution network, through active support of their call centre and through their 24X 7 internet presence. Today, we are connected with well over 100 towns and cities across India through their 150 franchise, own stores, travel agents and call centre network. We continue to invest into their travel technology platform, which forms the backbone for the entire India operations.
Outbound package holiday for the most Indian families is a high involvement purchase decision that may take individual’s considerable time, focus and attention away from their higher priority activities. Through their wide presence across the travel segment, we help their client enjoy vacation in the true sense. No wonder we see high volume of repeat bookings. During the year we launched several innovative products including the Master Chef Travel series and FIFA World Cup Brazil. Many of the existing travel campaigns such as Amhi Travelkar and Dubai Shopping Festival also witnessed increase in their popularity during the year.
On Corporate side we continue to remain cautiously optimistic and have been very selective while adding new business in the MICE segment. Number of steps has been taken during the year to structurally reduce the receivable cycle. This along with improving macro economic environment should provide further fillip to the growth of this business segment.
Education Business –
All our key education brands, viz. PGL, NST and Meininger saw good growth during the year. Meininger financials were consolidated from 30th April 2013, with the result that Education business Net revenues grew by 77% to INR 869 crore and EBITDA grew by 67% to INR 328 crore. The like for like growth in Education business revenues after consolidating Meininger in FY13 also was 16% while EBITDA growth was 15% during the year.
Both our school education business brands, PGL & NST continued to gain market share, primarily at the expense of its weaker competitors. As highlighted earlier in our strategic vision, we took our core education brand, PGL to Australia during the year. PGL opened its first site in Australia spread across 200 acre with 350 bed capacity near Melbourne in Jan 2014. The initial indicators including customer reviews received have been very encouraging and motivate us to further expand our presence in this market.
We have taken a note of the fact that there is a considerable scope to enhance our operational efficiency by improving the utilization of our fixed assets which in-turn would have a disproportionate positive impact on their bottom-line. For the same reasons, PGL now provides non-school training programs. We provide British Council Accredited English Language Teaching to overseas students from their existing PGL centres. We also provide a residential training under a government backed National Citizenship Scheme (NCS). This 5 week program aims to enhance work and life skills of 16 and 17 year old individuals.
Again in line with their strategic vision, we acquired the remaining 26% tranche in Meininger during the year. We also expanded their existing bed capacity by and opened 720 bed hotel in Brussels, their 16th hotel in 10 European cities. Meininger continued to witness high occupancy rates helped by its wide acceptability from both school tour groups and young urban travelers. During the year we signed up for another 3 hotels (Amsterdam, Berlin and Barcelona) totaling to about 2300 beds which are expected to be operational over the next few years.
Camping Business –
Their camping business continued to see strong demand during
the year and as a result their revenues from this segment grew by 20% to 384 crore
while EBITDA grew by 8% to 161 crore. During the year we also merged their two
flagship camping business brands viz. Eurocamp and Keycamp into one single
brand, Eurocamp. Since the two earlier brands had a significant overlap in
their product range, brand positioning, pricing and target customers, a single
brand would allow us to provide wider product offering, customized solutions to
their clients and also gain significant cost efficiencies by better leveraging
their resources. The brand consolidation involved pooling of accommodation
homes stock, destinations and other resources. Additional benefits would
include cost reduction due to economies of scale and centralization of business
operations, reduction in duplication of efforts resulting in staff and overhead
efficiencies.
A refreshed website was launched to support the strategy which had more dynamic and interactive content, effective segmentation and personalization and improved sales and booking management. During the year, the business sold a small camping sub brand “Ecamp” for a consideration of INR Rs. 68.500 million. Ecamp was primarily handling the sales of third party accommodation homes.
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. Both Net revenues and EBITDA remained flat for the year at INR 611 crore and INR 209 crore respectively. However, excluding the financials of Djoser, that was sold in Feb 2013, the Net revenues and EBITDA during the year grew by 9% and 7% respectively. The trading performance for their European businesses helped by gradual improvement in region’s macro-economic environment was much better. Their key hotel trading brand, Superbreak has been steadily increasing the share of packaged holidays in its overall sales. This strategy has helped Superbreak to not only increase their average Net revenues per booking but also improve its competitive position in the UK market.
The business segment also benefited from expanded product
portfolio in terms of flights & rail connections, more overseas hotel &
attractions inventory which in-turn has enabled the business to sell overseas
European shortbreaks packages to UK customers. Their Dubai operations benefited
from strong inbound interest into Dubai especially from Indian customers. The
growth in Dubai outbound travel benefited from growing affluence of Dubai customers.
The premium travel business in US has shown a steady growth. The Australia
business saw a muted performance during the year.
BUSINESS OUTLOOK FOR
FY15
India’s per capita outbound travel is just a small fraction of global average, clearly highlighting its significant growth potential. While the industry was impacted by the slowdown over the last couple of years, they believe that the structural growth prospects of India’s travel business remains intact. With improvement in macro-economic environment and consumer sentiment, they expect the industry to perform better in the years ahead. They expect that gradual shift towards organized players to continue in the near future and help companies like theirs to grow much ahead of the industry average. Additionally, changing lifestyle along with growing discretionary spends and growing preference to holiday abroad bodes well for a leading Indian travel company like theirs. They expect both of their India focused travel segments viz. the Group and FIT (Tailor made) to grow well during the year.
They also remain optimistic on the growth prospects of their MICE business and expect to grow ahead of industry average. During FY14, they found initial success in pushing greater usage of supplier purchase cards with the corporates, and they believe the current year will see more conversions, thereby reducing their working capital requirement in this business.
They are excited about their growth prospects in the Education business. PGL, their Education residential outdoor centre brand for primary schools is enjoying strong traction among the UK schools business. In addition, they continue to push for more business from the non-school customer markets. The year would also be critical for their Australia business, as they learn the nuances of this market and subsequently chart out further expansion plans. It is an important year for Meininger as they work to extend their pipeline of new hotels in addition to the three (Amsterdam, Berlin and Barcelona) cities added during FY14. Meanwhile, they would maintain their focus on increasing utiliza tion and revenues of their current inventory across Europe.
Within their international leisure operations, they expect
“Superbreak” to witness encouraging trading season, helped by improving
economic environment and growing preference for a packaged all-inclusive short
breaks within UK and Europe. They expect their premium outbound tour operator
business in UK and US to do well, along with the other key geographic market of
Dubai.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
31.12.2014
(Rs. In Million)
|
Sr. No. |
Particulars |
Quarter
Ended 31.12.2014 (Unaudited) |
Quarter
Ended 30.09.2014 (Unaudited) |
Nine Months
Ended 31.12.2014 (Unaudited) |
|
|
1 |
Income
from operations: |
|
|
|
|
|
|
(a)
Net sales/Income from operations |
1101.679 |
999.560 |
3758.055 |
|
|
|
(b)
Other operating income |
-- |
-- |
- |
|
|
|
Total
income from operations (net) |
1101.679 |
999.560 |
3758.055 |
|
|
|
|
|
|
|
|
|
2 |
Expenses: |
|
|
|
|
|
|
a) Employee benefit expense |
292.337 |
265.504 |
815.692 |
|
|
|
b) Advertisement Cost |
82.216 |
64.876 |
286.597 |
|
|
|
c)
Rent |
81.773 |
80.220 |
244.851 |
|
|
|
d)
Exchange Fluctuation Loss/ (Gain) |
(55.722) |
(91.164) |
(120.596) |
|
|
|
e)
Depreciation and amortization expense |
98.705 |
102.661 |
284.526 |
|
|
|
f)
Other Expenses |
152.562 |
131.793 |
438.166 |
|
|
|
Total
Expenses |
651.871 |
553.890 |
1949.236 |
|
|
3 |
Profit / (Loss) from operations before other income, finance costs and
Exceptional Items (1-2) |
449.808 |
445.670 |
1808.820 |
|
|
4 |
Other income |
166.893 |
176.339 |
514.785 |
|
|
5 |
Profit / (Loss) from Ordinary activities before Finance Cost and Exceptional
Items (3+4) |
616.701 |
622.009 |
2323.605 |
|
|
6 |
Finance costs |
125.342 |
173.142 |
464.294 |
|
|
7 |
Profit / (Loss) from Ordinary activities after Finance Cost but before
Exceptional Items (5-6) |
491.359 |
448.867 |
1859.311 |
|
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit / (Loss) from Ordinary Activities before Tax (7+8) |
491.359 |
448.867 |
1859.311 |
|
|
10 |
Tax Expense |
178.257 |
137.721 |
640.157 |
|
|
11 |
Net Profit / (Loss) from Ordinary Activities after Tax (9-10) |
313.102 |
311.146 |
1219.154 |
|
|
12 |
Extraordinary
Items |
-- |
-- |
-- |
|
|
13 |
Net Profit / (Loss)
for the period (11-12) |
313.102 |
311.146 |
1219.154 |
|
|
14 |
Paid
up Equity Share Capital (Face Value of Rs.5/- each) |
846.574 |
682.639 |
846.574 |
|
|
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 |
2.50 |
2.28 |
9.74 |
|
|
|
(b) Diluted |
2.50 |
2.28 |
9.74 |
|
|
16 |
Earnings
per share (EPS) (before and after extraordinary items) (in Rs.5/- each) (not
annualised) |
|
|
|
|
|
|
(a) Basic |
2.50 |
2.28 |
9.74 |
|
|
|
(b) Diluted |
2.50 |
2.28 |
9.74 |
|
|
|
|
|
|
|
|
|
PART
II |
|
|
|
||
|
A |
PARTICULARS
OF SHAREHOLDING |
Quarter
Ended 31.12.2014 (Unaudited) |
Quarter
Ended 30.09.2014 (Unaudited) |
Nine Months
Ended 31.12.2014 (Unaudited) |
|
|
1 |
Public
shareholding |
|
|
|
|
|
|
a. |
Number
of shares |
88070609 |
55283609 |
88070609 |
|
|
b. |
Percentage
of shareholding |
52.01% |
40.49% |
52.01% |
|
2 |
Promoters
and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
Number
of shares |
34673693 |
38768693 |
34673693 |
|
|
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
42.68 |
47.72 |
42.68 |
|
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
20.48 |
28.40 |
20.48 |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number
of shares |
46570588 |
42475588 |
46570588 |
|
|
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
57.32 |
52.28 |
56.32 |
|
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
27.51 |
31.11 |
27.51 |
|
Particulars |
Quarter ended 31.12.2014 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
9 |
|
Disposed of during the quarter |
9 |
|
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 nine months ended December 31, 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 February 13, 2015 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.
- On June 02, 2014, the Board of Directors had approved the sale of the Camping Division of it’s subsidiary company Holidaybreak Limited for a consideration of GBP 89.20 million. The sale of camping is consistent with company's strategy of becoming a Leisure and Education travel group and allows to focus on businesses that have a global footprint and market leadership position. The transaction was completed on September 11, 2014, upon receipt of the regulatory approvals.
- 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 April 01, 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. 842 Lacs for the nine months ended December 31, 2014.
- During the quarter, the Company
undertook Qualified Institutional placement (QIP). The Board of Directors,
at its meeting held on November 20, 2014, approved the issuance of
3,27,87,000 equity shares of face value of Rs. 5/- each to Qualified
Institutional Buyers at a prices of Rs. 305 per Equity Shares, including
share premium of Rs. 300 per Equity Shares aggregating to Rs. 1000 Crores
in accordance with the Securities and Exchange Board of India (Issue of
Capital and Disclosure Requirement) Regulations, 2009 (SEBIICDR Regulations)
and Section 42 of the Companies Act 2013 and the Rules made thereunde.
The QIP issue was closed on November 25, 2014 and consequently, the said equity shares were allotted on November 27, 2014.
Further, as approved by the Members vide Postal Ballot dated December 24, 2014,
the Committee of Directors has, on January 6, 2015 allotted 72,50,000 warrants
entitling for subscription of equivalent number of Equity Shares of Rs. 5/-each
at a price of 309.82/- per Warrant (including sharepBmium of Rs. 304.82/- per
Equity Share) (up to Rs. 224.61 Crores) under preferential allotment, to the
Promoter Group entity, as per the applicable provision of the SEBI ICDR
Regulations.
FIXED ASSETS
- Leasehold
Land.
- Buildings
- Computers
- Furniture and
Fixture
- Electrical
Equipments
- Office
Equipments
- Motor Car
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
registere 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. 63.57 |
|
|
1 |
Rs. 100.29 |
|
Euro |
1 |
Rs. 72.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
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 |
|
--PROFITABILITY |
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.