MIRA INFORM REPORT

 

 

Report No. :

345134

Report Date :

16.10.2015

 

IDENTIFICATION DETAILS

 

Name :

COX AND KINGS LIMITED (w.e.f. 29.07.2010)

 

 

Formerly Known As :

COX AND KINGS (INDIA) LIMITED

 

 

Registered Office :

1st Floor, Turner Morrison Building, 16 Bank Street, Mumbai – 400023, Maharashtra

Tel. No.:

91-22-22709100

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

07.06.1939

 

 

Com. Reg. No.:

11-011352

 

 

Capital Investment / Paid-up Capital :

Rs.846.600 Million

 

 

CIN No.:

[Company Identification No.]

L63040MH1939PLC011352

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is mainly engaged in Tours and Travels activity.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated on 7th June, 1939. It is an international tour and travels company with operations spread over 26 countries across the globe. The company’s operations can be broadly categorized into four segments namely leisure travel, corporate travel, foreign exchange and visa processing. It is a well-established and reputed company having satisfactory track record.

 

The company has shown a significant growth in its turnover and profit during FY 2015. The company possesses a healthy financial profile marked by strong networth base along with fair liquidity, moderate gearing and profitability.

 

The rating also 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.

 

The ratings also take into consideration, an acceptable share price of Rs.244.70/- recorded by the company as against a face value of Rs.5.00 as on October 14, 2015.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be slow.

 

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.

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CARE

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

Long Term Bank Facilities = 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 31-03-2015.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Sandeep Vaghode

Designation :

Accountant

Contact No.:

91-22-22709100

Date :

14.10.2015

 

 

LOCATIONS

 

Registered Office/ Corporate Office :

1st Floor, Turner Morrison Building, 16 Bank Street, Mumbai – 400023, Maharashtra, India

Tel. No.:

91-22-22709100

Fax No.:

91-40-23420814

E-Mail :

rashmi.jain@.com

einward.ris@karvy.com

Website :

www.coxandkings.com

 

 

Franchise Offices:
  • Pune
  • Ajmer
  • Patiala
  • Ambala
  • Rudrapur
  • Moradabad
  • Lucknow
  • Haridwar 
  • Bareilly
  • Aligarh
  • Agra
  • Gaziabad
  • Faridabad 
  • Nayapura
  • Chandigarh
  • New Delh
  • Saharanpur
  • Jodpur
  • Jaipur
  • Panipat.
  • Meerut Can
  • Udaipur
  • Amritsar
  • Jalandhar
  • Bikaner
  • Greater Noida
  • Noida
  • Panchkula
  • Gulbarga
  • Chennai
  • Tirupati
  • Calicut
  • Malleshwaram
  • Anna Nagar
  • Bangalore
  • Salem
  • Kochi
  • Vizag
  • Kakinada
  • Guntur
  • Dehradun
  • Varanasi
  • Kanpur
  • Panvel
  • Aurangabad
  • Navsari
  • Jhansi
  • Bhopal
  • Jabalpur
  • Baramati 
  • Chandrapur
  • Gwalior
  • Latur
  • Nagpur
  • Amravati
  • Ujjain
  • Jamnagar
  • Vadodra
  • Mehsana 
  • Vapi 
  • Nadiad
  • Solapur
  • Goa
  • Surat
  • Thane
  • Ankleshwar
  • Jalgaon 
  • Rajahmundry
  • Vijayawada
  • Warangal
  • Belagav
  • Trichy
  • Coimbatore
  • Thrissur
  • Shimoga
  • Erode
  • Nashik
  • Ahmedabad 
  • Kolhapur
  • Rajkot
  • Kolkata
  • Guwahati 
  • Salt lake
  • Howrah
  • Ranchi
  • Jamshedpur
  • Bhubaneshwar 
  • Patna
  • Bilaspur
  • Sambalpur
  • Dhanbad
  • Siliguri
  • Allahabad
  • Gurgaon
  • Karnal
  • Assam
  • Ahmednagar
  • Mathura 

 

 

Branch Offices:
  • Ahmedabad
  • Kochi 
  • Bangalore
  • Hyderabad
  • Goa 
  • Chennai
  • Mumbai 
  • Jaipur
  • Kolkata
  • New Delhi

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. A. B. M. Good

Designation :

Non-Executive Chairman

Address:

Clench House,Wootton Rivers, Wiltshire, Marlborough, SN84NT, United Kingdom

Date of Appointment:

28.10.1987

DIN No.:

00189453

 

 

Name :

Mr. Peter Kerkar

Designation :

Non-Executive Director

Address:

11,Nowroji Mansion, 31, Wodehouse Road, Mumbai - 400039, Maharashtra, India

Date of Appointment:

30/11/1993

DIN No.:

00202891

 

 

Name :

Ms. Urrshila Kerkar

Designation :

Executive Director

Address:

11, Nowroji Mansion, 31, Wodhouse Road, Mumbai - 400039, Maharashtra, India

Date of Appointment:

01.12.2004

DIN No.:

00021210

 

 

Name :

Mr. Pesi Patel

Designation :

Independent Director

Address:

Lyndewode House, Bomanji Petit Road, Mumbai - 400026, Maharashtra, India

Date of Appointment:

05.02.1998

DIN No.:

00016091

 

 

Name :

Mr. M. Narayanan

Designation :

Independent Director

Address:

B-3/54, Safdarjung Enclave, New Delhi - 110029, India

Date of Appointment:

16/06/2007

DIN No.:

00159288

 

 

Name :

Mr. S.C. Bhargava

Designation :

Independent Director

Address:

1305 Dosti Aster (Dosti Acres ) , New Uphil, Link Road Off S.M. Road ,Antop Hill, Wadala, (East), Mumbai - 400037, Maharashtra, India

Date of Appointment:

01.10.2007

DIN No.:

00020021

 

 

KEY EXECUTIVES

 

Name :

Mr. Anil Khandelwal

Designation :

Chief Financial Officer

 

 

Name :

Ms. Rashmi Jain

Designation :

Company Secretary

Address:

1004-B, Hill Grange Building, Hiranandani Estate, G.B. Road, Patlipada, Thane - 400607, Maharashtra, India

Date of Appointment:

15.05.2006

PAN No.:

AFLPJ0963M

BOARD COMMITTEES

AUDIT COMMITTEE :

 

Name :

Mr. M. Narayanan

Designation :

Chairman

 

 

Name :

Mr. A. B. M Good

Designation :

Member

 

 

Name :

Mr. Pesi Patel

Designation :

Member

 

 

Name :

Mr. S. C. Bhargava

Designation :

Member

 

 

REMUNERATION COMMITTEE :

 

Name :

Mr. Pesi Patel

Designation :

Chairman

 

 

Name :

Mr. M. Narayanan

Designation :

Member

 

 

Name :

Mr. A.B. M. Good

Designation :

Member

 

 

Name :

Mr. Peter Kerkar

Designation :

Member

 

 

Name :

Mr. S. C. Bhargava

Designation :

Member

 

 

SHAREHOLDERS’ / INVESTORS GRIEVANCES COMMITTEE :

 

Name :

Mr. Pesi Patel

Designation :

Chairman

 

 

Name :

Mr. A. B. M Good

Designation :

Member

 

 

Name :

Mr. M. Narayanan

Designation :

Member

 

 

Name :

Mr. S. C. Bhargava

Designation :

Member

 

 

CORPORATE SOCIAL RESPONSIBILITY AND GOVERNANCE COMMITTEE

 

 

 

Name :

Ms. Urrshila  Kerkar

Designation :

Chairperson

 

 

Name :

Me. Peter Kerkar

Designation :

Member

 

 

Name :

Mr. S.C. Bhargava

Designation :

Member

 

 

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

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.06.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

 

 

 

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

5914000

3.50

http://www.bseindia.com/include/images/clear.gifBodies Corporate

48423919

28.67

http://www.bseindia.com/include/images/clear.gifSub Total

54337919

32.17

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

8784504

5.20

http://www.bseindia.com/include/images/clear.gifBodies Corporate

18346560

10.86

http://www.bseindia.com/include/images/clear.gifSub Total

27131064

16.06

Total shareholding of Promoter and Promoter Group (A)

81468983

48.24

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

2695084

1.60

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

4251041

2.52

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

58903852

34.88

http://www.bseindia.com/include/images/clear.gifSub Total

65849977

38.99

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

11172282

6.62

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million

5462667

3.23

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 Million

4264323

2.52

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

673886

0.40

http://www.bseindia.com/include/images/clear.gifTrusts

870

0.00

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

566684

0.34

http://www.bseindia.com/include/images/clear.gifClearing Members

106332

0.06

http://www.bseindia.com/include/images/clear.gifSub Total

21573158

12.77

Total Public shareholding (B)

87423135

51.76

Total (A)+(B)

168892118

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1)

0

0.00

http://www.bseindia.com/include/images/clear.gif(2)

422772

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

422772

0.00

Total (A)+(B)+(C)

169314890

0.00

 

 

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

No.

Name of the Shareholder

Details of Shares held

Encumbered shares

Details of warrants

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

No. of Shares held

As a % of grand total (A)+(B)+(C)

No

As a percentage

As a % of
grand total
(A)+(B)+(C) of sub-clause (I)(a)

Number of warrants held

As a % total number of warrants of the same class

1

Sneh Sadan Graphic Services Limited

33038368

19.51

20858671

63.13

12.32

0

0.00

2

Kubber Investments (Mauritius) Private Limited

18346560

10.84

0

0.00

0.00

0

0.00

3

LIZ Investments Private Limited

15385551

9.09

7222384

46.94

4.27

0

0.00

4

Anthony Bruton Meyrick Good

6039832

3.57

0

0.00

0.00

0

0.00

5

Urrshila Kerkar

4639600

2.74

3414000

73.58

2.02

0

0.00

6

Ajay Ajit Peter Kerkar

2744672

1.62

1389633

50.63

0.82

0

0.00

7

Elisabeth Kerkar

1274400

0.75

1045000

82.00

0.62

0

0.00

8

Standford Trading Private Limited

0.00

0

0.00

0.00

7250000

100.00

 

Total

8,14,68,983

48.12

33929688

41.65

20.04

7250000

100.00

 

 The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Sl. No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

Smallcap World Fund INC

10130825

5.98

5.74

2

Janus Overseas Fund

5417511

3.20

3.07

3

ICICI Prudential Life Insurance Company Limited

5130361

3.03

2.91

4

HSBC Global Investments Fund A/c HSBC Gif Mauritius Limited

5055121

2.99

2.86

5

Macquarie Bank Limited

4586000

2.71

2.60

6

Morgan Stanley Asia (Singapore) PTE

3193509

1.89

1.81

7

Copthall Mauritius Investment Limited

3126000

1.85

1.77

8

SSG Investments Holding India I Limited

3054314

1.80

1.73

9

India Capital Fund Limited

2862888

1.69

1.62

10

Axis Bank Limited

2500000

1.48

1.42

11

Janus Aspen Series Overses Portfolio

2052372

1.21

1.16

12

Shivanand Shankar Mankekar

1996876

1.18

1.13

13

Life Insurance Corporation of India

1704821

1.01

0.97

 

Total

50810598

30.01

28.78

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

 

Sl. No.

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them

No. of Shares

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

Smallcap World Fund INC

10130825

5.98

5.74

 

Total

10130825

5.98

5.74

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

 

Sl. No.

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them

No. of Shares

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

Smallcap World Fund INC

10130825

5.98

5.74

 

Total

10130825

5.98

5.74

 

 

Details of Depository Receipts (DRs)

 

Sl. No.

Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)

No. of Outstanding DRs

1

GDR

422772

 

Total

422772

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is mainly engaged in Tours and Travels activity.

 

 

Products/ Services :
  • Tours and Travels

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

1806 (Approximately)

 

 

Bankers :

Bank Name

State Bank of India

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Non-Convertible Debentures

2200.000

2950.000

Term Loan from Financial Institution

202.500

317.200

Vehicle Loans from Banks

0.300

0.500

Vehicle Loans from Others

0.700

1.100

 

 

 

Short-term borrowings

 

 

From Banks

 

 

Working Capital Loan

0.000

1157.600

 

 

 

Total

2403.500

4426.400

 

NOTE:

 

LONG TERM BORROWINGS

 

Secured Non-Convertible debentures to the extent Rs.1450.000 Million (Previous Year Rs.1700.000 Million) are secured by First Pari Passu charge on all Fixed and Current Assets of the Company

 

Secured Non-Convertible debentures to the extent Rs. Nil (Previous Year Rs. 1000.000 Million) are secured by First Pari Passu charge on all Current Assets of the Company

 

Secured Non-Convertible debentures to the extent Rs.750.000 Million (Previous Year Rs. Nil) are secured by Pari Passu charge on receivables of the Company.

 

Secured Non-Convertible debentures to the extent Rs. Nil (Previous Year Rs.750.000 Million) are secured by Subservient charge on Current Assets of the Company.

 

Secured Term Loan from Financial Institution to the extent of Rs.467.200 Million (Previous Year Rs.13.600 Million) is secured by subservient charge on the fixed assets, second charge on current assets and pledge of 14,02,500 equity shares of Tulip star Hotel Limited. held by the company

 

Vehicle Loans are secured by hypothecation of respective vehicles purchased.

 

Two of the Promoter Directors has given Personal Guarantee for Unsecured Loan from Bank.

 

 

 

Financial Institution :
  • Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound,  Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra, India

 

  • Tourism Finance Corporation Of India Limited IFCI Tower, 61, Nehru Place, New Delhi- 110019, India

 

 

Auditors :

 

Name :

Chaturvedi and Shah

Chartered Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Companies:
  • Clearmine Limited UK
  • Cox & Kings Destination Management Services Limited
  • Cox & Kings Tours LLC, Dubai
  • Cox and Kings Singapore Private Limited
  • Quoprro Global Limited
  • Cox and Kings Asia Pacific Travel Limited
  • Quoprro Global Services Private Limited
  • Cox & Kings Global Services Private Limited
  • Cox & Kings Japan Limited
  • Cox and Kings Destinations Management Services Private Limited
  • Prometheon Enterprise Limited
  • Cox & Kings (UK) Limited
  • Cox & Kings Travel Limited
  • East India Travel Company Inc
  • Cox & Kings (Shipping) Limited
  • Cox & Kings Special Interest Holidays Limited
  • Cox & Kings Tours Limited
  • Cox & Kings Enterprises Limited
  • Cox & Kings Holdings Limited
  • ETN Services Limited
  • Cox & Kings Finance Limited
  • Cox & Kings Finance (Mauritius) Limited
  • Cox & Kings (Agents) Limited
  • C&K Investments Limited
  • Grand Tours Limited
  • Cox & Kings (Australia) Pty Limited
  • Tempo Holidays Pty Limited
  • Tempo Holidays NZ Limited
  • Cox and Kings Nordic PTY Limited
  • Cox and Kings PGL Camps Pty Limited
  • Prometheon Holdings Private Limited
  • Prometheon Holdings Limited (Upto 21st October, 2014)
  • Cox and Kings Global Services (Singapore) Pte Limited
  • Cox & Kings Global Services Management ( Singapore) Pte Limited
  • Cox & Kings Gmbh
  • Quoprro Global Hellas, Greece
  • Cox & Kings Global Services LLC Dubai
  • Quoprro Global Services Pte. Limited
  • Quoprro Global Services Private Limited
  • Cox and Kings Consulting Service (Beijing) Company Limited
  • Cox & Kings Global Services LLC, USA
  • Cox & Kings Global Services Sweden AB
  • Cox & Kings Egypt
  • Cox & Kings Global Services Lanka Private Limited
  • Prometheon Holdings (UK) Limited
  • 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
  • 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
  • RM & Reise Marketing & Services GmbH (Upto 9th September 2014)
  • Eurocamp Travel (Schweiz) AG (Upto 9th September 2014)
  • Eurosites BV (Upto 9th September 2014)
  • Parkovi Sunca d.o.o (Upto 9th September 2014)
  • Camping in Comfort BV (Upto 9th September 2014)
  • Edge Adventures Limited
  • Keycamp Holidays Netherlands BV (Upto 9th September 2014)
  • Keycamp Holidays (Ireland) Limited (Upto 9th September 2014)
  • Eurosites AS (Upto 9th September 2014)
  • Eurocamp Travel BV (Upto 9th September 2014)
  • Camping Division Limited (Upto 9th September 2014)
  • Sites Services SARL (Upto 9th September 2014)
  • Greenbank Packages Limited (Upto 9th September 2014)
  • Greenbank Services Limited (Upto 9th September 2014)
  • Own A Holiday Home Limited (Upto 9th September 2014)
  • Holidaybreak Trustee Limited
  • Holidaybreak Holding Company Limited
  • Holidays Limited (Upto 9th September 2014)
  • Holidaybreak Education Limited
  • Holidaybreak Reisevermittlung GmbH (formerly Eurocamp Travel GmbH) (Upto 9th September 2014)
  • Depot Starvillas SARL (Upto 9th September 2014)
  • Eurocamp Independent Limited (Upto 9th September 2014)
  • Eurocamp Limited (Upto 9th September 2014)
  • GHL Transport Limited (Upto 9th September 2014)
  • Holidaybreak Quest Trustee Limited
  • Hotelnet Limited
  • SAS Travelworks France
  • Select Sites Limited (Upto 9th September 2014)
  • Starvillas Limited (Upto 9th September 2014)
  • Travelplus Group Gmbh, Germany
  • Travelplus Group Gmbh, Austria
  • Travelworks UK Limited
  • Chalets de France Limited (Upto 9th September 2014)
  • Hole In The Wall Management Limited (With effect from 15th October 2013)
  • Holidaybreak Hotel Holdings Limited (With effect from 14th February 2014)
  • Holidaybreak Hotel Holdings GmbH (With effect from 19th February 2014)
  • Meininger Amsterdam Amstelstation BV (With effect from 28th February 2014)
  • PGL Travel PTY Limited (With effect from 7th May 2013)
  • PGL Property PTY Limited (With effect from 11th December 2013)
  • PGL Adventure Camps PTY Limited (With effect from 11th December 2013)
  • Meininger Amsterdam B.V. (With effect from 30th April 2013)
  • Meininger Shared Services Gmbh (With effect from 30th April 2013)
  • Meininger Berlin Hauptbahnhof Gmbh (With effect from 30th April 2013)
  • Meininger “10” Hamburg Gmbh (With effect from 30th April 2013)
  • Meininger Airport Frankfurt Gmbh (With effect from 30th April 2013)
  • Meininger Brussels Gmbh (With effect from 30th April 2013)
  • Meininger West Gmbh & Co. Kg (With effect from 30th April 2013)
  • Meininger West Verwaltungs Gmbh (With effect from 30th April 2013)
  • Meininger “10” City Hostel Köln Gmbh (With effect from 30th April 2013)
  • Meininger “10” Frankfurt Gmbh (With effect from 30th April 2013)
  • Meininger Oranienburger Straße Gmbh (With effect from 30th April 2013)
  • Meininger Hotel Berlin Eastside Gallary GMBH (With effect from 30th April 2013)
  • Meininger “10” City Hostel Berlin-Mitte Gmbh (With effect from 30th April 2013)
  • Meininger “10” Hostel Und Reisevermittlungs Gmbh (With effect from 30th April 2013)
  • Meininger Airport Hotels Bbi Gmbh (With effect from 30th April 2013)
  • Meininger Potsdamer Platz Gmbh (With effect from 30th April 2013)
  • Meininger Barcelona Gmbh (With effect from 30th April 2013)
  • Meininger City Hostels & Hotels Gmbh (With effect from 30th April 2013)
  • Meininger Limited (With effect from 30th April 2013)
  • Meininger Hotelerrichtungs Gmbh (With effect from 30th April 2013)
  • Meininger Wien Gmbh (With effect from 30th April 2013)
  • Meininger Wien Schiffamtsgasse Gmbh (With effect from 30th April 2013)
  • Meininger Holding GmbH (With effect from 30th April 2013)
  • Meininger Finance Co Limited (With effect from 2nd April 2014)
  • Meininger Paris SCI (With effect from 14th October 2014)
  • Superbreak Mini-Holidays Transport Limited (With effect from 30th January 2015)

 

 

Associate/Group Company:
  • Tulip Star Hotels Limited
  • Radius Global Travel Limited

 

 

Joint Venture:
  • Royale Indian Rail Tours Limited

 

 

Enterprises over which Key Managerial Personnel and their relatives exercise significant influence:
  • Far Pavilions Tours and Travels Private Limited
  • Ezeego One Travel and Tours Limited
  • Standford Trading Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

220000000

Equity Shares

Rs.5/- each

Rs.1100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

169314890

Equity Shares

Rs.5/- each

Rs.846.600 Million

 

 

 

 

 

Number of Equity Shares held by each shareholder holding more than 5% shares in the company are as follows:

 

Particulars

31st March, 2015

No of

Shares

Share

Holding in %

Sneh Sadan Graphic Services Limited

33038368

19.51%

Kubber Investments (Mauritius) Private Limited

18346560

10.84%

Liz Investments Private Limited

15160849

8.95%

Smallcap World Fund Inc

10407346

6.15%

 

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, 2015

 

No of

Shares

No. of Equity Shares outstanding at the beginning of the year

136527890

Less: Equity Shares forfeited/Bought back during the year

--

No. of Equity Shares outstanding at the end of the year

136527890

 

 

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

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

846.600

682.600

682.600

(b) Reserves & Surplus

22358.000

11616.200

10705.600

(c) Money received against share warrants

561.500

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

23766.100

12298.800

11388.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

3153.500

3518.800

3072.200

(b) Deferred tax liabilities (Net)

151.900

129.500

104.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

3305.400

3648.300

3176.200

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1500.000

2657.600

2200.500

(b) Trade payables

525.100

594.700

1064.100

(c) Other current liabilities

1007.400

2781.600

2243.400

(d) Short-term provisions

725.200

642.300

190.000

Total Current Liabilities (4)

3757.700

6676.200

5698.000

 

 

 

 

TOTAL

30829.200

22623.300

20262.400

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

483.500

666.600

716.500

(ii) Intangible Assets

796.500

422.700

266.600

(iii) Capital work-in-progress

1.800

8.300

23.900

(iv) Intangible assets under development

439.100

683.200

627.800

(b) Non-current Investments

1481.000

1469.300

1152.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3648.400

150.700

151.300

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

6850.300

3400.800

2938.100

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

280.000

280.600

280.700

(b) Inventories

76.800

42.200

61.500

(c) Trade receivables

7304.100

6544.800

4737.900

(d) Cash and cash equivalents

3824.400

2491.300

2708.200

(e) Short-term loans and advances

12347.600

9863.600

9536.000

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

23832.900

19222.500

17324.300

 

 

 

 

TOTAL

30683.200

22623.300

20262.400

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

4805.900

4186.000

3722.700

 

Other Income

733.200

539.900

236.000

 

TOTAL (A)

5539.100

4725.900

3958.700

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Employees benefits expense

1109.800

990.700

886.200

 

Other expenses

1280.100

1128.800

1033.200

 

TOTAL (B)

2389.900

2119.500

1919.400

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

3149.200

2606.400

2039.300

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

548.300

461.000

863.700

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

2600.900

2145.400

1175.600

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

377.400

215.800

181.600

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

2223.500

1929.600

994.000

 

 

 

 

 

Less

TAX (H)

811.800

802.700

460.100

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

1411.700

1126.900

533.900

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Travel, Tour and Other Income

861.600

809.000

781.200

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

 

Basic

9.56

8.25

3.91

 

Dillute

9.11

8.25

3.91

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

515.200

2123.500

870.600

Cash generated from operations

(856.800)

(1413.200)

2844.000

Net cash flow from operating activity

(1811.300)

(1698.500)

2038.000

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2015

Audited / UnAudited

1st Quarter

Net Sales

1918.960

Total Expenditure

720.700

PBIDT (Excl OI)

1198.260

Other Income

161.420

Operating Profit

1359.680

Interest

103.440

Exceptional Items

NA

PBDT

1256.240

Depreciation

72.080

Profit Before Tax

1184.160

Tax

407.740

Provisions and contingencies

NA

Profit After Tax

776.420

Extraordinary Items

NA

Prior Period Expenses

NA

Other Adjustments

NA

Net Profit

776.420

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

29.37

26.92

14.34

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

65.53

62.26

54.78

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

7.69

9.43

5.38

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.09

0.16

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.20

0.67

0.54

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

6.38

2.88

3.04

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

682.600

682.600

846.600

Reserves & Surplus

10705.600

11616.200

22358.000

Money received against share warrants

0.000

0.000

561.500

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

11388.200

12298.800

23766.100

 

 

 

 

long-term borrowings

3072.200

3518.800

3153.500

Short term borrowings

2200.500

2657.600

1500.000

Current Maturities of Long-Term Debts

870.600

2123.500

515.200

Total borrowings

6143.300

8299.900

5168.700

Debt/Equity ratio

0.539

0.675

0.217

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3722.700

4186.000

4805.900

 

 

12.445

14.809

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3722.700

4186.000

4805.900

Profit

533.900

1126.900

1411.700

 

14.34%

26.92%

29.37%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

COMPANY’S PERFORMANCE

 

FY15 has been a year of growth and consolidation for the Group. The business displayed robust growth, with especially strong contributions from the Education business. In the leisure space, despite a relatively tepid global growth environment, C&K brands displayed a robust increase in revenues together with steady profitability. During the year, the Company strengthened the Balance Sheet through strategic divestitures and a qualified institutional placement (QIP) of equity shares; as a result, group gross debt fell from `5,584 million at the end of FY14 to Rs.378.000 million as of March 31, 2015.

 

Group net revenues (excluding Camping) grew by 15% y-o-y to Rs.227.100 million in FY15 while profit before exceptional items and tax stood at Rs.54.200 million in FY15, down 18% y-o-y from Rs.65.900 million in FY14. However, on a normalized basis, i.e. excluding forex gains or losses, profit before exceptional items and tax stood at Rs.54.200 million in FY15, up 24% y-o-y from Rs.43.009 million in FY14. The Company’s consolidated net profit after tax, exceptional items, minority interests and share of income from associates was lower year-on-year by 76% at `92 million, as compared to Rs.38.300 million in the prior year. Exceptional items included a net loss of Rs.20.200 million on the sale of Camping division, a one-time charge of Rs.10.200 million on cancellation of forward hedges on acquisition debt, and a restructuring charge of `4 million.

 

AWARDS AND RECOGNITION:

 

  • Best Outbound Tour Operator’ awarded by 10th Hospitality India and Explore the World Annual International
  • Awards 2014

 

  • Mr. Peter Kerkar, Director, Cox and Kings Limited was honoured by The British Travel and Hospitality Hall of Fame as one of the seven inductees into the Hall of Fame this year

 

  • Cox and Kings Limited. was chosen as one of the top agents at Emirates Airlines awards 2014

 

  • Cox and Kings Limited. was awarded No. 1 position in promoting the Meeting & Incentive (M&I) groups to Hong Kong
  • between 1 July 2014 and 31 December 2014 by Meetings and Exhibitions Hong Kong (MEHK) – the MICE division of the HKTB, as part of Top Agent Awards Program (TAAP).

 

  • The Outlook Traveller Awards 2014: Favourite Outbound Tour Operator

 

  • The Outlook Traveller Awards 2014: Favourite Inbound Tour Operator

 

SUBSIDIARIES

 

Telegraph Ultras Awards to Cox & Kings Travel Limited, for “Best Luxury Tour Operator - runner-up”

– presented 19 May 2014

 

SAVEUR Culinary Travel Awards to Cox & Kings (Worldwide) for “Outstanding Tour Operator”

– presented 7 October 2014

 

British Travel Awards to Cox & Kings Travel Limited, for “Best Luxury Holiday Company - Small: Winner”

– 26 November 2014

 

British Travel Awards to Cox & Kings Travel Limited, for “Best Escorted Tours Holiday Company: Silver Award”

– 26 November 2014

 

British Travel Awards to Cox & Kings Travel Limited, for “Best Holiday Company to Central & South America

– Small: Silver Award” – 26 November 2014

 

British Travel Awards to Cox & Kings Travel Limited, for “Best Holiday Company to Southern Asia

– Small: Silver Award” – 26 November 2014

 

British Travel Awards to Cox & Kings Travel Limited, for “Best Holiday Company to Middle East

– Small: Silver Award” – 26 November 2014

 

British Travel Awards to Cox & Kings Travel Limited, for “Best Holiday Company to East & Southeast Europe – Small:

Bronze Award” – 26 November 2014

 

AI Business Excellence Awards 2015 to Cox and Kings Travel Limited for “Excellence in Quality Group Tour Operation –

UK” - 23 March 2015

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

FY15 summary and outlook

 

Subject has evolved over the last three decades from being an Indian air-ticketing agent and destination management company into a diversified, multinational travel conglomerate with a focus on the new-age consumer. The company nurtures a deeply entrepreneurial spirit. Embracing change is in our DNA.

 

Over the last few years we have grown at a very rapid rate, while simultaneously acquiring more complex, and durable, competencies that will hold us in good stead over the long term. Over the last 11 years, our net revenues and EBITDA have grown at compounded annualized growth rate (CAGR) of 51% and 61%, respectively. Today, they have established operations across 23 countries in businesses which include packaged group tours, flexible individual holidays, experiential learning and hybrid hotels. They have high market share, excellent brand recall and deep domain expertise across the realm of our operations.

 

Fiscal 2014-15 was in summary a year of rejuvenation. They enhanced our market presence in existing geographies, forged new partnerships to drive future growth and strengthened our Balance Sheet while remaing focused on core business performance. If the last few years were characterised by breath-taking change, FY15 was the year in which the transformation was completed. They look to the future with confidence and enthusiasm.

 

Each of our four main focus areas, namely Leisure – India, Leisure – International, Education and Meininger (hybrid hotels) – grew robustly in FY15, while EBITDA margins were stable to higher.

 

On September 10, 2014, they closed the sale of our Camping business, which was capital intensive in nature and which did not meet our internal parameters in terms of future growth; they received gross proceeds of GBP89.2 million from the sale of this business. They booked a net loss on sale of the Camping division to the tune of ~`202 million (Profit on sale of Rs.35.000 million negated by a goodwill write-off of Rs.55.200 million). They had acquired Holidaybreak plc in 2011 mainly to gain control of its Education and Meininger businesses; however, the Camping business also fell within the transaction perimeter. Management did not see Camping as a high-growth activity, and in an effort to streamline management focus on the growing portions of our business, i.e. Leisure-India, Education and Meininger, they decided to sell off the Camping business.

 

Our consolidated net profit after tax was lower year-on-year by 76% at ~Rs.9.200 million, mainly as a result of the net loss on sale of Camping. They also incurred a one-time charge of `102 million in FY15 on cancellation of forward hedges on the acquisition debt which was partly prepaid out of the Camping sale proceeds.

 

On a normalized basis, i.e. excluding Camping business, net revenues grew 15% y-o-y to Rs.227.100 million, while earnings before interest, tax, depreciation and amortization (EBITDA) excluding gains or losses on foreign exchange fluctuations, grew 13% y-o-y to Rs.86.700 million. Profit before tax excluding foreign exchange gains or losses and exceptional items, and before minority interests, was up 24% y-o-y at Rs.54.200 million.

 

In November 2014 we raised Rs.100.000 million through a qualified institutional placement (QIP) of fresh equity shares with marquee institutional investors based in India and around the world. The QIP has strengthened the Balance Sheet considerably. Further, the promoters have applied for a warrant issue to the tune of Rs.22.500 million in January 2015, for which 25% has been deposited.

 

Our total gross debt fell by Rs.180.300 million y-o-y, or 32%, to Rs.378.000 million as of March 31, 2015 as corporate actions taken by the company during the year resulted in prepayment of a substantial portion of the company’s acquisition-related borrowings. Net debt too fell by Rs.183.000 million y-o-y, or 44%, to Rs.237.500 million as of March 31, 2015. The reduction was primarily on account of (1) Qualified institutional placement of equity shares worth gross Rs.100.000 million in November 2014, (2) Sale proceeds from the sale of Camping business (gross consideration GBP 89.2 millon), (3) Warrant application money from promoters to the extent of Rs.5.600 million, (4) Reduction in value of foreign currency debt in Rs. terms (Rs.16.100 million) due to appreciation of rupee. Our net debt to Shareholders’ funds ratio has reduced from 1.6x in FY14 to 0.7x in FY15.

 

They expect future business growth to be driven mainly by Leisure – India, Education and Meininger. Each business has its own unique and secular growth drivers and they enjoy a dominant position within each industry. Our Leisure – International business is expected to grow a modest pace in line with the growth of the world travel industry.

 

 

Leisure – India

 

Our Leisure – India business grew robustly during the year. Net revenues were up 15% to Rs.48.100 million, while EBITDA grew 14% to Rs.23.600 million. EBITDA margins were stable at ~49%.

 

They continued to expand our franchisee network in Tier II and III cities. Today Cox & Kings operates through our powerful network of 12 own stores, 142 franchisees and 90 preferred sales agents. They have leading market share in the organized space, which has been growing steadily over the last few years. Our sheer size enables us to secure the best possible deals from airlines, hotels and other vendors, which in turn enables us to offer the best value proposition to the Indian traveller.

 

Our franchisee model has helped us grow at rates far ahead of the industry. Treating our partners with fairness and rewarding them for performance is the cornerstone of our competitive strategy. They believe the franchisee model is the ideal avenue for expansion going forward.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Non-Convertible Debentures

750.000

250.000

 

 

 

Short-term borrowings

 

 

Other Short Term Loan

1500.000

1500.000

 

 

 

Total

2250.000

1750.000

 

 

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 FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARAS 
HTRA - 400025, INDIA

C14982318

2

10394956

28/09/2015 *

6,200,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C66122417

3

10352456

23/04/2012

1,300,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, 
PANDURANG BUDHKAR MARG, WORLI, MUMBAI, 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 FLOOR, BOMBAY DYEING MILLS COMPOUND, 
PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA – 400025, INDIA

C17968439

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED

30.06.2015

(Rs. In Million)

Sr. No.

Particulars

Quarter Ended

30.06.2015

(Unaudited)

1

Income from operations:

 

 

(a) Net sales/Income from operations

1884.807

 

(b) Other operating income

34.251

 

Total income from operations (net)

1918.959

 

 

 

2

Expenses:

 

 

a) Employee benefit expense

310.403

 

b) Advertisement Cost

170.932

 

c) Rent

86.016

 

d) Exchange Fluctuation Loss/ (Gain)

(3.122)

 

e) Depreciation and amortization expense

72.077

 

f) Other Expenses

153.364

 

Total Expenses

789.670

3

Profit / (Loss) from operations before other income, finance costs and Exceptional Items (1-2)

1129.289

4

Other income

158.300

5

Profit / (Loss) from Ordinary activities before Finance Cost and Exceptional Items (3+4)

1287.589

6

Finance costs

103.436

7

Profit / (Loss) from Ordinary activities after Finance Cost but before Exceptional Items (5-6)

1184.153

8

Exceptional Items

0.000

9

Profit / (Loss) from Ordinary Activities before Tax (7+8)

1184.153

10

Tax Expense

407.735

11

Net Profit / (Loss) from Ordinary Activities after Tax (9-10)

0.000

12

Extraordinary Items

776.418

13

Net Profit / (Loss) for the period (11-12)

846.574

14

Paid up Equity Share Capital (Face Value of Rs.5/- each)

 

15

Reserve excluding Revaluation reserve as per Balance Sheet

 

16

Earnings per share (EPS) (before and before extraordinary items) (in Rs.5/- each) (not annualised)

 

 

(a) Basic

4.59

 

(b) Diluted

4.40

16

Earnings per share (EPS) (before and after extraordinary items) (in Rs.5/- each) (not annualised)

 

 

(a) Basic

4.59

 

(b) Diluted

4.40

 

 

 

PART II

 

 

A

PARTICULARS OF SHAREHOLDING

 

1

Public shareholding

 

 

a.

Number of shares

87845907

 

b.

Percentage of shareholding

51.88%

2

Promoters and promoter group shareholding

 

 

a.

Pledged/Encumbered

 

 

 

Percentage of shares (as a % of the total shareholding of promoter and promoter group)

33929688

 

 

Percentage of shares (as a % of the total share capital of the Company)

41.65%

 

b.

Non-encumbered

20.04%

 

Number of shares

47539295

 

 

Percentage of shares (as a % of the total shareholding of promoter and promoter group)

58.35%

 

 

Percentage of shares (as a % of the total share capital of the Company)

28.08%

 

Particulars

Quarter

ended

30.06.2015

B   INVESTOR COMPLAINTS (Nos.)

 

Pending at the beginning of the quarter

Nil

Received during the quarter

2

Disposed of during the quarter

2

Remaining unresolved at the end of the quarter

Nil

 

 

Note:

 

  1. 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.



2. The Statutory Auditors have carried out a limited review of standalone results for the quarter ended June 30, 2015, in compliance with clause 41 of the listing agreement with the Stock Exchange.

3. The above results were reviewed by the Audit Committee. The Board of Directors at its meeting held on August 07, 2015 has approved the above results and its release The above financial results are in accordance with the accounting policies followed by the Company in preparation of its statutory accounts.

4. 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".

 

5. Tax Expense include Current Tax and Deferred Tax.

6. The figures for the corresponding period of the previous year have been restated, regrouped wherever

necessary, to make them comparable.

7. The figures of the last quarter of previous financial year are the balancing figure between the audited figures in respect of full previous financial year and the published year to date figure up to the third quarter of the previous financial year.

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2015

31.03.2014

Guarantees:

 

 

Corporate Guarantee given on behalf of wholly owned subsidiaries

17533.100

35756.000

Guarantees given by Bank

604.600

1231.300

Legal Disputes

 

 

Disputed income Tax Demand

76.200

43.800

Disputed Service Tax demand

1290.800

1290.800

Claim against the Company not acknowledged as debts

112.600

139.300

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Leasehold Land
  • Buildings
  • Computers
  • Furniture and Fixture
  • Electrical Equipments
  • Office Equipments
  • Motor Car

 

Intangible Assets

 

  • Computer Software

 


NEWS



TUI GROUP SELLS UK HOTEL BOOKING WEBSITE LATEROOMS

 

Oct 13, 2015

 

TUI Group, the world's largest leisure tourism group, said it sold its British hotel booking website LateRooms in early October to focus on its main package holiday business. TUI declined to give any details on the sale, but said on Monday that it will reveal more in its December earnings release. It announced in May that it was putting LateRooms up for sale. Media reports said that LateRooms had been bought by privately-held travel firm Cox & Kings  , which is based in India. Cox & Kings was not immediately available to comment. LateRooms was bought for 120 million pounds (USD 184.34 million) in 2006 by First Choice, which the following year merged to form TUI Travel. TUI Group was formed in 2014 through the merger of London-listed TUI Travel and German majority-owner TUI AG.

 

Cox & Kings stock price

 

On October 15, 2015, Cox & Kings closed at Rs 235.15, down Rs 3.95, or 1.65 percent. The 52-week high of the share was Rs 343.90 and the 52-week low was Rs 200.25.

 

The company's trailing 12-month (TTM) EPS was at Rs 8.98 per share as per the quarter ended June 2015. The stock's price-to-earnings (P/E) ratio was 26.19. The latest book value of the company is Rs 137.05 per share. At current value, the price-to-book value of the company is 1.72.



CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.82

UK Pound

1

Rs.100.41

Euro

1

Rs.75.50

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SUD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

50

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.