Cox And Kings Limited - CARE Ratings
Rationale-Press ReleaseCox and Kings LimitedJuly 10, 2019RatingsFacilitiesIssuer Rating#Amount(Rs. crore)-Long-term Bank Facilities1,7601RatingRating ActionCARE D(Is)[Single D(Issuer Rating)]CARE D[Single D]Revised from CARE C(Is)[Single C(Issuer rating)]Revised from CARE C[Single C]Total Facilities1,760(Rupees One thousand Sevenhundred and Sixty croreonly)Non-convertible Debentures-I250CARE DReaffirmed(Rupees Two hundred fifty[Single D]crore only)Non-convertible Debentures- (275CARE DRevised from CARE CProposed)(Rupees Two hundred and[Single D][Single C]Seventy five crore only)Commercial Paper issue375CARE DReaffirmed(Rupees Three hundred[Single D]Seventy Five crore only)Commercial Paper Issue1,685CARE DRevised from CARE A4(carved out)*(Rupees One thousand Six[Single D][A Four]hundred and eighty fivecrore only)Details of instruments/facilities in Annexure-1#The Issuer Rating would be subject to overall gearing not exceeding 1.01x times (Level as of 31st March 2018)*Carved out of the sanctioned working capital limits of the companyDetailed Rationale & Key Rating DriversThe revision in ratings assigned to Cox and Kings Limited (C&K) takes into account default in CP (carved out) redemption dueon 9th July 2019 and overdues in bank accounts. This CP was carved out of the working capital limits of the Company.Consequently, issuer rating has also been revised. The other issues raised by CARE in its press release dated June 28th, 2019remain the same.Detailed description of the key rating driversKey Rating WeaknessesIncrease in receivables:The company has seen significant increase in receivables (increased from Rs.1524 crore as on 31.3.2018 to Rs.2031 crore ason 31.3.2019 in the standalone business).Pledge of promoter shares: The promoters holding in C&K is 49.8% as of end of March 2019 (49.34% as at March 2018) ofwhich 63.28% shares are pledged as of March 2019 (62.62% in March 2018). C&K’s share price has also declinedsignificantly thus curtailing C&K’s financial flexibility to large extent.Key Rating StrengthsLong & established track record of operations: C&K has an established track record of over 260 years in the tours and travelindustry with strong brand recognition globally. C&K manages its majority of business operations throughsubsidiaries/JVs/associates spread over in countries like United Kingdom, Japan, Australia, United States of America, etc.LiquidityThe Company has short term obligations wrt standalone CP of Rs, 345 crs and long term debt obligations of Rs.176 crore in FY20 and Rs.292 crore in FY21. The Company’s working capital facilities had been utilized at an average of 81% in the last 12months.1CARE Ratings Limited
Rationale-Press ReleaseAnalytical approach: ConsolidatedApplicable Criteria:Criteria on assigning Outlook to Credit RatingsCARE’s Policy on Default RecognitionCriteria for Short Term InstrumentsRating Methodology - Service Sector CompaniesFinancial ratios – Non-Financial SectorAbout the CompanyIncorporated in 1939 as Eastern Carrying Company Limited, Cox & Kings Limited (C&K) is an international tour and travelscompany with operations spread over 22 countries. The company is managed by Mr. A B M Good and Mr. Peter Kerkar, bothhaving vast experience in tourism industry. C&K has three major business segments, Leisure-India, Leisure- International andMeininger and are operated through subsidiaries (including step down), associates and joint ventures and are largelyconcentrated in India and Europe region (including United Kingdom- UK). In 2011 C&K acquired Holiday break UK (HBR)- aleading tour operator in niche segments like education, adventure and camping. In January 2019 the company sold itseducation business to Midlothian Capital Partners (MCP), a leading UK-based investor for all-cash enterprise value of GBP 467million (Rs.4,387 crores). C&K also received approval from the National Company Law tribunal to demerge its foreignthexchange business and the Scheme became effective on 12 September 2018. All assets and liabilities pertaining to theforeign exchange business were transferred w.e.f April 01, 2017.Brief Financials (Rs. crore)*FY18 (A)*FY19(A)Total operating ,689.65**Overall gearing (times)1.010.74Interest coverage (times)3.252.81*Abridged and restated since the forex business has been demerged into a wholly owned subsidiary CKFSL wef April 01, 2017.**Including extraordinary profit on sale of education business; A: AuditedStatus of non-cooperation with previous CRA: Not ApplicableAny other information: Not ApplicableRating History for last three years: Please refer Annexure-2Annexure-1: Details of Instruments/FacilitiesName of theDate ofInstrumentIssuanceFund-based-Long TermNon-fund-based - LT-BankGuaranteesIssuer Rating-IssuerRatingsDebentures-NonConvertible DebenturesDebentures-NonConvertible DebenturesINE008I07338Debentures-NonConvertible DebenturesINE008I08138Commercial PaperCommercial Paper( carvedout from working capital)2CouponRate-MaturityDate-Size of the Issue Rating assigned along(Rs. crore)with Rating Outlook1685.00CARE D---75.00CARE D---0.00CARE D (Is)Proposed NCD275.00CARE D18th Jan 201910.00%15th November202150.00CARE D5th Feb 20199.00%4th February 2022200.00CARE D--7days to 364 days375.00CARE D--7days to 364 days1685.00CARE DCARE Ratings Limited
Rationale-Press ReleaseAnnexure-2: Rating History of last three yearsSr.Name of theCurrent anding(Rs. crore)1. Commercial PaperST375.00Rating historyRatingDate(s) &Date(s) &Date(s) &Rating(s)Rating(s)Rating(s)assigned in assigned in assigned in2019-2020 2018-2019 2017-2018CARE D 1)CARE D1)CARE A1 1)CARE A1 (04-Jul-19) (08-Aug-18) (07-Jul-17)2)CARE D2)CARE A1 (28-Jun-19) (24-Jul-18)3)CARE A1 (11-Jun-19)2. Commercial PaperST1685.00CARE D1)CARE A4(04-Jul-19)2)CARE A4(28-Jun-19)3)CARE A1 (11-Jun-19)1)CARE A1 (08-Aug-18)2)CARE A1 (24-Jul-18)1)CARE A1 (13-Mar-18)2)CARE A1 (07-Jul-17)3)CARE A1 (11-May-17)1)CARE A1 (08-Mar-17)2)CARE A1 (13-Dec-16)3)CARE A1 (31-Aug-16)4)CARE A1 (11-Jul-16)5)CARE A1 (22-Apr-16)3. Fund-based-Long TermLT1685.00CARE D1)CARE C1)CARE AA;(04-Jul-19) Stable2)CARE BB; (24-Jul-18)Stable(28-Jun-19)3)CARE AA-;Stable(11-Jun-19)1)CARE AA;Stable(13-Mar-18)2)CARE AA;Stable(07-Jul-17)3)CARE AA;Stable(11-May-17)1)CARE AA;Stable(08-Mar-17)2)CARE AA;Stable(13-Dec-16)3)CARE AA(31-Aug-16)4)CARE AA(11-Jul-16)5)CARE AA(22-Apr-16)4. Debentures-NonConvertible DebenturesLT50.00CARE D1)CARE D1)CARE AA;(04-Jul-19) Stable2)CARE BB; (24-Jul-18)Stable(28-Jun-19)3)CARE AA-;Stable(11-Jun-19)1)CARE AA;Stable(07-Jul-17)1)CARE AA;Stable(13-Dec-16)2)CARE AA(11-Jul-16)5. Debentures-NonConvertible DebenturesLT275.00CARE D1)CARE C1)CARE AA;(04-Jul-19) Stable2)CARE BB; (24-Jul-18)Stable(28-Jun-19)3)CARE AA-;Stable(11-Jun-19)1)CARE AA;Stable(07-Jul-17)1)CARE AA;Stable(13-Dec-16)2)CARE AA(11-Jul-16)75.00CARE D1)CARE C(04-Jul-19)2)CARE BB;1)CARE AA; 1)CARE AA;StableStable(13-Mar-18) (08-Mar-17)6. Non-fund-based - LT-Bank LTGuarantees31)CARE AA;Stable(24-Jul-18)Date(s) &Rating(s)assigned in2016-20171)CARE A1 (13-Dec-16)2)CARE A1 (11-Jul-16)CARE Ratings Limited
Rationale-Press ReleaseStable(28-Jun-19)3)CARE AA-;Stable(11-Jun-19)2)CARE AA;Stable(07-Jul-17)3)CARE AA;Stable(11-May-17)2)CARE AA;Stable(13-Dec-16)3)CARE AA(31-Aug-16)4)CARE AA(11-Jul-16)5)CARE AA(22-Apr-16)1)CARE AA(Is); Stable(07-Jul-17)1)CARE AA(Is); Stable(13-Dec-16)2)CARE AA(Is)(11-Jul-16)--7. Issuer Rating-IssuerRatingsIssuerrat0.00CARE D(Is)1)CARE C (Is) 1)CARE AA(04-Jul-19) (Is); Stable2)CARE BB (24-Jul-18)(Is); Stable(28-Jun-19)3)CARE AA(Is)(11-Jun-19)8. Debentures-NonConvertible DebenturesLT200.00CARE D1)CARE D(04-Jul-19)Annexure-3: List of entities ConsolidatedSubsidiaries:C&K Investments LimitedCandk Tours SON. BHD,Clearmine LimitedCox & Kings (Agents) LimitedCox & Kings (Australia) Pty Ltd.Cox & Kings (Shipping) LimitedCox & Kings (UK) LimitedCox & Kings. Destination Management Services LimitedCox & Kings Enterprises LimitedCox & Kings Finance (Mauritius) Ltd.Cox & Kings Finance LimitedCox & Kings Global Services Canada Ltd.Cox & Kings Global Services Lanka (Pvt) LtdCox & Kings Global Services LLC DubaiCox & Kings Global Services Management (Singapore) PteLtdCox & Kings Global Services Private Limited , UKCox & Kings Global Services Pvt LtdCKGS South Africa (Pty) LtdCox & Kings Global Services Sweden ASCox & Kings GmBHCox & Kings Holdings LimitedCox & Kings Japan LtdCox & Kings Tours LLC, DubaiCox & Kings Tours Ltd.Cox & Kings Travel Limited, Hong KongCox & Kings Travel Limited, UKCox and Kings Asia Pacific Travel LtdCox and Kings Consulting Service (Beijing) Co. Ltd.Cox and Kings Destinations Management Services Pet LtdCox and Kings Global Services (Singapore) Pte Ltd.Cox and Kings Global Services USA LLCCox and Kings Global Services, Qatar4-Cox and Kings Nordic PTV LimitedCox and Kings Singapore Private LimitedCox and Kings Special Interest Holidays Ltd.East India Travel Company Inc,Edge Adventures LtdETN Services LimitedGrand Tours LimitedHolidaybreak Holding Co LtdHolidaybreak Hotel Holdings GmbHHolidaybreak LtdHolidaybreak QUEST Trustee LtdHolidaybreak Trustee LtdHotelbreak Enterprise UK LtdHotelnet LtdHotels London LimitedMeinigner Airport Frankfurt GmbHMeininger "10H City Hostel Berlin-MItte GmbHMeininger "10" Frankfurt GmbHMeininger "10" Hamburg GmbHMeininger "10'' Hostel und Reisevermittlung GmbHMeininger Airport Hotels BBI GmbHMeininger Amsterdam Amstelstation ByMeininger Amsterdam ByMeininger Barcelona GmbHMeininger Berlin Hauptbahnhof GmbHMeininger Brussels GmbHMeininger City Hostels & Hotels GmbHMeininger Finance Company LimitedMeininger Holding GmbHMeininger Holding USA IncMeininger Hotel Asia Pacific Pte. LimitedMEININGER Hotel Berlin East Side Gallery GmbHMEININGER Hotel Berlin Tiergarten GmbHMeininger Hotel Bordeaux SASCARE Ratings Limited
Rationale-Press ReleaseMeininger Hotel Brussels Midi Station SAMeininger Hotel Copenhagen Ap5Meininger Hotel Dresden GmbHMeininger Hotel Europe LimitedMeininger Hotel Genf AG, GenevaMeininger Hotel Glasgow LimitedMeininger Hotel Heidelberg GmbHMEININGER Hotel Hungary kftMeininger Hotel Leipzig Hauptbahnhof GmbHMeininger Hotel Lyon SASMeininger Hotel Milan City SRLMeininger Hotel Milan Lambrate SRLMeininger Hotel Munchen Olympiapark GmbHMeininger Hotel Paris Porte de Vincennes SAS,MEININGER Hotel Rome Termini Station SAMeininger Hotel Russia LimitedMEININGER Hotel Venice Marghera SriMeininger Hotel Zurich AGMeininger Hotelerrichtungs GmbHMeininger Hotels (India) Private LimitedMeininger Hotels LimitedMeininger LtdMeininger Oranienburger StraBe GmbHMeininger Paris SCIMeininger Shared Services GmbHMeininger West GmbH & Ca. KGMeininger West Verwaltungs GmbHMeininger Wien GmbHMeininger Wien Schiffamtsgasse GmbHMeininger Hotel Innsbruck GmbHMeininger Hotel Lisbon, Unipessoal LDAMEININGER HOTEL MANCHESTER LIMITEDMeininger Hotels North America LimitedPrometheon Australia Pty LtdPrometheon Enterprise LimitedPrometheon Holding Private Limited,Prometheon Holdings (UK) LtdPrometheon LimitedPromethean Singapore pte LtdQuoprro Global Limited (UK)Quoprro Global Services Pte. LtdQuoprro Global Services Pvt LtdTempo Holidays Ni Ltd.Tempo Holidays Pty Ltd.Travelworks UK LimitedMeininger Hotels Washington DC NV AVE LLCList of Associates:Tulip Stars Hotel LtdMalvern Group Ltd (name changed wef 9th May 2017formerly known as Malvern EnterpriseUK Ltd)Tutors Direct LimitedTute Online LimitedNote on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity. Thisclassification is available at www.careratings.com. Investors/market intermediaries/regulators or others are welcome to writeto care@careratings.com for any clarifications.Contact usMedia ContactMradul MishraContact no. – 91-22-6837 4424Email ID – mradul.mishra@careratings.comAnalyst ContactGroup Head Name – Pulkit AgarwalGroup Head Contact no.- 91-22-6754 505Group Head Email ID- pulkit.agarwal@careratings.comBusiness Development ContactName: Meenal SikchiContact no. : 91-22-6754 455Email ID :meenal.sikchi@careratings.comAbout CARE Ratings:CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading creditrating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as anExternal Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of its rightful place inthe Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum of credit rating thathelps the corporates to raise capital for their various requirements and assists the investors to form an informed investmentdecision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage ourdomain and analytical expertise backed by the methodologies congruent with the international best practices.5CARE Ratings Limited
Rationale-Press ReleaseDisclaimerCARE’s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall theconcerned bank facilities or to buy, sell or hold any security. CARE has based its ratings/outlooks on information obtainedfrom sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy orcompleteness of any information and is not responsible for any errors or omissions or for the results obtained from the useof such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, basedon the amount and type of bank facilities/instruments.In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is based on the capital deployed by thepartners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case ofwithdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performanceand other relevant factors.**For detailed Rationale Report and subscription information, please contact us at www.careratings.com6CARE Ratings Limited
Cox and Kings Limited July 10, 2019 Ratings Facilities Amount (Rs. crore) . Cox & Kings Limited (C&K) is an international tour and travels company with operations spread over 22 countries. The company is managed by Mr. . concentrated in India and Europe region (including United Kingdom- UK
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in 1962 and floated it on the London Stock Exchange in1982. In 1970, he was commissioned by Grindlays Bank to turn Cox & Kings, UK, into a long-haul tour operator specializing in India. He was appointed to the board of Cox & Kings
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Cox & Kings Ltd. Results presentation for 4Q FY15 & FY15 May 16, 2015 1 . This presentation has been prepared by ox and Kings Limited (the ompany) solely for your information and for your use and may not be taken away, reproduced, redistributed or passed on, directly or indirectly
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