Manipulation In Balance Sheet

(Rs. in Lakhs)

Particular 2018 2017 2016

Revenue from Operation 2,62,274 3,11,747 2,84,822

Trade Receivables 1,78,850 1,22,620 95,265

Increase in Trade
56,729 27,136 21,777
Receivables
Cash Generated Form
(48,168) (5,446) 33,824
operations
 Series of Defaults
• The travel firm has been hit by a series of defaults on payment toward maturity of

commercial papers.

• It defaulted on its repayment obligations four times in three weeks till July 17. 

• The first instance of default on commercial papers (CPs) worth Rs 150 crore occurred on

June 27.

• The second default was on CPs worth Rs 50 crore on June 28.

• The company again defaulted on July 15 in paying interest of more than Rs 41 lakh on

secured redeemable non-convertible bonds (NCDs) worth Rs 50 crore.

• The company further defaulted on unsecured commercial papers worth Rs 45 crore on July

16.
Downgrading of CARE Rating
 Market Fall
260

0.85
Promoter Share Holding Vs Pledging
 Forensic Audit of Cox & Kings

• Cox & Kings has a total debt of around Rs

6,000 crore.

• The lenders discovered that the company

had only Rs 8 crore in a fixed deposit.

• All computers, laptops and IT systems in

the company were wiped clean and locked

• All the buildings and offices of the

company were on lease as well. 2018 2017 2016
• Cash & Cash 51,945 44,370 48,150
Yes Bank acquired an 18.55% stake in Equivalent
Cox & Kings and a 30% stake in the Cash Other 2,534 7,244 1,258
company’s sister concern — Ezeego1 — than Above
following a loan default.
 Undergoing Insolvency
Proceedings

• The National Company Law Tribunal (NCLT) in Mumbai

admitted a plea by Rattan India Finance to initiate
insolvency proceedings against travel company Cox &
Kings for defaulting on a loan of Rs 30 crore.

• The International Air Transport Association (IATA) had

terminated its license to sell air tickets.

• Cox & Kings sold its corporate travel unit to Ebix

Software for an undisclosed sum.