RESEARCH REPORT

ON

OUTBOUND SERVICES OF COX & KING IN INDIA

Submitted under the partial fulfillment of the award of Degree

MASTER OF BUSINESS
ADMINISTRATION

SESSION: 2014-2016

SUBMITTED TO.

SUBMITTED BY

MISS. DIVYA VATS

RITESH PANDEY

(ASST. PROFESSOR, MBA)

MBA IV SEM

RAJ SMS

ROLL NO: 1474770034

RAJ SCHOOL OF MANAGEMENT & SCIENCES VARANASI .

AFFILITED TO APJ. ABDUL KALAM TECHNICAL UNIVERSITY,
LUCKNOW UP, INDIA

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DECLARATION

We, here by, declare that this mentorship project report on OUTBOUND
SERVICES OF COX & KING IN INDIA has been written and prepared by
me during the academic year 2014-16. This project was done under the external
Mentor Mr. PRADEEP KUMAR MISHRA cox & king (pvt ltd). In partial
fulfilment of the requirement for the MBA course of RAJ SCHOOL OF
MANAGEMENT AND SCIENCES VARANASI. AFFILIATED TO APJ.
ABDUL KALAM UNIVERSITY LUCKNOW UP.

RITESH PANDEY
ROLL
NO.1474770034

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ACKNOWLEDGEMENT

As I done my reseach, I take this as an ample opportunity to express my heart

full thanks and sincere regards to each and every person associated with the
completion of this project.
I express my indebtedness to Miss Shiva Singh(HOD) for their skilful guidance,
suggestion, content inspiration, and encouragement and in the initial execution
of my experiments which make work smooth and so many things. I am very
much thankful for giving me an opportunity to work under guidance.
My faculty guide Miss DIVYA VATS (ASST. PROFESSOR MBA) had been
very helpful for the successful completion of the project by guiding me
throughout the entire phase. I would like to extend my gratitude to her for
rendering all the support I needed throughout my project.
I would like to special thanks MR. PRADEEP KUMAR MISHRA (asst.
branch manager c & k India) to guide me to done my research.

RITESH
PANDEY
MBA IV SEM

TABLE OF CONTENTS
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PARTICULARS

PAGE

NO.
INTRODUCTION

5-16

HISTORY OF COMPANY

17-20

COMPANY PROFILE

21-45

INDUSRTY OVERVIEW

46-69

OUTBOUND TOURISM

70-74

OBJECTIVE OF STUDY

74-74

SWOT ANALYSIS

75-76

C & K CUSTOMER POSITIONING & SEGMENTATION

77-82

RESEARCH METHEDOLOGY`

83-89

FINDINGS

90-91

SUGGESTIONS

92-94

CONCLUSION

95-96

BIBILIOGRAPHY

97-97

CHAPTER-1

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INTRODUCTION

Business Overview
We are one of the oldest and most reputed travel organizations in India offering
total travel solutions to our customers. We operate as a ONE STOP SHOP for all
travel related products. We offer the following services:
Excursions and Leisure Travel (Overseas Holidays, Domestic Holidays, Air,
Land and Cruise Bookings)
Destination Management
Incentive and conference Solutions
Value added NRI services
Trade fairs
Car/Coach/Railway bookings
Foreign Exchange
Business travel (Air Tickets domestic and International)
Private Air charter
Hotel Bookings (Domestic and International)
Visas/Passport/Medical insurance assistance
We operate in eight countries either directly or through our subsidiaries/branch
network and also have representative offices
in additional 5 countries. Our registered office is situated at Mumbai, India and
other branch offices in India are located at New Delhi, Andheri,
Chennai, Nagpur, Bangalore, Kolkata, Ahmadabad, Kochi, Hyderabad, Pune,
Goa and Jaipur giving us a pan India presence. We intend to further expand our
set up by adding more branches and shops as well as franchise outlets to serve
more customers and add to our existing base of valued customers.
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We also have two international branch offices at Moscow and New York and
have operating subsidiaries in UK, Japan, UAE and Singapore. Cox & Kings
(Japan) Limited has branches in Maldives and New Caledonia. We also have
representative offices in Spain, South Africa, Australia, Sweden and Germany.
Our global reach and passion for travel uniquely position us to offer multiple
travel choices and value for our products. Our Business is divided into three
main verticals of Leisure, Corporate Travel and Forex. Within Leisure we have
three
segments of Inbound travel, Outbound travel and Domestic travel.
Our Inbound segment focuses on providing destination management services
that cover all aspects of the ground tour arrangement for tour operators across
the world for the tourist visiting the Indian sub-continent. Our Outbound and
Domestic segment includes package holidays in India and overseas. We also
provide services related to conference organizing, meetings, exhibitions, trade
fairs for the corporate traveller. We serve our customers through our products
viz. MICE (Meetings, Incentives, Conferences, Events), FITs (Free Individual
Traveller), Groups and Trade Fairs. Our Corporate travel verticals aims at
making business trips more convenient and cost effective with our enhanced
customer service aimed at faster service delivery and more personalized
attention. We were one of the first travel companies to be granted a license as an
Authorized Dealer - category II under the new licensing regime on October 19,
2006. Cox and Kings (India) Limited (formerly called Eastern Carrying
Company Ltd) was incorporated in India in the year 1939. The name of the
Company was initially changed to Cox & Kings (India) Ltd. on February 23,
1950 and thereafter upon the
introduction of the Companies Act, 1956, the name of the Company was
changed to Cox & Kings (India) Pvt. Ltd. The 25 Company ultimately
converted into a public company pursuant to the special resolution to this effect
dated 29th January,
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2007 and the name has now changed to Cox and Kings (India) limited. The
name Cox & Kings is synonymous with travel business. The evolution of the
name of our company as a brand can be traced in history dating back to 1758,
i.e. an history of 250 years when Lord Ligonier, Colonel of the Foot Guards,
appointed Richard Cox, as his regimental agent for handling the affairs, pay and
sundry obligations of the officers stationed overseas. By 1878 Cox & Co.
became agent and banker to the entire Household Brigade, most of the cavalry
and infantry regiments, the Royal Artillery, and the Royal Wagon Train, which
later become the Royal Army Service Corps.
In October 1922, the business of Henry S. King & Co., a small bank with Indian
interests was absorbed in the business of Cox and thus the name of Cox &
Kings came into existence. In 1923 the banking business of Cox & Kings was
taken over
by Lloyds Bank Limited. In the year 1970 Cox and Kings entered the Grindlays
Group pursuant to the acquisition of Cox & Kings (Holdings) Ltd by National
Grindlays Bank Ltd. and increased its focus on the business of travel and
tourism In the year 1980, Grindlays divested its non-banking activities because
of Governmental regulations. This business interest in the travel business was
bought by Mr. ABM Good and John Norman Romney Barber from Grindlays
by acquiring Cox & Kings (Holdings) Ltd. Cox and Kings under its present
ownership continued to operate as specialized Tour operators. It also branched
out into
special interest holidays for artists, botanists and natural historians.
In the year 1980, Reserve Bank of India vide its letter dated May 14, 1980
permitted Cox and Kings (Agents) Limited, a company incorporated in the
United Kingdom to transfer the business operations of its branch offices in
Bombay & New Delhi, to Cox and Kings (India) Limited. Cox and Kings
(Agents) Limited continued with the business of its head office in London. In
consideration of the transfer of the business, Cox and Kings (India) Limited
issued its shares to Cox and Kings (Agents) Limited. As a condition of
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Indianisation imposed by Reserve Bank of India, Cox and Kings (India) Limited
issued and allotted 60% of the shares to Resident Indians and Staff Gratuity
Trust Fund. Ajay Ajit Peter Kerkar and Urrshila Kerkar bought shares of Cox
and Kings (India) Limited from the existing shareholders of the Company for
the first time on May 09, 1981 and thereafter in a series of rights issue by the
Company in March 1990, August 1996, November, 1998 and June 2005
consolidated their holding through allotment of additional shares/subscription to
renunciation in these rights issue including purchases from the existing
shareholder during the said period. Liz Investment Private Limited acquired the
shares in Cox and Kings (India) Limited from the existing shareholders for the
first time on September 21, 1988 and similarly consolidated its holding in the
rights issue by the Company in March 1990, August 1996, November, 1998 and
June 2005. Upon conclusion of the rights issue in June 2005 Peter Kerkar,
Urrshila Kerkar, Liz Investment Private Limited and Mr. A B M Good were
collectively holding 3,842,450 shares representing 70.63% of the outstanding
capital of the Company.
In March 2006, we acquired 100% of the share capital of Clearmine Limited, a
company incorporated in the UK. ETN Services Limited is the wholly owned
subsidiary of Clearmine Limited and it carries out destination management
services for our tours to Europe and also inbound tours in Europe for other tour
operators. It does not offer its own tours. In September 2007, we acquired
100% of the share capital of Cox & Kings Limited, UK and 41.17% of the share
capital of Cox & Kings (Japan) Limited. Cox & Kings Travel Limited, UK a
wholly owned subsidiary of Cox & Kings Limited UK is an outbound specialist
tour operator and caters to leisure travel market of Europe. Cox & Kings
Limited UK holds 100% of Cox & Kings Travel Limited. Cox & Kings Travel
Limited holds the balance 58.83% of Cox & Kings (Japan) Limited. Cox &
Kings (Japan) Limited is a dedicated wholesaler of products and services to
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other tour operators. It also offers ground handling capabilities in select

geographies.
We are in the process of signing a Memorandum of Understanding with Indian
Railways Catering and Tourism Corporation Ltd. (IRCTC) for running a Luxury
Tourist Train in joint Venture with IRCTC. IRCTC has received an in-principle
approval from the Railway Board dated 29/11/2007 for running the Luxury
Tourist Train in joint venture with us to manage the onboard/Off board services,
marketing, booking, pricing etc. The in-principle approval of the Railway Board
sets out the broad principle and the specific details are being worked out.
Group Structure of Cox and Kings (India) Limited
We hope to add more customers each year and better our service standards by
providing customers with a wide choice of products and flexibility to meet their
changing needs. For the year ended March 31, 2007, 2006 and 2005 our total
income was Rs. 994.19 million, Rs. 657.53 million and Rs. 455.18 million. Our
restated profit after tax for the same period was Rs. 210.52 million, Rs. 173.45
million and Rs. 92.29 million respectively.

Our Competitive Strengths

Trusted and Respected Brand
We believe that our brand is well recognized and respected in the World Tours
and Travel Industry. The brand of Cox & Kings has evolved over a period of
250 years. We believe our business requires people to believe in our capability
to provide quality services and products that will lead to an overall satisfied
experience even before they have approached us for business or have given us
the opportunity to serve them earlier. It is here that we believe our brand which
we have built over the years, plays an important role in getting people to trust in
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our ability to serve them well. We believe that our biggest asset is the trust and
the comfort that our clients have in us. It is also reflected in the repeat business
we get from them. Various awards have been conferred upon us over the years
and this is testimony to the acknowledgement of our services in the Travel
Industry. For details on the awards won by us kindly refer to the section titled
Business Past Awards and Recognition on page 111 of this Draft Red
Herring Prospectus.
* DORMANT SUBSIDARIES
Cox & Kings (Shipping) Limited
Cox & Kings Holdings Limited
Cox & Kings Enterprises Limited
C & K Investments Limited.
Cox & Kings Special Interest Holidays Limited
Grand Tours Limited
Cox & Kings Tours Limited
Cox & Kings Investment Limited
Cox & Kings (Agents) Limited
Cox & Kings Finance Limited
Cox & Kings Finance (Mauritius) Ltd.
Strong Management
We are lead by an experienced management group that has worked and has been
associated with the travel industry for many years and has the required skill,
expertise and vision to continue to expand our business in new markets. Our
management team includes Mr. Peter Kerkar, Group CEO who has been with
the company for more than 20 years. [Link] Kerkar has an in-depth
understanding of the travel industry. He was the founder, director of the World
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Tourism Council for the India sub continent. Ms. Urrshila Kerkar is our Head of
Operations in India who has been with the company since more than 15 years.
Under their direction and guidance the Company has grown at a CAGR of 36.18
over the past four years. Mr. Arup Sen, Director - Operations, has extensive
experience in travel industry and the same has been applied to the benefit of the
operations of our Company.
Product Spectrum
We believe in offering complete travel solutions. Our wide choice of product
offerings caters to all the travel needs of the Indian and International traveller.
We believe that our products have been fairly successful in the market. We
continuously innovate our product offering with the flexibility to meet the
changing needs of our customers and to better address their needs. This also
helps us to differentiate our products vis a vis the products offered by our
competitors. We believe that our success in branding our products has created
more awareness among travellers and has also helped a traveller in
distinguishing and identifying our branded products like Duniya Dekho,
Bharat Deko, Flexihols.
Geographical Presence
We operate in eight countries either directly or through our branches and
subsidiary companies and including our representative offices, have presence in
thirteen countries across the globe. In India, we have branch offices at New
Delhi,
Chennai, Nagpur, Bangalore, Kolkata, Ahmedabad, Kochi, Hyderabad, Pune,
Goa and Jaipur. Further we have an exhaustive network of General Sales Agent
(GSA) / Preferred Sales Agent (PSA) all over India. GSA are those agents who
sell only our products i.e. we have an exclusive tie up with them, whereas
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PSA are those agents who sell travel products of other tour operators as well as
ours.
Our representatives who have in depth knowledge of the local market they
operate in and we periodically update them in regards to the services and the
kind of arrangements and products we have to offer to our customers. Our
branches and
sales network coupled with their domain knowledge has assisted us in
successfully improving our market share in tourism business. This strong
network of agents and representatives gives us access to important geographies
and markets and help us set our feet firmly in the offline travel industry. Besides
we have a strong network of dedicated ground operators functioning in different
countries that offer better options to customers as per convenience and budget to
maximize their travel experience. Also, as a member of RADIUS Inc, a global
travel company, we are connected with a network of over 4,640 travel
companies around the world and service clients originating through them within
India.
Skilled & Quality Staff
We attach great importance to our well knit motivated team of committed
people. They provide the customer interface and are always aligned to the
customers requirements which reflects our standards of service quality. We
have built a team of experienced, skilled and efficient personnel having in depth
knowledge of the business and unspoken passion to promote our products. They
are important components in contributing to the productivity of our business.
We utilize a competitive compensation structure for our managerial personnel
and staff, and we believe this structure helps us attract and retain our managerial
personnel. We have dedicated and experienced management teams for the
execution of special assignments, as well as for human resources, operations,
quality management, and our international business. We also have regular
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training programs for our staff and management personnel. For more
information on our managerial personnel see the section on Our Management
beginning on page 139 of this Draft Red Herring Prospectus.
Technology
We deploy highest standards of information technology platforms. We have
developed and implemented a comprehensive central reservation engine for all
our travel related products. Our web enabled centralized dynamic packaging
system
enables individual, corporate and agents world wide to include all products and
services which they want on a real time basis. Our booking engine, built on high
performance technology, is quick in delivering real time business information.
Our sophisticated CRM (Customer Relationship Management System) is
designed to analyze customer needs for better servicing and ensure repeat
business for us. It generates reports identifying areas of opportunity and thereby
helps us in customizing to improve the efficiency of our products. We have a 24
X 7 dedicated call center manned by well informed and efficient executives to
address to customer requirements including complaints if any.
Our Business Strategy
Acquisitions
We are looking a inorganic growth and may consider consolidating our market
share through acquisition if targets provide strong strategic fit at a reasonable
price. Our strategy will be to focus on up-market long haul tour operators whose
product
offerings include the Indian subcontinent and complement our existing
worldwide product portfolio. This will enable us to consolidate our sourcing
needs, giving us better buying power and yield cost savings. This will fit into
our strategy of offering both outbound and inbound services to our clients in
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each of the destinations that we operate in. Our growth strategy involves
gaining new clients and expanding our service offerings, both organically and
through strategic
acquisitions of companies, which have expertise in the domain in which they
operate and which also have a good client base. This would increase the pace of
our growth, thereby enabling us to secure a higher volume of business.
Better Reach
We are focused on maintaining and upgrading the infrastructure of our existing
shops and also setting up new shops in new geographic areas. These shops will
be powered by high-end technology and equipped with trained staff having an
in

Depth knowledge of our products. We have also launched a franchisee model. It

is a business arrangement where the franchisee has the licensed right to own and
operate the business based on our business concept and use our brand name. In
this we provide start up help in terms of training, site development, advertising
and marketing support. The franchisee is branded as a Cox & Kings shop and
sells only our products. It is a one stop travel shop that provides all travel
related services under one roof, making travelling more simple for the
customers. We also plan to open more branch offices abroad, which will help us
penetrate newer geographies and add to our customer base. To penetrate newer
regions we are planning to increase our network of PSA / GSA agents with high
potential. Our endeavor is also to convert PSA agents and GSA agents to
franchisees going forward.
Online Foray

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The online travel market in India is in a nascent stage and offers tremendous
growth potential. Having firmly set foot in the offline market, we have now
created our space in the online arena. We have recently launched websites with
the name
[Link] and [Link]. These websites
and our existing website [Link] primarily offer an additional
channel of reaching out to our existing and potential (users) customers which
are updated regularly to feature our products and innovations.. We offer various
options to the customer giving him the flexibility to customize the holidays as
per its choice. The website offers complete travel solutions offering the user a
choice to purchase any item from an airline ticket, hotel accommodation,
logistic support, to a complete tour package. The website also offers users a
choice to purchase any combination of the above and also design their own
holiday. We believe that with the rise in the number of internet users and better
acceptability of the internet as a convenient medium for making travel related
purchases, we are well positioned to capture a whole new client base.
Focus on Outbound
We believe that there is considerable growth opportunity in the outbound
tourism segment. A buoyant economy, rise in disposable incomes, coupled with
rising aspirations ensures this segment is poised for growth. Also with travel
getting cheaper there will be an increase in the number of people opting to
travel outside India. We believe we are well positioned to exploit this segment
with our flexible products and will continue to offer a comprehensive range of
travel contents to the
consumer with attractive pricing

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HISTORY OF THE COMPANY

Richard Cox, the founder

Richard Cox 1718-1803, founder of Cox & Kings

Cox was born in Yorkshire in 1718. His father, Joshua, had made a good living
as a lawyer and had moved from his birthplace in Clent in Worcestershire to
Yorkshire. He then bought an estate near Quarley in Hampshire. There is little
documentary evidence of the early life of Richard Cox, although he must have
received an excellent education after which he came into the service of the
English General, Lord Ligonier, as a clerk in the early 1740s. He was clearly
exceptionally good at making important contacts with all echelons of the army
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and society, and in 1747 he married Caroline Codington, daughter of Sir

William Codington who was an established military figure.
Coxs career really took off when Lord Ligonier led the Flanders campaigns of
the War of the Austrian Succession. In one letter sent back to London, Richard
Cox makes a demand that suitable winter provisions and housing should be
made available for the three English companies and he became ever
increasingly entwined with the organization of provisions and the general
welfare of the troops. Ligonier, in turn, thought the world of his 'beloved Mr.
Cox', making him his private secretary in the late 1740s. Ligonier went on to
become the Colonel of the First Foot Guards (Grenadier Guards) in 1757, and
rewarded Richard Cox with the post of 'military agent' after the incumbent died
in May 1758. Thus was born Cox & Co, the forebear of Cox & Kings.
There were about a dozen main agents working for the army at the time and
each Regimental Colonel chose one to serve their troops. There was not a strict
code for the role of an agent; in essence they arranged the payment of officers
and men, organized the provision of clothing, acted as a go between for the
buying and selling of officers commissions and acted upon any special requests
from the regimental adjutant. This ranged from the shipment of personal effects
to the requisition of weapons or supplies. Cox had taken on the most prestigious
infantry regiment, and the 63rd Regiment and the Royal Artillery soon followed
suit.
The company was thriving by the time of the outbreak of war with France in
1793 employing some 35 clerks. In 1795 they served 14 regiments of cavalry,
64 infantry regiments and 17 militia regiments, becoming the largest military
agent for the army. Richard Cox died in August 1803, leaving his grandson
Richard Henry Cox firmly established, with Mr. Greenwood as controlling
partner. Cox's longevity as a military agent had made the army dependent on his
services for the smooth running and organization of a busy and stretched
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military serving all around the globe. Cox lived in a time when Britain was
radically changing. Rigid social structures were breaking down and enterprising
people could make themselves exceptionally wealthy. He was the epitome of
those driving the London economy, generously investing in a multitude of
people, ideas and commerce.

The 19th century and onwards:Cox & Co grew through the 18th and 19th centuries. Timely alliances with the
great banking families such as the Hammerlseys and Greenwoods secured an
established position in London, and by the end of the 19th century most
Regiments used Cox & Co as their agents. As the empire grew, Cox & Co met
the demand for officers to be looked after.
The company set up five branches in India between 1905 and 1911,
supplementing those in Alexandria and Egypt (1919 and 1920) and Rangoon
(1921).
When the Great War began Cox & Co employed some 180 staff, of which one
third joined the army. During the Great War some 250,000 men were on their
books, 50,000 cheques were cleared a day and a special department was set up
to deal with the influx of American soldiers in 1917. By the end of the war some
4,500 worked for the firm.
In October 1922, Cox & Co bought Henry S. King Bank, who were had a large
network in India. They also moved into new offices in Pall Mall.
In 1923, Cox & Co were still suffering from the downturn in business caused by
the surrender of the Germans in 1918. They were forced to sell to Lloyds Bank.
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The USA office was opened in June, 1988 in New York, NY. In June, 1998 the
USA office was moved to Tampa, FL. In August, 2009, Cox & Kings USA came
under the umbrella brand of East India Travel Company, Inc., which is a
subsidiary of Cox & Kings, Ltd., the global parent company. In October, 2010,
Cox & Kings USA has been rebranded Cox & Kings, The Americas, and is
responsible for all sales for clients in North and South America. Cox & Kings,
The Americas is headed by Centre Head and COO Thomas Stanley. Cox &
Kings, The Americas is relocating from Tampa Florida to Los Angeles,
California in May, 2011.
Cox & Kings purchased Tempo Holidays, a Melbourne based wholesale travel
company in July 2008, for an undisclosed sum but rumored to be in the vicinity
of USD$25 million.

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CHAPTER-2

COMPANY PROFILE

Cox & Kings Ltd. (CKL), is the longest

established travel company in the world since 1758 and in December 2009
successfully listed on the stock exchange in India. Its distinguished history
began when it was appointed as general agents to the regiment of Foot Guards
in India under the command of Lord Ligonier and handled the Royal Cavalry,
Artillery and Infantry, Royal Wagon Train, the Household Brigade, the Royal
Navy and the Royal Air Force came under its wings.
Today, it is a premium brand in all travel related services, employing over 1,400
professionals and headquartered in India. The business can be broadly
categorized as Leisure Travel, Corporate Travel, MICE, Trade Fairs, Visa
Processing and foreign exchange.
OFFICES & REPRESENTATIONS:
Cox & Kings operates in 20 countries through branch offices, subsidiaries,
representative offices, franchised sales shops as well as through our global
network of sales agents.
The company has 12 branch sales offices in India located in Mumbai, New
Delhi, Chennai, Kolkata, Bangalore, Hyderabad, Ahmadabad, Jaipur, Kochi,
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Pune and Goa. The company has appointed over 100 franchisees across 20
states covering 70 cities. The companys extensive network of 185 GSAs and
PSAs covering all major towns and cities of India enhances its reach.
Cox & Kings has subsidiaries in UK, Japan, Australia, New Zealand, UAE,
USA, Singapore, Hong Kong, Greece & Germany; branch offices in New York,
Moscow, Maldives & Tahiti; & representative offices in Spain, Germany, Italy,
France, South America, Sweden and South Africa.
The company owns Tempo Holidays Australia, East India Travel Company in
North America, ETN in the UK and Quoprro Global Services Pvt Ltd,(visa
processing). In December 2009 it also acquired My Planet Australia Pty Ltd and
Bentours International Pty Ltd in Australia.
PRINCIPAL SERVICES OFFERED BY THE COMPANY:
Cox & Kings is amongst the largest players with its range of specialist options.
Innovative packaging, pricing and marketing have been the hallmarks of its
success over the years. Among its many products are Leisure Travel- Domestic
(Bharat Dekho), Inbound & International, Corporate Travel, MICE, Trade Fairs,
Visa Processing and Foreign Exchange. The Outbound Tours is segregated into
Duniya Dekho (escorted tours), FlexiHols (customized tours), Luxury
Escapades (unique & luxurious travel) & NRI (catering to Indians across the
world).
Leisure

Domestic Tourism
Cox & Kings is amongst the first travel organizations to brand domestic
holidays
'Bharat Deko'. Under this brand we market exclusive products that range from
religious pilgrimage tours, education tours, weekend breaks, activity holidays,
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spa holidays, budget holidays, summer and beach retreats, train vacations,
coaching
and touring holidays.

Bharat Dekho
BHARAT DHEKHO

INDIVIDUAL HOLIDAYS

GROUP HOLIDAYS

ROMANTIC GATEWAYS

Inbound Tourism
Inbound Travel business promotes India as a tourist destination. The company
caters primarily to the high-end segment of the inbound market and conducts a
range of group and individual tours throughout India for its clients from across
the world. It provide destination management services and cover all aspects of
ground tour management such as hotel bookings, air/ rail ticketing, roundtrip,
airport transfer, land arrangements, excursion planning, meet and greet services,
event planning, meetings and appointments, conference management, private air
charter, etc.
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It also provides specialized services to foreign participants visiting India for

international meetings, conferences, ad hoc incentives and exhibitions and cater
to domestic conferences and corporate incentives as well. Additionally, It
provide ground related services to international cruise companies touching
Indian shores with a provision for shore excursions.
This segment is growing at close to 25 per cent.

Outbound Tourism
Cox & Kings is amongst the largest players with its range of specialist options.
Innovative packaging, pricing and marketing have been the hallmarks of its
success over the years. Among its many products are:

Duniya Dekho
The company design and market escorted tours to group travelers under one of
our flagship brand Duniya Dekho. These are ready made packages where a
group of travelers is escorted by a tour manager. The customer chooses a
specific tour from the array of choices offered to suit his budget and
preferences. These group tours cover some of the world's most enchanting
places such as Australia, New Zealand, Europe, U.S.A., Canada, Far-East,
Middle East, South Africa and Mauritius. These are specially designed for the
value traveler.
Duniya Dekho recently launched a series of premium group holidays
Luxury Escapades with travel destinations like Europe, Latin America,
Middle East, Far East and Africa.
USA 2011

AUSTRALIA-

NEWZEALAND
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EUROPE

FAR EAST

EXOTIC

FlexiHols
These are targeted at the more discerning Free Individual Traveler (FIT), where
every holiday is customized as per the convenience of the traveler. FIT can
make its FlexiHol travel plans by selecting its travel destination and holiday
option (ranging from romantic holidays, exotic cruises, family vacations, etc.),
identifying travel interest (i.e. explorer, family, romance or explorer) and
sharing his preference of sightseeing, airline and hotels.

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The destinations range from Europe, Australia and New Zealand, USA and
Canada, Far East and South East Asia.

EUROPE

AUS- NEW ZEALAND

ISLANDS

FAR EAST

AFRICA

AMERICAS

Luxury Escapades
This innovative niche caters to the crme de la crme and this concept in
holidaying unveils one destination after another, laced with sinful indulgences
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and fine living. One can experience the finest luxury hotels and the most
exclusive entertainment avenues of the world.
NRI Division
Indians across the world have always yearned to travel with a quality tour
operator that understands its diverse needs be it culinary preferences or holiday
options. The NRI division caters to such travelers primarily from the Middle
East, Europe, USA, Australia, Sri Lanka and Hong Kong.
Business Travel
The Corporate or Business Travel has witnessed a change from the traditional
travel agency mode to total travel management mode. In this mode, the
objective is to minimize the total travel budget for the corporate while
maintaining the service standards.
The Corporate Travel market is a highly competitive market with presence of
both domestic and international travel companies. We believe our brand recall is
very high amongst over 200 corporate clients, including major domestic and
multinational companies.
It is affiliated with Radius Inc., the world's largest conglomerate in business
travel, as their Indian partner. Leveraging the partnership with Radius, Cox &
Kings can offer travel fulfilment services to corporate clients in India and
overseas.
Trade Fairs
Cox & Kings Trade Fairs ensures that you make the most of your business trip
and that the smallest of details are taken care of, right from confirmed
accommodation, city centre hotels during the fair period, and city tours to
technical add-ons such as factory visits, buyer-seller meets and much more, all
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at the most attractive prices. Backed by a phenomenal trail of awards and

expertise, Cox & Kings offers outbound tour management facilities and an array
of value-added services that can arrange and handle the most complex and
exacting business trips anywhere in the world.
Meetings, Incentives, Conferences and Exhibitions (MICE)
Leisure travel is increasingly being used as an incentive tool by many
organizations to convey appreciation for
Recognizing achievers. It has dual benefits, one by providing a holiday that
enables an executive to unwind and recharge and the other serving as a reward
for excellence that inspires the team.
We cater to all aspects of conference organizing, business meetings, event
management, seminars, exhibitions, product launches and incentives. Every
event is designed to meet specific requirements right from the pre-event
preparations, during the event itself and through to post-event settlements.
We have been constantly introducing innovative events and making suggestions
to make every conference eventful and memorable like elephant polo matches,
gala dinners in fairy tale castles and steam train journeys in princely carriages
amongst others.
Forex
Cox & Kings is amongst the leading retail forex dealers in the country. We were
one of the first travel companies to be granted the license as the Authorized
Dealer - Category II under the new licensing regime.
The enhancement of status from FFMC to Authorized Dealer - Category II
opened a wide spectrum of activities which we can undertake; foremost among
them is the ability to transact outward remittance requirements. The remittances
or other exchange facilities for students pursuing studies abroad, medical
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treatment overseas, migrant travelers, salary and wages to crews on ships

visiting

in

India,

subscriptions

for

overseas

publications,

seminars,

organizations membership are some of the new businesses which we can

undertake in addition to providing foreign exchange service to Leisure Travelers
and Corporate / Business Travelers.
This places Cox & Kings in league with Authorized Dealers like Foreign
Exchange Nominated Banks to cater to the requirements of a whole host of
customers. It works with more than 100 corporate clients and caters to its large
leisure base.
Cox & Kings Online
Cox & Kings has developed an online portal, which is a web enabled dynamic
system that includes holidays, sightseeing, cars, hotels, transfers, insurance and
other ancillary travel services. Most of the products and services are available
on a real time basis and is backed by a 24x7 call centre. With the company's
online access system, one can complete all processes using just one window,
just one simple booking system.

ORGANISATIONAL CHART

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JOBS DONE

Visa processing services

I worked in visa processing services, where I understood the
necessity of travel documents and regulations and the significance
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of the different types of travel documents and for what purpose

they are required.
Under this department I also learnt how to fill visa application
forms for various destinations.

Duniya Dekho
The company design and market escorted tours to group travelers
under one of our flagship brand Duniya Dekho. These are ready
made packages where a group of travelers is escorted by a tour
manager. The customer chooses a specific tour from the array of
choices offered to suit his budget and preferences.
In This department that is where I learnt how to handle quires of
clients under the guidance of Miss Hemlata. This was the most
crucial part of my entire training period.

Itinerary preparation
This department was domestic that is, Bharat Dekho section. In
this section I was taught how itineraries are prepared, we worked
on north east destinations (Gangtok Pelling Darjeeling).

Tele-marketing
Telemarketing is marketing conducted over the telephone. Most
telemarketing calls are "cold calls," meaning the recipient of the
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call has not requested that the telemarketer contact them.

Telemarketing is one of the most controversial types of marketing.
The purpose of telemarketing is to make a sale. Sometimes
telemarketers have personal information when they call a customer,
knowing the person has purchased products similar or related to
theirs from other vendors or outlets.
I was given a list of more than hundred clients to make calls.
LEARNING PART
Classroom teaching helps the student by making conceptual base clear, but on
the job training is the practical way, which helps the students to get practical
knowledge of the concept. Normally the students are not aware of actual
requirement
Working as a summer trainee at Cox & Kings was a wonderful experience, it
gave me immense understanding about how companies are making business
through various ways. The various departments under which I worked are
DUNIYA DEKHO, this department was undertaken by Mrs. Minaxi Joshi and
Miss Hemlata Methwani. The other department which I worked in was ,visa
processing services, under Sir Ishwar Das. It is my pleasant duty to express my
special thanks to Mr. Ishwar Das and Miss Jhanvi Rathore for their
encouragement throughout my project and their guidance during the
compilation of work.
Business of the operating subsidiaries of the Company
ETN Services Limited
ETN is one of the fastest growing inbound travel wholesalers in Europe. ETN
services inbound travel for destinations across Europe and its clients are mainly
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sourced from India, Taiwan, Germany and South Korea. It provides ground
handling services for inbound tours in the Europe.
The key services offered by ETN across Europe includes hotels, transportation,
tour escorts and specialist guides, restaurants and tickets for special events,
monuments etc.
Cox & Kings Travel Limited UK
Cox & Kings Travel Limited UK is an outbound specialist tour operator and
caters to only the leisure travel market. It concentrates on the up-market end of
the business. It is considered a specialist tour operator which also operates tours
around the world like India, Far East, Latin America, Africa, Middle East etc.
Although the business was started as a onecountry product (India), the rapid
growth over the past three years has been fueled by its increasing portfolio of
specialist programmes. The tours are sold via brochures and such brochures are
generally of two types: Destination led packages; and Interest led packages. The
John Lewis Partnership is one of the UKs top ten retail businesses with 25 John
Lewis department stores and 183 Waitrose supermarkets. It has launched a new
direct services company named Greenbee, providing home and travel insurance,
theatre tickets and travel services. Greenbee is targeting to become the
destination
shop for travellers in 2008. Greenbee has signed up with Cox & Kings, to
provide an exclusive range of planned group tours and bespoke travel itineraries
Cox & Kings Japan
Cox & Kings Japan has a tour operator class license from the Government of
Japan. This license enables it to sell travel products to the public, but more
importantly to the wholesalers in Japan who control the market. It has official
relationships with JTB Corporation, Japan Arlines, All Nippon Airways
Company Limited, Hokkai Snow Limited, Nova Tourist Bureau Company
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Limited etc which enables these companies to use their services as a B2B
relationship. There are very few companies who have this trading relationship
and this is a major barrier to enter the Japanese market. Cox & Kings Japan,
generates revenues principally from packaging holidays for the public, the
major wholesaler and societies. It controls its quality and margins by having its
own offices in Maldives and New Caledonia and through the ground handling
activities of the Company for its Indian clients. This gives it a major advantage
in contracting and service delivery.

Cox & Kings Tours LLC, Dubai

Cox & Kings Tours LLC, Dubais objective is to tap UAEs outbound leisure
travel market. Cox & Kings Tours LLC, Dubai serves Expatriates and UAE
Nationals for leisure travel across the world. Another focus is in providing
exclusive group tours which will cater to the needs of the Indian Expatriates in
the region. In the first 6 months of its operation in Dubai, Cox & Kings Tours
LLC, Dubai has already launched many innovative tour programs for the
travellers from UAE. Cox & Kings Tours LLC, Dubai has plans to start its
inbound tours services to Dubai. Its main focus will remain to be the leader in
leisure travel segments both outbound and inbound. Another focus area would
be to target the corporate incentive travel, which is growing at a fast pace.

Distribution Channel for our Products

Currently we use the following distribution channels for better visibility and
sale of our products. We have our own branch offices in India. We have
marketing representative offices in 5 locations across the globe. We also have a
strong agency
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network of GSA/ PSAs within India and world wide, which sells its products
either exclusively or with other travel products. It sells through advertising with
TV and through print media and dedicated readers offer. We were amongst the
first travel Company in India to start a unique marketing initiative called Travel
Club. This was done to create awareness of new destinations. Travel Club was a
co-branded travel section appearing in major newspapers in India.

1 Our Branch Offices

Currently we have offices in 12 locations within India and two offices outside
India. These branch offices operate as our Travel Shop as well as back office for
transactions taking place in that part. These offices give us a pan India
presence. As a part of our growth strategy, we plan to open more dedicated
shops and pursue the franchisee route to gain depth of reach within India. We
believe that these shops are very important for our overall growth as this is an
interface between the customers and the company which ensures timely service
and prompt grievance redressal.

2. Franchisee
We have developed a franchisee model wherein the franchisee is labeled as a
Cox & Kings shop and is a One Stop Travel Shop. The franchisee provides
and sells all travel related products and services like leisure holidays, ticketing,
foreign exchange and insurance, hotel booking, car rentals, third party products
like cruises, eurail, etc. and visa and documentation. We provide the staff of the
franchisee with assistance and training to sell our branded products. We also
provide the franchisee with guidance relating to the management, finance,
promotion and methods of operation to be employed in connection with the
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system. We will support the franchisee with advertising, promotions and other
programs with a view to develop the business.
3. Agents
We have a network of GSA/PSA spread all over India. We also have extensive
network of representatives and GSA/PSA across the world. This network of
agents and representatives allows us to cater to demand in travel markets where
we dont have our own offices. Our representatives have in depth knowledge of
the local market they operate in and we periodically update them in regards to
our services and product offerings. Our PSA / GSA network within India
sources business for us for our outbound tours and Domestic tours. Through our
PSA / GSA and Representatives outside India, we cater primarily to the Inbound
travellers coming through them including NRIs and PIO. A revenue sharing
model along with incentives is in place for these GSA/PSA representatives.
4. Internet Sales
We have recently launched websites [Link] and
[Link]

in

addition

to

our

existing

website

[Link]. These user friendly web sites offer our products on real
time basis. We believe that with the number of internet users increasing, the web
platform will help the company to capture additional market of those travellers
who prefer to do their travel purchase online. The website will be a complete
travel solution offering a user the choice to purchase any item from an airline
ticket to a complete tour package. The website will also offer a user the choice
to purchase any combination of product. We believe that application of such
state of the art web technology will allow us to capture a whole new client base.
Human Resource
Our management team includes some of the most experienced managers in the
travel and leisure industry. Most of our senior management have substantial
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experience in their respective domain areas and have been instrumental in the
growth of our organization. We believe that our management team is well
placed to provide strategic leadership and direction to explore new emerging
opportunity in these sectors as well as constantly improve our current
operations. We have witnessed low attrition of key management personnel and
have also recruited several professionals with a combination of domain
expertise in critical areas and innovative thinking for all areas and services to
our organisation. We believe that these attributes of our staff provides us with a
significant competitive edge.
The brief details of the permanent employees of the Company as on January 15,
2008 are as follows:
Country

No of Staff

India

929 84.69

U. K.

106 9.66

Japan

54 4.92

Dubai

8 0.73

Total

1097 100.00

Competition
Unlike mature markets of the world which are organized with deeper
penetration the Indian travel market is highly fragmented and there is a potential
for major penetration in retail market. Our competitors may / may not offer all
services and products that we do and their product portfolio may not be directly
comparable but we may face competition.
Past Awards and Recognition

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1. Government of Indias National Tourism Award for Conferences, for seven

years. 1995-96, 1998-99, 1999-2000, 2000-01, 2001-02, 2002-03 and 2003-04
2. National Tourism Award for the best Domestic Operator since the three years.
2003-04, 2004-05 and 2005-06.
3. Best Outbound Tour Operator in 2002 - 03 at the Galileo Express Awards.
4. Best Domestic Tour Operator award, for three years in a row at the Galileo
Express Awards for the years 2003-04, 2004-05 and 2005-06.
5. In 2005-06 it also won the award for the Best Technology Programme in the
travel industry at the Galileo Express Awards.
6. CNBC Awaaz Travel Award for Most Preferred Tour Operator in 2007.
7. Best Domestic Tour Operator at Abacus-TAFI Awards Nite in 2007
8. Best Outbound Tour Operator Award at Abacus-TAFI Awards Nite in 2007

Properties
We have taken a plot of land on lease at Greater NOIDA from the Greater New
Okhla Industrial Development Authority. The Greater New Okhla Industrial
Development Authority has issued a notice terminating the lease. We are
contesting the termination in the Allahabad High Court. For details on this
litigation see Outstanding Litigation and Material Developments on page 262
of the Draft Red Herring Prospectus.
We are in possession of tenanted premises at Carnac Bunder, Mumbai. The
owners of the premise have issued us a notice to us asking for vacating the
premises and have filed a suit with the Small Causes Court at Mumbai. For
more details on
this litigation see Outstanding Litigation and Material Developments on page
262 of the Draft Red Herring Prospectus.
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Our registered office at Mumbai and all the branch offices within and outside
India are either taken on lease or on leave and license basis. We are required to
regularly renew the lease or lease and license arrangement with the owners to
peacefully enjoy the property.
We also own residential flats at Mumbai and Bangalore. These flats are
primarily used for staff accommodation.
Insurance
We have taken an indemnification policy as per the requirement of IATA.
We have taken a group accidental policy covering 10,000 passengers covering
accidental death and permanent total disablement. We have also taken
professional liability policy towards inbound tourists. We also have in place a
professional liability insurance for loss or damage due to any error, neglect
actual or alleged in conducting tour services with overseas tour operators.
We have a comprehensive office package policy for any loss suffered by us in
our business that we do due to the dishonesty / fraud committed by our
employees. We also have a office protector policy to protect our offices form
natural disasters, fire, burglary, machinery breakdown etc. We also have money
policy for loss of money including forex in transit, form lockers of the Company
and personal money, personal effect of employees lost or damaged in the course
of the business hours. We have a group mediclaim policy for our employees as
and their dependents. We also have a personal accident policy for our
employees.

Details of Intellectual Property

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We currently own 40 trademarks of our branded products and offerings that we

offer under brand name. These trademarks are registered for a period of 10 years
from the date of application. For certain marks we have acquired multiple
trademarks under different classes.
In addition to this we have made application for registration of 20 trademarks
with the Registrar of Trademark, Mumbai, under various combinations and
classes, which are currently pending registration. For more details on these
trademarks
BUSINESS TRAVEL
Cox & Kings are one of the market leaders in business travel services in India,
offering a full range of business travel services to over 200 corporate clients,
including major multinational companies. C&K's strength in this business area
is evident when one of the world's largest conglomerate in business travel Radius the First truly global travel management partnership/consortium with
merger of Travel Trust International and Woodside Travel Management
Corporation in 1992 selected Cox & Kings as their Indian partner. C&K Radius Overseas Travel Fulfilment Solutions through the Radius Brand
Leveraging the partnership with Radius, Cox and Kings can offer Travel
Fulfilment Services to Corporate Clients who are having offices overseas or
project teams working on site at their customers site, through its Radius
Shareholders in the respective overseas regions. All travel requirements will be
controlled through the off shore 24 x 7 Travel Centre based in Mumbai.

DOMESTIC TOURISM

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India with its large domestic consumer offers Cox & Kings a unique
opportunity to
launch its portfolio of 'domestic holidays' for people resident in India. Launched
in
2000, 'Bharat Dekho' (see India) is today's leading 'branded' product in the
country
with a wide range of 'Indian Holidays' from cultural holidays, pilgrim holidays,
wildlife holidays, honeymoon tours, weekend getaways, customized FIT Tours
to
nature trails, Bharat Dekho has captured over 50% of the domestic market.

INCENTIVE SOLUTIONS
Over 7000 incentives in the last 4 years make Cox and Kings the biggest player
in Incentives. The Incentive Solutions Division of Cox & Kings provides cost
effective travel incentive schemes for clients that recognize and reward
exceptional effort of its employees, customers, suppliers or dealers. A team of
handpicked industry specialists committed to handling every aspect of an
incentive / conference event are a part of this team.

MICE
The growing importance of MICE - Meetings, Incentives, Conferences and
Exhibitions led to the launch of this division. The division has existing tie ups
with various Chambers of Commerce and National Tourist Offices.

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CURRENCY EXCHANGE
Cox & Kings has a full-fledged money changing division in Cox & Kings
Offices servicing the needs of the corporate traveller and the leisure travel
clients. A strong distributor of American Express Travellers' Cheques, Cox &
Kings has been awarded 'Top Performer' for several years.
TRAVEL INSURANCE
Policies for Leisure Domestic as well as International Travel and special
Corporate Deals on Insurance covering an array of specialized travel areas,
some of which are:
1

Loss of baggage (checked)

Bounced Hotel / Airline Bookings

Missed connections

Personal Accident

Trip Cancellation due to hospitalisation, death or curfew.

HIGH TECHNOLOGY PLATFORM

Cox & Kings today deploys highest information technology platform in the
Indian Travel Industry. It has developed totally integrated front, mid and back
office solutions. This has brought about huge cost savings for the organisation,
thus managing to offer 'quality' service to its customers at a great cost savings.

COX AND KINGS AS BRAND

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The Cox and Kings brand has evolved over 250 years and is one of the most
recognized holiday brands today. The company offers services as a 'One-Stop
Shop' for all travel and travel-related products. Its business can broadly be
categorized as Leisure Travel, Corporate Travel, Forex and Visa Processing.
C&K designs travel packages for both individuals and groups, for their
domestic and international leisure travel. The company makes travel
arrangements for corporate clients to cater to their business meetings,
conferences, events, and as an incentive for their employees and business
partners. The company also provides value-added services, such as customizing
travel plans for NRI customers, travel arrangements for Trade Fairs and
providing private air charter services. Besides, C&K offers travel-related
foreign exchange and payment solutions. The company is one of the first travel
companies in India to be granted a license as an Authorized Dealer - Category
II, under the new licensing regime. Within Leisure Travel, the company has
three sub-segments, Outbound Travel, Inbound Travel and Domestic Travel.
The Inbound Travel business represents destination management services that
cover all aspects of ground tour arrangements required by tour operators across
the world. The Domestic and Outbound Travel businesses include the selling of
holiday packages for travel in India and overseas, respectively. Under Corporate
Travel, a full range of business travel services, through a team of dedicated
relationship managers, is offered.
In India, C&K has 255 points of presence, covering 164 locations, through a
mix of branch sales offices, franchised sales shops, General Sales Agents
(GSAs) and Preferred Sales Agents (PSAs). The company has 14 branch sales
offices located in Mumbai, New Delhi, Chennai, Kolkata, Bangalore,
Hyderabad, Ahmedabad, Jaipur, Kochi, Pune, Nagpur and Goa. Besides, it also
operates through 56 franchised sales shops spread across India. The company
has a global presence, with operations in 19 countries (besides India) through

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subsidiaries, branch offices and representative offices (in the UK, Australia,
New Zealand, Japan, US, UAE, Singapore and Hong Kong).

Over the period of 2006-09, the company has made 6 acquisitions, and it will
continue to explore various opportunities for inorganic growth in the future

IPO Details: C&K proposes to make its IPO in the price band of Rs316330/share, at a face value of Rs10 each, and to issue 1.85cr shares, of which
30.5lakh shares are offered for sale by Lehman Brothers Opportunity, Deutsche
Securities Mauritius and Merrill Lynch Capital Markets Espana. Therefore, the
fresh issue by the company will be to the extent of 1.55cr shares. The company
plans to use the proceeds for debt repayment (Rs129.6cr), acquisitions and other
strategic initiatives (Rs150cr), investment in overseas subsidiaries (Rs62.5cr),
and investment in corporate offices and upgrading its existing operations
(Rs60cr).

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Industry Overview

Global Tourism Industry

As per a WTTC study, the number of tourist arrivals worldwide increased from
904million in 2015 to 925million in 2008, registering a rise of 2.3%. The
growth was comparatively lower than the CAGR of 4.6% over the period of
CY2000-2015, mainly on account of the global meltdown. In 2014, the growth
was the weakest since the recessionary period of 2001-03, when the industry
was hit by the collapse of the high-tech boom, the 9/11 terrorist attacks and the
SARS outbreak. Close to two million jobs were nevertheless created during
2008, but the industry was faced with increasingly difficult global headwinds in
the second half of the year, as consumer and business confidence collapsed. The
effects of the global meltdown are expected to continue in 2015, with the
growth rate of tourist arrivals likely to decline by 4.3% to 885mn before

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Over the long-term, the Travel & Tourism Industry is expected to resume its
growth, with emerging economies in particular leading the way by boosting
international travel. In developed countries, a growing preference for leisure is
expected to provide clients for new destinations once consumers regain
confidence, while the popularity of short breaks, both domestic and
international, will continue to increase. WTTC estimates the world Travel and
tourism industry to witness a CAGR of 4.3% over 2009-2019. In USD terms the
same is expected to witness a CAGR of 6.9%.
Indian Inbound Industry - Recovering
During 2008-09, the Indian tourism industry had to cope with terrorism and the
global economic downturn, which put a brake on a decade of phenomenal
growth in international arrivals (1998-2007), driven mainly by the successful
'Incredible India' marketing campaign and steady improvements in the tourism
infrastructure. However, with the effects of the meltdown easing out and
economic activity picking up, the declining trend of FTAs (Foreign Tourist
Arrivals) seems to have been arrested.

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The FTAs declined significantly to 13.8% during 2010, as compared to that in

2008, but, during 2010, the situation improved markedly (a decline of only
1.8%), with the FTAs close to that of last year. However, measured in terms of a
percentage of GDP, tourism still accounts for just 6% of the economy, much
below the world average in [Link] expected rise in demand over the next 2-3
years would be largely due to factors such as India's popularity as a tourist
destination, strong economic fundamentals, a continued interest from
multinationals and a steady growth in domestic travelers (both business and
leisure).
Investment Argument
C&K derives over half of its earnings from the emerging markets (mainly India)
and is focused on increasing its presence in other high growth geographies
(mainly the Middle- East and South-East Asia). This, we believe, would bode
well for the company, as it is ideally poised to benefit from a strong growth in
demand for outbound and inbound services in these areas, enabling it to achieve
a high growth rate in the future.
According to WTTC estimates, the world travel and tourism industry is
expected to clock a CAGR of 4% over 2009-2019. The growth rate is expected
to be much higher in the case of emerging markets, mainly India, the MiddleEast and South-East Asia. According to WTTC estimates, the tourism industry
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in India, the Middle-East and South-East Asia is likely to witness a CAGR of

8% over 2009-2019.
According to the WTTC, developing countries, which until recently have been
the key drivers of growth in the tourism industry, are expected to take a backseat
over the next decade. Although countries like the US, Japan, China and WestEuropean countries would continue to generate a big chunk of travel and
tourism demand, in terms of growth, the emerging countries in Asia, the
Middle-East and Africa are likely to lead going ahead. The shifting of the trend
towards the emerging markets is evident from the steep decline in the share of
the top 15 destinations of international tourist arrivals (from around 75% in
1970 to around 57% in 2007).
Well-positioned to gain market share on the back of a strong brand franchise
and a presence across the value-chain
The travel market is highly fragmented, with a large number of travel agents
catering to most of the demand. We believe that C&K's strong brand, coupled
with services across the value-chain (inbound and outbound), would act as a key
driver in garnering a higher market share in the future.
Strong Brand Equity: C&K's brand has evolved over a period of 250 years and
is one of the oldest brands in the Travel and Tourism industry. Over the years,
the company has built a strong brand franchise for itself in overseas markets as
well as in India. Cox & Kings was ranked 1st among the Top Brands in India,
and ranked 152 amongst the Top 1000 Brands in the Asia-Pacific region. The
tour-operator industry is dependent on brand awareness and recall in the longrun, as customers need to believe in the capabilities of the operator to provide
quality services and that their products will lead to a satisfied experience, even
before they have approached the service provider.
Presence across the value-chain; C&K offers complete travel solutions, and
serve as an integrated provider of all travel and travel-related products. The
company provides a 'One-Stop Shop' for all travel requirements, from visa
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formalities to ticketing, holidays, insurance and foreign exchange. Besides, the

company is in the process of rolling-out a pan-India, luxury train, under the
brand 'Maharajas' Express', through a joint venture with the Indian Railways.
Wide geographical reach: In India, C&K has 255 points of presence, covering
164 locations, through a mix of branch sales offices, franchised sales shops,
General Sales Agents (GSAs) and Preferred Sales Agents (PSAs). The company
has 14 branch sales
offices located in Mumbai, New Delhi, Chennai, Kolkata, Bangalore,
Hyderabad, Ahmadabad, Jaipur, Kochi, Pune, Nagpur and Goa. Besides, it also
operates through 56 franchised sales shops spread across India. Moreover, the
company has a global presence, with operations in 19 countries (besides India)
through subsidiaries, branch offices and representative offices (in the UK,
Australia, New Zealand, Japan, US, UAE, Singapore and Hong Kong).
Concerns for Indian Inbound industry
1

The Travel and tourism industry is highly cyclical in nature and sensitive

to changes in economic growth.

2

The industry is highly-fragmented and competitive, and thus faces stiff

competition from other players and also from the unorganized sector
3

The company is exposed to currency fluctuations in the various countries

that it operates in.

Outlook and Valuation
Over 2006-09, C&K's Revenues and PAT have witnessed a CAGR of 65.6% and
80.7%, respectively; these, however, have also been aided by the five
acquisitions it has made across the globe since 2006. Going ahead, estimate
C&K's Top-line and PAT to witness a CAGR of 27.4% and 37.7% over 200911E, respectively On the lower and upper end of the price band, the stock would
quote at 16.5x and 17.3x its post diluted 2011 estimates, respectively. We
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believe that the companys organic and inorganic growth rates will be sustained,
and its core profitability will remain healthy, going ahead. Hence, on the back of
positives like C&K's superior growth rates, its wide geographical reach, a strong
brand franchise and the improving industry dynamics, we recommend a
Subscribe view on the IPO.
Rationale for our Subscribe recommendation
Cox and Kings (C&K) is a global tour operator, deriving around 90% of its
revenues from the leisure segment. The company has a strong presence in the
emerging and developed markets, and offers travel, forex and visa services.
Well-positioned to gain market share on the back of a strong brand franchise
and a presence across the value-chain: C&K has a history of over 250 years,
making it one of the oldest travel brands in the world. Over the years, the
company has built a strong brand franchise for itself in overseas markets as well
as in India. The travel market is highly fragmented, with a large number of
travel agents catering to most of the demand. We believe that C&K's strong
brand, coupled with services across the value-chain (inbound and outbound),
would act as a key driver in garnering a higher market share in the future.

BUSINESS PROMOTION (MARKETING)

To run the business smoothly it is very important for the company to
continuously
promote and expand its business activities. The intent to run the business
smoothly laydown certain guidelines towards the achievement of this objective.
They are:
1. ADVERTISEMENTS:
Head office/Branch office/Franchise store will whenever deemed necessary and
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appropriate advertise in the national/local news papers and/ or souvenirs/

magazines for:
a) Induction of managerial staff.
b) Recruitment of skilled employees.
c) Occasional publicity for projecting good image of company.
d) For procurement of new products and packages
While releasing such advertisements under mentioned points should be given
due
consideration:
a) Economy of expenses
b) Brief but effective exposure.
c) Attractive image representation.

2. BUSINESS SURVEY:
Regional/Branch offices shall, either on their own initiative or on instructions
from the head office, conduct occasional, but programmed and structured
surveys of market and competitors. However, before or while conducting these
surveys, following points should be taken into consideration.
a) Assessment of business prospect in the area.
b) Whether area is untouched by other competitors especially THOMAS
COOK
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c) Employee-customer relationship in the area.

d) Insurance and Foreign tie-ups should be covered
e) Culture environment and language of different countries in packages.
f) Available of customers locally.
g) Assessment of customers need as per the products and services.
h) Fire fighting facilities available.
k) lexibility in packages as per customers requirement

STATEMENT OF PROBLEM
The study is done to find out the perception o f customers on comparing COX
AND KINGS and other competitive brands
To find out the additional features and that could added to cox & king to make
to it more effective.
KINGS compared to any other competitors.
COX & KINGS PROFILE
Cox & Kings is the longest established travel company in the world. Its
distinguished history began in 1758 when it was appointed general agent to the
regiment of Foot Guards in India under the command of Lord Lignier. By 1878,
Cox & Kings were agents for most British regiments posted overseas, including
the Royal Cavalry, Artillery and Infantry, as well as the Royal Wagon Train and
the household Brigade. The Royal Navy was next and in 1912, The Royal Air
Force came under is wings.
Between the 1750s and the 1950s Cox & Kings was witness to an
exciting era in Indian history and, in its own way, helped to shape it. In 1947,
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the British administration departed, but bound by strong ties to India, Cox &
Kings stayed and flourished. By the 1970s foreign companies were obliged to
limit their investment in India, at which time the Taj Group of Hotels acquired a
substantial interest in the company. Today, Cox & Kings India is a premium
brand in all travel related services n the subcontinent.
Cox & Kings India is a branch with its headquarters in London. The other
international branches are located in New York and Tokyo. Cox & Kings India
holdings are Cox & Kings Travel Limited (London) 40%, The Taj Group of
Companies (40%) and Individuals (20%). Cox & Kings India has its head office
in Bombay and regional offices in New Delhi, Madras and Bangalore. Cox &
Kings India has an annual turnover of US$ 40 million.
THE PRINCIPAL SERVICES OFFERED BY THE COMPANY ARE:
(a) BUSINESS TRAVEL:
Cox & Kings are the market leaders in business travel services in India,
offering a full range of business travel services to over 150 corporate clients,
including major multinational companies. Its strength in these areas was evident
when the worlds largest conglomerate in travel Business Travel International
(BIT) selected Cox & Kings as their Indian partner. BTI partners have a
combined annual turnover of over 15 billion US dollars in airline passenger
sales alone and, with offices in 60 countries, are the only integrated global
network serving the corporate world.
(b)INBOUND TOURISM:
Cox & Kings operate a wide range of group and individual tours throughout
the subcontinent for clients from all over the world. Renowned as an Indian tour
specialist, Cox & Kings looks after every aspect of the tour arrangements for
over 15,000 foreign tourists every year. The companys close corporate
association with the leading hotel group in India, The Taj Group of Hotels and
the Gateway chain of hotels have strengthened companys position as Indias
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leading inbound operator. Cox & Kings is the only Indian tour operator which
understands the European Community directives on holiday products and offers
to European tour operators a guarantee to provide client handling standards
conforming to the European Community norms.

(c) OUTBOUND TOURISM:

India is perhaps one of the largest potential outbound tour markets in Asia. In
a total market segment of 44 million people (5% of Indias population) with the
socio-economic profile to travel overseas on leisure tours, Cox & Kings has a
niche n this fast expanding market. Leading leisure product brands including
Insight Tours in Europe, Domenico Tours in the USA and Royal Cruise Lines,
Abercombie & Kents African Safaris have accordingly selected Cox & Kings
to represent them in India.
(d)DESTINATION MANAGEMENT:
Though a late entrant in this fields, Cox & Kings is today Indias market
leader in destination management. In the year 1993/94, Cox & Kings looked
after the arrangements for over 40,000 foreign participants visiting India to
attend international meetings or for incentive purpose, large pharmaceutical
companies incentive programmes. Cox & Kings are appointed Official Travel
Agents for several large and prestigious international conferences. Cox &
Kings has also become a specialist in the handling of foreign cruise ships, which
include Indian ports as part of their programme.

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COX & KINGS INDIA

India is another cultures another world. A visit to India can be the holiday
of a lifetime, a great experience, something your clients will never forget. It is
important for the visiting tourist to know that India is a vast subcontinent with a
rare admixture of races, people languages, customs and traditions. Few
destinations in the world cover such a wide spectrum.
To the north of India are the worlds highest mountains, the mighty Himalayas,
offering havens of unmatched beauty against a backdrop of snow-clad
mountain, the highest peak in the world Mount Everest. On the western and
eastern coastlines are virgin beaches with a tropical ambience of coconut palms
and white sands and a hinterland of lush green rice-fields and meandering
rivers. There are secluded island resorts with rain forests and coral reefs. To the
south are backwaters, lagoons and waterways, lagoons and waterways of great
beauty, and forests with a wide range of flora and fauna. The sub-continent
extends 3220km from north to south and 2930km from west to east. A land
frontier of over 15,260km with a coast line of abut 6100km. A population of 800
million, making it the worlds largest embodies the resolve to secure for all
citizens Justice social, economic, and political, Equality of status and
opportunities and Fraternity.
There are, besides, excavations and monuments covering millennia in
history to remind the visitor of a multi-faceted, multi-religious country where
the aesthetic sense in Man and his spiritual fervour have combined to produce
works of at that are among the most beautiful in the world. 5000 years of
continuing civilization from the Indus Valley to the forests of Sunderbans, that
is the magic of India. The history of India goes back these 5000 years, making it
one of the oldest cultures of the world. The outstanding feature of this
civilization is that it has come down to us without a break unlike most other
ancient civilization. Only India and China can boast of unbroken civilizations
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reaching back into antiquity. Even today many vedic hymns used in daily
prayer are nearly 3500 years old and unaltered from the original.
India is not just the Taj Mahal, acclaimed as one of the Seven Wonders of
the World, India goes beyond the Taj Mahal. It is the only destination which
offers to the visitor the widest range of choices, from culture to archaeology,
from beach holidays to wildlife safaris, from mountain climbing to deep sea
diving all in one land India. All for the best value of money, a holiday in India
is the best compared to any other parts of the worlds, where else can your
clients live in old palaces in style like the maharajas for just over US$ 100.
COX & KINGS INDIA TOURS
We mentioned earlier India is a sub continent with a land frontier of over
15,260km and a coastline of about 6100km not to mention islands big and small
all under one nation India. So it is but natural that the choice of India Tours
will be as varied ad wide as the land. So what ever be the interest of your client,
you are sure to find a tour of his linking in INDIA.
CULTURAL TOURS:
India the seat of 5000 years of uninterrupted civilization, offers to the visitor a
wide variety of cultural tours, from festivals such as the famous Cattle Fair
Pushkar in the desert kingdom of Rajasthan, to the Boat Festival-Onam in
Kerala. Cox & Kings cultural tours will be an eye opener for even the repeat
visitor to India. Our tours include the off-track highlights only to make certain
that your clients will have product pluses that only you can offer.

HISTORY & ARCHAEOLOGICAL TOURS:

Monuments, excavations, covering millennia in history will remind your client
of the rich history that is India. For the first time visitor, the beauty of the Taj
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Mahal is a never to forget memory. From ancient temples to mosques to

churches (some of the first ones in Asia) all can be fitted into an exciting
holiday.
ADVENTURE TOURS:
Everything about India is not old and ancient, there exist with the centuries old
monuments a young and vibrant India. Hand gliding in the base mountains of
the Himalayas in Himachal Pradesh, White River Rafting in the mighty river
Ganga where the rapids reach scales suiting the amateur to the professional.
Uncharted skiing in the Himalayas to gently slopes. Deep water diving in the
Andaman Islands, India can be a lot of adventure. Cox & Kings ensures that
while it is adventure that the client buys, behind the scene is meticulous
planning to see to it that there is not mis-adventure
GOURMET TOURS:
Did anyone say all Indian food is curry. Then try the Cox & Kings
gourmet tours. From the food of the warriors of the North West Province to the
food of the nabobs of Lucknow. From the food of the sea faring Goans to the
food of the Nizams of Hyderabad. Cox & Kings have specialized to be the
Indian Gourmet Tours experts. Little wonder that when it comes to organizing
special tours for the International Wine & Food Society or Jeunes Restaurateur
D Europes 20th anniversary tour, the tour operator is Cox & Kings.
WILDLIFE TOURS:
At no other destination will your clients have a choice of 49 National
Parks & Sanctuaries that are there in India. Cox & Kings operates specialized
wildlife tours with leading India naturalists as guest lectures. From the Royal
Bengal Tiger, the Asiatic Lion, to the Siberian Crane, Cox & Kings can custom
make a wild life tour depending on your clients area of interest.
BEACH HOLIDAYS:
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Either as a stand alone product or as an add-on to a tour, Indian Beach

Holidays are full of sunshine, surf and fun, and the best part are virgin beaches.
Miles and miles of the Indian coastline offers unique beaches, unspoiled
uncrowned.
ISLAND TOURS:
Did anyone of your clients want the Robinson Crusoe experience. Send
them to India, all complete with their Man Friday. A choice of small to large
islands on the Indian Ocean, the Bay of Bengal or the Arabian Sea, Island Tours
in India is really an experience.
SPORTING TOURS:
Indian offers some of the worlds best golf courses, designed by famous
architects, golf holidays are at their best when they are in India. Where else in
the world can your clients play golf with the majestic Himalayas as a back-drop
or a golf course with ancient Mughal monuments with peacocks! Thats golfing
in India. On sporting events, The Himalayan Car Rally (a early event) has
always attracted the motoring enthusiasts worlds over.
RAIL TOURS
If Europe has the Orient Express and the Andalus Express, the ultimate
luxury of romancing the rails with a steam locomotive is only in India, The
Palace on Wheels; befitting its name, the Palace on Wheels is a super luxury
train doing an extensive circuit in the desert kingdom of Rajasthan, old railway
carriages of the former Maharajas are now available for the tourist, complete
with a lounge, dinning room, bar, the sleeping compartment is spacious, and has
the old world touch of luxury. Cox & Kings can also design exclusive tours
around India by train, many sectors have steam locomotives, a few parts of the
world where your clients can have the experience of steam traction.

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COX & KINGS ACHIEVEMENTS:

Cox & Kings is the only Indian company to conform to the European
Community standards. Over years of servicing Cox & Kings own
international offices in London, UK the Indian branch has developed a
quality of service which will ensure that you do not face any difficulties in
mentioning that your tour product in India strictly conforms to the stringent
European Community standards.
Cox & Kings is the only Indian company to offer you 24 hours, 365 days a
year service. For we believe that you or your clients may require to contact
us at any time of the day or night. With international time differences, and
the requirement to cater to any emergency situation, just one call to our 24
hours service telephone number will ensure the job is done.
Cox & Kings is the only Indian company which will allow you total
computer reservation service compatibility, we were the first Indian Travel
Agency to bring into India the Galileo CRS. For your groups as well as your
FITs , que-in on the Cox & Kings CRS for error free travel arrangements.
Cox & Kings is the only Indian company which offers you a state of the art
electronic communication a GEMS. 400 electronic mail system allows you
to dial up Cox & Kings and transmit any of your computer files. This is the
most cost effective international communication.
Cox & Kings is the only Indian company to have a highly sophisticated
inbound tourism management computer software. This software permits Cox
& Kings to efficiently process your requirement from pre tour planning to
during tour Cox & Kings, for example, provide you with cost effective pre
tour planning for your ad-hoc groups and tailor made FIT programmes, let
you know on a particular day the movement of your clients. Post completion
of your tour Cox & Kings can provide you with MIS reports on how each

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one of your tours fared in terms of hotel nights, domestic airline mileages
etc. all in order to make your operation cost effective and error free.
Cox & Kings is the only Indian company to offer you allocations with the
Taj Group and other hotel chains. So next time you are having a problem
with a confirmation at Rambagh Palace, Jaipur, Lake Place, Udaipur, or the
Fort Aguada Beach Resort, Goa during Christmas or New Year, Taj Mahal,
Bombay, Taj Mahal, New Delhi, just call Cox & Kings.
Cox & Kings is the only Indian company which uses quality surface
transport. Our transport be it a car or a motor coach, has neat interiors,
highly trained drivers, with comprehensive insurance covers on unlimited
liability, all to ensure your clients get the best and most comfortable travel
whether its an airport transfer or an excursion.
Cox & Kings is the only forward thinking Indian company, for we believe
that in order that you keep ahead in your business from your competitors, we
will provide you at our cost, a team of Product Development professionals,
who will on an on going basis ensure that your product is way beyond your
competitors. New innovative tours, unique selling propositions, and updated
product information. Cox & Kings will provide you with vital information
no matter how insignificant it may seem to be such as the closing down of a
hotels swimming pool for maintenance.
Six Inbound Tourism locations in key areas such as New Delhi, Bombay,
Madras, Bangalore, Jaipur and Goa. Supplemented by over 40 associated
offices all over India. So wherever your clients are in India, there will always
be a professionals friendly Cox & Kings personnel to look after them.

COMPENSATION

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Salaries are paid to all employees on a monthly basis and transferred into
the employees bank account on or by 7th day of next month.
Arrangement is made by the company to open bank account for all the
employees with a specified bank, where the company transfers the salaries. On
receiving the pay slip an employee should check to ensure that the amount paid
is correct. Any discrepancies are to be reported to the personnel department.
Compensation for the executives includes:
Basic + HRA + DVA + Conveyance = Total
Where HRA = House rent Allowance
VDA = Variable Dearness Allowance
Compensation for managers /Head of the department includes:
Basic + HRA + Conveyance (against reimbursement) = Total
While fixing the pay of an employee the management takes into consideration 4
points:
1) Union management
2) Minimum wages
3) Companys profit
4) Market i.e., pay in the same industry
Increments in salaries will be given to employees once in a year (in April)
as applicable at the sole discretion of the management. The increment if any are
always subject to continued satisfactory work, behavior and attendance of the
employee concerned. In Cox & Kings there is an incremental committee
consisting of the personal manager, general manager, and the concerned head of
the department who takes the final decision for the increment. Increment
depends upon the performance appraisal of the executing/managers.

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RETIREMENT AND RESIGNATION

RETIREMENT POLICY:
An employee shall retire at the age of 58 or earlier on medical grounds.
The management may grant extension to an employee at its discretion.
RESIGNATION FROM SERVICE:
At any time before the expiry of the probationary period, the employees
service may be terminated either by the company or by the employee without
assigning any reason or salary in lieu there of however, either side on a months
notice in writing or salary may terminate the services of a permanent employee
thereof.
EXIT INTERVIEW:
The employee leaving the job has to fill in the Exit interview form
mentioning the reasons for leaving the job.
TERMINAL BENEFITS:
CONTRIBUTORY PROVIDENT FUND:
Both the employer and the employee contribute @ of basic + DA to the
fund. Companys contribution is paid to the employee only after the completion
of 5 years service, if he/she decides to leave the services of the company.
GRATUITY:
An employee is paid gratuity emoluments which is inclusive of Basic pay
+ DA at the time of retirement of each completed year of continuous service,
subject to ceiling limit of Rs. 250000. An employee will however be eligible for
gratuity only on completion of five years of service except in case of death or
retirement.
LEAVE RULES

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Each permanent employee who has completed one full year of continuous
service is entitled to 22 days privilege leave. Privilege leave can be accumulated
up to a maximum of 66 days. Privilege leave can be availed only twice in any
calendar year. Any holidays occurring during the leave period is treated as part
of that earned leave. Application for privilege leave should be submitted to the
department head atleast tow weeks prior to going on such leave.
CASUAL LEAVE:
Casual leave of 12 days is given in every calendar. Casual leave is
untended for urgent business or unforeseen circumstances. Normally all
requests for casual leaves are applied for in advance.
SICKNESS LEAVES:
Sickness leave of 12 days for every calendar year is encashable for only those
employees not covered under ESI act.
MATERNITY LEAVES:
Female employees are given 90 days leave as per maternity benefit act.

THE HRD POLICIES

We visualize creation of cohesive work groups and will foster and reinforce
our team identity.
We seek to achieve organizational growth and development through our
people.
We will maximize opportunities for the self development and career growth
of our people.
We are committed to enabling people to achieve their peak potential.

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 We are always ready to assist our people in overcoming weaknesses and

maximizing their strengths.
We believe that every one of our people always wants to give his best and we
will provide the means to enable him to do so.
We will facilitate participation of and contribution by each individual.
We will define roles clearly, empower people to take decisions and
calculated risks.
Creation and sustenance of an informal work environment will help people
to do there best and re-effective.

THE HRD ROLE

CONTRIBUTING TO ORGANIZATIONAL EFFECTIVENESS

THE MISSION STATEMENT:TO PLAY IN ACTIVE ROLE IN, AND

CONTRIBUTE

EFFECTIVELY

TO

THE

ACHIEVEMENT

OR

ORGANIZATIONAL OBJECTIVES.
THE MISSION OBJECTIVES:
Creating and sustaining and organizational design and culture, which as
geared to motivate people and teams to put in their best.
Creating and sustaining a people friendly, and result sensitive environment.

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 To facilitate individuals and teams in their efforts to optimize self and each
others capabilities and function effectively as harmonious parts of the
organization.
To foster co-ordination, co-operation among teams as well as individuals. To
inculcate a sense of concern and commitment to organizational objectives.
To seek fulfillment of the needs, aspirations, and objectives of individuals,
teams and the organization.
Designing and implementing personnel policies and systems that are simple,
clear and effective in human resource management and development.

THE HRD MISSION

INSTRUMENTS FOR ACHIEVING HRD GOALS
ACTIVE ROLE IN THE ACHIEVEMENT
OF GOALS

EFFECTIVE

PERSONAL

CULTURE

SYSTEMS

Sense of mission
Cox & king

Job design

PERSONAL
PRACTICES

Motivate

TRAINING &
DEVELOPMENT

Base training
Page

Respect and trust

HR planning

Team work

Core training

Equal treatment

Requirement

Group think

Supplementary
training

Participative

Quality manpower

Innovation

Performance

Open

Potential

communication

assessment

Employee relations

Career

management
Work environment Succession

management
Recognition

Job enrichment

Discipline

Self

planning
Quality

Reward systems

development
Proactive

Industrial relation

High responsibility

Self actualization

Welfare activities

Role clarity

Growth

leadership
Positive attitude

opportunities
Value driven

Communication

Job satisfaction

system
Concern

& HR data base

sensitivity
Customer oriented
Result oriented
Competitive
Develop
commitment

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HUMAN RESOURCE MANAGEMENT

PROCESS IN COX & KINGS
MANPOWER PLANNING AND BUDGETING IN COX & KINGS
PROCEDURE FOLLOWED:
1) Every department in the company, before the end of the year, reviews the
adequacy or otherwise the available manpower with reference to the tasks
and targets in qualitative and quantitative terms to the personal department.
2) Based on the requirements of additional manpower, plan for the financial
year is prepared jointly by the planning and personal department of the
department for the division as a whole, giving specific details for each post
other than casual post and justification thereof. This manpower plan contains
detail of expenditure involved, which forms as part of the overall manpower
budget of the division.
3) An annual budget is to be board of directors.
4) On approval by the board, these manpower plans will contribute sanction for
creation of posts including pasts of trainees and forms the general basis of
recruitment during financial years.

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OUTBOUND TOURISM
Kings began a full-fledged in house tour operating activity by designing its own
brochure product under exclusive arrangements with direct suppliers and local
agents across the globe. Cox & Kings has been undertaking path-breaking
initiatives to reach out to the travellers through innovative products. These
include:
'Duniya Dekho' Holidays to Europe, USA, Far East, South Africa, Mauritius,
Australia and New Zealand. For the "value for money" traveller
'FlexiHols' is a concept in holidaying where the traveller enjoys all the comforts
and convenience of a planned holiday but at a pace & price that is set by him.
This is targeted at the more discerning Free Individual Traveller

Luxury Escapes - It takes a travel company that has been round for
two hundred years, to know everything about royal treatment. Cox
& Kings rolls out a whole new concept in Holidays - Luxury
Escapes. Spoil yourself. Get pampered rotten. Holiday like a king.
Join us as we unveil country after country laced with sinful
indulgence and fine living.

Outbound Tourism

Cox & Kings is amongst the largest players with its range of specialist options.
Innovative packaging, pricing and marketing have been the hallmarks of its
success over the years. Among its many products are:

Duniya Dekho
The company design and market escorted tours to group travelers under one of
our flagship brand Duniya Dekho. These are ready made packages where a
group of travelers is escorted by a tour manager. The customer chooses a
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specific tour from the array of choices offered to suit his budget and
preferences. These group tours cover some of the world's most enchanting
places such as Australia, New Zealand, Europe, U.S.A., Canada, Far-East,
Middle East, South Africa and Mauritius. These are specially designed for the
value traveler.
Duniya Dekho recently launched a series of premium group holidays
Luxury Escapades with travel destinations like Europe, Latin America,
Middle East, Far East and Africa.
USA 2011

AUSTRALIA-

NEWZEALAND

EUROPE

FAR EAST

EXOTIC

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FlexiHols
These are targeted at the more discerning Free Individual Traveler (FIT), where
every holiday is customized as per the convenience of the traveler. FIT can
make its FlexiHol travel plans by selecting its travel destination and holiday
option (ranging from romantic holidays, exotic cruises, family vacations, etc.),
identifying travel interest (i.e. explorer, family, romance or explorer) and
sharing his preference of sightseeing, airline and hotels.
The destinations range from Europe, Australia and New Zealand, USA and
Canada, Far East and South East Asia.

EUROPE

AUS- NEW ZEALAND

ISLANDS
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FAR EAST

AFRICA

AMERICAS
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 Luxury Escapades
This innovative niche caters to the crme de la crme and this concept in
holidaying unveils one destination after another, laced with sinful indulgences
and fine living. One can experience the finest luxury hotels and the most
exclusive entertainment avenues of the world.
NRI Division
Indians across the world have always yearned to travel with a quality tour
operator that understands its diverse needs be it culinary preferences or holiday
options. The NRI division caters to such travelers primarily from the Middle
East, Europe, USA, Australia, Sri Lanka and Hong Kong.

OBJECTIVES OF STUDY
The objective of the study are as follows:
1) To know about the working of cox & kings.
2) To study about the inbound & outbound services.
3) To study how to encourage Customer to select COX AND KINGS.

SCOPE OF STUDY
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encountered by COX AND KINGS which is a business that deals solely with
different clients Scope of study is to showcase all the supports, challenges
and opportunities

To study the working of each department of COX AND KINGS and to

see the
problem faced by them and finally to throw light on areas of improvement
possible.
LIMITATION OF THE STUDY
Feedbacks of the some clients were not up to the mark.
Due to the peak season customers were busy to give feedbacks for my
Questions.
The study captures only Marketing department. So it is difficult to
collect the data from all the department which is not possible in this
short time duration.

Swot Analysis of Tourism industry in India

STRENGTHS
a. India's geographical location, a culmination of deserts, forests, mountains,
and beaches.
b. Diversity of culture i.e. a blend of various civilizations and their traditions.
c. A wealth of archeological sites and historical monuments.
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d. Manpower costs in the Indian hotel industry are one of the lowest in the
world. This provides better margins for the industry.

WEAKNESS
a. Lack of adequate infrastructure. The airlines in India, for example, are
inefficient and do not provide basic facilities at airports. The road
condition in India is very bad.
b. . A xenophobic attitude among certain sections of people. c. No proper
marketing of India's tourism abroad. Foreigners still think of India as a
land of snake charmers. There are many places where the image of India
is one of poverty, superstition, and diseases. The case of Plague in Surat
in 1994 led to a decrease of 36% in arrival of foreign tourists in India.

OPPORTUNITIES
a. More proactive role from the government of India in terms of framing
policies.
b. Allowing entry of more multinational companies into the country giving us a
global perspective.
c. Growth of domestic tourism. The advantage here is that domestic tourism and
international tourism can be segregated easily owing to the difference in the
period of holidays.
THREATS
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a. Economic conditions and political turmoil in other countries affects tourism.

b. Political turbulence within India in Kashmir and Gujarat has also reduced
tourist traffic.
c. Aggressive strategies adopted by other countries like Australia, Singapore in
promoting tourism.

Cox & Kings Customers Positioning & Segmentation

Users of Tourism Services
The users of tourism services can be categorized in a number of ways.
One such way of classifying the users is by dividing them into categories
such as General, Sex, Region, Education, etc.
1. General: Domestic, Foreign
Kids, Teens, Youths, Seniors
Students, Executives, Artists
Politicians, Movie stars
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2. Sex: Men, Women

3. Region: Rural, Urban
4. Education: Literate, Illiterate
5. Status: Rich, Poor
6. Profession: Executives, Academics, Sportsmen, Artists
7. Occupation: White collar, Blue collar

Another method of classifying users of tourism services is on the basis of the

frequency of usage of services.
1. Non-users: They lack the willingness, desire and ability (income & leisure
time).
2. Potential Users: They have the willingness but the marketing resources have
not been used optimally to influence their impulse.
3. Actual Users: They are already using the services generated by the tourist
organizations
4. Occasional Users: They have not formed the habit of traveling
5. Habitual Travelers: They have formed a habit and avail of the services
regularly.

Need For Segmentation

Consumer behavior can be defined in psychological terms as the whole
range of the generation of wants and their transformation into buying or
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using decisions. Users have values, perceptions, preferences and

expectations which are the result of environmental influences. There are a
number of factors that influence the behavioral profile of consumers.
Segmentation
Though there are a number of bases for
segmentation of tourists, one of the most
important is Lifestyle. Traveling decisions

CATEGORI
ES

are fantastically influenced by changing

lifestyles. They are also affected by other
factors such as level of income, availability
of

leisure

time,

etc.

BASE

OF

SEGMENTATION
Holiday

Mass market
Popular
market
Individual
market

Demand

Primary
Secondary
Opportunity

Classification Of Services in Inbound Services

ON THE BASIS OF THE END USER
The end user for Tourism Services is always the CONSUMER, and therefore on
the basis of the end user, Tourism Services fall under the category of
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Consumers. However these consumers may vary, which is why Tourism

Services also differ.
SERVICE PRODUCT CONTINUUM
As per the Product-Service Continuum, Tourism Services fall under the
category of Goods + Services. The core product is the destination, which is
purely intangible. However, tourism is linked to a number of tangible goods
such as souvenirs, cuisine, etc which constitute an important part of any
vacation or holiday any consumer might take. Therefore it cannot be classified
as only services, and falls under the category of Goods + Services.
PEOPLE BASED SERVICES
Tourism Services are high contact services, as people interact with people at
virtually EVERY stage of the way. Tourism services are very people-oriented
services, and the service people are plenty and have high contact with the
consumers. The consumer interacts with a myriad of service people starting
from when he books his ticket and throughout the course of his holiday.
EXPERTISE
Tourism Services are mostly professional services. The service people include
travel agents, tour operators, hoteliers, caterers, tour guides, etc. Almost all of
these people are trained and are professionals. They might be trained by
professional institutes (IATA, IITM, etc.) or by the agency/company they are
working for (COX & KINGs).

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ORIENTATION TOWARDS PROFIT

Market Presence of Cox & Kings
Cox and Kings registered office is situated in Mumbai, India with 255 points of
presence covering 164 locations through a mix of branch sales offices,
franchised sales shops, General Sales Agents (GSAs) and Preferred Sales
Agents (PSAs).
Cox and Kings have 14 branch sales offices located in Mumbai, New Delhi,
Chennai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Jaipur, Kochi, Pune,
Nagpur and Goa.
Besides, Cox and Kings also operates through 56 franchised sales shops spread
across India to have larger access to our customers. Further, they have an
extensive network of 185 GSAs and PSAs covering all major towns and cities
of India.
Cox and Kings has a global presence with its operations in 18 countries besides
India through subsidiaries, branch offices and representative offices. They have
subsidiaries in UK, Australia, New Zealand, Japan, US, UAE and Singapore and
operates from Moscow (Russia), Maldives and Tahiti through our branch offices
and Spain, Sweden, Germany, Italy, France, Taiwan, South America and South
Africa through our representative offices.
The company through its subsidiary in Australia has acquired Tempo Holidays,
one of the leading wholesalers in the Australian outbound tourism market.
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CKILs subsidiary, Quoprro Global Services Pvt. Ltd., acquired in 2008 accepts
and processes visa applications from foreign nationals applying for Indian visas
in Greece and Singapore.
Recently, they got further approvals from the diplomatic mission of India in
Hong Kong.
In 2009, CKIL acquired the East India Travel Company in North America, one
of the top three source markets for the Indian subcontinent
Further, they have presence in overseas markets through a network of GSAs and
PSAs covering other countries enhancing our global presence.

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Research Methodology
Research Design:Conceptual structure with research must be conducted. The preparation of such
design facilitates research to be as efficient as possible and yields maximum
information.
Research Objectives:.
1

To know different customer retention, customer acquiring and customer

relationship building processes.

To known the satisfactory level of the customers.

To know the influence of services provided by COX AND KINGS on its

business.

To identify factors, affecting customer satisfaction.

To suggest some techniques to improve customer satisfaction.

In this study, no analysis of data is made as the data available are already
analyzed one and are present in the graphical manner in published reports. So

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no statistical tools are used in this study. But explanatory research has been
made where data are interpreted to get some findings.
Source of Data:The task of collecting data begins offer a research problem has been defined and
plan in chalked out. This study pertains to collection of data from secondary
Secondary data:
This refers to information that has been collected earlier by someone else often
including printed or published reports, news items and company invoices. It
also includes internal documents like invoices, sales report, and payment history
of customers and dispatch record.
Information Required:1

The services provide by franchise store of COX AND KINGS (franchise

department).
2

Facilities provided to the Customer of COX AND KINGS.

Influence of positive referrals on the customer growth and sales made

through new customers added.

4

Advantage of implementation of Office Desk Data.

REASEARCH PLAN:Data source : - Secondary

Research instruments : - Interviews
Contact method : - Direct / person./Telephone/e-mail

DATA ANA ALYSIS AND IN NTERPR RETATION

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Table 1-Duration n of custom 35

mers 1-6 month hs
6-12 mon nths

45

12-18 mo nths

15

18-24 mo nths

Table

2-Influencing

Factors

for 15

Clients &Friends
Follow ups

e-mails

10

Cox a and kings webs site

70

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Table 3-Reasons for preferring 75

Cox

and

Kings

Customer

relation
Attractive packages

10

Service

10

Pricing

Table 4-Demand for service es 90

Always
Sometime es

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Table 5-Expectaations from 60

the company Services
Pricing

Packages

15

Accommodations

Excursion

15

Table

6-Satisfaction

level 60

Highly
Highly satisfied
Satisfied

30

Average

Not satisf fied

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FINDINGS
1. 65% of the clients are using the services frequently.
25% of the clients are using the services very frequently.
5%of the clients are using the services occasionally.
5%of the clients are using the services rarely.
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2. 35% are clients since 6 months.

45% are clients since 12 months.
15% are clients since 18 months.
5% are clients since 24 months.

3. 15% of the clients are influenced by Friends.

5% of the clients are influenced by follow ups.
10% of the clients are influenced by e-mails.
70% of the clients are influenced by Cox and Kings Website.

4. 75% of the clients are using services of Cox and Kings due to customer
relation or treatment.
10% of the clients are using services of Cox and Kings due to attractive
packages and excursion.
10% of the clients are using services of Cox and Kings due to good service.
5% of the clients are using services of Cox and Kings due to pricing.

5. 90% of the clients agree that Cox and Kings always fulfill the order
according to their need.
10% of the clients agree that Cox and Kings sometimes fulfill the order
according to the need.

6. 60 % of the clients emphasizes on the quality of services.

30% of clients are satisfied with the quality of the services.
5% of clients are average with the quality of the services provided.
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5% are not satisfied with the quality of the services provided.

7. 15% of clients are highly satisfied with the price of the packages provided.
20% of clients are satisfied with the price of the service provided.
45% of clients are average with the price of the services provided.
20% of clients are not satisfied with the price of the services provided.

8. Majority of the clients has given satisfactory rate over its competitors.
10. Though clients prefer comparing competitors pricing but gets attracted
towards quality packaging and services being provided by Cox and Kings.

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SUGGESTIONS
1

Promotional strategies should be followed on mass basis

SWOT ANALYSIS should be done on regular basis

Employees performance should be monitored

Market research should be given priorities to overcome threats

Regular surveys should be done in order to estimate customers

satisfaction level
6

Proper working environment should be provided in order to provide ease

to employees as well as customers

7

24*7 facility should be provided to welcome customer at any instant time

A good communication channel should be maintained

Regular FOLLOW UPS is required to be carried on

10

Group tours should be provided with proper assistance and guide

throughout the tour

11

Regular updates of the services and products should be communicated to

loyal customers
12

Strong competitive strategies must be followed against the competitors

especially THOMAS COOK

13

Regular appraisal should be followed for the employees in order to get

the maximum output from them

14

Number of days and nights should be increased to optimize the level of

experience
15

Franchisee department should emphasize on increasing more number of

stores for mass accessibility of customers

16

Franchisee stores must be monitored and regulated on regular basis for

providing greater assistance and documentation.

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Conclusion

COX & KINGS has a very good reputation in the industry.

People are more aware about Cox and Kings than Thomas Cook,

KUONI, SITA, and

MAKE MY TRIP.

In small cities there is more potential of ticketing than package tours.

There is less number of people who book their tour ticket through travel

agents.

Middle class people should not be considered as a major customer group

who are interested in package tour.

2

COX & KINGS is one of the dominant in the industry.

COX & KINGS global presence has also strengthened its position in

India.

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Future Plans Of Cox & Kings

1

COX & Kings is set to expand its foreign exchange business to more

centres in India
2

Cox & Kings has come out with its package for Europe and packages for

the US and Far East on mass basis.

3

The Indian Railways Catering and Tourism Corporation (IRCTC), and

Cox and Kings India Ltd., (CKIL), have signed a Joint Venture agreement to set
up a company called the Royale Indian Rail Tours Ltd., to manage and operate
the first pan-India luxury tourist train.
4

Efforts are being made so that online and offline business models would

complement each other in a very effective manner in future

5

Expecting a huge and unprecedented jump in the outflow and inflow of

tourists in the country, the Cox and Kings, has decided to expand its operations
in India.

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BIBLIOGRAPHY
1

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