Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 2070.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 1393.02 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 480.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings 1656.98 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding 5600.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

Acuité has reaffirmed its long term rating of ‘ACUITE C' (read as ACUITE C) and 'ACUITE D' (read as ACUITE D) and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) and 'ACUITE D' (read as ACUITE D) on the Rs. 5600.00 Crore bank facilities of Go Airlines (India) Limited. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

Go Airlines (India) Limited (Go First) was the aviation foray of the Mumbai based ‘Wadia’ Group. The company was initially incorporated in April, 2004 as a private limited company and was later converted into a Public Limited Company in March, 2011. It launched low fare passenger airline services in Nov 2005 under the brand name 'Go Air'. In April 2021, the company rebranded its services to ‘Go First’. As of Aug, 2022, Go First has a total fleet size of 58 aircraft serving 34 domestic destinations and 9 international destinations with an operational track record of nearly 18 years. The director of the company are Mr. Niraj Kumar, Mr. Manish Sehgal, Mr. Kaushik Chandrahas Khona, Mr. Keki Manchersha Elavia and  Mr. Vijay Laxman Kelkar.

 
About the Group

­Wadia Group is one of the oldest business group in India which was founded in 1736. The Group is a diversified conglomerate with businesses ranging from FMCG, Aviation, Chemicals, and Healthcare to Real Estate. Bombay Dyeing & Manufacturing Company Limited is the flagship company of the Wadia Group, engaged primarily in the business of textiles. Brittania Industries is another large listed entity where the Wadia Group has a significant stake. While four companies are listed on the Indian Stock Exchanges, the above two companies have been listed for over hundred years.

 
Unsupported Rating

­Not Applicable

 
Non-cooperation by the issuer/borrower:

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

 
Limitation regarding information availability:

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

 
Rating Sensitivity

­No information provided by the issuer / available for Acuite to comment upon."

 
Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­None

 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 4255.88 2171.74
PAT Rs. Cr. (1804.08) (870.16)
PAT Margin (%) (42.39) (40.07)
Total Debt/Tangible Net Worth Times (1.06) (1.08)
PBDIT/Interest Times 0.17 0.26
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm

Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
21 Sep 2023 Letter of Credit Short Term 30.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Proposed Short Term Bank Facility Short Term 450.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility Long Term 100.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 1320.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B)
Proposed Long Term Bank Facility Long Term 650.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 31.60 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 98.22 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Secured Overdraft Long Term 843.02 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Secured Overdraft Long Term 20.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Working Capital Demand Loan (WCDL) Long Term 30.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 93.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 73.90 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 64.05 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 25.65 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 4.80 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 3.78 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Letter of Credit Short Term 456.98 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A4)
Letter of Credit Short Term 1200.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A4)
Secured Overdraft Long Term 100.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 5.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
05 May 2023 Letter of Credit Short Term 456.98 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A2+)
Letter of Credit Short Term 1200.00 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A2+)
Letter of Credit Short Term 30.00 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A2+)
Proposed Short Term Bank Facility Short Term 450.00 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A2+)
Secured Overdraft Long Term 100.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Term Loan Long Term 5.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Proposed Long Term Bank Facility Long Term 100.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Secured Overdraft Long Term 843.02 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Secured Overdraft Long Term 20.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Working Capital Demand Loan (WCDL) Long Term 30.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Term Loan Long Term 93.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Term Loan Long Term 73.90 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Term Loan Long Term 64.05 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Term Loan Long Term 25.65 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Term Loan Long Term 4.80 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Term Loan Long Term 3.78 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Term Loan Long Term 1320.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Term Loan Long Term 31.60 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Term Loan Long Term 98.22 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
Proposed Long Term Bank Facility Long Term 650.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Negative)
19 Jan 2023 Letter of Credit Short Term 456.98 ACUITE A2+ (Downgraded from ACUITE A1)
Letter of Credit Short Term 1200.00 ACUITE A2+ (Downgraded from ACUITE A1)
Letter of Credit Short Term 30.00 ACUITE A2+ (Downgraded from ACUITE A1)
Proposed Short Term Bank Facility Short Term 450.00 ACUITE A2+ (Downgraded from ACUITE A1)
Secured Overdraft Long Term 100.00 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Term Loan Long Term 5.00 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Proposed Long Term Bank Facility Long Term 100.00 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Term Loan Long Term 93.00 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Term Loan Long Term 73.90 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Term Loan Long Term 64.05 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Term Loan Long Term 25.65 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Term Loan Long Term 4.80 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Term Loan Long Term 3.78 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Term Loan Long Term 1320.00 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Term Loan Long Term 31.60 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Term Loan Long Term 98.22 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Secured Overdraft Long Term 843.02 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Secured Overdraft Long Term 20.00 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Working Capital Demand Loan (WCDL) Long Term 30.00 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
Proposed Long Term Bank Facility Long Term 650.00 ACUITE BBB+ | Negative (Downgraded from ACUITE A- | Negative)
11 Oct 2022 Secured Overdraft Long Term 100.00 ACUITE A- | Negative (Reaffirmed)
Term Loan Long Term 5.00 ACUITE A- | Negative (Reaffirmed)
Proposed Long Term Bank Facility Long Term 100.00 ACUITE A- | Negative (Reaffirmed)
Term Loan Long Term 93.00 ACUITE A- | Negative (Assigned)
Term Loan Long Term 73.90 ACUITE A- | Negative (Assigned)
Term Loan Long Term 64.05 ACUITE A- | Negative (Assigned)
Term Loan Long Term 25.65 ACUITE A- | Negative (Assigned)
Term Loan Long Term 4.80 ACUITE A- | Negative (Assigned)
Term Loan Long Term 3.78 ACUITE A- | Negative (Assigned)
Term Loan Long Term 1320.00 ACUITE A- | Negative (Assigned)
Term Loan Long Term 31.60 ACUITE A- | Negative (Assigned)
Term Loan Long Term 98.22 ACUITE A- | Negative (Assigned)
Secured Overdraft Long Term 843.02 ACUITE A- | Negative (Reaffirmed)
Secured Overdraft Long Term 20.00 ACUITE A- | Negative (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 30.00 ACUITE A- | Negative (Reaffirmed)
Proposed Long Term Bank Facility Long Term 650.00 ACUITE A- | Negative (Assigned)
Letter of Credit Short Term 456.98 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 1200.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 30.00 ACUITE A1 (Reaffirmed)
Proposed Short Term Bank Facility Short Term 450.00 ACUITE A1 (Assigned)
01 Apr 2022 Secured Overdraft Long Term 432.50 ACUITE A- | Stable (Reaffirmed)
Secured Overdraft Long Term 363.50 ACUITE A- | Stable (Reaffirmed)
Secured Overdraft Long Term 100.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 5.00 ACUITE A- | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 100.00 ACUITE A- | Stable (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 30.00 ACUITE A- | Stable (Assigned)
Secured Overdraft Long Term 20.00 ACUITE A- | Stable (Assigned)
Cash Credit Long Term 100.00 ACUITE A- (Reaffirmed & Withdrawn)
Letter of Credit Short Term 504.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 1200.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 30.00 ACUITE A1 (Reaffirmed)
06 Jan 2021 Cash Credit Long Term 100.00 ACUITE A- | Stable (Assigned)
Secured Overdraft Long Term 432.50 ACUITE A- | Stable (Assigned)
Secured Overdraft Long Term 100.00 ACUITE A- | Stable (Assigned)
Term Loan Long Term 5.00 ACUITE A- | Stable (Assigned)
Bank Guarantee (BLR) Short Term 567.50 ACUITE A1 (Assigned)
Bank Guarantee (BLR) Short Term 1200.00 ACUITE A1 (Assigned)
Bank Guarantee (BLR) Short Term 30.00 ACUITE A1 (Assigned)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Central Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 456.98 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1200.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Axis Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 650.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Short Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 450.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Central Bank of India Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 843.02 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Central Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Central Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 93.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Central Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 73.90 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Central Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 64.05 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Central Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.65 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.80 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.78 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Deutsche Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1320.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 31.60 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 98.22 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.

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