Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 16.00 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 0.38 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 16.38 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B Plus) and the short-term rating of ‘ACUITE A4’ (read as ACUITE A Four) on the Rs.16.38 Crore bank facilities of TRADE WINGS LIMITED. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­Incorporated in 1949, Trade Wings Limited (TWL) is based in Goa. The company provides travel related services to its clients that comprise airline ticket booking, visa processing, car renting, hotel reservation etc. The company also provides its clients with money changing services that include buying and selling of foreign exchange, traveler’s cheques and money gram facilities.

The directors are Mr. Ramamurthy Vaidhyanathan, Mr. Hemant Ramdas Panchal, Mr. Shailendra Parmeshwarji Mittal and Mr. Jacinta Bazil Nayagam.

 
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 co-operation 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 endeavoured 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 Acuité to comment upon.

 
Liquidity Position

­No information provided by the issuer / available for Acuité to comment upon

 
Outlook: Not Applicable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 208.34 179.59
PAT Rs. Cr. 0.06 0.13
PAT Margin (%) 0.03 0.07
Total Debt/Tangible Net Worth Times 8.81 12.83
PBDIT/Interest Times 1.16 1.17
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

Note on Complexity Levels of the Rated Instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
15 Nov 2023 Bank Guarantee/Letter of Guarantee Short Term 0.38 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 12.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
24 Aug 2022 Bank Guarantee/Letter of Guarantee Short Term 0.38 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 12.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
26 May 2021 Bank Guarantee (BLR) Short Term 0.38 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 12.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Bank of Baroda Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.38 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

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