Press Release

Press Release

May 19, 2025

TRAVEL NEWS SERVICES INDIA PRIVATE LIMITED
Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	0.17	Not Applicable \| Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	0.17	-	-

Rating Rationale

Acuite has withdrawn its long-term rating on Rs.0.17 Cr. bank facilities of Travel News Services India Private Limited (TNSIPL) without assigning any rating as the instrument is fully repaid. The rating is being withdrawn on account of request received from the Company and No Dues Certificate received from the banker. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of ratings as applicable to the respective facility / instrument.

About the Company

The company was incorporated in 2009 and is promoted by Mr. Sunil Mantri, Mr. Ritesh Raja and Mr. Arpit Maheshwari. The main head office is located in Delhi. Travel News Services India Private Limited (TNSIPL) is into the business of Travel Retail and operates nearly 38 Stores as on May 2024 at various airports like Delhi, Varanasi, Kolkata, Hyderabad, Cochin, Indore and Bangalore. It also has stores at various Universities like Amity and LPU. Product line includes Books, Confectionery, Food, Beverages and Travel Accessories, Journey Solutions, Gifts, Toys, Souvenirs, Handicrafts.

About the Group

TNSI Group, set up in 2009, was taken over by the Future Group in 2018. FRL currently holds 100 per cent stake in TNSIPL. TNSI Retail Private Limited (TNSIRPL) is in turn a wholly owned subsidiary of TNSIPL. TNSIRPL is operating WH Smith stores in DMRC metro stations. TNSIPL is operating WH Smith stores at airports, university and corporate office campuses.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation-Not Applicable

Rationale for Consolidation or Parent / Group / Govt. Support

Not Applicable

Key Rating Drivers

Strengths

Not Applicable

Weaknesses

Not Applicable

Rating Sensitivities

Not Applicable

Liquidity Position

Not Applicable

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	202.70	292.97
PAT	Rs. Cr.	1.17	(19.20)
PAT Margin	(%)	0.58	(6.55)
Total Debt/Tangible Net Worth	Times	(0.52)	(2.06)
PBDIT/Interest	Times	3.12	1.78

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite)

Not applicable

Any Other Information

None

Applicable Criteria

• 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
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
29 Jul 2024	Bank Guarantee (BLR)	Long Term	0.17	ACUITE BB- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Long Term	17.04	ACUITE BB- (Reaffirmed & Withdrawn)
	Proposed Long Term Bank Facility	Long Term	0.79	ACUITE Not Applicable (Withdrawn)
13 May 2024	Bank Guarantee (BLR)	Long Term	17.21	ACUITE BB- \| Stable (Reaffirmed)
13 May 2024	Proposed Long Term Bank Facility	Long Term	0.79	ACUITE BB- \| Stable (Reaffirmed)
13 Feb 2023	Bank Guarantee/Letter of Guarantee	Long Term	18.00	ACUITE BB- \| Stable (Downgraded from ACUITE BB \| Stable)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Yes Bank Ltd	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.17	Simple	Not Applicable\|Withdrawn

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr.No	Company Name
1	Travel News Services India Private Limited
2	TNSI Retail Private Limited

Contacts

Mohit Jain
Senior Vice President - Rating Operations

Anuja Bele
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.