Press Release

Press Release

February 24, 2025

ZENITH LEISURE HOLIDAYS LIMITED
Rating Reaffirmed, Withdrawn & Issuer Not Cooperating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	18.00	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*	-
Bank Loan Ratings	3.40	Not Applicable \| Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	21.40	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuité has reaffirmed and withdrawn the long-term rating of 'ACUITE BB+' (read as ACUITE Double B Plus) on Rs.18.00 crore bank facilities of Zenith Leisure Holidays Limited (ZLHL). The rating is being withdrawn on account of request received from the company, and NOC (No Objection Certificate) received from the banker.

Acuite has withdrawn the long term rating on the Rs. 3.40 Cr. bank facilities of Zenith Leisure Holidays Limited without assigning any rating as it is a proposed facility. The rating is being withdrawn on account of request received from the company.

The withdrawal is in accordance with Acuite's policy on withdrawal of rating as applicable to the respective facility/instrument.
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company

Founded in the year 1997, by Mr. Amitava Biswas and Mr. Manoj Mishra, Zenith Leisure Holidays Limited (ZLHL) is a Kolkata, West Bengal based company. It initially started as a MICE (Meetings, Incentives, Conferences, Exhibitions) operating travel company which has now diversified into leisure travel, creative marketing and events, inbound travel, E-business and forex and inbound business from other global countries, which is internally referred to as DMC business. The company is amongst the select group of Authorized Dealer Cat II Foreign Exchange company, retailing foreign exchange products from thirty branches in India. They are authorized agent for Singapore visa and trusted travel partner by the New Zealand immigration and New Zealand tourism board for business events visa. It is an IATA-approved agent and can book tickets for all IATA registered airlines. Currently, the company is headed by Mr. Amitava Biswas, Mrs. Shipli Biswas, Mr. Manoj Mishra, Mrs. Asha Mishra, Mr. Rajiv Prasad and Mr. Aniket Divakar Kale.

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

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. 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

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	406.89	256.44
PAT	Rs. Cr.	18.50	21.47
PAT Margin	(%)	4.55	8.37
Total Debt/Tangible Net Worth	Times	1.11	1.63
PBDIT/Interest	Times	7.10	5.67

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Rating Process and Timeline: https://www.acuite.in/view-rating-criteria-67.htm
• 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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
12 Dec 2024	Cash Credit	Long Term	10.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Secured Overdraft	Long Term	8.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	3.40	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
18 Sep 2023	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB \| Stable)
	Secured Overdraft	Long Term	8.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB \| Stable)
	Proposed Long Term Bank Facility	Long Term	3.40	ACUITE BBB- \| Stable (Upgraded from ACUITE BB \| Stable)
18 Nov 2022	Cash Credit	Long Term	12.00	ACUITE BB \| Stable (Upgraded from ACUITE B+ \| Stable)
	Secured Overdraft	Long Term	8.00	ACUITE BB \| Stable (Upgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	1.40	ACUITE BB \| Stable (Upgraded from ACUITE B+ \| Stable)
* The issuer did not co-operate; based on best available information.

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Bandhan Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BB+ \| Reaffirmed & Withdrawn \| 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.	3.40	Simple	Not Applicable\|Withdrawn
Bandhan Bank	Not avl. / Not appl.	Secured Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	Simple	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

Contacts

Mohit Jain
Senior Vice President - Rating Operations

Akshat Shah
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.