Rating Rationale
October 09, 2019 | Mumbai
Thomas Cook India Limited
'CCR AA-/Stable' rating assigned
 
Rating Action
Total Bank Loan Facilities Rated Rs.739 Crore
Long Term Rating CRISIL AA-/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Corporate Credit Rating CCR AA-/Stable (Assigned)
Rs.100 Crore Short Term Debt (Including Commercial Paper) CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has assigned its corporate credit rating of 'CCR AA-/Stable' to Thomas Cook India Limited (TCIL; part of the Thomas Cook India group). CRISIL CCR is a rating of an issuer and indicates the degree of strength of the issuer with regard to honouring its debt obligation.

Additionally, CRISIL has reaffirmed its ratings on the debt programmes and bank facilities of TCIL at 'CRISIL AA-/Stable/CRISIL A1+'.
 
On September 23, 2019, Thomas Cook PLC (UK, TCPLC) announced that it is filing for compulsory liquidation with immediate effect. While TCIL is a brand licensee of the Thomas Cook brand in India (brand licensing agreement valid till November 2024), it is a completely separate entity from TCPLC post-acquisition of 77% stake by Canada-based Fairfax Financial Holdings (Fairfax; rated 'BBB-/Positive' by S&P Global Ratings) in 2012. There exists no shareholding or business linkage between the two companies. Hence, CRISIL believes liquidation of the UK-based entity should not have a material impact on TCIL's credit risk profile.
 
TCIL has also communicated through various releases that it is a completely separate entity from TCPLC. While the brand has been licenced to TCIL until November 2024, TCIL is evaluating various options including transitioning to a new brand. CRISIL will continue to track the developments on this front.
 
The group's financial flexibility is expected to remain healthy, given strong cash and equivalents in the foreign exchange (forex) and travel businesses, aided by omni-channel business model with extensive outreach and absence of any major long-term debt and capital expenditure (capex) over the medium term.
 
On March 06, 2019, CRISIL had reaffirmed its ratings with a stable outlook on the debt programmes and bank facilities of TCIL. The reaffirmation had factored in CRISIL's belief that the company's credit risk profile will remain unaffected by its plan to acquire 51% stake in Digiphoto Entertainment Imaging group (DEI) (acquisition completed in March 2019). Acquisition price of about Rs 145 crore (for 51%, at an enterprise value of Rs 289 crore) has been funded through a mix of debt (about Rs 106 crore (USD 15 million) in Travel Circle International (Mauritius) Ltd [wholly owned stepdown subsidiary of TCIL]) and internal cash accrual.
 
DEI is a leading souvenir imaging solutions provider and is associated with over 120 partners across 14 countries. Given that tourism services would complement imaging solutions, the acquisition is expected to entail business synergy. Additionally, as the acquisition should increase cash accretions, the group's financial risk profile is expected to remain strong, supported by a comfortable capital structure and adequate liquidity.
 
During fiscal 2019, the board had announced corporate restructuring of the group. The restructuring includes:

  • Demerger of inbound business undertaking of Travel Corporation India Ltd (TCI; 'CRISIL AA-/Stable')  into SOTC Travel Management Private Limited on a going concern basis;
  • Merger of residual TCI, TC Travel Services Limited and TC Forex Services Limited with Thomas Cook (India) Limited;
  • Demerger of Human Resource Services Business of Thomas Cook (India) Limited into Quess Corp Limited as a going concern basis;
  • Change of name of SOTC Travel Management Private Limited to Travel Corporation (India) Limited
  • Change of name of Thomas Cook (India) Limited to TC Travel Services Limited or any other name

The scheme has received the requisite approval from the shareholders of the company on September 4, 2019, and is currently subject to requisite statutory and regulatory approvals.
 
The ratings continue to reflect the Thomas Cook India group's healthy business risk profile, driven by a dominant position in the forex business and strong brand equity in travel-related services; comfortable capital structure; and strong liquidity. These strengths are partially offset by vulnerability of the travel business to geo-political risks and suboptimal operating performance of the vacation ownership and resorts business. Moreover, the group is exposed to risks related to its strategy of growth through acquisitions. Success of these acquisitions remains a key monitorable as it could materially alter the business and financial risk profiles of the group.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and financial risk profiles of TCIL and its subsidiaries, including Sterling Holiday Resorts Ltd (Sterling), TCI, SOTC Travel Ltd ('CRISIL AA-/Stable'), Travel Circle International Ltd, Horizon Travel Services LLC, Travel Circle International (Mauritius) Ltd, and DEI. This is because all these entities, together referred to as the Thomas Cook India group, are strategically important to, and have considerable operational integration with, TCIL. Earlier, the business and financial risk profiles of Quess were also combined. However, following the announcement of restructuring, Quess has not been considered a part of the group to arrive at the ratings.

The estimated goodwill arising from various acquisitions has been amortised over 5-10 years.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
Strengths
* Dominant position in the forex business and strong brand equity in travel-related services
The group leads both the wholesale and retail forex segments. The wholesale business is strengthened by sound relationship with large banks in India. The strong position in the retail segment is supported by a wide distribution network and synergies with the travel segment. The group has presence across the retail and corporate segments in the travel business, with high geographical diversity (presence across 29 countries with strong network of 660+ retail outlets); and enjoys strong brand equity.
 
*Comfortable capital structure
Adjusted debt had reduced to Rs 277 crore as on September 30, 2018, from Rs 426 crore as on March 31, 2018, and Rs 1,418 crore as on March 31, 2017; supported by early redemption of debt contracted to fund capex, working capital requirement, and acquisitions. However, due to DEI's acquisition in March 2019, consolidated debt had increased by about Rs 140 crore with closing adjusted debt of Rs 361 crore as on March 31, 2019. Nevertheless, strong liquidity of Rs 1,169 crore in cash and cash equivalents (including current investments in mutual funds) as on March 31, 2019, and expected increase in profitability would continue to support financial risk profile. Cash flow protection metrics, which weakened in the past, are expected to improve over the medium term.
 
Weaknesses
*Susceptibility of the forex and travel businesses to geo-political risks and intense competition
Operating margin in the travel business is vulnerable to event and geo-political risks. Increasing competition from organised and unorganised players, along with the adverse impact of the global slowdown in the travel segment, led to pressure on pricing and profitability of players. The group also has to compete with online players. Though it has transformed itself from a brick-and-mortar player to its current omni-channel business model, ability to profitably increase its low-cost e-business revenue share remains a key monitorable.
 
*Suboptimal operating performance of businesses
Performance of the traditional forex and travel businesses remained subdued given the evolving business environment. Moreover, incremental cost for building up digital capability hit profitability in these businesses. Nevertheless, investments in technology and initiatives to improve efficiency should benefit the group. The performance of the vacation ownership and resorts business, housed under Sterling, has been modest on account of moderate occupancy and high fixed cost. Pace of improvement and any further write-offs (in fiscal 2016, there was a significant one-time write-off of about Rs 100 crore towards vacation ownership receivables and capital work-in-progress) will be key credit monitorables.
 
In June 2017, TCIL completed the acquisition of destination management specialist (DMS) entities of the Kuoni group, performance of which remained weak in the first year of operations post-acquisition. Also, the one-time expenditure resulted in losses in fiscal 2018. Management's focus on increasing scale and containing losses in these entities resulted in profits in the second quarter of fiscal 2019, as compared to loss at the EBIT (earnings before interest and taxes) level in the second quarter of fiscal 2018. Nevertheless, ability to scale up operations (by integrating and enhancing end-to-end service delivery capabilities of the acquired entities) and drive profitability (by leveraging investments in technology and targeting strategic benefits across businesses) remains a key rating sensitivity factor.
 
*Exposure to risks related to growth strategy through acquisitions, and their funding
TCIL is one of the acquisition vehicles for Fairfax. Over the years, the company has grown both organically and inorganically. It has completed multiple acquisitions (Quess, Sterling, Kuoni, and DEI) over the past six fiscals. While financial risk profile has been stable despite these transactions, the strategy of growth through acquisitions could materially alter business and financial risk profiles, and therefore, remains a key rating sensitivity factor.
 
Liquidity: Strong
Liquidity remains strong, driven by the nature of operations with significant advances from customers. Financial flexibility is enhanced by ability to contract short- and long-term debt at competitive rates. TCIL had prepaid non-convertible debentures (NCDs) of Rs 67 crore (last two tranches of Rs 1.00 billion NCDs   maturing in August 2020) along with preference shares of Rs 125 crore and term loan under a subsidiary in fiscal 2019. On a standalone level, TCIL has no long-term debt, and working capital limit has been sparsely utilised. Its subsidiaries are expected to service debt through internal accrual and need-based support from TCIL. The group would have debt obligation of Rs 63 crore in fiscal 2020, which would be supported through internal cash accrual of above Rs 160 crore per fiscal.
Outlook: Stable

CRISIL believes TCIL will continue to improve its cash accrual over the medium term, supported by a healthy business risk profile in the travel and forex segments. Moreover, recent investments in technology and synergic benefits of past acquisitions should result in improved profitability.

Rating sensitivity factors
Upward Factor
* Sustained increase in scale of operations without weakening capital structure and debt protection metrics
* Improved profitability of acquired businesses leading to return on capital employed (RoCE) of more than 12% on sustained basis

Downward Factor
* Weaker capital structure because of large, debt-funded capex or acquisitions
* Structural changes to scale and cost of operations
* Deterioration in operating margin with an RoCE of less than 8% on sustained basis.

About the Group

TCIL is the leading integrated travel and travel-related financial services company in India, offering a broad spectrum of facilities that include forex, corporate travel, leisure travel, and visa and passport services.

In May 2012, Fairfax bought 77% stake in TCIL through its wholly owned subsidiary, Fairbridge Capital Mauritius Ltd (FCML). As on June 30, 2019, FCML's shareholding in TCIL was 66.91%. Fairfax is a Toronto-based financial services holding company with global presence in insurance and reinsurance and an asset portfolio in excess of USD39.6 billion invested worldwide.

As part of the sale agreement, TCIL retains the right to use the Thomas Cook brand till November 2024 in its countries of operations - India, Sri Lanka, and Mauritius. Also, TCIL acquired the Kuoni group's travel-related businesses in Hong Kong (November 2015) and India (December 2015) for around Rs 535 crore; and the DMS business covering 17 countries across Asia, Australia, the Middle East, Africa, and the Americas in June 2017 for Rs 140 crore. In October 2017, the group acquired Tata Capital Forex Ltd (forex business) and TC Travel and Services Ltd (travel services business) from Tata Capital Ltd ('CRISIL AAA/Stable/CRISIL A1+').

Traditionally, TCIL had operated solely in the forex and travel-related service segments. In February 2014, it announced the acquisition of Sterling Holiday Resorts (India) Ltd (SHRIL), a vacation ownership company. The transaction was primarily funded using Rs 500 crore infused by parent, Fairfax, through FCML, in the form of compulsorily convertible preference shares. SHRIL became a subsidiary of TCIL in September 2014. Subsequent to a High Court order dated July 2, 2015, sanctioning the scheme of arrangement and amalgamation between SHRIL, Thomas Cook Insurance Services (India) Ltd (TCISIL), and TCIL, the timeshare and resorts business has been demerged into TCISIL (which has since been renamed SHRIL), while the residual business of SHRIL has been merged with TCIL by effecting a share swap between TCIL and SHRIL shareholders.

In February 2013, TCIL signed an investment agreement to acquire 74% stake in IKYA Human Capital Solutions Pvt Ltd (now known as Quess) for Rs 256 crore. The acquisition was completed in May 2013. Quess, based in Bengaluru, provides integrated business services to clients. It completed a Rs 400 crore initial public offering in July 2016, followed by a Rs 873 crore institutional placement programme in August 2017. In November 2017, TCIL divested 5.42% stake in Quess for about Rs 640 crore, while retaining controlling stake. On completion of the proposed corporate restructuring scheme by issuing 1,886 equity shares of Quess (of Rs 10 each) for every 10,000 equity shares (of Re 1 each) held in TCIL, Quess will be demerged from the TCIL group.

On February 25, 2019, TCIL (under its subsidiaries) entered into an agreement to acquire 51% stake in DEI, with an enterprise value of Rs 289 crore (USD 40.6 million). The said acquisition was completed on March 28, 2019. DEI is leading souvenir imaging solutions provider and is associated with over 120 partners across 14 countries.

Key Financial Indicators*
Particulars Unit 2019 2018
Revenue Rs crore 6667 5671
Profit After Tax (PAT) Rs crore 89 5894^
PAT Margin % 1.3 103.9
Adjusted debt/adjusted networth Times 0.06 0.05
Interest coverage Times 3.44 1.74
*The numbers reflect analytical adjustments made by CRISIL Ratings; fiscal 2018 financials exclude contribution of Quess.
^Includes fair value gain of Rs 5903.21 crore with Quess being reclassified from a subsidiary to an associate of TCIL under Ind AS 110

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Cr) Rating Assigned with Outlook
NA Short-term debt (including commercial paper) NA NA 7-365 days 100.0 CRISIL A1+
NA Bank guarantee$$ NA NA NA 65 CRISIL A1+
NA Bank guarantee NA NA NA 123 CRISIL A1+
NA Cash credit** NA NA NA 65 CRISIL AA-/Stable
NA Letter of credit## NA NA NA 260 CRISIL A1+
NA Letter of credit NA NA NA 10 CRISIL A1+
NA Overdraft NA NA NA 25 CRISIL A1+
NA Overdraft@ NA NA NA 49 CRISIL A1+
NA Overdraft@@ NA NA NA 140 CRISIL AA-/Stable
NA Proposed Long Term Bank Loan Facility NA NA NA 2 CRISIL AA-/Stable
$$Fully interchangeable with letter of credit (LC)
**Fully interchangeable with working capital demand loan (WCDL) and Letter of credit
##Facility of Rs 150 crore fully interchangeable with bank guarantee (BG) and post-shipment credit in foreign currency (PSFC) up to Rs 25 crore, facility of Rs 75 crore fully interchangeable between LC and BG, facility of Rs 35 crore interchangeable with BG to the tune Rs 15 crore
@@Facility of Rs 15 crore interchangeable with WCDL of up to Rs 12 crore, facility of Rs 75 crore fully interchangeable between LC and BG, facility of Rs 50 crore fully interchangeable with WCDL and Short term loan (STL), Rs 30 crore with bank guarantee and Rs 10 crore with LC
@Facility of Rs 49 crore interchangeable with LC of up to Rs 25 crore
 
Annexure - List of Entities Consolidated
Sr.No Name of the Company Type of consolidation Rationale for consolidation
1 Asian Trails (Vietnam) Co. Limited Full consolidation Subsidiary
2 Asian Trails Co. Limited Full consolidation Subsidiary
3 Asian Trails Holdings Limited Full consolidation Subsidiary
4 Asian Trails Limited Full consolidation Subsidiary
5 Asian Trails SDN. BHD. Full consolidation Subsidiary
6 Asian Trails Tours Limited Full consolidation Subsidiary
7 AT Lao Co., Limited Full consolidation Subsidiary
8 Australian Tours Management Pty Ltd Full consolidation Subsidiary
9 Borderless Travel Services Limited Full consolidation Subsidiary
10 Chang Som Limited Full consolidation Subsidiary
11 Desert Adventures Tourism Limited Full consolidation Subsidiary
12 Desert Adventures Tourism LLC Full consolidation Subsidiary
13 Gulf Dunes LLC Full consolidation Subsidiary
14 Gulf Dunes Tourism LLC Full consolidation Subsidiary
15 Horizon Travel Services LLC (USA) Full consolidation Subsidiary
16 Indian Horizon Marketing Services Limited Full consolidation Subsidiary
17 Jardin Travel Solutions Limited Full consolidation Subsidiary
18 Kuoni Australia Holding Pty. Ltd Full consolidation Subsidiary
19 Kuoni Destination Management (Beijing) Limited Full consolidation Subsidiary
20 Kuoni Private Safaris (Pty) Limited Full consolidation Subsidiary
21 Kuoni Private Safaris Namibia (Pty) Limited Full consolidation Subsidiary
22 Luxe Asia (Private) Limited Full consolidation Subsidiary
23 Muscat Desert Adventures Tourism LLC Full consolidation Subsidiary
24 Nature Trails Resorts Private Limited Full consolidation Subsidiary
25 Private Safaris (East Africa) Limited Full consolidation Subsidiary
26 PT. Asian Trails Limited Full consolidation Subsidiary
27 Reem Tours & Travels LLC Full consolidation Subsidiary
28 SITA World Travel (Nepal) Private Limited Full consolidation Subsidiary
29 SITA World Travel Lanka (Private) Limited Full consolidation Subsidiary
30 SOTC Travel Limited (formerly Known as SOTC Travel Private Limited) Full consolidation Subsidiary
31 SOTC Travel Management Private Limited (formerly known as SITA Travels and Tours Private Limited) Full consolidation Subsidiary
32 Sterling Holiday Resorts (Kodaikanal) Limited Full consolidation Subsidiary
33 Sterling Holiday Resorts Limited Full consolidation Subsidiary
34 Sterling Holidays (Ooty) Limited Full consolidation Subsidiary
35 TC Forex Services Limited (formerly known as Tata Capital Forex Limited Full consolidation Subsidiary
36 TC Tours Limited (formerly known as Thomas Cook Tours Limited) Full consolidation Subsidiary
37 TC Travel and Services Limited Full consolidation Subsidiary
38 TC Visa Services (India) Limited Full consolidation Subsidiary
39 TCI-GO Vacation India Private Limited Full consolidation Subsidiary
40 Thomas Cook (Mauritius) Holding Company Limited Full consolidation Subsidiary
41 Thomas Cook (Mauritius) Holidays Limited Full consolidation Subsidiary
42 Thomas Cook (Mauritius) Operations Company Limited Full consolidation Subsidiary
43 Thomas Cook Lanka (Private) Limited Full consolidation Subsidiary
44 Travel Circle International (Mauritius) Limited Full consolidation Subsidiary
45 Travel Circle International Limited formerly known as Luxe Asia Travel (China) Limited Full consolidation Subsidiary
46 Travel Corporation (India) Limited Full consolidation Subsidiary
47 DEI Holdings Limited Full consolidation Subsidiary
48 Digiphoto Entertainment Imaging LLC Full consolidation Subsidiary
49 Digiphoto Entertainment Imaging SDN. BHD. Full consolidation Subsidiary
50 Digiphoto Entertainment Imaging Pte Limited Full consolidation Subsidiary
51 PT. Digiphoto Imaging Indonesia Full consolidation Subsidiary
52 Digiphoto Entertainment Image (Shanghai Co.) Limited Full consolidation Subsidiary
53 Digiphoto Entertainment Imaging Limited Full consolidation Subsidiary
54 Digiphoto Imaging (Macau) Limited Full consolidation Subsidiary
55 DEI Solutions Limited Full consolidation Subsidiary
56 Digiphoto SAE Full consolidation Subsidiary
57 Digiphoto Entertainment Imaging Co. Ltd. Full consolidation Subsidiary
58 D E I General Trading LLC Full consolidation Subsidiary
59 Digi Photo Electronics Repairing LLC Full consolidation Subsidiary
Annexure - Rating History for last 3 Years
  Current 2019 (History) 2018  2017  2016  Start of 2016
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
--  CCR  0.00  CCR AA-/Stable    --    --    --    --  -- 
Non Convertible Debentures  LT    --    --  03-05-18  Withdrawal  04-10-17  CRISIL AA-/Stable  09-12-16  CRISIL AA-/Stable  CRISIL AA-/Stable 
                18-08-17  CRISIL AA-/Stable  07-12-16  CRISIL AA-/Stable   
                30-05-17  CRISIL AA-/Stable  15-11-16  CRISIL AA-/Stable   
Short Term Debt (Including Commercial Paper)  ST  100.00  CRISIL A1+  26-09-19  CRISIL A1+  27-07-18  CRISIL A1+  04-10-17  CRISIL A1+  09-12-16  CRISIL A1+  -- 
        06-03-19  CRISIL A1+  03-05-18  CRISIL A1+  18-08-17  CRISIL A1+       
        21-01-19  CRISIL A1+      30-05-17  CRISIL A1+       
Short Term Debt Issue  ST                  07-12-16  CRISIL A1+  CRISIL A1+ 
                    15-11-16  CRISIL A1+   
Fund-based Bank Facilities  LT/ST  281.00  CRISIL AA-/Stable/ CRISIL A1+  26-09-19  CRISIL AA-/Stable/ CRISIL A1+  27-07-18  CRISIL AA-/Watch Developing/ CRISIL A1+  04-10-17  CRISIL AA-/Stable/ CRISIL A1+  09-12-16  CRISIL AA-/Stable/ CRISIL A1+  CRISIL AA-/Stable/ CRISIL A1+ 
        06-03-19  CRISIL AA-/Stable/ CRISIL A1+  03-05-18  CRISIL AA-/Watch Developing/ CRISIL A1+  18-08-17  CRISIL AA-/Stable/ CRISIL A1+  07-12-16  CRISIL AA-/Stable/ CRISIL A1+   
        21-01-19  CRISIL AA-/Stable/ CRISIL A1+      30-05-17  CRISIL AA-/Stable/ CRISIL A1+  15-11-16  CRISIL AA-/Stable/ CRISIL A1+   
Non Fund-based Bank Facilities  LT/ST  458.00  CRISIL A1+  26-09-19  CRISIL A1+  27-07-18  CRISIL A1+  04-10-17  CRISIL A1+  09-12-16  CRISIL A1+  CRISIL A1+ 
        06-03-19  CRISIL A1+  03-05-18  CRISIL A1+  18-08-17  CRISIL A1+  07-12-16  CRISIL A1+   
        21-01-19  CRISIL A1+      30-05-17  CRISIL A1+  15-11-16  CRISIL A1+   
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Bank Guarantee$$ 65 CRISIL A1+ Bank Guarantee$$ 65 CRISIL A1+
Bank Guarantee 123 CRISIL A1+ Bank Guarantee 123 CRISIL A1+
Cash Credit** 65 CRISIL AA-/Stable Cash Credit** 65 CRISIL AA-/Stable
Letter of Credit## 260 CRISIL A1+ Letter of Credit## 260 CRISIL A1+
Letter of Credit 10 CRISIL A1+ Letter of Credit 10 CRISIL A1+
Overdraft 25 CRISIL A1+ Overdraft 25 CRISIL A1+
Overdraft@ 49 CRISIL A1+ Overdraft@ 49 CRISIL A1+
Overdraft@@ 140 CRISIL AA-/Stable Overdraft@@ 140 CRISIL AA-/Stable
Proposed Long Term Bank Loan Facility 2 CRISIL AA-/Stable Proposed Long Term Bank Loan Facility 2 CRISIL AA-/Stable
Total 739 -- Total 739 --
$$Fully interchangeable with letter of credit (LC)
**Fully interchangeable with working capital demand loan (WCDL) and Letter of credit
##Facility of Rs 150 crore fully interchangeable with bank guarantee (BG) and post-shipment credit in foreign currency (PSFC) up to Rs 25 crore, facility of Rs 75 crore fully interchangeable between LC and BG, facility of Rs 35 crore interchangeable with BG to the tune Rs 15 crore
@@Facility of Rs 15 crore interchangeable with WCDL of up to Rs 12 crore, facility of Rs 75 crore fully interchangeable between LC and BG, facility of Rs 50 crore fully interchangeable with WCDL and Short term loan (STL), Rs 30 crore with bank guarantee and Rs 10 crore with LC
@Facility of Rs 49 crore interchangeable with LC of up to Rs 25 crore
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt
Mapping global scale ratings onto CRISIL scale

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