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If you want to know more, ASKMORE TM
modeFinance’s credit report.
Almost every day millions of peoplearound the world are wondering the realcreditworthiness of the companies withwhich they are in business. Every daythese questions remain unanswered.modeFinance
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ASKMORETM
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product which gives the chance toevaluate the credit risk for every companyfrom all around the world.
ASKMORETM plans 2 types of reports:
Basic Plus
ASKMORETM
Basic:This report includes modeFinance TM
’ sMORE Credit Ratings and MORE CreditLimit to help you in the decision making.It covers all essential information includingfinancial statements of the last three yearsand descriptive information including tradedescription and sector analysis.This report type is ideally suited fordecisions on transactions with each levelof credit risk.
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KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name KINGFISHER AIRLINES LIMITED
Identification number Not available
Country India
ZIP code and city 560 001 - BANGALORE
Address UB City, UB Tower, Level 12
+91 80 4158 5069
www.deccanair.com
Legal form
Account Consolidated
Incorporation date 1995
NACE 2 Sector 5110 - Passenger air transport
Listed
Status Active
MORE Credit limit Not eligible for credit on the base of the available informations
31/03/2010 30/06/2009 30/06/2008
Turnover (th e) 864,493 780,999 241,437
Rating CC CC CC
Probability of default 42.00% 42.00% 42.00%
Confidence Level 100% 100% 100%
Solvency ratios
Leverage ratio -2.96 -4.33 8.05
Total asset/Total liabilties 0.66 0.77 1.12
Liquidity ratios
Current Ratio 0.69 0.57 0.99
Quick Ratio 0.65 0.53 0.92
Profitability and economic equili-
brium ratios
Return on investement ROI (%) -17.39 -26.94 -33.60
Return on equity ROE (%) -42.56 -100.67 -94.60
Asset turnover 0.67 0.74 0.80
Interest paid weight -0.83 -0.41 -0.13
EBITDA/Sales 0.43 0.39 -0.42
Interest Coverage ratios
EBIT interest coverage ratio 1.80 2.40 -8.32
EBITDA interest coverage ratio 2.00 2.62 -7.85
Analysis and trend of financial
strength
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis
Company Healthy Balanced Vulnerable Risky
Solvency ratios
Leverage ratio -2.96 0.56 2.40 4.74 -1.92
Total asset/Total liabilties 0.66 2.77 1.42 1.17 0.92
Liquidity ratios
Current Ratio 0.69 2.35 1.28 0.88 0.67
Quick Ratio 0.65 2.02 1.17 0.79 0.59
Profitability and economic equilibrium ratios
Return on investement ROI (%) -17.39 20.00 6.39 1.05 -19.55
Return on equity ROE (%) -42.56 23.37 10.40 -7.60 -108.80
Asset turnover 0.67 1.66 1.32 1.00 1.33
Interest paid weight -0.83 0.00 0.17 0.13 -0.10
EBITDA/Sales 0.43 0.15 0.08 0.04 -0.08
Interest Coverage ratios
EBIT interest coverage ratio 1.80 331.80 4.60 0.03 -8.53
EBITDA interest coverage ratio 2.00 231.80 7.83 1.65 -5.78
Cash Conversion Cycle (days)
Days Sales Of Inventory (DIO) 11 14 8 11 7
Days Sales Outstanding (DSO) 1 34 33 33 33
Days Payable Outstanding (DPO) 181 12 27 37 48
Cash Conversion Cycle (DIO + DSO - DPO) -169 36 20 9 -6
Numer of analyzed companies - 70 279 227 145
(Average) Rating CC A BB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 5110 with financial data of year 2009.
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/03/2010 30/06/2009 30/06/2008
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate INR - EUR 0.01644 0.01817 0.01745
Total assets 1,249,274 1,044,349 284,664
Fixed assets 845,394 744,452 180,337
Intangible fixed assets 3,951 4,299 1,593
Tangible fixed assets 412,753 468,647 97,266
Other fixed assets 428,690 271,505 81,479
Current assets 403,880 299,897 104,327
Stocks 27,101 21,719 7,694
Debtors 2,634 1,345 33
Other current assets 374,145 276,833 96,600
Cash & cash equivalent 33,937 25,350 44,306
Shareholders funds -636,198 -313,484 31,455
Capital 59,652 53,528 21,479
Other shareholders funds -695,850 -367,012 9,976
Total liabilities 1,885,471 1,357,833 253,209
Non current liabilities 1,302,257 835,658 147,789
Long term debt 1,302,257 835,658 147,789
Other non-current liabilities 0 0 0
Current liabilities 583,215 522,175 105,421
Loans 0 0 0
Creditors 427,806 418,055 64,287
Other current liabilities 155,409 104,120 41,134
Total shareh. funds & liab. 1,249,274 1,044,349 284,664
NET DEBT (th e) 31/03/2010 30/06/2009 30/06/2008
Short term debts 0 0 0
Long term debt 1,302,257 835,658 147,789
Cash & cash equivalent 33,937 25,350 44,306
Net debt 1,268,319 810,308 103,482
31/03/2010 30/06/2009 30/06/2008
Working capital -398,070 -394,991 -56,560
Net Current Assets -179,335 -222,278 -1,094
31/03/2010 30/06/2009 30/06/2008
Days Sales Of Inventory (DIO) 11 10 12
Days Sales Outstanding (DSO) 1 1 0
Days Payable Outstanding (DPO) 181 195 97
Cash Conversion Cycle (DIO + DSO - DPO) -169 -184 -85
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/03/2010 30/06/2009 30/06/2008
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate INR - EUR 0.01644 0.01817 0.01745
Sales 833,026 772,739 227,981
Revenues growth (%) 7.8 238.9 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized31,467 8,260 13,456
Operating revenue / turnover 864,493 780,999 241,437
Total costs 504,703 480,133 338,164
Costs growth (%) 7 47 -
Service costs - - -
Material costs - - -
Costs of employees 123,334 130,094 38,923
EBITDA 359,789 300,866 -96,728
Depreciation 35,716 25,309 5,788
EBIT 324,073 275,557 -102,516
Financial P/L -721,512 -671,740 -5,448
Financial revenue 1,511 1,121 3,001
Financial expenses 723,023 672,862 8,449
Interest paid 180,235 114,835 12,318
P/L before tax -397,439 -396,184 -107,963
Extr. and other P/L 0 0 0
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L -397,439 -396,184 -107,963
Taxation -126,681 -80,589 -78,206
P/L for period -270,758 -315,594 -29,757
31/03/2010 30/06/2009 30/06/2008
Cash flow -235,042 -290,285 -23,969
Added value 195,209 35,233 105,478
31/03/2010 30/06/2009 30/06/2008
Number of employees - - -
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Qualitative information
Full overview It is a public company engaged in the provision of scheduled commercial passenger airline services in India. The
company was incorporated as Deccan Aviation Private Limited in June of 1995 and has its registered head office
located in Bangalore, India. It is listed on the Bombay Stock Exchange with stock code 532747. It also provides
helicopter and airplane chartering services. The company operates a fleet of more than 20 aircraft and approxima-
tely 10 helicopters. It provides various charter services which include heli - tourism packages for tourists to various
destinations, such as game sanctuaries and heritage sights, adventure sports flying, high net worth individual and
corporate executive travel, medical evacuation, emergency rescue and disaster management, and aerial surveys.
Other activities of the company include advertising, through the space on the interior and exterior of its aircraft;
provision of services for oil - extraction companies, including offshore oilfield logistic support, as well as religious
pilgrimage and customized services. In addition, it offers chartered long line geophysical heli - borne and banner -
towing services using helicopters. It maintains bases in Bangalore, Delhi, Hyderabad, Katra, Mumbai, Ranchi, and
Surat, as well as in Colombo, Sri Lanka. The company serves as India’s largest private sector charter aviation com-
pany with a network of bases spanning seven locations across the country. It is committed to provide unparalleled
services in the field of charter aviation.
History Not available.
Primary business line Engaged in the provision of scheduled commercial passenger airline services.
Secondary business line Not available.
Main activity Services.
Secondary activity Not available.
Main products and services Scheduled commercial passenger airline services.
Size estimate India’s largest private sector charter aviation company with a network of bases spanning seven locations across the
country.
Strategy, organization and policy To provide unparalleled services in the field of charter aviation.
Strategic alliances Not available.
Membership of a network Not available.
Main brand names Not available.
Main domestic country India.
Main foreign countries or regions Colombo; Sri Lanka.
Main production sites Not available.
Main distribution sites Not available.
Main sales representation sites Not available.
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Main customers Not available.
Auditor/Advisor/Bank
name type address
B.K.RAMADHYANI & CO. Auditor -
Board
name date of birth nationality function
Mrs Dr. Vijay Mallya 18/12/1955 - -
Dr. Naresh Kumar Trehan - - -
Mr Anil Kumar Ganguly - - -
Mr Ayani Kurussi Ravindranath Nedungadi 20/10/1957 - -
Mr. Diwan Arun Nanda 20/08/1943 - -
Mr. Ghyanendra Nath Bajpai - - -
Mr. Vijay Amritraj 14/12/1953 - -
Sharehoders (the first twenty shareholders ordered by Direct %))
UNITED BREWERIES (HOLDINGS) LIMITED Rating: BBB
Country ISO code IN Operating revenue (MIL $) 100
NACE Rev. 2, Core code - Total Assets (MIL $) 2,187
Direct % ?40.09 Number of Employees -
Total % - Information date 2011/03
Address: Not available
KINGFISHER FINVEST INDIA LIMITED Rating: -
Country ISO code IN Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 23.00 Number of Employees -
Total % - Information date 2010/03
Address: Not available
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
SCHEMES OF SUNDARAM BNP PARIBAS MUTUAL FUND Rating: -
Country ISO code - Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 5.96 Number of Employees -
Total % - Information date 2010/09
Address: Not available
DR VIJAY MALLYA Rating: -
Country ISO code - Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 5.69 Number of Employees -
Total % - Information date 2010/03
Address: Not available
STATE BANK OF INDIA Rating: -
Country ISO code IN Operating revenue (MIL $) 17,814
NACE Rev. 2, Core code - Total Assets (MIL $) 369,070
Direct % 5.67 Number of Employees -
Total % - Information date 2011/03
Address: Not available
UB OVERSEAS LTD Rating: -
Country ISO code - Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 5.10 Number of Employees -
Total % - Information date 2010/03
Address: Not available
SUNDARAM BNP PARIBAS MUTUAL FUND A/C SUNDARAMBNP PARIBAS TAX
SAVER (OPEN ENDED ) FUNDRating: -
Country ISO code - Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 2.28 Number of Employees -
Total % - Information date 2010/03
Address: Not available
DEEKSHA HOLDING LTD. Rating: A
Country ISO code IN Operating revenue (MIL $) 3
NACE Rev. 2, Core code - Total Assets (MIL $) 35
Direct % 1.34 Number of Employees -
Total % - Information date 2010/03
Address: Not available
WHITE GOLD PROPERTIES PVT LTD Rating: -
Country ISO code - Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 1.34 Number of Employees -
Total % - Information date 2010/03
Address: Not available
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
RELIANCE CAPITAL TRUSTEE CO. LTD. A/C RELIANCE TAX SAVER (ELSS) FUND Rating: -
Country ISO code - Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 1.13 Number of Employees -
Total % - Information date 2010/03
Address: Not available
SUNDARAM FINANCE LTD via its funds Rating: -
Country ISO code IN Operating revenue (MIL $) 345
NACE Rev. 2, Core code - Total Assets (MIL $) 3,559
Direct % - Number of Employees -
Total % 0.98 Information date 2011/03
Address: Not available
GOVERNMENT OF NORWAY via its funds Rating: -
Country ISO code NO Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % 0.12 Information date 2010/12
Address: Not available
IAP GROUP LTD. via its funds Rating: -
Country ISO code - Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % 0.11 Information date 2010/12
Address: Not available
INFRASTRUCTURE DEVELOPMENT FINANCE CO LTD - IDFC via its funds Rating: -
Country ISO code IN Operating revenue (MIL $) 586
NACE Rev. 2, Core code - Total Assets (MIL $) 11,045
Direct % - Number of Employees 586
Total % 0.11 Information date 2011/07
Address: Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
VITAE INDIA SPIRITS LIMITED Rating: -
Country ISO code IN Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees -
Total % 100.00 Information date 2009/03
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
NORTHWAY AVIATION LTD Rating: -
Country ISO code CA Operating revenue (MIL $) 6
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 40
Total % - Information date 2009/03
DECCAN AVIATION (LANKA) PRIVATE LIMITED Rating: -
Country ISO code LK Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 200
Total % - Information date 2009/03
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
ASKMORE rating guide
General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of
an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk
factors.
The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial
companies by using data included in financial statements.
The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy
model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the
model are obtained by applying newly developed numerical methodologies, drawing together financial theory,
data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective
algorithm that produces a classification of each company, by taking into account any attributes (such as sector and
country) characterizing a firm.
The model gives the opportunity to assign a rating to a company even without considering a complete data analysis
and allows to process quality information. It induces a better understanding of a company’s strength and weakness
thanks to sophisticated data mining tools and taking into account the analyst knowledge.
The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the
rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium
between the different aspects, better will be the final rating.
This is done studying, evaluating and aggregating the most important sections of the financial and economic
behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial
fundamentals. Adverse market events and an inadequate management could affect with high probability the
company’s solvency.
CC
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
Return on Investement(ROI)This measures the profitability of company investments without regard to
the way the investment is financed.
Return on Equity(ROE) This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level
assumed from the ratio depends on the sector in which the company
operates.
Profit margin This indicates the profitability of sales.
Interest coverage ratio Interest Paid coverage
This indicate the ability of the company to cover interest expenses through
the economic margins (Gross profit and EBIT) and through the cash flow
from operating activities.
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
MORE Credit Limit, Probability of default and Confidence Level
MORE Credit Limit MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial
relationship with the analyzed company with an outlook of one year.
modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size;
• Years in Business;
• Average number of suppliers;
• Liquidity of the company and the comparison with its sector;
• The funds dedicated to be paid to suppliers;
• The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual
public data. This value should be reviewed by paying attention to the Confidence Level value and by using other
information such as other business information, news... etc; and private information such as the relationship with
client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence
Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of
confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go
into default.
As the probability of default is strongly affected by the economic climate that the company is operating in,
companies in the same MORE class will not necessarily have the same probability of default.
The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
∑Available Information∑
Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in
availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the
MORE rating is able to take into account for each company.
For companies with fully populated records a confidence level of 100% would be applied: companies where no
financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
KINGFISHER AIRLINESLIMITEDMonday, 14 November 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Notes and disclaimer
NOTES The present analysis was based on the company available financial statements as provided by Bureau Van Dijk
Electronic Publishing - ORBIS database (lack of both Notes to financial statements and Report on operations).
DISCLAIMER All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any
form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of
the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot
be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will
be based on information gathered in good faith from both primary and secondary sources, whose accuracy we
are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken
based on any information that may subsequently prove to be incorrect.
Contacts
Company modeFinance
Products MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info [email protected]
web www.modefinance.com
Phone +39 040 3755337