Monday, 14 November 2011
KINGFISHER AIRLINES LIMITED
MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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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
TM
ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
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Company name
Listed Status
Active
MORE Credit limit
Not eligible for credit on the base of the available informations
plans 2 types of reports:
Turnover (th e) Rating Basic
TM
ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk.
30/06/2009
30/06/2008
864,493
780,999
241,437
CC
CC
CC
42.00%
42.00%
42.00%
100%
100%
100%
-2.96
-4.33
8.05
0.66
0.77
1.12
Current Ratio
0.69
0.57
0.99
Quick Ratio
0.65
0.53
0.92
Probability of default
Plus
31/03/2010
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilties Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-17.39
-26.94
-33.60
Return on equity ROE (%)
-42.56
-100.67
-94.60
0.67
0.74
0.80
-0.83
-0.41
-0.13
0.43
0.39
-0.42
EBIT interest coverage ratio
1.80
2.40
-8.32
EBITDA interest coverage ratio
2.00
2.62
-7.85
Asset turnover Interest paid weight EBITDA/Sales Interest Coverage ratios
Analysis and trend of financial strength modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
key askMORETM is a registered mark of modeFinanceTM
MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Leverage ratio
-2.96
Total asset/Total liabilties
0.66
0.56
2.40
4.74
-1.92
2.77
1.42
1.17
0.92
Current Ratio Quick Ratio
0.69
2.35
1.28
0.88
0.67
0.65
2.02
1.17
0.79
0.59
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
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios
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
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
Interest Coverage ratios
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
-
70
279
227
145
CC
A
BB
B
CC
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 5110 with financial data of year 2009.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/03/2010
30/06/2009
30/06/2008
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.01644
0.01817
0.01745
1,249,274
1,044,349
284,664
845,394
744,452
180,337
3,951
4,299
1,593
Tangible fixed assets
412,753
468,647
97,266
Other fixed assets
428,690
271,505
81,479
403,880
299,897
104,327
27,101
21,719
7,694
2,634
1,345
33
374,145
276,833
96,600
33,937
25,350
44,306
-636,198
-313,484
31,455
59,652
53,528
21,479
-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
0
0
0
583,215
522,175
105,421
Exchange rate INR - EUR Total assets Fixed assets Intangible fixed assets
Current assets Stocks Debtors Other current assets Cash & cash equivalent Shareholders funds Capital Other shareholders funds
Other non-current liabilities Current liabilities Loans Creditors
NET DEBT (th e)
104,120
41,134
1,044,349
284,664
31/03/2010
30/06/2009
30/06/2008
0
0
0
1,302,257
835,658
147,789
Cash & cash equivalent Net debt
0 64,287
155,409
Short term debts Long term debt
0 418,055
1,249,274
Other current liabilities Total shareh. funds & liab.
0 427,806
33,937
25,350
44,306
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
Days Sales Outstanding (DSO)
1
1
0
181
195
97
-169
-184
-85
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
12
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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
7.8
238.9
-
31,467
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
-
-
-
123,334
130,094
38,923
359,789
300,866
-96,728
35,716
25,309
5,788
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
Costs of employees EBITDA Depreciation EBIT Financial P/L
324,073
275,557
-102,516
-721,512
-671,740
-5,448
1,511
1,121
3,001
723,023
672,862
8,449
180,235
114,835
12,318
-397,439
-396,184
-107,963
0
0
0
-
-
-
Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L Extr. and other revenue
-
-
-
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
-235,042
-290,285
-23,969
195,209
35,233
105,478
31/03/2010
30/06/2009
30/06/2008
Extr. and other expenses
Cash flow Added value
Number of employees
-
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-
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
-
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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 approximately 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 company 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.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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 Mr. Diwan Arun Nanda Mr. Ghyanendra Nath Bajpai Mr. Vijay Amritraj
20/10/1957 20/08/1943 14/12/1953
-
-
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
UNITED BREWERIES (HOLDINGS) LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IN
Operating revenue (MIL $)
Rating:
KINGFISHER FINVEST INDIA LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
BBB
IN ?40.09 -
23.00 -
-
Total Assets (MIL $) Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
100 2,187 2011/03
2010/03
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
SCHEMES OF SUNDARAM BNP PARIBAS MUTUAL FUND
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address: Not available
5.96 -
Information date
Direct % Total % Address: Not available
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IN -
Operating revenue (MIL $) Total Assets (MIL $)
17,814 369,070
5.67 -
Number of Employees Information date
2011/03
5.10 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
2010/03
-
Rating:
UB OVERSEAS LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
-
5.69 -
STATE BANK OF INDIA Country ISO code NACE Rev. 2, Core code
2010/09
Rating:
DR VIJAY MALLYA Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
-
2010/03
Address: Not available
SUNDARAM BNP PARIBAS MUTUAL FUND A/C SUNDARAMBNP PARIBAS TAX SAVER (OPEN ENDED ) FUND
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address: Not available
2.28 -
Information date
Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
A
IN 1.34 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
-
Operating revenue (MIL $) Total Assets (MIL $)
Rating:
WHITE GOLD PROPERTIES PVT LTD
1.34 -
TM
3 35 2010/03
-
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com
2010/03
Rating:
DEEKSHA HOLDING LTD. Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
-
2010/03
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
RELIANCE CAPITAL TRUSTEE CO. LTD. A/C RELIANCE TAX SAVER (ELSS) FUND
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address: Not available
1.13 -
Information date
-
IN 0.98
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code
NO -
Operating revenue (MIL $) Total Assets (MIL $)
Direct % Total % Address: Not available
0.12
Number of Employees Information date
0.11
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
GOVERNMENT OF NORWAY via its funds
Country ISO code NACE Rev. 2, Core code Direct % Total %
345 3,559 2011/03
2010/12
Rating:
IAP GROUP LTD. via its funds
2010/03
Rating:
SUNDARAM FINANCE LTD via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
-
2010/12
Address: Not available
INFRASTRUCTURE DEVELOPMENT FINANCE CO LTD - IDFC via its funds
Rating:
-
Country ISO code
Operating revenue (MIL $)
586
NACE Rev. 2, Core code Direct % Total % Address: Not available
IN 0.11
Total Assets (MIL $) Number of Employees Information date
11,045 586 2011/07
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
VITAE INDIA SPIRITS LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
IN 100.00 100.00
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
2009/03
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
NORTHWAY AVIATION LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
LK -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
DECCAN AVIATION (LANKA) PRIVATE LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
-
CA MO -
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6 40 2009/03 -
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
200 2009/03
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A 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.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
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
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
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The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
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 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.
Profitability and economic ratios
Interest coverage ratio
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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 =
P Available Information P 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.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
KINGFISHER AIRLINES LIMITED
Monday, 14 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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
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