• Commercial paper programme - Rs. 20 crore Rating : P1+

A ‘P1+’ (pronounced P one plus) rating has been assigned to the Rs. 200 million commercial paper programme of Thomas Cook (India) Ltd. (TCIL) (Enhanced from Rs. 100 million).

The rating reflects TCIL’s dominant market position in the foreign currency business due to its being the only non-bank authorised dealer for foreign currency in India and a strong brand name in the travel business. TCIL’s healthy operating margins, moderate gearing, and favourable interest coverage ratios support the above rating.

TCIL is a part of the Thomas Cook group and has been operating in India since 1881. It is engaged in the business of purchase/sale of foreign currency, travel management services and the organisation of leisure tours. The company reported a turnover of Rs. 722.6 million and a net profit of Rs.172.5 million in the year ended December 31,1998.