Credit rating agency, CARE has reaffirmed ‘BBB+’ rating to Weizmann Forex’s Long-term Bank Facilities (Fund-based) worth Rs 166.82 crore and A3+ rating to Short-term Bank Facilities (Non-fund Based) worth Rs 57.14 crore.
The company has received the ratings on the back of its strong presence in the money transfer segment, growing business volumes complemented by robust domestic franchise, stable profit levels, moderate credit and market risk profile, moderate gearing level and high dependence on money transfer business. Growth in the business volumes, earnings diversification and profitability are the key rating sensitivities.
Weizmann Forex is one of the first few entities to obtain a license to provide retail foreign exchange services in 1993. Since then it has been offering services (sales & purchase) to the corporates and leisure travellers in India. With the experience and expertise developed in the field of foreign exchange over the years, the company has in its list of clientele some of the leading names of the Indian and global corporate world.
