Fitch rates Mangilall Rungta loans A-(ind)

Fitch Ratings said it assigned M/s Mangilall Rungta a national long-term rating of A-(ind), along with a national long-term rating of A-(ind) to the company's long-term loans of Rs. 153.2 million and national short-term ratings of F2+(ind) to its fund-based limits of Rs. 500 million and non-fund based limits of Rs. 500 million.

The ratings reflect the Rungta group's long track record in the manganese ore and iron ore mining business, Fitch said.

The ratings are constrained by the firm's diversification into the highly cyclical and erratic margin ferro alloy industry, its partnership nature and sensitivity of its cash flows to manganese, iron ore and ferro alloy price fluctuations, the agency said.

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