Fitch rates Neelesh B+(ind)

Fitch Ratings said it assigned Neelesh Industrial Agency Pvt. Ltd. a national long-term rating of B+(ind), along with an F4(ind) ratings to its Rs. 55 million working capital facilities.

The ratings are supported by Neelesh Industrial's long operating track record of cement trading and strong distribution network, Fitch said.

The ratings are constrained by its relatively lower margin business and high working capital requirements, the agency said. The ratings also are constrained by the company's relatively higher leverage and its inability to pass on any raw material price increases to end-customer, which reflects in its volatile operating margins for the past five years, Fitch added.

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