Fitch gives SRS Modern, loan BB-(ind)

Fitch Ratings said it assigned SRS Modern Ltd. a national long-term rating of BB-(ind).

The outlook is stable.

The agency said it has also assigned ratings to SRS Modern's bank facilities, as follows: Rs. 62.4 million long-term bank loans at BB-(ind) and Rs. 500 million fund-based working capital limits at BB-(ind)/F4(ind).

Fitch added that SRS Modern's ratings reflect its limited track record, moderate size of operations and competitive nature of its trading business, as reflected in low EBITDAR margins that have remained about 3% over FY09-FY10.

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