Fitch rates Sunny Trexim limits F4(ind)

Fitch Ratings said it assigned Sunny Trexim Pvt. Ltd. a national short-term rating of F4(ind) for its non fund-based limits of Rs. 630 million.

The rating is constrained by the small scale of operations, thin EBITDA margins of 1.3% to 2.9% over 2006 through 2009, Fitch said, and geographic concentration.

The rating also reflects the 60-year experience of the promoters in the cotton business, the agency said. Positive factors also include a consistent increase in EBITDA margin, resulting in leverage below 5x on a sustainable basis.

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