Fitch rates Axiom Impex loans A-(ind)

Fitch Ratings said it assigned Axiom Impex International Ltd. a national long-term rating of A-(ind), along with an A-(ind) rating to the company's Rs.200 million long-term loans and Rs.400 million cash credit limits and F2+(ind) to its Rs.250 million non fund-based working capital limits.

The outlook is stable.

The ratings reflect the company's strengthening position over the last two years in the manufacture of synthetic ropes in India, primarily for use in the shipping industry, Fitch said.

The ratings also reflect the relative stability of replacement demand for the company's products, which partly offsets the inherent cyclicality of the sector, the agency said.

The ratings remain constrained by the price volatility of raw materials, which account for about 70% of costs, Fitch added.

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