Fitch rates Texcomash B(ind)

Fitch Ratings said it assigned Texcomash International Ltd. a national long-term rating of B(ind), along with national ratings of B(ind)/F4(ind) to its fund-based working capital limits of Rs. 650 million.

The outlook is stable.

The ratings are constrained by the company's small scale of operations in a highly fragmented readymade garments market and limited operational track record, Fitch said.

The ratings also are constrained by the company's low profitability on both operating EBITDAR and net income levels, the agency said.

A positive rating factor includes the company's ability to grow its revenues by an estimated 72% year-on-year in its second year of operations, Fitch said.

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