Fitch rates Amir Chand loans BBB-(ind)

Fitch Ratings said it assigned Amir Chand Jagdish Kumar (Exports) Ltd. a national long-term rating of BBB-(ind), along with a BBB-(ind)/F3(ind) ratings to its fund-based limits of Rs.1.87 billion and BBB-(ind)/F3(ind) ratings to the non-fund based limits of Rs. 20 million.

The outlook is stable.

The ratings factor in the company's vast experience in rice trading/processing, consistent position as one of top five exporters of basmati rice from India and consistent growth in the revenues and profit from 2004 through 2008, Fitch said.

The ratings are constrained by the commoditized nature of its business with high working capital requirements, resulting in high financial leverage, the agency said.

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