Fitch rates Evershine loans B-(ind)

Fitch Ratings said it assigned Evershine Towers Pvt. Ltd. a national long-term rating of B-(ind) with a stable outlook and assigned the companies bank loans B-(ind) and F4(ind).

Ratings reflect the nature of the company's trading business and the fact that it began operations in 2009 as a new entrant in the market, the agency said.

The trading business of the company posts two major challenges, namely lower margins and higher working capital requirements, in order to increase volumes, the agency noted.

Ratings benefit from the long experience of Evershine's promoters and the support extended through its group companies through interest-free unsecured loans, Fitch noted.

The company belongs to the Kolkata-based Sonthalia group.

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