Fitch rates Karuna Management BB-(ind)

Fitch Ratings said it assigned Karuna Management Services Pvt Ltd. a national long-term rating of BB-(ind), along with national ratings of BB-(ind)/F4(ind) to its fund-based limits of Rs. 137.5 million and a national short-term rating of F4 (ind) to its non-fund based limits of Rs. 30 million.

The outlook is stable.

The ratings reflect Karuna's credibility as a distributor of mobile phones, Fitch said, and its established relationship with Samsung India Electronics Pvt Ltd.

The company also benefits from its strong market position in the Indian mobile industry and its business model, the agency said.

The ratings are constrained by the small scale of operations, thin EBITDA margins and competitive pressures, the agency added.

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