Fitch affirms MJ Logistics

Fitch Ratings said it affirmed MJ Logistics Services Ltd.'s national long-term rating at B+(ind) and its Rs.389.6 million bank term loan limits at B+(ind).

The outlook is stable.

The ratings are supported by the company's improved utilization levels in 2010, leading to an increase in revenues from its Palwal warehouse, as well as its existing relationships with its clients and good quality facilities available at the warehouse, Fitch said.

The ratings are constrained by the company's lower than expected financial performance as well as its strong dependence on a single client for its fully owned warehouse at Palwal, the agency said.

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