Fitch rates Olive Tex C(ind)

Fitch Ratings said it assigned Olive Tex Silk Mills Pvt Ltd. a national long-term rating of Fitch C(ind).

According to the agency, the ratings are constrained by Olive Tex's tight liquidity position due to its stretched working capital cycle, which increased to 146 days in the financial year ended March 2011 from 138 days in FY10.

Fitch said it estimates cash flow from operations to have remained negative in FY11 due to continued high working capital requirement of the company.

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