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Fitch affirms Orient Fashion Exports
Fitch Ratings said it affirmed Orient Fashion Exports Pvt. Ltd.'s national long-term rating at BB+(ind), along with its Rs. 500 million fund-based working capital bank lines, Rs. 100 million working capital lines (interchangeable between export packing credit and letter of credit) and non-fund-based working capital limits of Rs. 40 million at BB+(ind)/F4(ind).
The outlook is stable.
The ratings are underpinned by the resilience shown by the company to the industry downturn in 2009, Fitch said.
The company has been able to successfully grow its sales 22% year-over-year, the agency said, and continues to grow as demonstrated by a good order book position.
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