Fitch rates Pearl Polymers BB+(ind)

Fitch Ratings said it assigned Pearl Polymers Ltd. a national long-term rating of BB+(ind), along with a BB+(ind) rating to the its term loans from banks of Rs. 99.9 million, BB+(ind)/F4(ind) ratings to its fund-based working capital bank limits of Rs. 190 million and BB+(ind)/F4(ind) ratings to its non-fund based bank limits of Rs. 98.8 million.

The outlook is stable.

The ratings take into account its experience in Polyethylene Terephthalate bottles and containers business of more than two decades, along with its well-known brand, Pearlpet, Fitch said.

The ratings are constrained by the moderate EBITDA margins and low net income margins, the agency said. Its profitability is lower than most of its industry peers, Fitch added.

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