Fitch rates Prime Impex loans F3(ind)

Fitch Ratings said it assigned Prime Impex Ltd.'s non-fund-based limits of Rs.1.91 million national short-term ratings of F3(ind).

The ratings reflect the company's long track record in the trading of pulses, its well-established infrastructure facilities and its position as one of the leading pulses trader in eastern India, Fitch said.

The ratings also consider its comfortable credit metrics as indicated by negative net leverage over the last four financial years, the agency said.

The rating is constrained by the competitive nature of the company's trading business as reflected in low EBITDA margins of 1.7% in 2008 and low interest coverage of just above 1x, Fitch said.

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