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Fitch rates Prime Pulses limits F3(ind)
Fitch Ratings said it assigned Prime Pulses Pvt. Ltd.'s Rs. 1.15 billion non-fund based limits a national short-term rating of F3(ind).
The rating reflects the company's strong track record in the trading of pulses, its well-established infrastructure facilities and as a group, along with Prime Impex Ltd., as one of the leading pulses traders in eastern India, Fitch said.
The rating also benefits from its negative working capital cycle during 2007 to 2010, which has allowed the company to prudently manage its working capital cycle with the help of high payable days, which are able to offset relatively moderate receivable and inventory days, the agency said.
The rating also considers its comfortable credit metrics as indicated by a negative net leverage over the last four financial years, Fitch said.
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