Fitch affirms Priya

Fitch Ratings said it affirmed Priya Ltd.'s Rs. 210 million fund-based post-shipment export finance credit and its Rs. 213 million non-fund based limits at A4+(ind).

The affirmations reflect the company's sound financial performance in the financial year that ended March 2011, the agency said.

The company's revenue grew by 14% year-over-year in 2011 due to an increase in its local sales, which contributed 46% to overall revenues, Fitch said.

Growth in the domestic sales of its other IT products also helped the company to mitigate concentration risk, the agency said.

The ratings are constrained by its high working capital requirement of business, reflected in its full utilization of working capital limits, Fitch said.

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