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-Mantra Exports earns BBB/PR3+ ratings from CARE.

M2 EQUITYBITES-September 27, 2010--Mantra Exports earns BBB/PR3+ ratings from CARE(C)2010 M2 COMMUNICATIONS http://www.m2.com

27 September 2010 - Indian rating agency CARE said on Friday it has assigned its BBB/PR3+ ratings to the bank facilities of ready-made garments trader and exporter Mantra Exports Private Limited.

The rated debt totals INR240m (USD5.3m/EUR3.9m).

The ratings derive strength from experienced promoters, healthy financial profile as marked by comfortable gearing levels and interest coverage, well-established procurement and distribution set-up and long standing relation with Otto Group.

The ratings are however constrained by the relatively small size of operations, geographical and customer concentration risk, and operations in a fragmented and competitive industry.

The ability of Mantra Exports to withstand increasing competition and improve its margins is the key rating sensitivity, the service said.

((Comments on this story may be sent to info@m2.com)).END.PUB430>PDSeptember 27, 2010>JNM2 EQUITYBITES.PRICEDATENOT APPLICABLE.DAY

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Publication:M2 EquityBites (EQB)
Date:Sep 27, 2010
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