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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

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.

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