Fitch rates Mani Exports B+(ind)

Fitch Ratings said it assigned Mani Exports a national long-term rating of B+(ind) with stable outlook and its Rs. 440 million fund-based facility a B+(ind) rating.

Ratings are constrained by Mani's high working capital requirement, exposure to volatility in diamond prices and forex rates and the agency's expectations that Mani's interest costs will increase during the current financial year ending March 2012, according to Fitch.

Ratings draw strength from Mani's four decades of experience in diamond trading and its positive cash flow from operations for the past four years, the agency noted.

In fiscal 2011, Mani recorded a total adjusted debt-to-EBITDA ratio of 4.8x.

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