MKTLMargaret Klausner Troke Library (Stockton, CA)
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The ratings are further underpinned by the long experience of MKTL's promoters in the domestic tea industry, its tea estates in Assam and the favourable market outlook over the short-to-medium term, triggered by the increasing demand and global production shortfall of tea, the agency added.
The ratings are, however, still constrained by MKTL's relatively modest size, elevated working capital requirements and susceptibility of its agricultural operations to climate variations, the analysts noted.
On the other hand, a significant decline in MKTL's average realisation or EBIDTA margins and/ or an increase in its debt, which result in an increase in its net leverage of beyond 3.5x, could put downward pressure on the ratings, the rater elaborated.