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30 July 2010 - ICRA said it assigned an A4 rating to the INR73m (USD1.6m/EUR1.2m) short-term non-fund-based facilities of local timber trading firm Patel Wood Works & Timber Mart (PWTM).
ICRA also assigned an LBB- rating to the INR1m long-term fund-based facilities of PWTM.
The rating factors in PWTM's low profitability and cash accruals arising from the very limited value addition in the business and its leveraged capital structure.