Fitch rates Sadhu Forging loans BBB(ind)

Fitch Ratings said it assigned Sadhu Forging Ltd. a national long-term rating of BBB(ind), along with a BBB(ind) rating to its term loans of Rs. 66.9 million, BBB(ind)/F3(ind) ratings to its fund-based working capital limits of Rs. 500 million and BBB(ind)/F3(ind) ratings to its non-fund based working capital limits of Rs. 65 million.

The outlook is stable.

The ratings factor in its long operating history in the domestic auto component sector, its consistent operating and net profit margins over 2006 through 2008, Fitch said.

The company derives about 80% of its revenues from the commercial vehicle and farm equipments segments, though no single customer contributed more than 15% of the revenues in the last two years, the agency said.

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