Fitch affirms Sri Balaji Logs

Fitch Ratings said it affirmed Sri Balaji Logs Products Pvt. Ltd.'s national long-term rating at BB-(ind), along with its Rs. 450 million cash credit limits, enhanced from Rs. 270 million at BB-(ind)/F4(ind) and Rs. 630 million non-fund based loans, enhanced from Rs. 380 million, at F4(ind).

The affirmation reflects Balaji Logs' consistent financial performance in 2009 and 2010, Fitch said.

While the company registered a substantial revenue growth of 33.6% year over year in 2010, its EBITDAR margin decreased to 3.9% during the year, Fitch said.

The ratings also reflect the continued support from the company's promoters through regular equity infusions for working capital and capital expenditure requirements, the agency said.

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