Fitch rates Imperial Auto loans BBB+(ind)

Fitch Ratings said it assigned Imperial Auto Industries Ltd. a national long-term rating of BBB+(ind), along with a BBB+(ind) rating on its Rs. 425.2 million term loans, BBB+(ind)/F2(ind) ratings on its Rs. 1.67 billion fund-based working capital limits and BBB+(ind)/F2(ind) ratings on its Rs. 145 million non-fund based working capital limits.

The outlook is stable.

The ratings factor in the company's consistent operating profitability from 2008 through 2010, well-diversified revenue across various segments of the domestic automotive industry and technological tie-ups with international technology providers for various products, Fitch said.

The company has limited concentration on any single customer. Its largest customer, Tata Motors Ltd. contributed about 20% revenues from 2007 through 2010, the agency said.

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