Fitch rates Megasoft BBB+(ind)

Fitch Ratings said it assigned Megasoft Ltd. a national long-term rating of BBB+(ind), along with its Rs. 150 million fund-based working capital limits of BBB+(ind) and Rs. 70 million non-fund based working capital limits of F2(ind).

The outlook is stable.

The ratings consider Megasoft's business model with a good visibility of cash flows and profits, Fitch said, and the strength of its financial position with leverage expected to be below 2x for 2010.

The ratings are constrained by the high concentration of customers, with the top two customers contributing over 55% to Megasoft's total revenues in 2009, the agency said.

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