Fitch rates Phorotech Surfin (India)

Fitch Ratings said it assigned Phorotech Surfin (India) Pvt Ltd. a national long-term rating of BB+(ind), along with a BB+(ind) to its long-term bank loans aggregating Rs. 35.7 million and its fund-based cash credit limits of Rs. 20 million.

The outlook is stable.

The ratings reflect the strength of its business with high and stable EBITDA margins and a track record of low financial leverage, Fitch said.

The ratings remain constrained by its small size of operations, which may potentially limit its financial flexibility, significant customer concentration and the company's debt funded expansion plans, the agency said.

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