Fitch affirms Phorotech Surfin

Fitch Ratings said it affirmed Phorotech Surfin (India) Pvt. Ltd.'s national long-term rating, long-term bank loans of Rs. 92 million and fund-based cash credit limits of Rs. 25 million at BB+(ind).

The outlook remains stable.

The affirmations reflect the company's strong business position in the South Indian auto market, which has ensured high EBITDA margins of about 25%, Fitch said.

The ratings are constrained by its small size of operations and limited bargaining power during the downturn, the agency said.

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