Fitch affirms Hi-Tech Gears

Fitch Ratings said it affirmed Hi-Tech Gears Ltd.'s national long-term rating at A-(ind), along with its long-term loans of Rs. 386.8 million at A-(ind), fund-based working capital limits of Rs. 360 million at A-(ind)/F1(ind) and non-fund-based working capital limits of Rs. 25 million at A-(ind)/F1(ind).

The outlook is stable.

The ratings factor in its track record of profitability and revenue growth, Fitch said, and its long established relationship with its customers, particularly Hero Honda Motors Ltd.

The ratings draw strength from its stable EBIDTA margins and consistent revenue growth, even during the slowdown in 2009, the agency said.

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