Fitch affirms Shriram Pistons & Rings

Fitch Ratings said it affirmed Shriram Pistons & Rings Ltd.'s Rs.50 million commercial paper rating at F1+(ind).

The affirmation is based on the company's favorable position in the automobile component industry, its fairly diverse market presence and consistent track record of capacity expansion without significantly affecting the credit metrics, Fitch said.

The rating also reflects its comfortable credit ratios, consistent revenue growth, its ability to maintain relatively stable EBITDA margins over the past five years despite competitive pressure and increasing input costs, as well as expected long-term growth in the Indian automobile industry, Fitch added.

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