Fitch rates Sunil Hi-Tech Engineers BBB(ind)

Fitch Ratings said it assigned Sunil Hi-Tech Engineers Ltd. a BBB(ind) national issuer rating and a BBB(ind) national long-term rating to its Rs.659.5 million outstanding long-term bank loans, along with a BBB(ind) rating to both its fund-based cash credit limits of Rs.750 million and fund-based secured line of credit limits of Rs.700 million, as well as a F2(ind) rating to its non-fund based limits of Rs.2,800 million.

The outlook is stable.

The ratings reflect the company's strong growth in revenues, strong order book position currently at Rs.8,340 million as of March 2008, the focused nature of the business, Fitch said, and the company's experience in the fabrication, erection, testing and commissioning of power plants.

The ratings are constrained by the company's short track record as reflected in flat revenues until 2004. As of 2007, the company saw an increase in its debt-to-EBITDA ratio of 3.8x compared to 3.0x in 2006.

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