Fitch rates Surya Vinayak BBB-(ind)

Fitch Ratings said it assigned Surya Vinayak Industries Ltd. a national long-term rating of BBB-(ind), along with BBB-(ind)/F3(ind) to its fund-based working capital limits amounting to Rs.3.08 billion and BBB-(ind)/F3(ind) to its non-fund based working capital limits amounting to Rs.6.43 billion.

The outlook is stable.

The ratings reflect the company's established position in the perfumery and sandalwood industry, consistent track record of growth and the already large size of its still expanding agro-trading business, Fitch said.

rating concerns include the expected decrease in overall profit margins due to increased agro-trading operations, the agency said, and its limited scope of expansion in the sandalwood oil business on account of the market almost reaching saturation.

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