However, the company's ratings are constrained by the high degree of customer concentration and lengthening of working capital cycle due to longer receivables period in EID. The company derives more than 90% of its auto division revenues from Hero Honda Motors Limited (HHML), and 45% of revenues in EID from Bharat Heavy Electrical Limited (BHEL) and National Thermal power Corporation (NTPC). These divisions contributed 57% and 43% of the company's total revenues in FY09. Fitch notes that UML ...
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