Fitch rates Batliboi loans B-(ind)

Fitch Ratings said it assigned Batliboi Ltd. a national long-term rating of B-(ind), along with B-(ind) ratings to the company's term loans of Rs. 382.5 million and to its fund based credit limits of Rs. 189 million and an F4(ind) rating to its non-fund credit facility of Rs. 527.3 million.

The outlook is negative.

The ratings primarily reflect Batliboi's limited financial flexibility and substantial liquidity pressure on standalone and consolidated levels, Fitch said.

Its ratings are constrained by poor demand for machine tools and textile machinery, both in the domestic and international markets, the agency said. The working capital also remains stretched due to increased receivable days stemming from government orders, Fitch added.

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