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Fitch rates Laxmi BB-(ind)
Fitch Ratings said it assigned Laxmi Enterprises a national long-term rating of BB-(ind), along with a BB-(ind) rating to its long-term bank loans aggregating Rs. 241.7 million and an F4(ind) rating to its Rs. 384 million fund-based and Rs. 10 million non-fund based limits.
The outlook is stable.
The ratings assigned to Laxmi reflect its large ongoing capital expenditure program compared to its operating cash flows, Fitch said.
The ratings are constrained by the firm's negative free cash flows during 2007 and 2008 as a result of high working capital requirements and capital expenditure, the agency said. The liquidity risks are partly offset by unutilized fund-based limits of Rs. 77 million.
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