Fitch rates Neepaz V Forge loans B(ind)

Fitch Ratings said it assigned Neepaz V Forge (India) Ltd. a national long-term rating of B(ind), along with national ratings of B(ind) to its term loans of Rs.1.1 billion and its fund-based limits of Rs.240 million and national short-term rating of F4(ind) on its non fund-based limits of Rs.173.6 million.

The outlook is stable.

The ratings reflect the low capacity utilization of the company during 2009, resulting in an EBITDA loss of Rs. 1.64 million, Fitch said.

The ratings are constrained by a delay in the completion of a project to set up an 8,000 ton press, which was expected to be finished by April 2009, the agency said. The project was eventually implemented, but the delay resulted in its need to restructure its debt with banks, Fitch said.

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