Fitch affirms Bhartiya International

Fitch Ratings said it affirmed Bhartiya International Ltd.'s national long-term rating at A-(ind), and assigned ratings of A-(ind) to the company's outstanding long-term bank loans of Rs.85.5 million and A-(ind)/F2+(ind) ratings to its Rs.115.4 million standby letters of credit issued by the company in favor of its subsidiaries. Fitch also said it affirmed the ratings of its enhanced bank loan facilities, including fund-based working capital limits enhanced to Rs.748.5 million from Rs.608.3 million at A-(ind)/F2+(ind) and non-fund based working capital limits of Rs.243.5 million at A-(ind)/F2+(ind).

For 2010, the company has planned a new debt-funded capital expenditure program of Rs.100 million for a design studio and sample cutting house in Delhi, Fitch said.

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