31 March 2011 - Fitch lowered Thursday to D(ind) from BB-(ind) the national long-term rating of Indian semiconductors and electronics company CIPSA TEC India Pvt Ltd.
It also cut to F5(ind) from F4(ind) the rating on CIPSA's INR276.7m non-fund based working capital limits.
CIPSA has decided to secure an equity injection in the first half of fiscal 2012, in order to offset the pressure on its financial metrics.
holds a 51% stake in the joint venture Cipsa-RIC India Pvt Ltd, and the two men hold the rest.
In 1992, the plastics housewares leader acquired CIPSA
, a Mexican plastics manufacturer, to consolidate its Mexican operations and expand its Latin American business.