CRISIL has reaffirmed 'D/D' ratings on the bank facilities and commercial paper programme of Tecpro Systems (TSL). The rating continues to reflect ongoing instances of delay by TSL in meeting its debt obligations.

The delays in repayment are on account of the TSL's stretched liquidity. CRISIL believes that the group's liquidity will remain under pressure over the medium term because of its significant losses and stretched receivables.

For arriving at the ratings, CRISIL has combined the business and financial risk profiles of TSL and its subsidiaries. This is because these entities, together referred to as the Tecpro group, have operational and financial linkages.

Shares of the company declined Rs 0.91, or 4.99%, to trade at Rs 17.33. The total volume of shares traded was 45,505 at the BSE (2.20 p.m., Thursday).