Below is an edited transcript of the interview on CNBC-TV18
Q: Is this the first time that you have any product of ABG rating—a default status? Do you think any of its other loans etc, is under threat and the company might default on its other payments?
A: What I would like to clarify at the outset is that India Ratings was only rating the Rs 200 crore NCD issue and not any other bank facilities or any other kind of borrowings. They have defaulted on their NCD issue and hence the downgrade a "D".
Q: Do you have any other shipyard companies' debt issue or NCD issue under your coverage apart from this one from ABG?
A: We do track couple of shipyards. We don't have outstanding ratings on other shipyards at the moment but just would like to comment that currently most of the shipyards would be facing tight liquidity conditions because of delays in milestone linked payments from clients and the general condition of the shipping industry because of which clients would also delay taking deliveries of vessels.
Q: What is the total amount on which ABG Shipyard has defaulted in this Rs 200 crore NCD issue?
A: They have defaulted on Rs 40 crore which is the amount invested by Tata Capital.
Q: What would be the trigger for you to may be revise the rating upward again or shall we assume that, that is not going to happen?
A: That will not happen in this case. Had it been a bank loan rating that we were doing then once the bank loan repayments become regularized then it is possible to upgrade a company from the default status but this is an NCD issue. The NCD issue has expired now and the repayments have not been made. So, here the question of upgrading the rating the current level for this particular issue does not arise.
Q: Any other companies that you track on which you have had to downgrade the companies rating on whichever facility to default may be in the last month or so?
A: Not in the last month but generally we have seen in case of industry such as shipping in particular. The shipping industry has been going through a slump for almost the last 5 years. It is only recently that the dry bulk rates seem to be picking up and that too only to the extent of 20 percent levels from the absolute low levels that they had reached. So, in general we have taken rating actions on couple of shipping companies and the ship building being closely associated with the shipping industry the impact on the ship building industry is very clearly evident. The ship building industry also is going through a similar kind of slump right now.
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