The ratings of Pratibha Shipping was suspended by India Ratings as the former failed to provide adequate information on its current debt repayment and status of operations of its various vessels.
In the absence of these information, the rating agency is unable to make an assessment of the companyÂ’s business and financial profiles, the agency said.
India Ratings assigns ratings to the term loans availed by Pratigha Shipping from cooperative and scheduled banks. As on March 31, 2011, banksÂ’ exposure to the Mumbai-based shipping company amounted to Rs 742 crore.
The companyÂ’s rating will remain in the suspended category for six months and be withdrawn at the end of the period.
The rating agency said it would re-activate the ratings and the same would be communicated through a rating action commentary if the issuer starts furnishing information during the period.
It may be recalled that PratibhaÂ’s entire fleet of nine oil tankers are grounded at various ports in India and abroad.
Some reports suggest that the company may not get support for corporate debt restructuring as all its vessels (assets) are over 25 years old and uneconomical to operate.
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