Meanwhile, Rolta India Ltd's CMD, Mr.K K Singh said that the company is confident of making a USD 6.9-million payment on overseas notes before the grace period deadline of June 15, 2016.
He was talking to CNBC-TV18 after S&P and Fitch downgraded the firm's credit rating following a default on its 10.75% 2018 unsecured currency notes. Singh said an increase in the company's receivables period, from average 120-125 days to almost 185-190 days led to a cash crunch. But he maintained that the company was transitioning into an IP-led solutions business and is looking to rope in a strategic partner for large projects like defence, something that would help revive margins and return to comfortable leverage levels. He also clarified that the recent exit of two senior-level management personnel had no connection to the business performance.