/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210823.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, August 23, 2021, Vol. 24, No. 162 Headlines A U S T R A L I A BOART LONGYEAR: Chapter 15 Case Summary BOART LONGYEAR: Seeks US Recognition of Australian Restructuring IC TRUST 2021-1: Moody's Assigns B2 Rating to Class C Notes LIBERTY PRIME 2021-2: Moody's Assigns (P)B2 Rating to Cl. F Notes PEPPER RESIDENTIAL 30: S&P Assigns B(sf) Rating on Cl. F Notes PREMIER PLUMBING: Second Creditors' Meeting Set for Aug. 31 SOCIETYONE PL 2021-1: Moody's Assigns (P)B2 Rating to Cl. F Notes C H I N A CHINA EVERGRANDE: Bosses Summoned, Warned Over Debts CHINA HUARONG: Expects to Post USD16-Bil. Net Loss for 2020 IDEANOMICS INC: Incurs $10 Million Net Loss in Second Quarter MINISO GROUP: Posts CNY1.4-Bil. Net Loss For Year Ended June 30 PRIMELINE ENERGY: Receives Notice of Default, Acceleration I N D I A AAMEYA POLYMERS: CRISIL Keeps B+ Debt Rating in Not Cooperating ADVENTURE PARK: CRISIL Keeps B Debt Rating in Not Cooperating AMMA CONSTRUCTION: CRISIL Keeps B+ Debt Rating in Not Cooperating ANAS MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ATC LOGISTICS: CRISIL Keeps B+ Debt Rating in Not Cooperating B SATYANARAYANA: CRISIL Keeps B+ Debt Ratings in Not Cooperating BANSAL BROTHERS: CRISIL Keeps B+ Debt Rating in Not Cooperating BRITISH BIOLOGICALS: CRISIL Keeps B+ Rating in Not Cooperating GOKULAM INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating GRAFFITI LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating HAIKO LOGISTICS: CRISIL Keeps B+ Debt Rating in Not Cooperating HORIZON GLOBAL: CRISIL Keeps B+ Debt Rating in Not Cooperating HOTEL ASHOK: CRISIL Keeps B Debt Ratings in Not Cooperating IMMENSE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating JAGAN INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating JET AIRWAYS: Workers Seek Stay on Jalan-Kalrock Resolution Plan JITM TRUST: CRISIL Keeps B+ Debt Ratings in Not Cooperating JOHN SAW: CRISIL Keeps B+ Debt Rating in Not Cooperating KALYAN GRAND: CRISIL Keeps B- Debt Ratings in Not Cooperating M R REAL: Ind-Ra Affirms BB' LT Issuer Rating, Outlook Stable M.S. LUVISH: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable METAMORPHOSIS ENGITECH: Ind-Ra Assigns BB- Rating, Outlook Stable MSR SEA: CRISIL Keeps B+ Debt Ratings in Not Cooperating RMJ MODERN: CRISIL Keeps B+ Debt Ratings in Not Cooperating RNV INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating S M ENTERPRISES: CRISIL Lowers Rating on INR17cr Loan to D SAFAL FLEXIBOND: CRISIL Keeps D Debt Ratings in Not Cooperating SAGAR MILK: CRISIL Lowers Rating on INR9cr LT Loan to B SATYAM EXIMTEX: CRISIL Keeps D Debt Rating in Not Cooperating SEHGAL AUTORIDERS: CRISIL Lowers Rating on INR28.5cr Loan to B SHANTI COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating SHASHI DETECTIVE: CRISIL Lowers Rating on INR2cr New Loan to B SHIVANI LOCKS: CRISIL Moves B+ Debt Ratings to Not Cooperating ST PIPES: Ind-Ra Keeps 'BB-' LT Issuer Rating in Non-Cooperating S I N G A P O R E BRIGHTOIL 319: Commences Wind-Up Proceedings DEXTRA PARTNERS: Court to Hear Wind-Up Petition on Aug. 27 DIGITAL ALPHA: FTI Appointed as Interim Judicial Managers PARASTRUCT INNOVATIONS: Court Enters Wind-Up Order S O U T H K O R E A DOOSAN HEAVY: Hyundai Heavy Completes Takeover of Doosan Infracore - - - - - ================= A U S T R A L I A ================= BOART LONGYEAR: Chapter 15 Case Summary --------------------------------------- Five affiliated debtors that concurrently filed voluntary petitions under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Boart Longyear Limited 21-11465 26 Butler Blvd., Burbridge Business Park Adelaide Airport, SA 5950 Australia Boart Longyear Australia Pty Limited 21-11466 Boart Longyear Investments Pty Limited 21-11467 Boart Longyear Management Pty Limited 21-11468 Votraint No. 1609 Pty Limited 21-11469 Business Description: Established in 1890, Boart Longyear is a provider of drilling services, drilling equipment and performance tooling for mining and drilling companies. It also has a substantial presence in aftermarket parts and service, energy, mine dewatering, oil sands exploration, production drilling, and down-hole exploration. Foreign Proceeding: Boart Longyear Limited et al. (Supreme Court of New South Wales) Chapter 15 Petition Date: August 17, 2021 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Lisa G. Beckerman Foreign Representative: Nora R. Pincus 2455 South 3600 West West Valley City, UT 84119 United States of America Foreign Representative's Counsel: Dennis F. Dunne, Esq. MILBANK LLP 55 Hudson Yards New York, NY 10001 Tel: 212-530-5000 Fax: 212-530-5219 Email: ddunne@milbank.com - and - Thomas R. Kreller, Esq. MILBANK LLP 2029 Century Park East 33rd Floor Los Angeles, California 90067 Tel: (424) 386-4000 Fax: (213) 629-5063 Email: tkreller@milbank.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of Boart Longyear Limited's Chapter 15 petition is available for free at PacerMonitor.com at: https://bit.ly/387lPah BOART LONGYEAR: Seeks US Recognition of Australian Restructuring ---------------------------------------------------------------- Boart Longyear Limited and four of its affiliates filed Chapter 15 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 21-11466) on Aug. 17, 2021, to seek U.S. recognition of its restructuring proceedings in Australia. Boart Longyear is among the world's leading providers of drilling services, drilling equipment, and performance tooling for mining and drilling companies. Boart Longyear also has a significant presence in aftermarket parts and services, energy, mine de-watering, oil sands exploration, and production drilling. Boart Longyear was founded in 1890. Its predecessor, Longyear Company, grew to become an important player in many well-known projects, including determining the strength of the rock foundation for the Golden Gate Bridge in San Francisco. Boart International, founded in 1936 as a subsidiary of De Beers, the global diamond mining concern, engaged in developing industrial applications for diamonds. Boart International became well known for its innovations in diamond drilling, such as patenting the world's first wireline core retrieval system, which both increased global production and made extraction safer and more reliable. Longyear Company was acquired by Boart International in 1974 and formally merged into Boart Longyear in 1994. In 2006, Australia's Macquarie Bank purchased Boart Longyear and took it public the following year. Its initial public offering in 2007 was the second-largest in Australian history at approximately AU$2.3 billion. Boart Longyear employs approximately 5,168 people and generated $657 million in revenue in 2020. It conducts operations across North America, Latin America, Australasia and South East Asia, the Middle East, and Africa. Nearly all of Boart Longyear's revenue derives from the following two business units: (a) drilling services within the mining and minerals industry ("Global Drilling Services") and (b) the manufacture, distribution, and sale of equipment for the mining and mineral industry ("Global Products"). Prepetition Capital Structure As of December 31, 2020, Boart Longyear's unaudited balance sheets reflected total assets of approximately $609 million and total liabilities of approximately $1 billion. The Debtors' secured indebtedness consists of (a) $348,492,360 outstanding under 12.00%/10.00% senior secured PIK toggle notes due 2022; (b) $160,336,984.87 owing under a Term Loan A Securities Agreement dated as of December 31, 2018; (c) $193,285,306.60 owing under a Term Loan B Securities Agreement dated as of December 31, 2018; (d)e$6 million (principal amount) was owing under an Amended and Restated Revolving Credit and Security Agreement, dated as of July 23, 2017 (the Existing ABL); (e) approximately $62.4 million (principal amount) in principal amount was outstanding under a Term Loan Securities Agreement dated as of July 23, 2017 (the Backstop ABL); and (f) $50.3 million in principal amount outstanding under a Term Loan Securities Agreement, dated as of June 1, 2021 (the Incremental Financing). As of the Petition Date, $93,944,523 was outstanding under an indenture, dated as of March 28, 2011 providing for Unsecured Notes. As of the Petition Date, the Debtors estimate that they have approximately $59 million of unsecured trade debt outstanding, including accounts payable to vendors that provide key components for the construction of Boart Longyear's drilling capital equipment and specialized steel tubing critical to the construction of drill rods. As of May 12, 2021, 88,511,800 shares of BLY's common stock were outstanding. BLY's common stock trades on the Australian Securities Exchange under the ticker symbol "BLY." There were also 2,012,403 quoted warrants, 43,158 options, and 427,816 unquoted warrants outstanding. Australian Restructuring Although Boart Longyear's operations, on the whole, remain strong, a combination of adverse macroeconomic conditions that affected the commodities market for much of the past few years, and a balance sheet weighed down by the debt incurred to make investments in equipment and other working assets when market conditions were more favorable have compelled the Debtors to seek: (a) the Australian Court's approval of the two Schemes under the Corporations Act, one to restructure the majority of their secured debt (the "Secured Creditor Scheme"), and the other to restructure the majority of their unsecured debt (the "Unsecured Creditor Scheme"); and (b) relief from the U.S. Bankruptcy Court under chapter 15 of the Bankruptcy Code to prevent dissenting creditors from frustrating the purposes of Boart Longyear's restructuring, the foremost of which is to maximize value for all creditors. On January 7, 2021, Boart Longyear announced the engagement of Rothschild & Co. to advise it in connection with evaluation of its options in connection with the upcoming maturities of its debt facilities in the second half of 2022. After months of negotiations between Boart Longyear and its major stakeholders, on May 13, 2021, Boart Longyear announced that it reached an agreement, memorialized in a restructuring support agreement (the "RSA"). The completion of the transactions contemplated by the RSA will substantially reduce Boart Longyear's debt, strengthen its balance sheet, lower interest expenses, and provide enhanced liquidity to support operations and future growth. The RSA was supported by the overwhelming majority of Boart Longyear's lenders, such initial "Supporting Creditors" including certain funds and accounts managed or advised by Centerbridge, represented by Kirkland & Ellis LLP, and an ad hoc group of creditors represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP (the "AHG"). More specifically, Boart Longyear's total debt would decrease to less than $200 million, with approximately $795 million, approximately 85%, being converted to equity interests in reorganized BLY. BLY's existing shareholders will be given an opportunity to purchase additional equity in reorganized BLY alongside BLY's creditors. Among other things, the parties to the RSA have agreed to distribute the New Common Equity based upon the following stipulated amounts and allocations: * For claims arising out of Term Loan A (the "Term Loan A Claims"): pro rata shares of New Common Equity, calculated based on (i) 100% of the secured portion of the Term Loan A Claims of $85,000,000 (the "TLA Secured Equity Entitlement") and (ii) 25% of the unsecured portion of the Term Loan A Claims of $75,336,984.87 (the "TLA Unsecured Equity Entitlement"); * For claims arising out of Term Loan B (the "Term Loan B Claims"): pro rata shares of New Common Equity, calculated based on (i) 100% of the secured portion of the Term Loan B Claims of $105,000,000 (the "TLB Secured Equity Entitlement") and (ii) 25% of the unsecured portion of the Term Loan B Claims of $88,285,306.60 (the "TLB Unsecured Equity Entitlement"); * For claims arising out of the Secured Notes (the "Secured Notes Claims"): pro rata shares of New Common Equity, calculated based on (i) 100% of the secured portion of the Secured Notes Claims of $303,567,773.87 (the "SSN Secured Equity Entitlement") and (ii) 25% of the unsecured portion of the Secured Notes Claims of $44,924,586.44 (the "SSN Unsecured Equity Entitlement"); and * For claims arising out of the Unsecured Notes ("Unsecured Notes Claims"): pro rata shares of New Common Equity, calculated based on 22.5% of the Unsecured Notes Claims of $93,944,522.71 (the "SUN Equity Entitlement"). On July 22, 2021, the Debtors filed an application (the "Application") in the Supreme Court of New South Wales in Sydney, Australia, being an Australian court of competent jurisdiction for purposes of Part 5.1 of the Corporations Act, seeking orders: (a) convening meetings to consider the two schemes of arrangement proposed by the Debtors to be made with certain of their secured (the "Secured Creditors' Scheme") and unsecured creditors (the "Unsecured Creditors' Scheme"); and (b) approving the Schemes. The first hearing took place before the Australian Court (before the Honourable Justice Black), on July 27 and 29, 2021. The second hearing of the proceeding will be held on September 16, 2021 at 9:15 a.m. (Australian Eastern Standard Time). The Schemes reflect the agreements memorialized in the RSA. When the restructuring is consummated, it is anticipated that the Debtors' amended debt profile and the injection of additional capital will reduce their financial burden and enable them to operate profitably. IC TRUST 2021-1: Moody's Assigns B2 Rating to Class C Notes ----------------------------------------------------------- Moody's Investors Service has assigned the following definitive ratings to the notes issued by Perpetual Corporate Trust Limited as trustee of IC Trust 2021-1. Issuer: IC Trust 2021-1 AUD20.3 million Class A Notes, Assigned Baa1 (sf) AUD1.0 million Class B Notes, Assigned Ba2 (sf) AUDA2.1 million Class C Notes, Assigned B2 (sf) AUD2.25 million Class D Notes are not rated by Moody's IC Trust 2021-1 is a cash securitisation of non-conforming auto loans extended to consumer borrowers in Australia. The loans were originated and are serviced by Fin One Pty Ltd (Fin One, unrated). This is Fin One's first ABS transaction. Fin One, a privately owned non-bank lender, was established in 2010 with a focus of providing auto loans to non-conforming consumer borrowers in the Australian market. In 2016, the lender expanded into financing of commercial auto loans. As of June 2021, Fin One's loan portfolio amounted to around AUD238.7 million. RATINGS RATIONALE The definitive ratings take into account, among other factors, an evaluation of the underlying receivables and their expected performance, evaluation of the capital structure and credit enhancement provided to the notes, availability of excess spread over the life of the transaction, the liquidity reserve in the amount of 2.50% of the stated balance of the notes, the legal structure, and the experience of Fin One as servicer and the availability of a back-up servicer. According to Moody's, the transaction benefits from credit strengths such as the high level of excess spread that is available to cover losses from defaulted receivables, the availability of a yield reserve and the relatively high seasoning of the underlying portfolio. At the same time, Moody's notes that the transaction features some credit weaknesses such as high proportion of borrowers with a history of credit impairment and lower-than-average historically observed recovery rates. In addition, Moody's notes that Fin One is a specialist servicer of non-conforming auto loans. In an event of servicer transfer, there is a risk of higher level of defaults in the portfolio, if the substitute servicer does not have the same specialised approach to servicing as Fin One. Notable transactional features are as follows: Once step-down conditions are satisfied, all notes, excluding the class D notes, will receive their pro-rata share of principal. Step down conditions include, among others, that the subordination to the Class A notes is at least 1.5 times the initial level of subordination, and that there are no unreimbursed charge-offs. A yield reserve will be available to cover interest payment shortfalls on the required payments and any losses not covered by the excess spread. The reserve is not funded at closing and will build up from excess spread up to an amount of 2% of the initial invested amount of the notes, that is AUD513,000. If the notes are not redeemed on the call date, all excess available income will be trapped in the yield reserve. Perpetual Corporate Trust Limited is the back-up servicer. If Fin One is terminated as servicer, Perpetual will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key model and portfolio assumptions: Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 48%. Moody's mean expected default rate for this transaction is 12.8% and the assumed recovery rate is 10%. Expected defaults, recoveries and PCE are parameters used by Moody's to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model to rate consumer ABS. The assumed default rate and PCE are higher than for other Australian auto ABS, reflecting the non-conforming nature of the securitised portfolio. The lower-than-average assumed recovery rate reflects Fin One's historical experience. Key pool features are as follows: The weighted average seasoning of the portfolio is 26.9 months, while the weighted average remaining term is 36.8 months; Around 41.6% of loans have prior defaults or judgements, or both; Interest rates in the portfolio range from 12% to 26%, with a weighted average interest rate of 22.3%; Around 92.7% of the loans are secured by used vehicles. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in December 2020. Factors that would lead to an upgrade or downgrade of the ratings: Up Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors. The Australian job market is a primary driver of performance. Down Levels of credit protection that are insufficient to protect investors against current expectations of loss could lead to a downgrade of the ratings. Moody's current expectations of loss could be worse than its original expectations because of more defaults by underlying obligors. The Australian job market is a primary driver of performance. Other reasons for worse performance than Moody's expects include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, lack of transactional governance and fraud. LIBERTY PRIME 2021-2: Moody's Assigns (P)B2 Rating to Cl. F Notes ----------------------------------------------------------------- Moody's Investors Service has assigned the following provisional ratings to the notes to be issued by Liberty Funding Pty Limited in respect of Liberty Prime Series 2021-2. Issuer: Liberty Prime Series 2021-2 AUD880.0 million Class A1 Notes, Assigned (P)Aaa (sf) AUD29.0 million Class A2 Notes, Assigned (P)Aaa (sf) AUD29.0 million Class AB Notes, Assigned (P)Aaa (sf) AUD25.0 million Class B Notes, Assigned (P)Aa1 (sf) AUD11.0 million Class C Notes, Assigned (P)A1 (sf) AUD11.0 million Class D Notes, Assigned (P)Baa1 (sf) AUD11.0 million Class E Notes, Assigned (P)Baa3 (sf) AUD3.0 million Class F Notes, Assigned (P)B2 (sf) The AUD1.0 million Class G Notes are not rated by Moody's. The transaction is a securitisation of Australian residential mortgages loans originated and are serviced by Liberty Financial Pty Limited (Liberty, unrated). The transaction includes a three month pre-funding period, whereby Liberty Funding Pty Ltd will issue notes up to AUD1.0 billion, based on the initial pool of AUD700.0 million. During the pre-funding period, additional loans may be sold into the trust, up to the pre-funding amount of AUD300.0 million, subject to certain portfolio parameters and the eligibility criteria. RATINGS RATIONALE The provisional ratings take into account, among other factors: - Evaluation of the underlying receivables and their expected performance; - Evaluation of the capital structure and credit enhancement provided to the notes; - The availability of excess spread over the life of the transaction; - The liquidity facility in the amount of 1.0% of the notes balance subject to a floor of AUD1,350,000; - The prefunding period and the legal structure; and - The experience of Liberty as the servicer. According to Moody's, the transaction benefits from various credit strengths such as relatively high subordination to the senior notes, high seasoning of the underlying portfolio, and a guarantee fee reserve account. However, Moody's notes that the transaction features some credit weaknesses such as the substantial portion of the portfolio extended to self-employed borrowers and the pro-rata amortization of rated notes under certain conditions. Moody's MILAN credit enhancement (MILAN CE) for the collateral pool -- representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario -- is 6.1%. Moody's expected loss for this transaction is 0.70%. The MILAN CE and expected loss is lower than for previous Liberty Prime transactions, reflecting an improvement in the composition of the securitized pool. These assumptions also reflect Moody's assessment of the strong historical performance of Liberty's portfolio in terms of delinquencies and defaults evidenced, and benchmarking with comparable RMBS transactions in the Australian market. The key transactional features are as follows: Class A1 and Class A2 notes benefit from 12.0% and 9.1% note subordination respectively. Principal collections will be at first distributed sequentially. Starting from the second anniversary from closing, all notes (excluding the Class G notes) may participate in proportional principal collections distribution subject to the step down conditions being met. The step down criteria include, among others, no charge offs on any of the notes and Class A1 note subordination of at least 19.0%. The Class G notes' share of principal will be allocated in reverse sequential order starting from the Class F notes. Principal pay-down will revert to sequential once the aggregate loan amount is at 20.0% or less of the aggregate loan amount at closing, or on or following the payment date in August 2026. The guarantee fee reserve account, which is unfunded at closing and will build up to a limit of AUD3,000,000 from excess spread if the guarantee fee reserve test is satisfied. The reserve account will firstly be available to meet losses on the loans and charge offs against the notes. Secondly, it can be used to cover any required payment shortfalls that remain after liquidity facility and principal draws. The key features of the mortgage loan pool are as follows: - The portfolio has a weighted average scheduled loan-to-value (LTV) ratio of 67.1%, with 7.7%of the loans with a scheduled LTV above 80.0% and 3.3% of the loans with a scheduled LTV above 90%. - Around 24.0% of the mortgage loans in the portfolio were granted to self-employed borrowers. - All loans in the portfolio were extended on a verified income documentation basis. - The portfolio contains no exposure to borrowers with prior credit impairment (default, judgment or bankruptcy). - The portfolio has a weighted-average seasoning of 26.3 months, with 47.1% of loans originated in the last six months. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in December 2020. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement, due to sequential amortization, or better-than-expected collateral performance. The Australian jobs market and the housing market are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons for worse performance than Moody's expects include poor servicing, error on the part of transaction parties, deterioration in credit quality of transaction counterparties, fraud and lack of transactional governance. PEPPER RESIDENTIAL 30: S&P Assigns B(sf) Rating on Cl. F Notes -------------------------------------------------------------- S&P Global Ratings assigned ratings to seven classes of nonconforming and prime residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper Residential Securities Trust No.30. Pepper Residential Securities Trust No.30 is a securitization of nonconforming and prime residential mortgages originated by Pepper Homeloans Pty Ltd. The ratings reflect: -- S&P's view of the credit risk of the underlying collateral portfolio, including its view that the credit support is sufficient to withstand the stresses it applies. The credit support for the rated notes comprises note subordination and excess spread. The assessment of credit risk takes into account the underwriting standard and centralized approval process of the seller, Pepper Homeloans. -- The availability of a retention amount and amortization amount, which will all be funded by excess spread, but at various stages of the transaction's term. They will have separate functions and timeframes, including reducing the balance of senior notes, reducing the balance of the most subordinated notes. -- S&P's expectation that the various mechanisms to support liquidity within the transaction, including a liquidity facility equal to 2.5% of the outstanding balance of the notes, principal draws, and a yield-enhancement reserve--to the extent it is funded--are sufficient under our stress assumptions to ensure timely payment of interest. -- The condition that a minimum margin will be maintained on the assets. -- That S&P also has factored into its ratings the legal structure of the trust, which has been established as a special-purpose entity and meets its criteria for insolvency remoteness. -- S&P's outlook assumptions for Australian RMBS, which it updated in 2020 in response to changing macroeconomic conditions as a result of the COVID-19 outbreak. As of Aug. 13, 2021, there were five loans with COVID-19-related hardship arrangements present within the pool. Ratings Assigned Pepper Residential Securities Trust No.30 Class A1, A$637.50 million: AAA (sf) Class A2, A$106.30 million: AAA (sf) Class B, A$47.50 million: AA (sf) Class C, A$21.00 million: A (sf) Class D, A$15.30 million: BBB (sf) Class E, A$9.20 million: BB (sf) Class F, A$6.80 million: B (sf) Class G, A$6.40 million: Not rated PREMIER PLUMBING: Second Creditors' Meeting Set for Aug. 31 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Premier Plumbing Australia Pty Ltd has been set for Aug. 31, 2021, at 10:00 a.m. via conference telephone call. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 30, 2021, at 4:00 p.m. Bill Karageozis and Jonathan McLeod of McLeod & Partners were appointed as administrators of Premier Plumbing on July 27, 2021. SOCIETYONE PL 2021-1: Moody's Assigns (P)B2 Rating to Cl. F Notes ----------------------------------------------------------------- Moody's Investors Service has assigned provisional ratings to the notes to be issued by Perpetual Corporate Trust Limited as trustee of SocietyOne PL 2021-1 Trust. Issuer: SocietyOne PL 2021-1 Trust AUD130 million Class A Notes, Assigned (P)Aaa (sf) AUD19.4 million Class B Notes, Assigned (P)Aa2 (sf) AUD12 million Class C Notes, Assigned (P)A2 (sf) AUD11 million Class D Notes, Assigned (P)Baa2 (sf) AUD9.2 million Class E Notes, Assigned (P)Ba2 (sf) AUD9.2 million Class F Notes, Assigned (P)B2 (sf) The AUD9.2 million of Class G-1 and Class G-2 Notes (together, the Class G Notes) are not rated by Moody's. The transaction is a cash securitisation of a portfolio of Australian unsecured consumer personal loans originated by SocietyOne Australia Pty Ltd (SocietyOne, unrated). This is SocietyOne's inaugural term asset-backed securitisation transaction. SocietyOne is an Australian non-bank lender providing consumer loans, including unsecured personal loans and secured loans, to prime borrowers in Australia. As of June 2021, its loan portfolio amounted to around AUD357.4 million, consisting of over 23,000 receivables. RATINGS RATIONALE The provisional ratings take into account, among other factors, (1) Moody's evaluation of the underlying receivables and their expected performance, (2) evaluation of the capital structure and credit enhancement provided to the notes, (3) availability of excess spread over the transaction's life, (4) the liquidity facility in the amount of 3.0% of the rated notes balance, subject to a floor of AUD600,000, (5) the legal structure, and (6) SocietyOne's experience as servicer. Key transactional features are as follows: The notes will be repaid on a sequential basis initially. Once step-down conditions are satisfied, all notes, excluding Class G Notes, will receive their pro-rata share of principal. Step-down conditions include, among others, 45% subordination to the Class A Notes and no unreimbursed charge-offs. The repayment of principal will revert to sequential on the call option date. A swap provided by National Australia Bank Limited (Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow a schedule based on amortisation of the assets assuming a certain prepayment rate. Perpetual Corporate Trust Limited (NR) is the back-up servicer. If SocietyOne is terminated as servicer, Perpetual will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. According to Moody's, the transaction benefits from credit strengths such as the high level of excess spread that is available to cover losses from defaulted receivables, granularity of the portfolio and the largely fully-employed status of the obligors, providing greater income stability. At the same time, Moody's notes that the transaction features some credit weaknesses such as limited historical data and low seasoning of the underlying portfolio. Key model and portfolio assumptions: Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 40%. Moody's mean expected default rate for this transaction is 9% and the assumed recovery rate is 5%. Expected defaults, recoveries and PCE are parameters used by Moody's to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model to rate consumer ABS. Moody's analysis is based on limited historical performance data. SocietyOne is a relatively new originator, with relevant historical default data only available from the third quarter of 2016. As such, the pool's performance could be subject to greater variability than the currently available loss data indicates. Moody's has incorporated an additional stress into its default assumptions to account for the limited data, including the fact that the performance history does not cover a full life cycle for any one vintage. As such, the assumed default rate and PCE are higher than for Australian consumer ABS, where the available historical data cover a fuller economic cycle. Key pool features are as follows: As of the June 30, 2021 cut-off date, the securitised pool consisted of 8,688 personal loans. The total outstanding balance of the receivables was AUD162,961,335. The weighted average interest rate of the portfolio is 12.7%. 84.0% of loans are to borrowers in full-time employment. The weighted average Equifax credit score of the portfolio is 723. The weighted average remaining term of the portfolio is 46.9 months. The weighted average seasoning of the initial portfolio is 6.3 months. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2020. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortization or a better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factor that could lead to a downgrade of the notes is a worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. ========= C H I N A ========= CHINA EVERGRANDE: Bosses Summoned, Warned Over Debts ---------------------------------------------------- ShanghaiDaily.com reports that China's central bank said it summoned executives of the country's most indebted property developer, China Evergrande Group, on Aug. 18 and issued a rare warning that the company ought to reduce its debt risks and prioritize stability. ShanghaiDaily.com says Evergrande has been scrambling for cash as it seeks to meet new debt-ratio caps. The scale of its debts has authorities and investors concerned that a collapse or default could trigger a far broader financial crisis. Evergrande must "actively defuse debt risk and maintain real estate and financial markets stability," the People's Bank of China and China's banking regulator, the China Banking and Insurance Regulatory Commission, said in a joint statement on Aug. 19, ShanghaiDaily.com relays. "Evergrande, as a top real estate company, must earnestly implement strategic arrangements made by the central government to ensure the stable and healthy development of the real estate market, and strive to keep operations stable," they said. They urged Evergrande to disclose information on major events by the rules and clarify market rumors on time, ShanghaiDaily.com notes. ShanghaiDaily.com says Evergrande had no immediate response, although it has been struggling to raise funds through asset sales, including offloading part of its electric vehicle business. Evergrande has more than CNY240 billion (US$37 billion) of bills and trade payables from contractors to settle over the next 12 months, the report discloses. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. As reported in the Troubled Company Reporter-Asia Pacific, S&P Global Ratings, on Aug. 5, 2021, downgraded China Evergrande Group and its subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji Holding Ltd. to 'CCC' from 'B-'. S&P also lowered its long-term issue rating on the U.S. dollar notes issued by Evergrande and guaranteed by Tianji to 'CCC-' from 'CCC+'. The negative outlook reflects Evergrande's increasing strained liquidity and nonpayment risk. It also reflects S&P's view that its asset disposal plan, though potentially substantial, lacks visibility or certainty. CHINA HUARONG: Expects to Post USD16-Bil. Net Loss for 2020 ----------------------------------------------------------- The Wall Street Journal reports that China Huarong Asset Management Co., China's top manager of distressed assets, said it would post a massive loss and expects to receive a capital infusion from state-owned financial institutions, avoiding a messy default that would have had wide repercussions for Asia's credit markets. The Journal relates that China Huarong Asset Management Co., which is majority owned by China's Ministry of Finance and the largest of the country's managers of nonperforming loans and other bad debt, also said it has no plans to restructure its debt, cementing beliefs among investors that many Chinese institutions are too big to fail. On Aug. 18, the company said it expects to post a net loss equivalent to about $16 billion for 2020, the Journal discloses. Earlier this year, the firm's delay in releasing its results spooked international investors and caused its bond prices to tumble. According to the Journal, the Beijing-based company blamed its past overexpansion and other problems on former Chairman Lai Xiaomin, who was executed after a court found him guilty of bribery and embezzlement. It also said the coronavirus pandemic and its negative impact on markets caused a swift deterioration in some of its assets. The Journal adds that Huarong said that five state-owned financial companies, including Citic Group, fellow bad-debt manager China Cinda Asset Management and an investment unit of China Life Insurance Co., have signed an agreement to purchase newly issued shares, though it didn't detail how much capital they planned to contribute. About China Huarong China Huarong Asset Management Co Ltd is a China-based company mainly engaged in asset management business. The Company operates through three segments. The Distressed Asset Management Operations segment is engaged in distressed asset management, debt equity swap asset management, the management of non-performing assets carried out by subsidiaries distressed asset management business conducted by its subsidiaries, distressed asset-based special situations investments business and distressed asset-based property development business. The Financial Services segment mainly includes securities and futures business, financial leasing business, banking services business and consumer finance business. The Asset Management and Investment Operations segment is mainly engaged in trust business, private equity funds business, financial investments business, international business, and other businesses. IDEANOMICS INC: Incurs $10 Million Net Loss in Second Quarter ------------------------------------------------------------- Ideanomics, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $9.99 million on $33.22 million of total revenue for the three months ended June 30, 2021, compared to a net loss of $26.42 million on $4.69 million of total revenue for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss of $10.73 million on $65.93 million of total revenue compared to a net loss of $39.04 million on $5.07 million of total revenue for the same period during the prior year. As of June 30, 2021, the Company had $698.05 million in total assets, $145.39 million in total liabilities, $1.26 million in convertible redeemable preferred stock, $7.72 million in redeemable non-controlling interest, and $543.68 million in total equity. As of June 30, 2021, the Company had cash of $395.6 million. Approximately $39.3 million was held in accounts outside of the United States, primarily in Hong Kong and the PRC. Cash used in operating activities was $(10.4) million for the six months ended June 30, 2021 as compared to cash used in operating activities of $(10.4) million in the same period in 2020. This was primarily due to: (1) a reduction in net loss to $(10.7) million in the current period as compared to a net loss of $(39.0) million in the same period of 2020, (2) total non-cash adjustments increase (decrease) to net loss was $(2.8) million and $28.5 million for the six months ended June 30, 2021 and 2020, respectively; and (3) total changes in operating assets and liabilities resulted in an increase of $3.2 million and of $0.2 million in cash used in operating activities for the six months ended June 30, 2021 and 2020, respectively. Cash used in investing activities was $(142.8) million, primarily due to expenditures incurred for the acquisitions of Timios, WAVE, Solectrac and US Hybrid, the investments in Energica and FNL and the acquisition of the convertible note with Silk EV. The Company received $383.0 million from financing activities in the current quarter versus $45.7 million in the same period in the prior year. The issuance of convertible notes generated $220.0 million in the current period as compared to $2.0 million in the same period of 2020. The exercise of warrants and issuance of common stock generated $163.0 million as compared to $39.1 million in the same period of 2020. In the period ended June 30, 2020 the Company received $7.1 million from a non-controlling shareholders contribution and made a repayment of $3.0 million to a related party. The Company expects to continue to raise both equity and debt finance to support the Company's investment plans and operations. A full-text copy of the Form 10-Q is available for free at: https://bit.ly/2XSnUFv About Ideanomics Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Its Mobile Energy Global (MEG) division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under its innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions and services across the financial services industry. Together, MEG and Ideanomics Capital provide their global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and its shareholders with the opportunity to participate in high-potential, growth industries. The Company is headquartered in New York, NY, with operations in the U.S., China, Ukraine, and Malaysia. Ideanomics reported a net loss of $106.04 million for the year ended Dec. 31, 2020, compared to a net loss of $96.83 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $569.90 million in total assets, $140.37 million in total liabilities, $1.26 million in convertible preferred stock, $7.6 million in redeemable non-controlling interest, and $420.67 million in total equity. MINISO GROUP: Posts CNY1.4-Bil. Net Loss For Year Ended June 30 --------------------------------------------------------------- Nikkei Asia reports that MINISO Group Holding Limited amassed a net loss exceeding CNY1.4 billion (US$215 million) for the year ended in June as the coronavirus pandemic deepened the company's red ink. Miniso struggled as normally profitable overseas outlets were forced to close temporarily amid lockdowns. But performance picked up in the April-June quarter, led by operations abroad. Full-year group sales inched up 1% to CNY9 billion yuan, the company said Aug. 19, Nikkei discloses. Chinese revenue rose 21% to CNY7.2 billion, but other regions declined 39% to CNY1.7 billion. Miniso widened its net loss from the fiscal year ended June 2020, when it finished CNY200 million in the red. However, sales in the recent April-June period soared 59% on the year to CNY2.4 billion. Chinese sales grew 43% while sales in other markets mushroomed by 180%. Net profit in the fiscal fourth quarter reached CNY100 million, rebounding from a loss of CNY40 million in the year-ago period, Nikkei relays. Miniso operated 4,749 stores at the end of June, up more than 10% from a year earlier. The chain added 406 shops in China for a total of 2,939 domestic outlets, while opening 121 more locations abroad for a total of 1,810. The retailer did business in 98 nations and territories outside of China as of June 30. The company expects to reach its 100th market by the end of the year, Vincent Huang, Miniso's vice president of international business, told Nikkei. Huang said Miniso's relative early entry in Asia and Latin America will help in further developing those markets, with plans to swiftly open additional locations in the Mideast and Europe. The group is focusing resources on Top Toy, its chain of figurine hobby shops. Since opening the first location in Guangzhou in December, the operation now spans 33 locations across China. Based in Guangzhou, China, MINISO Group Holding Limited (NYSE: MNSO) -- http://www.miniso.com/-- an investment holding company, engages in the retail and wholesale of lifestyle products in China, Asia, the Americas, and Europe. The company offers products in various categories, including home decor products, small electronics, textiles, accessories, beauty tools, toys, cosmetics, personal care products, snacks, fragrances and perfumes, and stationeries and gifts under the MINISO and WonderLife brand names. As of June 30, 2020, it operated a network of approximately 4,200 MINISO stores, as well as online sales channels. PRIMELINE ENERGY: Receives Notice of Default, Acceleration ---------------------------------------------------------- Primeline Energy Holdings Inc. on Aug. 11, 2021, disclosed that it has received notice of the occurrence of an event of default under the loan facility from the syndicate of banks (the "Syndicate") which provided finance for Primeline's share of the development cost of the LS 36-1 gas field, and of acceleration and demand for repayment of the principal amount of the loan of US $152,761,912.70, together with interest and penalties. As previously disclosed, production at LS 36-1 has been shut down, and Primeline has no source of revenue with which to repay the loan. The Syndicate has yet to provide notification to Primeline with regard to enforcement of security for the loan. Primeline confirms that, other than as disclosed in prior press releases, there have been no material business developments since its press release of August 21, 2020 and the filing on February 13, 2020 of the Company's latest interim financial report for the period ended December 31, 2019. Primeline is an independent, China-focused oil and gas exploration and production company with shares listed on the TSX Venture Exchange under the symbol "PEH". ========= I N D I A ========= AAMEYA POLYMERS: CRISIL Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aameya Polymers LLP (APLLP) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with APLLP for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of APLLP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on APLLP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APLLP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in March 2016, APLLP manufactures multi-layer laminated films, polythene bags and pouches, used for packaging purposes in industries such as food & grain, pharmacy, confectionary, and FMCG. Commercial operations commenced from April 2017. Mr. Vishal Poddar and Mrs Rekha Shah are partners in the firm. The manufacturing facility is situated at Dewas, Madhya Pradesh, with an installed capacity of 3600 metric tons per annum. ADVENTURE PARK: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Adventure Park (APK) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 5 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with APK for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of APK, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on APK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of APK continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Promoted by Mrs. Gayatri, APK is setting up an 'Adventure' themed amusement park with adventure and water rides. The firm's amusement park is being set up in a total area of 35 acres in Coimbatore and is expected to commence operations from March 2018. AMMA CONSTRUCTION: CRISIL Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amma Construction India Private Limited (ACIPL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 3.5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ACIPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ACIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ACIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACIPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Setup in 2010, Amma Construction India Pvt Ltd. (ACIPL) is engaged in civil construction, primarily road and building projects. The company undertakes projects for various government entities in the states of Karnataka, Maharashtra and Tripura. The company is based out of Bengaluru and is promoted by Mr. S Rama Krishna. ANAS MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Anas Motors Private Limited (AMPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6.37 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 0.13 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with AMPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AMPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AMPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. AMPL, incorporated in 1998, is promoted by Ankleshwar, Gujarat-based Mr. Salahuddin Baig. The company is an authorized dealer for HML, and has a showroom in Ankleshwar. ATC LOGISTICS: CRISIL Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of ATC Logistics Private Limited (ATCPL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 54 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ATCPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ATCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ATCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ATCPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. ATCPL was promoted by Mr. Tutul Chowdhury in 2009 to provide third-party logistics solutions. The promoter earlier operated ATC India, a proprietorship firm engaged in material handling and transportation for other large logistics solutions providers. ATCPL has a logistics facility at Barasat in Kolkata, and has branches in Sikkim, Jharkhand, Bihar, and Odisha. The company has leased out 665,700 square feet of warehouse space to companies such as Bharti Airtel, M/s. P.N. Writers Corporation Private Limited, and Idea Cellular, etc. B SATYANARAYANA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of B Satyanarayana Reddy (BSNR) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 2 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 5.5 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with BSNR for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BSNR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BSNR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BSNR continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. B Satyanarayana Redddy (BSNR), established in 2003 as a proprietorship concern is engaged in civil construction work (Roads and Bridges), majorly For Department of Rural development. The business activity of firm is confined to Krishna District (A.P) and Khammam District (Telangana). BANSAL BROTHERS: CRISIL Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Bansal Brothers (Delhi) (BBRS) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 12 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BBRS for obtaining information through letters and emails dated January 30, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BBRS, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BBRS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BBRS continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in 1953, BBRS is promoted by Mr. Yash Pal Bansal, Mr. Ravi Lochan Gupta, and Mr. Bharat Bansal. It trades in cold-rolled (CR) and hot-rolled (HR) steel coils. BRITISH BIOLOGICALS: CRISIL Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of British Biologicals (BB) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BB for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BB, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BB continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. British Biologicals, is a proprietorship firm founded in 1988 by Mr. V. S. Reddy. It offers a wide range of nutritional supplements. The firm's manufacturing facility is located in Bangalore. GOKULAM INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gokulam Industries (GI) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.0 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1.2 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.8 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GI for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GI, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GI continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Set up in September 2013 as a partnership firm, GI is engaged in processing of pulses mainly Urad, Toor and Moong dal. The firm commenced its daily operations from January 2015 onwards. The daily operations are managed by the managing partner, Mr. R. Hariharan. GRAFFITI LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Graffiti Laminates Private Limited (GLPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 12.1 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.9 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GLPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GLPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GLPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. GLPL, incorporated in 2013 and based in Morbi, Gujarat, is promoted by Mr. Kevinkumar Arvind Bhuva, Mr. Raj Girish Khant, and Mr. Sanjay Govind Vachchani. It started commercial production of laminates in April 2014. HAIKO LOGISTICS: CRISIL Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Haiko Logistics India Private Limited (HLIPL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11.5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HLIPL for obtaining information through letters and emails dated January 30, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HLIPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HLIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HLIPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in 2005 by Mr. Manoj Gupta, Mumbai-based HLIPL provides logistic solutions such as freight forwarding services, custom clearances and warehousing services to wide range of customers. HORIZON GLOBAL: CRISIL Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Horizon Global Limited (HGL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HGL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HGL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HGL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HGL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in October 1999, HGL manufactures rubber and plastic components for home appliances and the automobile industry. The company, promoted by Mr. Praveen Kapoor, is based in Faridabad (Haryana). HOTEL ASHOK: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hotel Ashok - Thanjavur (HA) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1.2 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 8.8 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HA for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HA, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HA continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Set up in 2015 as a partnership firm by Mr. V Ashok, Mr. R Vijaykumar, and their families, HA is setting up a 22-room hotel, Hotel Ashok, in Thanjavur, Tamil Nadu. The project is currently under construction and operations are expected to begin from April 2017. IMMENSE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Immense Industries Private Limited (IIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 35 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with IIPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of IIPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on IIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IIPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 1988, IIPL trades in yarn and metal products (scrap ingots). Daily operations of the Delhi-based company are managed by Mr. Somnath Harjai. JAGAN INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jagan Industries Private Limited (JIPL; part of JTL group) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JIPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of JIPL, JTL Infra Limited (JTL) and Chetan Industries Ltd (CIL). That's because all these companies, together referred to as the JTL group, are in the same line of business, and have a common management and significant financial and operational linkages. About the Group Incorporated in 1991 and promoted by the Chandigarh-based Singla family, JTL manufactures black and galvanised steel tubes, galvanised solar structures, and road crash barriers. The unit in Dera Bassi, Punjab, has black steel tube manufacturing capacity of 8,000 tonne per month (tpm) and galvanised steel tube capacity of 4,000 tpm. Products are sold under the Jagan, Olympic, and Shri Ganesh brands. CIL manufactures steel tubes and hot-rolled (HR) coils at its unit in Raipur, Chhattisgarh, which has black steel tube manufacturing capacity of 10,000 tpm, galvanised steel tube capacity of 5,000 tpm, and HR coil manufacturing capacity of 10,000 tpm. JIPL, incorporated in 1990 and promoted by the same family, manufactures HR coils, galvanised pipes, and mild steel tubes. The manufacturing unit in Mandi Gobindgarh, Punjab, has black steel manufacturing capacity of 22,418 tonne per day. JET AIRWAYS: Workers Seek Stay on Jalan-Kalrock Resolution Plan --------------------------------------------------------------- Livemint.com reports that the cabin and ground staff of Jet Airways has moved an appellate tribunal seeking stay on the Jalan Kalrock consortium's resolution plan, over concerns related to pending salaries and retirement benefit. In June, National Company Law Tribunal (NCLT) had approved Jalan Kalrock consortium's resolution plan for Jet Airways, two years after the airline was grounded, Livemint.com recalls. The full service carrier had to shut down operations in April 2019 due to financial woes and the insolvency resolution process commenced in June the same year. According to Livemint.com, the Jet Airways Cabin Crew Association (JACCA) and Bhartiya Kamgar Sena, in their petition before the National Company Law Appellate Tribunal (NCLAT), have submitted that dues of all workmen of the airline were not included as part of the Corporate Insolvency Resolution Process (CIRP) cost. Livemint.com relates that JACCA claims to represent a majority of the airline's cabin crew, while Bhartiya Kamgar Sena claims to represent more than 70 per cent of the airline's ground staff. Livemint.com says the two Jet Airways employee groups have requested the NCLAT to "quash and set aside" the order passed by the NCLT's Mumbai Bench that approved the Jalan-Kalrock consortium's resolution plan for Jet Airways. They have sought a stay on the execution of this order till their petition is heard. The petition has pointed out that the approved resolution plan mandates demerger of Jet Airways' subsidiary Airjet Ground Services Ltd (AGSL). Also, the services of the airline's employees, who were on the payroll as on the date of approval of the resolution plan, will be transferred to the demerged entity, Livemint.com relays. "It further proposes that with the said demerger of employees, the corporate debtor (Jet Airways) will not be liable for all the retirement benefits of said demerged employees at all and the said AGSL, which is not yet even operational, will be solely responsible for the said liability," it further noted. As per the petitioners, their members did not receive any salary from March 2019 and had submitted their claims during the CIRP. NCLT had assured earlier that entire ground staff, engineers and pilots should be considered as an asset of the company, Livemint.com notes. "The above observation by NCLT as well as the approach of Respondent No 1 (Resolution Professional) clearly depicts that the dues of all workmen were that point of time considered as CIRP cost," the petitioners have contended. According to the report, the petition has also sought a stay on the proposed liquidation of the AGSL as well as sales of assets like aircraft, aircraft spares and ground equipment of Jet Airways till the NCLAT reaches a final decision. Further, the employee groups have flagged the consortium's requirement that if its proposal, dated July 5, 2021, was not accepted by 95 per cent of the employees, then it would be entitled to liquidate AGSL. According to the petition, it was also mentioned that if any employee challenges the proposal, then the proposal will stand withdrawn, Livemint.com relays. The proposal, dated July 5, pertains to employee dues and retirement benefits, among others. It also mentioned that 76 per cent of AGSL will be held by the Employees Welfare Trust of AGSL, the report notes. About Jet Airways Based in Mumbai, India, Jet Airways (India) Limited was one of India's top airlines founded by Naresh Goyal. It provided passenger and cargo air transportation services as well aircraft leasing services. It operated flights to 66 destinations in India and international countries. Jet Airways on April 17, 2019, halted all flight operations after its lenders rejected its plea for emergency funds. On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai Bench, accepted an insolvency petition against Jet Airways filed by its creditors as they attempt to recover some of their dues. Ashish Chhawchharia of Grant Thornton India has been named as the resolution professional in the case. Law firm Cyril Amarchand Mangaldas will represent the interests of the lenders' consortium, according to a Reuters report. Creditors have filed claims worth INR30,907 crore, according to Financial Express. The RP has so far admitted claims worth over INR14,000 crore. Jet Airways would be acquired by an investor consortium under a multi-million dollar resolution plan approved by the carrier's creditors on Oct. 17, 2020. JITM TRUST: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of JITM Trust (Centurion University of technology and Management) (JITM; part of the CUTM group) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 32.95 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JITM for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JITM, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JITM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JITM continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. For arriving at its rating, CRISIL Ratings has changed its analytical approach and combined the business and financial risk profiles of JITM Trust (JITM), CSREM, and Centurion University of Technology and Management (CUTM). The three entities, collectively referred to as the CUTM group, are likely to be merged over the medium term. Moreover, they have financial linkages and common promoters. CUTM, a private university, was formed by an Act of the Odisha Legislative Assembly in 2010. CUTM has four campuses, at Parlakhemundi, Bhubaneswar, Bolangir and Rayagada, offering graduate and post-graduate engineering, management, and science courses, apart from primary and secondary education, skill and vocational training, social entrepreneurship initiatives, and doctorate courses. The university includes School of Management, School of Engineering and Technology, School of Vocational Education and Training, School of Architecture Planning & Design, School of Applied Science, School of Humanities & Social Science, MS Swaminathan School of Agriculture, School of Media Communication, School of Mines, School of Pharmacy & Life Sciences, School of Paramedics and Allied Health Service, Institute of Knowledge and Societies and PhD courses. JOHN SAW: CRISIL Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of John Saw Mill Private Limited (JSMPL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (Issuer Not Cooperating) Inland/Import Letter of Credit 50 CRISIL A4 (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JSMPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JSMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JSMPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. JSMPL was incorporated in 2011 and is based in Tirunelveli, Tamil Nadu. The company imports and trades in timber and is promoted by Mr. S Maria John. KALYAN GRAND: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kalyan Grand Stay Private Limited (KGSPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 25.5 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 1.5 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with KGSPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KGSPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KGSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KGSPL continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. KGSPL was incorporated by Mr. Saravana Prakash K and his family members in 2011 and is based in Chennai. The company has a 3-star business hotel, Kalyan Hometel, in Chennai, for which, it has an operational and managerial tie-up with Sarovar. M R REAL: Ind-Ra Affirms BB' LT Issuer Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed M R Real Food Private Limited's Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR90.00 mil. Fund-based working capital limits affirmed with IND BB/Stable rating; and -- INR36.83 mil. (reduced from INR51.45 mil.) Term loan due on March 31, 2024 affirmed with IND BB/Stable rating. KEY RATING DRIVERS The affirmation reflects MRRFPL's continued small scale of operations. The company's revenue declined to INR767.77 million in FY21 (FY20: INR893.01 million) owing to the COVID-19 led operational disruptions. In 1QFY22, MRRFL achieved a revenue of INR128 million. The agency expects the company's revenue to be stable in FY22, subject to no further COVID-19 related lockdowns. FY21 financials are provisional in nature. The ratings also reflect MRRFPL's average EBITDA margin, which deteriorated marginally to 3.66% in FY21 (FY20: 3.92%) owing to an increase in the total variable overheads. The company's return on capital employed stood at 14.60% in FY21 (FY20: 17.40%). The agency expects the margin to remain stable in FY22. Liquidity Indicator – Stretched: MRRFPL' average maximum utilization of the fund-based limits was 74.72% during the last 12 months ended May 2021. The cash flow from operations and free cash flows deteriorated to INR0.51 million in FY21 (FY20: INR44.67 million) and to INR1.03 million (INR39.67 million), respectively, due to unfavorable changes in the working capital and the lower absolute EBITDA. The company's net working capital cycle elongated to seven days in FY21 (FY20: three days) due to an increase in the inventory holding period. The cash and cash equivalents stood at INR0.19 million at FYE21 (FYE20: INR22.52 million). MRRFPL does not have any capital market exposure and relies on banks to meet its funding requirements. It availed of the Reserve Bank of India-prescribed moratorium over March-August 2020. The ratings, however, are supported by MRRFPL's continued comfortable, although deteriorated, credit metrics. The gross interest coverage (operating EBITDA/gross interest expense) deteriorated to 2.65x in FY21 (FY20: 3.13x) and the net financial leverage (adjusted net debt/operating EBITDA) to 1.95x (1.26x) due to a fall in the absolute EBITDA to INR28.10 million (INR35.05 million). Ind-Ra expects the credit metrics to improve in FY22 owing to the scheduled debt repayments. The ratings, however, are supported by MRRFPL's promoters' three decades of experience in the food and grain business. RATING SENSITIVITIES Negative: Any further decline in revenue or the EBITDA margins, leading to deterioration in the liquidity and the net leverage exceeding 4x will be negative for the ratings. Positive: An increase in the revenue or the EBITDA margins and any improvement in the liquidity position while maintaining the credit metrics will be positive for the ratings. COMPANY PROFILE Incorporated in August 2012, M R Real Food Private Limited (MRRFPL) manufactures flour, refined flour, semolina and bran at its mills located at Deoghar (Jharkhand) with an installed capacity of 250MT/day. M.S. LUVISH: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed M.S. Luvish Infosystems Private Limited's (MSLIPL) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating action is: -- INR1,101.76 bil. (reduced from INR1.20 bil.) Term loan* due on November 28, 2031 affirmed with IND BB+/Stable rating. *Lease rental discounting (LRD) loan The affirmation reflects MSLIPL's single revenue stream of property rental, along with moderate debt service capabilities due to a marginal difference between annual rental income and annual debt repayment commitments. KEY RATING DRIVERS MSLIPL's scale of operations remains small with a revenue of INR187.65 million in FY21 (FY20: INR182.45 million), its first full year of operations. The company, engaged in the renting and leasing of immovable properties, received rent from few tenants during FY21 with a few instances of delays, due to the disruptions caused by the COVID-19 led lockdown. However, the company recovered the rent from the tenants in FY21, as they were bound by agreements. FY21 numbers are provisional in nature. MSIPL purchased a building named Espace with a total area of 231,089 square feet (sf) in Pune in December 2018, which had 99% occupancy at end-March 2021. The company has 95% unexpired contracts for 24-60 months till 30 September 2025. The remaining 4% covers the expired contracts which are in the process of finalization and 1% is estimated to commence from October 2021. There are nine tenants in the building, of which MD India Health Insurance TPA Private Limited covers 32% of the total area i.e. 74,613 sf. The ratings factor in the company's modest EBITDA margin, which improved to 85.47% in FY21 (FY20: 84.70%), due to a slight fall in the administration expenses. The company's return on capital employed was 8% in FY21 (FY20: 7%). The ratings are constrained by the company's weak, although improving credit metrics. Its interest coverage (operating EBITDA/gross interest expense) stood at 1.2x in FY21 (FY20: 1.1x) and net leverage (adjusted net debt/operating EBITDA) at 7.1x (7.7x), owing to an increase in the EBITDA to INR160.39 million (INR154.54 million). Liquidity Indicator - Adequate: The agency believes MSLIPL's liquidity is sufficient to meet its debt servicing obligations over the tenor of the LRD debt owing to the waterfall mechanism. The company's average debt service coverage ratio (DSCR) is 1.4x for FY22-FY25. Furthermore, the rating factors in the presence of a debt service reserve account (DSRA) equivalent to three months of repayment obligations in the form of a lien marked fixed deposit to be maintained throughout the tenor of the loan. There were no instances of withdrawal from DSRA during the 12 months ended July 2021. MSLIPL's cash and cash equivalents stood at INR60.71 million at FYE21 (FYE20: INR55.09 million). According to the management, MSLIPL can be funded through its group companies in case of a default. The rating is supported by the company's promoters' (the Sani Group) over two decades of experience in the LRD segment. RATING SENSITIVITIES Negative: Any decline in the occupancy levels and/or delays in the receipt of rental income, leading to the DSCR declining below 1.2x and/or a decrease in the DSRA will be negative for the ratings. Positive: A higher-than-expected rental income, leading to higher cash generation and/or a substantial decline in the debt subsequently leading to a strong improvement in the DSCR will be positive for the ratings. COMPANY PROFILE MSLIPL is engaged in renting and leasing of immovable properties. The property is located at Pune and has total area is 231,089 sf. The company has six promoters and is a part of the Sani Group. METAMORPHOSIS ENGITECH: Ind-Ra Assigns BB- Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Metamorphosis Engitech India Private Limited (MEIPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR310 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating; and -- INR24 mil. Non-fund-based working capital limit assigned with IND A4+ rating. KEY RATING DRIVERS The ratings reflect MEIPL's small scale of operations, as indicated by revenue of INR949.47 million in FY21 (FY20: INR652.34 million). In FY21, the revenue improved due to the addition of customers from February 2020 along with the capex incurred for capacity expansion to support increased orders. MEIPL does not have an order book and operates on running order basis. It booked revenue of INR350 million till 3MFY22. In FY22, Ind-Ra expects the revenue to improve as the company would work on optimizing the utilization of the available manufacturing capacity, and because of increased order flow. The ratings also factor in MEIPL's operating loss in FY21 due to higher fixed overheads. The company has been taking improvement measures by focusing on increasing the revenue (5% currently) from the international market to improve the operating leverage. The ratings are constrained by MEIPL's modest credit metrics due to the operating losses in FY21. The debt servicing has so far been aided by unsecured loans from the promoters. In FY22, Ind-Ra expects the credit metrics to improve on account of the profit earned because of improved operating leverage backed by optimizing the available manufacturing capacity. Liquidity Indicator - Poor: MEIPL's average maximum utilization of the fund-based limits was 95% and non-fund-based limits was 0% during the past 12 months. Both the cash flow from operations and free cash flow were negative at INR396 million and INR427.08 million in FY21 (FY20: negative INR166.99 million and negative INR756.72 million) due to high working capital requirements. The net working capital cycle is long and elongated to176 days in FY21 (FY20: 153 days) due to a rise in the receivables to 111 days (83 days). The cash and cash equivalents stood at INR8.37 million in FYE21 (FYE20: INR4.91 million). Furthermore, MEIPL does not have any capital market exposure and relies on the promoters, banks and financial institutions to meet its funding requirements. However, the ratings are supported by the promoters' nearly three decades of experience in metal, cement, consumable products, oil and gas industries. This has facilitated the company to establish strong relationships with customers as well as suppliers. RATING SENSITIVITIES Negative: Lower-than-expected scale of operations, resulting in deterioration in the credit metrics with interest coverage below 1.5x in FY22 and/or deterioration in the liquidity could be negative for the ratings. Positive: A significant increase in the scale of operations, resulting in an improvement in the credit metrics and liquidity on a sustained basis could be positive for the ratings. COMPANY PROFILE Incorporated in March 2018, MEIPL manufactures precision tubes, electric resistance welded tubes, drawn over mandrel/ cold drawn electric welded tubes at its 6,000 mt/month facility located in Pune (Maharashtra). MSR SEA: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MSR Sea Foods continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Cash 20 CRISIL B+/Stable (Issuer Not Credit Limit Cooperating) CRISIL Ratings has been consistently following up with MSR for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MSR, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MSR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MSR continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in 2015, Narsapuram, Andhra Pradesh-based MSR, a partnership firm of Mr. M Srinivasa Rao, and family, trades in shrimps. Commercial operations are started in fiscal 2019. RMJ MODERN: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of RMJ Modern Rice Mill (RMJ) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.5 CRISIL B+/Stable (Issuer Not Cooperating) Standby Line 1.5 CRISIL B+/Stable (Issuer Not of Credit Cooperating) CRISIL Ratings has been consistently following up with RMJ for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RMJ, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RMJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RMJ continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in 2006, Madurai-based RMJ is a partnership firm that processes and sells non-basmati rice. Mr. J Thangapandi, Mr. Sundara Pandian and Ms Udaya Banu are the partners. RNV INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of RNV Industries Private Limited (RIPL; a part of the RNV Arya group) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 75 CRISIL B+/Stable (Issuer Not Cooperating) Letter of Credit 125 CRISIL A4 (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RIPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RIPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RIPL continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. RIPL was incorporated in July 2012 and commenced operations in April 2013; IIPL was incorporated in September 2012 and commenced operations in April 2014. Both companies are promoted by Mr. Ravindrakumar Arya and his sons, Mr. Nakul Arya and Mr. Varun Arya. Both the companies (a part of the RNV Arya group) trade-in hot- and cold-rolled steel coils and sheets. The RNV Arya group is a part of the Arya group which has diverse business interests including manufacturing iron and steel, import of and trading in steel products, and ship-breaking and ship-chartering activities. S M ENTERPRISES: CRISIL Lowers Rating on INR17cr Loan to D ---------------------------------------------------------- CRISIL Ratings has downgraded the ratings on S M Enterprises - East Delhi (SME) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 17 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with SME for obtaining information through letters and emails, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SME, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SME is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, CRISIL Ratings has downgraded the ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating', as the company has delayed in servicing of term debt-obligations. Set up as a proprietorship concern by Mr. Bharat Kalra, SME is engaged into supply of construction and building materials. SAFAL FLEXIBOND: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Safal Flexibond Private Limited continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 22.5 CRISIL D (Issuer Not Cooperating) Term Loan 1.0 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Safal for obtaining information through letters and emails dated January 26, 2021 and July 29, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Safal, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Safal is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Safal continue to be 'CRISIL D Issuer Not Cooperating'. Safal was established in 2009, by the promoters, Mr. Prashant Thakkar, his brother Mr. Hemal Thakkar, and their mother, Mrs Niru Thakkar. The company manufactures self-adhesive/BOPP tapes. Its manufacturing unit at Kubadthal in Ahmedabad, has an installed capacity of 25 crore square metre per annum, of which around 60% capacity is being utilized currently. SAGAR MILK: CRISIL Lowers Rating on INR9cr LT Loan to B ------------------------------------------------------- CRISIL Ratings has revised the rating on bank facilities of Sagar Milk Chilling Centre (SMCC) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 9 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with SMCC for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SMCC, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SMCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SMCC Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. West Bengal-based SMCC, a proprietorship concern of Ms Rubi Ghosh, is engaged in wholesale procurement and supply of milk. SATYAM EXIMTEX: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Satyam Eximtex International Private Limited (SEIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 50 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SEIPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SEIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SEIPL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 2014, SEIPL is a Mumbai-based company engaged in trading grey fabrics and cotton yarn. SEIPL has its registered office in Mumbai and is promoted by the Varma family. Prior to 2014, the company was operating by the name of Amanvir Trading Pvt. Ltd. SEHGAL AUTORIDERS: CRISIL Lowers Rating on INR28.5cr Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of Sehgal Autoriders Private Limited (SAPL) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 5 CRISIL B/Stable (ISSUER NOT Overdraft Facility COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Electronic Dealer 28.5 CRISIL B/Stable (ISSUER NOT Financing Scheme COOPERATING; Revised from (e-DFS) 'CRISIL BB/Stable ISSUER NOT COOPERATING') Rupee Term Loan 1.5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with SAPL for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SAPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. SAPL, promoted by Mr. Rabinderpal Singh Sehgal, has been a dealing in HML's two wheelers since 1998. In April 2011, it took over the dealership of MSIL vehicles, and has four showrooms-cum-workshops for MSIL, and one NEXA (MSIL's premium dealership network) showroom in Pune. SHANTI COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shanti Cold Storage & Ice Factory (SCSIF) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.25 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.45 CRISIL B-/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SCSIF for obtaining information through letters and emails dated January 26, 2021 and July 9, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SCSIF, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SCSIF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCSIF continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Incorporated in 2018, SCSIF is engaged in cold storage in Madhya Pradesh. It is promoted and managed by Mr. Anuj Gupta. SHASHI DETECTIVE: CRISIL Lowers Rating on INR2cr New Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of Shashi Detective Services Private Limited (SDS) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB+/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with SDS for obtaining information through letters and emails dated January 26, 2021 and July 29, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SDS, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SDS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SDS Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'. Incorporated in 1989, SDS is a Bangalore-based company which is in the business of providing professional security services like Guarding Services, Detective Services and other value-added service. The company is based out of Bangalore and is promoted by Mr. B. M. Shashidhar. SHIVANI LOCKS: CRISIL Moves B+ Debt Ratings to Not Cooperating -------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Shivani Locks Private Limited (SLPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 1 CRISIL A4 (Issuer Not Cooperating) Proposed Long Term 4 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Term Loan 25 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with SLPL for obtaining information through letters and emails dated June 30, 2021 and July 20, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SLPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SLPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of SLPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. CRISIL Ratings has consolidated the business and financial risk profile of SLPL with its group companies Venus Stampings Private Limited (VSPL) and Venus Industrial Corporation Pvt Ltd (VICPL), together referred as the Venus group, as all the companies are engaged in similar line of business and have common management. About the Group SLPL was incorporated in 1988 by Mr. D N Kathuria, Mr. K L Kathuria, Mr. Naresh Kathuria and Mr. Raj Kathuria. The company is engaged in the manufacturing of precision sheet metal components, primarily, to the automotive industry. The company's manufacturing facilities are situated at Faridabad, Haryana. VICPL was incorporated in 1996 by Mr. D N Kathuria, Mr. R D Kathuria & Mr. K L Kathuria. The company is engaged in the manufacturing of precision sheet metal components, primarily, to the automotive industry. The company's manufacturing facilities are situated at Faridabad, Haryana. VSPL was incorporated in 1985 by Mr. KrishanLal Kathuria and family. The company is engaged into manufacturing of electrical lamination for electric motors, starter motors, alternators, wiper motors, radiator fan motors, switch gear controls and energy meters. The company's manufacturing facilities are situated at Faridabad, Haryana. ST PIPES: Ind-Ra Keeps 'BB-' LT Issuer Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained ST Pipes and Tubes Co.'s Long-Term Issuer Rating of 'IND BB- (ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating actions are: -- INR200 mil. Fund-based facilities* maintained in non- cooperating category and withdrawn; and -- INR150 mil. Non-fund-based facilities# maintained in non- cooperating category and withdrawn; *Maintained at 'IND BB- (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn #Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn KEY RATING DRIVERS The ratings have been maintained in the non-cooperating category because the issuer did not participate in the rating exercise despite continuous requests and follow-ups by Ind-Ra. Ind-Ra is no longer required to maintain the ratings, as it has received a no-objection certificate from the lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. COMPANY PROFILE Incorporated in March 2016, ST Pipes and Tubes Co.is a partnership firm engaged in manufacturing of steel tubes with an installed capacity of 74,880tpa. ================= S I N G A P O R E ================= BRIGHTOIL 319: Commences Wind-Up Proceedings -------------------------------------------- Members of Brightoil 319 Oil Tanker Pte. Ltd. and its related entities on Aug. 16, 2021, passed a resolution to voluntarily wind up the company's operations. Brightoil 319's related entities are: - Brightoil 326 Oil Tanker Pte. Ltd. - Brightoil 329 Oil Tanker Pte. Ltd. - Brightoil 639 Oil Tanker Pte. Ltd. - Brightoil 666 Oil Tanker Pte. Ltd. - Brightoil 688 Oil Tanker Pte. Ltd. Mr. Tee Wey Lih of Acres Advisory Pte Ltd was appointed Provisional Liquidator of Brightoil 319 et al. on Aug. 16, 2021. DEXTRA PARTNERS: Court to Hear Wind-Up Petition on Aug. 27 ---------------------------------------------------------- A petition to wind up the operations of Dextra Partners Pte Ltd will be heard before the High Court of Singapore on Aug. 27, 2021, at 10:00 a.m. Lavrentios Lavrentiadis filed the petition against the company on Aug. 6, 2021. The Petitioner's solicitors are: WongPartnership LLP 12 Marina Boulevard Level 28, Marina Bay Financial Centre Tower 3 Singapore 018982 DIGITAL ALPHA: FTI Appointed as Interim Judicial Managers --------------------------------------------------------- Yit Chee Wah and Ellyn Tan Huixian of FTI Consulting (Singapore) Pte. Ltd., were appointed as interim judicial managers of Digital Alpha Group Pte. Ltd. on Aug. 16, 2021. The interim judicial managers can be reached at: Yit Chee Wah Ellyn Tan Huixian FTI Consulting (Singapore) Pte Ltd 8 Shenton Way, #32-03 AXA Tower Singapore 068811 PARASTRUCT INNOVATIONS: Court Enters Wind-Up Order -------------------------------------------------- The High Court of Singapore entered an order on Aug. 13, 2021, to wind up the operations of Parastruct Innovations Pte. Ltd. Wesley Gerard D'Aranjo filed the petition against the company. The company's liquidator is: Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way, #03-06C Shenton House Singapore 068805 ===================== S O U T H K O R E A ===================== DOOSAN HEAVY: Hyundai Heavy Completes Takeover of Doosan Infracore ------------------------------------------------------------------ Yonhap News Agency reports that Hyundai Heavy Industries Holdings Co. (HHIH), the world's largest shipbuilding group, said Aug. 20 that it has completed the process to acquire South Korea's top construction equipment maker Doosan Infracore Co. HHIH formed a consortium with KDB Investment Co., a private equity firm wholly owned by the state-run Korea Development Bank, to buy Doosan Infracore from cash-strapped Doosan Heavy Industries & Construction Co. for KRW850 billion (US$720 million) late last year, Yonhap recalls. In July, HHIH established its second subholding company Hyundai Genuine Co. to control its construction machinery maker Hyundai Construction Equipment Co. and Doosan Infracore. In South Korea, three construction equipment makers -- Doosan Infracore, Hyundai Construction Equipment and Volvo Construction Equipment -- are vying to expand their presence. HHIH has another subholding company Korea Shipbuilding & Offshore Engineering Co. (KSOE) to control three shipbuilding companies -- Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. KSOE has been pushing for the takeover of South Korea's second-largest shipbuilder Daewoo Shipbuilding & Marine Engineering Co., the report notes. On Aug. 18, Doosan Infracore finished legal dispute with its financial investors including Mirae Asset Private Equity, which are related to its Chinese unit Doosan Infracore China Co. (DICC) by buying back 20 percent stake in DICC from them for KRW305 billion, according to Yonhap. In 2011, Doosan Infracore invited financial investors of DICC to make inroads into the Chinese construction equipment market and repay its debts, promising to help them retrieve their investment by listing the shares of DICC on the Chinese market within three years, Yonhap notes. In return for investments worth KRW380 billion, Doosan Infracore gave a 20 percent stake in DICC to financial investors, holding on to a 80 percent stake of its Chinese unit. Yonhap says Doosan Infracore promised that it would list DICC on China's stock market to ensure profits of financial investors, but failed to list it on the stock market. Financial investors filed a lawsuit against Doosan Infracore to retrieve their investment in November 2015. Based in South Korea, Doosan Heavy Industry & Construction Co. (SEO:034020) -- http://www.doosanheavy.com-- is engaged in supplying industrial facilities to both domestic and international plant markets. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***