/raid1/www/Hosts/bankrupt/TCRAP_Public/220202.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
Wednesday, February 2, 2022, Vol. 25, No. 18
Headlines
A U S T R A L I A
ASSOCIATED CUSTOMS: Second Creditors' Meeting Set for Feb. 9
DREAMBOAT ENTERPRISES: Second Creditors' Meeting Set for Feb. 8
GROCON ET: Eureka Tower Apartment Listed for Sale
TOD SHUTTERS: First Creditors' Meeting Set for Feb. 9
TRITON BOND 2022-1: S&P Assigns Prelim B(sf) Rating to Cl. F Notes
YOUNG DIGGERS: First Creditors' Meeting Set for Feb. 9
C H I N A
CHINA GRAND AUTOMOTIVE: Moody's Withdraws B1 Corp. Family Rating
DATANG GROUP: Moody's Withdraws 'B2' Corporate Family Rating
LUCKIN COFFEE: Centurium is Controlling Holder After Share Sale
F I J I
FIJI SUGAR: "Technically Insolvent and Bankrupt," NFP Says
I N D I A
AASMA FOODS: CARE Keeps B Debt Rating in Not Cooperating
ABHISHEK PROPBUILD: CARE Keeps D Debt Rating in Not Cooperating
AGRIMAS CHEMICALS: CARE Keeps D Debt Ratings in Not Cooperating
BABASAHEB BAPUSAHEB: CARE Keeps B- Debt Rating in Not Cooperating
CHANDRA BHAGAT: CARE Keeps D Debt Ratings in Not Cooperating
COROMANDEL AGRICO: CARE Keeps D Debt Ratings in Not Cooperating
DURGA BHAVANI: CARE Assigns B+ Rating to INR11cr LT Loan
ELITE MOTORS: CARE Keeps B- Debt Rating in Not Cooperating
GURUDEVA CHARITABLE: Ind-Ra Keeps 'D' Rating in Non-Cooperating
JAWARIA ENTERPRISES: Insolvency Resolution Process Case Summary
KIKANI INTERNATIONAL: CARE Cuts Rating on INR3cr Loan to D
KUMARAN MILLS: CARE Lowers Rating on INR16.13cr Loan to C
MARIGOLD ALLIED: CARE Lowers Rating on INR6.98cr LT Loan to B+
MCNALLY BHARAT: CARE Keeps D Debt Rating in Not Cooperating
MEENAKSHI COTGIN: CARE Lowers Rating on INR10.76cr Loan to B
MPS STEELS: CARE Keeps B- Debt Rating in Not Cooperating
OXFORD EDUCATIONAL: CARE Lowers Rating on INR10cr LT Loan to B
OYSTER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
PITTAPPILLIL AGENCIES: CARE Cuts Rating on INR20cr LT Loan to B-
RAMANI ICE: CARE Reaffirms D Rating on INR62.63cr Loan
SAI SRINIVASA: CARE Assigns B Rating to INR11.0cr LT Loan
SHANKAR SAW: Insolvency Resolution Process Case Summary
SIVA INDUSTRIES: NCLAT Upholds Court's Liquidation Order
SPM WEAVING: CARE Keeps D Debt Rating in Not Cooperating
SUNDER FOOD: CARE Lowers Rating on INR12.50cr LT Loan to B-
VINDHYA SHIKSHA: CARE Lowers Rating on INR13.04cr LT Loan to B+
VIRTUE INDUSTRIES: CARE Lowers Rating on INR10.50cr LT Loan to B
I N D O N E S I A
BUANA LINTAS: Moody's Withdraws 'B2' Corporate Family Rating
N E W Z E A L A N D
EP SCAFFOLDING: Creditors' Proofs of Debt Due March 2
GOLDEN 5R: Court to Hear Wind-Up Petition on Feb. 11
INTERFARM IMPORTS: Court to Hear Wind-Up Petition on Feb. 10
LIDDLE BUILDERS: Goes Into Liquidation
NEXT LEVEL: Court to Hear Wind-Up Petition on Feb. 10
TITAN BULK: Court to Hear Wind Up Petition on March 3
S I N G A P O R E
EFC FOUNDATION: Court Enters Wind-Up Order
HQSM ENGINEERING: Court to Hear Wind-Up Petition on Feb. 11
ICON EAGLE: Creditors' Proofs of Debt Due Feb. 28
SINGAMET TRADING: Creditors' Proofs of Debt Due Feb. 28
- - - - -
=================
A U S T R A L I A
=================
ASSOCIATED CUSTOMS: Second Creditors' Meeting Set for Feb. 9
------------------------------------------------------------
A second meeting of creditors in the proceedings of Associated
Customs & Forwarding Services Pty Ltd has been set for Feb. 9,
2022, at 11:00 a.m. via online Webinar facilities.
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 Feb. 8, 2022, at 4:00 p.m.
Duncan Clubb and Jeffrey Marsden of BDO were appointed as
administrators of Associated Customs on Dec. 22, 2021.
DREAMBOAT ENTERPRISES: Second Creditors' Meeting Set for Feb. 8
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Dreamboat
Enterprises Pty Ltd has been set for Feb. 8, 2022, at 11:00 a.m.
via virtual meeting technology.
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 Feb. 7, 2022, at 4:00 p.m.
Stephen Dixon of Hamilton Murphy was appointed as administrator of
Dreamboat Enterprises on Dec. 22, 2021.
GROCON ET: Eureka Tower Apartment Listed for Sale
-------------------------------------------------
realestate.com.au reports that Daniel Grollo's full-floor Eureka
Tower apartment has hit the market following the collapse of his
construction empire, Grocon.
realestate.com.au relates that the luxurious 80th-floor
sub-penthouse has a AUD10 million-AUD11 million price guide, with
the listing noting the property is being sold "under instructions
from KordaMentha as deed administrator of Grocon ET 80 Pty Ltd".
The Southbank property was a shell when Mr. Grollo and former wife,
Katherine, took ownership.
It underwent a fit-out estimated to cost AUD$15 million in 2019 and
was later valued at AUD16.5 million, realestate.com.au citing a
previous Herald Sun report.
KordaMentha took control of the property almost a year ago, noting
at the time they planned to list it to raise funds for creditors
left out of pocket by Grocon's downfall, realestate.com.au
relates.
According to the report, Kay & Burton chairman and listing agent
Gerald Delany said while the apartment had largely been completed,
it offered buyers the opportunity to add their own finishing
touches.
This included the ability to "utilise the purchase of an extensive
amount of joinery, which has been paid for and is overseas in
France, but would come across only at the cost of shipping."
Mr. Delany said the joinery was worth "well in excess of $1
million."
realestate.com.au notes that the four-bedroom, five-bathroom sky
mansion sprawls across more than 580sq m and offers 360-degree
views.
The outlook, framed by floor-to-ceiling windows in every room,
takes in the city skyline, Port Phillip Bay, Albert Park Lake, the
Arts Centre, Melbourne's sporting precinct and the You Yangs.
The apartment is accessible by a central lift that opens to a
private lobby.
The lavish kitchen features stone benchtops, a large island bench,
high-end Wolf, Miele and Subzero appliances, Boffi fittings, Zip
taps and a butler's pantry, the report adds.
TOD SHUTTERS: First Creditors' Meeting Set for Feb. 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Tod Shutters
Pty Ltd, trading as "Boardwalk Shutters and Blinds", "Perth Screens
and Gates", "Countryside Screens and Gates", and "Shutters and
Screens", will be held on Feb. 9, 2022, at 11:00 a.m. via virtual
meeting technology.
Mervyn Jonathan Kitay of Worrells was appointed as administrator of
Tod Shutters on Jan. 28, 2022.
TRITON BOND 2022-1: S&P Assigns Prelim B(sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 10 classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2022-1 Series 1.
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.
-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises mortgage
lenders insurance covering 11.6% of the loans in the portfolio, as
well as note subordination for all rated notes.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.0% of the invested amount of all notes, subject
to a floor of 0.10% of the initial invested amount of all notes,
principal draws, and a loss reserve that builds from excess spread,
are sufficient under our stress assumptions to ensure timely
payment of interest.
-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.
-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS, should any be entered into after transaction
close.
Preliminary Ratings Assigned
Triton Bond Trust 2022-1 Series 1
Class A1-MM, A$160.00 million: AAA (sf)
Class A1-AU, A$362.50 million: AAA (sf)
Class A1-5Y, A$115.00 million: AAA (sf)
Class A2, A$52.50 million: AAA (sf)
Class AB, A$21.75 million: AAA (sf)
Class B, A$13.50 million: AA (sf)
Class C, A$11.10 million: A (sf)
Class D, A$6.15 million: BBB (sf)
Class E, A$3.60 million: BB (sf)
Class F, A$1.575 million: B (sf)
Class G, A$2.325 million: Not rated.
YOUNG DIGGERS: First Creditors' Meeting Set for Feb. 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Young
Diggers Limited will be held on Feb. 9, 2022, at 8:30 a.m. via
electronic means only.
Terry Grant Van der Velde of SVP was appointed as administrator of
Young Diggers on Jan. 28, 2022.
=========
C H I N A
=========
CHINA GRAND AUTOMOTIVE: Moody's Withdraws B1 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the B1 corporate family
rating of China Grand Automotive Services Group Co., Ltd. Prior to
the withdrawal, the rating outlook on China Grand Auto was
negative.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
China Grand Automotive Services Group Co., Ltd is the largest auto
dealer in China based on revenue and unit sales in 2020. The
company had 809 dealership stores in China as of the end of 2020,
including 760 4S (sales, spare parts, services and survey)
dealership stores.
DATANG GROUP: Moody's Withdraws 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating of Datang Group Holdings Ltd. Prior to the withdrawal, the
rating outlook on Datang was stable.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Established in 2010, Datang Group Holdings Ltd. is a Fujian-based
Chinese property developer. The company's revenue reached around
RMB10.6 billion in 2020. As of June 30, 2021, the company had a
total gross land bank of 22.0 million square meters across 29
cities in China.
LUCKIN COFFEE: Centurium is Controlling Holder After Share Sale
---------------------------------------------------------------
Erin McClam of Bloomberg News reports that Luckin Coffee said a
buyer consortium has closed a secondary share sale, making
Centurium Capital the controlling shareholder, holding more than
50% voting interest.
Bloomberg says the buyer consortium includes IDG Capital and Ares
SSG Capital Management. The secondary sale closed on Jan. 25, 2022.
The Court sanctioned transactions for the secondary sale on Jan.
17, 2022.
About Luckin Coffee
Luckin Coffee Inc., was a Xiamen, Fujian-based coffee chain.
In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post said.
The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York.
The move was in response to a winding-up petition by an undisclosed
creditor.
The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of title 11 of the
United States Code with the United States Bankruptcy Court for the
Southern District of New York. The Chapter 15 Petition seeks, among
other things, recognition in the United States of the Company's
provisional liquidation pending before the Grand Court of the
Cayman Islands, Financial Services Division, Cause No. 157 of 2020
(ASCJ) and related relief.
=======
F I J I
=======
FIJI SUGAR: "Technically Insolvent and Bankrupt," NFP Says
----------------------------------------------------------
The Fiji Times reports that the National Federation Party on Jan.
21 maintained that Fiji Sugar Corporation was "technically
insolvent and bankrupt" without the support of taxpayers.
According to the report, Party leader Professor Biman Prasad said
no amount of sugar-coating could hide "this painful and bitter
truth".
"Mr. Singh should know that late last year Government through the
Ministry of Economy was forcibly acquiring about 6 per cent shares
held by individuals and organisations at $0.005 or half a cent per
share," the report quotes Mr. Prasad as saying.
"If this is not bankruptcy, what is? All this government, which has
total and absolute control of the industry, is doing is pumping in
millions of taxpayers' dollars into the corporation.
"The massive failure by government to resuscitate the industry by
increasing sugarcane and sugar production has contributed in a
large measure to FSC now becoming technically insolvent. And this
means bankruptcy without taxpayers' funds".
=========
I N D I A
=========
AASMA FOODS: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aasma Foods
And Beverages Private Limited (AFBPL) continues to remain in the
'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 21, 2021, placed the
rating(s) of AFBPL under the 'issuer non-cooperating' category as
AFBPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AFBPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 7, 2021, December 17, 2021, December 27, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Aasma Food & Beverages Private Limited (AFBPL) was incorporated in
August 2009 by M.K. Singh, R.P. Singh and Devendra Prasad. Since
its inception, the company is into processing of milk products.
However, the company was taken over by the current promoters Mr.
Ved Prakash Pandey, Mr. Kishan Modi, Mr. Rajendra Prasad Modi and
Mrs. Payal Modi with effect from July 11, 2017. The company has
been engaged in milk processing and produce milk products like
cheese, paneer, butter, ghee, milk pouch, dahi, lassi, milk powder
and cream. The processing plant of the company is located at EPIP
Industrial Area, Hajipur, Bihar with a processing capacity of 1
lakh tons per annum. The company sells its product under its
registered brand i.e. 'Milk Magic' through distributors in the
state of Bihar and West Bengal. The company also does job work for
Orissa State Cooperative Milk Producers' Federation Limited (OMFED)
and earns commission charges from it.
ABHISHEK PROPBUILD: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Abhishek
Propbuild Private Limited (APPL) continues to remain in the 'Issuer
Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 129.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 12, 2021, placed the
rating(s) of APPL under the 'issuer non-cooperating' category as
APPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. APPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 28, 2021, December 8, 2021 and December 18, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Abhishek Propbuild Pvt Ltd, part of Mantri group, is operating a
retail mall viz. 'Mantri Square Mall (MSM)' in Malleswaram,
Bengaluru with leasable area of 867,636 sft and 12 MW of wind mill
assets in Davangere district of Karnataka. The power generated from
wind mills is largely utilized for captive consumption with balance
power sold out to 3rd parties in open market. The wind mill
receivables of the firm along with receivables from group windmill
assets aggregating to 23 MW are separately securitized.
AGRIMAS CHEMICALS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agrimas
Chemicals Limited (ACL) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 18.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 02,
2020, placed the rating(s) of ACL under the 'issuer
non-cooperating' category as ACL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ACL
continues to be non-cooperative despite repeated requests for
submission of information through email dated October 18, 2021,
October 28, 2021, November 7, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Combined as both Agrimas Chemicals Limited
(ACL) and Coromandel Agrico Private Limited (CAPL) are engaged into
similar line of business with common promoters and management.
Incorporated in 1973, ACL is engaged in manufacturing of agro
chemical products. It has two manufacturing facilities, at Taloja
(Mumbai) and Sikandrabad (Uttar Pradesh) with a manufacturing
capacity of 7,320 Kilo liters per annum (KLPA) of liquid sand
18,600 metric tons per annum (MTPA) of powder and granules. CAPL
was incorporated in 1998, and is engaged in the same line of
business. The company has 3 manufacturing facilities at
Sikandrabad, Baroda – Nandeswari (Gujarat) and Chiplun Lote
(Maharashtra) with a manufacturing capacity of 5,500 KLPA in liquid
section and 15,000 MTPA in powder and granules section of agro
chemical products.
BABASAHEB BAPUSAHEB: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Babasaheb
Bapusaheb Gunjate (BBG) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of BBG under the 'issuer
non-cooperating' category as BBG had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BBG
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 15, 2021, December 25, 2021, January 4,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sangali (Maharashtra) based Babasaheb Bapusaheb Gunjate (BBG) was
formed as a proprietorship concern in 1995 by Mr. Babasaheb
Bapusaheb Gunjate. BBG is registered Class-I (A) approved
contractor with PWD Maharashtra. The firm is engaged in execution
of civil construction projects which involve road work, deep
excavation, bridges, hard rock cuttings, blasting operations and
industrial building (civil work) and various other infrastructure
jobs for both private as well as government departments whereby it
gets orders through bidding and tendering process. The firm also
executes projects as sub-contractor for government projects which
are obtained through private corporates.
CHANDRA BHAGAT: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chandra
Bhagat Pharma Limited (CBPL) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 17, 2020, placed the
rating(s) of CBPL under the 'issuer non-cooperating' category as
CBPL had failed to provide information for monitoring of the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been reaffirmed on account of delay in the debt
servicing.
Detailed description of the key rating drivers
Delay in debt servicing: As per audit report of FY21 published on
BSE wherein it has mentioned that the company has made defaults in
the repayment of dues to banks.
Incorporated in 2003, Chandra Bhagat Pharma Pvt. Ltd. (CBPPL) is
engaged into manufacturing of formulations (forming 87.22% of the
total revenue in 2016) and trading of API (forming 12.77% of the
total revenue in 2016) for both domestic as well as international
markets under the brand name of 'CBC'. Recently i.e. during April
2019, CBPPL converted into Limited company and subsequently listed
on BSE on Feb 14, 2020.The company manufactures formulations by
outsourcing to third party on job work basis. The company has a
well-diversified product portfolio marked by its presence across
many therapeutic segments such as cardiovascular agents,
antibiotics, anti-arthritic, anti-fungal, anti-viral, anti-malarial
and miscellaneous drug.
COROMANDEL AGRICO: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Coromandel
Agrico Private Limited (CAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 53.58 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 22.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 02,
2020, placed the rating(s) of CAPL under the 'issuer
non-cooperating' category as CAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CAPL
continues to be non-cooperative despite repeated requests for
submission of information through email dated October 18, 2021,
October 28, 2021, November 7, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Combined as both Coromandel Agrico Private
Limited and Agrimas Chemicals Limited (ACL) are engaged into
similar line of business with common promoters and management
CAPL was incorporated in 1998, and is engaged in the same line of
business. The company has 3 manufacturing facilities at
Sikandrabad, Baroda – Nandeswari (Gujarat) and Chiplun Lote
(Maharashtra) with a manufacturing capacity of 5,500 KLPA in liquid
section and 15,000 MTPA in powder and granules section of agro
chemical products. Incorporated in 1973, ACL is
engaged in manufacturing of agro chemical products. It has two
manufacturing facilities, at Taloja (Mumbai) and Sikandrabad (Uttar
Pradesh) with a manufacturing capacity of 7,320 Kilo liters per
annum (KLPA) of liquid sand 18,600 metric tons per annum (MTPA) of
powder and granules.
DURGA BHAVANI: CARE Assigns B+ Rating to INR11cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Durga Bhavani Industries (SDBI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 11.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of the SDBI are
constrained by its small scale of operations in a highly fragmented
and competitive industry. The rating is also constrained by
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of operations along with agro
climatic risks. Seasonal nature of availability of paddy and
margins susceptible to raw material price fluctuations and
regulations by Government and partnership nature of constitution
with inherent risk of capital withdrawal also constrains the
rating. These rating weaknesses are partially offset by the
experienced partners with more than a decade of experience in Agro
Industry, established association with suppliers and customers and
stable demand outlook for rice.
Rating Sensitivities
Positive Factors - Factors that could lead to positive rating
action/upgrade:
* TOI> 60 core and networth more than INR 2.5 crore.
* Overall gearing less than 4.5x on sustained basis or TDGCA less
than 10x.
Negative Factors- Factors that could lead to negative rating
action/downgrade:
* PBILDT margins < 4% on sustained basis
* Overall gearing more than 8x.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operations with low networth and moderate
profitability margins during the review period: The scale of
operations of the firm stood small during the review period marked
by total operating income of INR33.11 Cr with low networth of
INR1.09 Cr in FY21. The firm started its operations in August 2019
and scale is expected to improve due to established relationship of
partners with suppliers and customers. The firm has achieved a
income of INR26.65 Cr in 9MFY22. The PBILDT margins of the firm
remained moderate stood at 4.47% in FY21 due to high overhead cost
incurred in line with increase in scale of operations and is
expected improve as the firm's income grows.
* Leveraged capital structure and weak debt coverage indicators
during the review period: The capital structure of the firm stood
leveraged during the review period marked by overall gearing of
7.62x as on March 31,2021 due to its nascent stage of operations
leading to low networth base and the firm has availed the term loan
for setting up of the unit. Besides, the firm manages its working
capital gap from funds by way of short-term borrowing. There is an
increase in total debt levels in FY21 on account of GECL loans
availed by the firm during period in order to meet its operational
liabilities which were affected due to covid-19. Total debt to GCA
of the firm stood at 4.88x as of March 31,2021.
* Moderate operating cycle yet Working capital intensive nature of
operations due to high dependence on agricultural activities: Due
to the inherent agro climatic risk the millers have to stock enough
paddy by the end of each season as the price and quality of paddy
is better during the harvesting season. During this time, the
working capital requirements of the rice millers are generally on
the higher side. Majority funds of the Company are blocked in
inventory. The firm avails credit period of 10-15 days from its
suppliers as majority of which are farmers and extends credit up to
10 -30 days to its customers. The firm maintains the average
inventory level of 60 days. Firm's average utilization of
working capital stood at 90% during last 12 months ended December
31, 2021.
* Seasonal nature of availability of paddy and margins susceptible
to raw material price fluctuations and Regulations by Governments:
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The major procurement of Paddy happens during the months
of October to January and April to July. The
firm's raw material being paddy, for proper harvest and
availability of paddy, the weather conditions should be adequate.
Adverse weather conditions directly affect the supply and
availability of the paddy and raw material price fluctuations. The
central Government of India (GOI), every year decides a minimum
support price of paddy which limits the bargaining power of
rice millers over the farmers. The sale of rice in the open market
is also regulated by the government through levy quota and fixed
prices. Due to the above said regulations along with the intense
competition, the bargaining power of the rice millers against the
suppliers of paddy and the customers is limited.
* Highly fragmented and competitive business segment due to
presence of numerous players: The firm is engaged into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized firms that compete with each other
along with several large enterprises. There are several small-sized
firms in and around Siruguppa area which compete with SDBI.
* Partnership nature of constitution with inherent risk of capital
withdrawal: SDBI is constituted as a Partnership firm wherein it
is exposed to frequent withdrawal of partner's capital and
resultant erosion of the net worth resulting in lower capital base
despite the firm being able to generate sufficient profits in the
past. During the review period the promoters have withdrawn capital
to the extent of INR 0.11 crore in FY21(A).
Key Rating Strengths
* Experienced partners with more than a decade of experience in
Agro Industry: SDBI was incorporated in 2018 and promoted by B.
Manjunath and B.Sravanthi. Partners have around 16 years of
experience in trading and rice milling. Through their vast
experience in rice mill business, they have established healthy
relationship with key suppliers, customers, local farmers, dealers
and also with the brokers facilitating the ease in sale of
products.
* Established association with suppliers and customers: The firm
benefits from the established association of the suppliers and
customers of the partners of the firm and is evident from
the TOI of INR13.09 Cr achieved in less than 9 months of operations
in FY20. With increase in orders from existing clients and few
additions the firm was able to achieve total operating income of
INR33.11 Cr in FY21.
* Stable outlook demand for rice: Agriculture is the primary source
of livelihood for about 58 percent of India's population. The
Indian food industry is poised for huge growth, increasing its
contribution to the world food trade every year due to its immense
potential for value addition, particularly within the food
processing industry. Rice is consumed in large quantity in India
which provides a favorable opportunity for the rice millers and
thus the demand is expected to remain healthy over medium to long
term. India is the second largest producer of rice in the world
after China and the largest producer and exporter of basmati rice
in the world. The rice industry in India is broadly divided into
two segments – basmati (drier and long-grained) and non-basmati
(sticky and short-grained). The demand of Indian basmati rice has
traditionally been export-oriented where South India caters about
one-fourth share of India's exports. However, with a growing
consumer class and increasing disposable incomes, demand for
premium rice products is on the rise in the domestic market. Demand
for non-basmati segment is primarily domestic market-driven in
India. Initiatives taken by the government to increase paddy
acreage and better monsoon conditions will be the key factors which
will boost the supply of rice to the rice processing units.
Liquidity: Stretched
The liquidity profile of the firm is constrained by its small scale
of operations which limits its financial flexibility. With
stabilization of operations, firm's WC utilization has been
near full and its ability to tie up additional funds would be
imperative to grow its scale. As such, the debt repayments are
relatively low and therefore debt coverage indicators are
satisfactory. The firm had modest cash and bank balance of INR 0.03
crore as on March 31, 2021.
Sri Durga Bhavani Industries was incorporated in the year January
2018 and the mill commenced oeprations in August 2019. It is
promoted by Mr. B Manjunath and his wife Ms. B Sravnthi. The firm
is into rice milling and processing of rice and the promoter has
the business vintage of over 16 years of experience in the rice
milling business. It has total production capacity of 6 M.T per
hour. The firm majorly deals in rice, steamed rice, boiled rice,
broken rice, rice bran, etc. The firm purchases its raw material
i.e. paddy from local farmers and process the paddy in their plant
and sells the final product to customers located across Karnataka,
Andhra Pradesh and Telangana.
ELITE MOTORS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Elite
Motors Private Limited (EMPL) continues to remain in the 'Issuer
Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.39 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 15,
2021, placed the rating(s) of EMPL under the 'issuer
non-cooperating' category as EMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. EMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 1, 2021, December 11, 2021 and December
30, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
Elite Motors Private Limited (EMPL) was promoted by Mr. Gurjit
Singh and Mrs. Sonia Singh in September 2007. EMPL is an authorized
dealer for passenger vehicles (PV) of Volkswagen India Private
Limited (VIPL). It operates through one show room and one yard
having a capacity of parking 500 cars in Bangalore. The showroom is
occupied on leased premises and is equipped with 3-S facilities
(Sales, Service and Spare-parts). Elite group was established in
Bangalore in the year 1975, with the business in trading of
crockery and consumer durables. In the year 2005, the group
diversified into automobiles and since then established three
dealerships for Honda, Ford and Volkswagen.
GURUDEVA CHARITABLE: Ind-Ra Keeps 'D' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sree Gurudeva
Charitable and Educational Trust's bank loan ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR161.24 mil. Bank loans (long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR70.00 mil. Fund-based working capital facilities (long-
term) maintained in non-cooperating category with IND D
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The rating was last reviewed on
January 22, 2019. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.
COMPANY PROFILE
Sree Gurudeva Charitable and Educational Trust was established in
2008 in Pallickal, Kerala. The trust has been managing Sri
Vellappally Natesan College of Engineering since 2008 and offers
B.Tech and M.Tech courses. Tushar Vellapally is the chairman of the
trust.
JAWARIA ENTERPRISES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Jawaria Enterprises Private Limited
402, Corporate Annexe
Sonawale Lane
Near Udyog Bhavan
Goregaon East
Mumbai 400063
Insolvency Commencement Date: November 30, 2021
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 29, 2022
Insolvency professional: Mr. Prakash Shenoy
Interim Resolution
Professional: Mr. Prakash Shenoy
1703, Florentina
Lodha Paradise
Near Majiwade Flyover
Thane, Maharashtra 400601
- and -
Kanchansobha Debt Resolution Advisors
Private Limited
1507, B Wing
One BKC, G-Block
BKC, Bandra East
Mumbai 400051
E-mail: jepl@kanchansobha.com
Last date for
submission of claims: December 14, 2021
KIKANI INTERNATIONAL: CARE Cuts Rating on INR3cr Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kikani International Private Limited (KIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category Revised from
CARE B-; Stable
Short Term Bank 22.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE A4
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 12,
2022, placed the rating(s) of KIPL under the 'issuer
non-cooperating' category as KIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KIPL
continues to be noncooperative despite request for submission of
information through e-mail and an email dated January 24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of KIPL have been
revised on account of ongoing delay in debt servicing.
Established as a proprietorship entity in 1980 by Mr. Kishandas
Kikani under the name Kishandas Kikani (KK) was later converted
into a partnership firm and renamed as Kikani Exports (KE) in 1990;
which was later converted into a private limited company and
renamed as Kikani International Private Limited (KIPL) in 2013.
KIPL is engaged in processing of cotton yarns and fabrics. The
products manufactured by the company are sold to various fabric &
Readymade Garment (RMG) manufacturers in India and overseas to
various countries across Asia, North America, South America and
Europe. On the other hand, the raw material viz. cotton yarns and
semi-finished fabrics are procured locally from various cotton
millers, which are later processed into twisted yarns.
KUMARAN MILLS: CARE Lowers Rating on INR16.13cr Loan to C
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Kumaran
Mills Private Limited (SKMPL) continues to remain in the 'Issuer
Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.13 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Short Term Bank 0.90 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 20,
2021, placed the rating(s) of SKMPL under the 'issuer
non-cooperating' category as SKMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SKMPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 6, 2021, December 16,
2021 and December 30, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SKMPL have been
revised on account of non-availability of requisite information.
The ratings also factored in incurring of losses, higher debt
levels and leverage capital structure during FY21. Sri Kumaran
Mills Private Limited (SKMPL), was incorporated in 1935 as a Public
Limited company by Mr. G.V. Doraiswamy Naidu and further change in
constitution to Private Limited Company in June 2016. Presently
SKMPL is run by Mr. D. Krishna Murthy, Mrs. Rajini Krishnamurthy,
Mr. K. Harish Kapil and Mr. M. C. Ramamirtham. The company is
engaged in manufacturing of cotton yarn with a total installed
capacity of 35,616 spindles at its manufacturing unit located at
Coimbatore, Tamil Nadu. The manufacturing process includes ginning
of raw cotton, blending, carding, combing, drawing out, twisting
and spinning.
MARIGOLD ALLIED: CARE Lowers Rating on INR6.98cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Marigold Allied Corporation (MAC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.98 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
and moved to ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. has been seeking documents from MAC to monitor
the ratings vide various email communications and numerous phone
calls. The last 3 e-mail communications dated January 14, 2022,
January 17, 2022 and January 19, 2022. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The ratings on Marigold Allied Corporation bank facilities
will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account the constraints relating to firm
small scale of operations, low profitability margins, leveraged
capital structure, weak total debt to GCA and elongated operating
cycle. The ratings are further constrained by raw material price
fluctuation risk, firm's presence in highly competitive and
fragmented nature of the edible oil industry and its partnership
nature of constitution. The ratings, however, derives strength from
the experienced partners, long track record of operations,
favourable location of operation.
Detailed description of the key rating drivers
At the time of last rating on January 6, 2021, the following were
the rating strengths and weaknesses:
(Updated based on limited information provided by the client).
Key Rating Weaknesses
* Small scale of operations: The total operating income of MAC
increased from INR19.82 crore in FY19 (refers to the period April
01 to March 31) to INR25.34 crore in FY20 at a healthy growth rate
of 27.85% mainly on account of increased sales volume due to higher
demand received from existing customers as well as new customers
added during the period. The same, however, remained small. The
small scale of operations limits the firm's financial flexibility
in times of stress and deprives it from scale benefits.
Furthermore, the firm reported total operating income of INR6.79
crore in 8MFY21 (Provisional)
* Low profitability margins: The profitability margins of the firm
remained at a low level marked by PBILDT margin of 3.98% in FY20
and PAT margin of 0.63% in FY20. The PBILDT margin deteriorated
from 5.32% in FY19 on account of increase in raw materials costs
and employee costs which could not be passed on to customers
completely. Consequently, PAT margins declined marginally from
0.65% in FY19. Also, high interest and depreciation expenses
restricted the net profitability of the firm to below unity level
during last three financial years.
* Weak solvency position: The overall gearing ratio of the firm
remained leveraged at 1.85x as on March 31, 2020 (PY: 1.86x) on
account of firm's low net worth base coupled with higher
utilization of working capital limits as on last balance sheet
date. Further, the total debt to GCA ratio stood weak at 13.55x,
as on March 31, 2020 (PY: 11.81x). The same, however, deteriorated
on a year-on-year basis due to higher total debt outstanding. The
interest coverage ratio continued to remain at a moderate
level of 1.79x in FY20 (PY: 1.77x)
* Raw material price fluctuation risk: The entities in edible oil
industry are susceptible to fluctuations in raw material prices.
Price of rice is governed by the demand-supply dynamics prevalent
in major rice-growing nations, weather conditions and prices of
substitute. Furthermore, any increase in the rice bran prices
without a corresponding increase in edible crude oil prices will
adversely impact the profitability margins of the entities in this
business.
* High degree of competition resulting from fragmented nature of
the edible oil industry: Low barriers to entry have resulted in
highly fragmented nature of the edible oil industry. Furthermore,
most of the manufacturers offer similar products with little
difference which competes, resulting in lower margins for most of
the players. Furthermore, rice bran oil industry
faces tough competition because of the presence of several close
substitute products in market. Olive oil, mustard oil and peanut
oil are slotted as main substitute of rice bran oil and they have a
variety of products under their category for which they pose
serious threat to the profit margin of the players operating in
rice bran oil segment.
* Partnership nature of constitution: MAC's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision of the lenders.
Key Rating Strengths
* Experienced partners and long track record of operations: Mr.
Ramandeep Singh and Mr. Hardeep Singh have an industry experience
of two decades each through their association with MAC and another
group concern. The partners have adequate acumen about various
aspects of business which is likely to benefit MAC in the long run.
Furthermore, the partners are supported by experienced team having
varied experience in the field of technical, marketing and finance
aspects of business. The long track record has aided the firm in
establishment of strong relationships with suppliers & customers.
* Location advantage leading to easy availability of raw material:
The plant of the firm is based at Jagraon, Punjab, which is
surrounded by various rice millers and processors. MAC uses rice
bran as its main raw material which is a by-product of rice
milling. Punjab being a major paddy hub of the country, there are
lot of rice millers around the vicinity of the plant which
gives easy access to the firm for availability of rice bran at
competitive rates and at reduced freight costs.
Marigold Allied Corporation (MAC) was established as a partnership
firm in May 2008 and is currently being managed by Mrs. Jatinder
Kaur, Mr. Ramandeep Singh, and Mr. Hardeep Singh, as its partners,
sharing profit and losses in the ratio of 50%, 25% and 25%
respectively. The firm was engaged in milling of rice on job work
basis till 2016. However, post-2016, the firm commenced extraction
of rice bran oil at its processing facility located in Jagraon,
Punjab with an installed solvent extraction capacity of 15000 tonne
of rice bran oil per annum as of November 30, 2020. The firm
manufactures rice bran oil in semi-edible form for industrial use,
which is sold to refineries based in Punjab only. Besides MAC, the
partners are also engaged in managing another group concerns namely
Deep Rice and General Mills.
MCNALLY BHARAT: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mcnally
Bharat Engg Co Ltd (MBECL) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cumulative 43.50 CARE D (RPS); ISSUER NOT
Redeemable COOPERATING; Rating continues
Preference to remain under ISSUER NOT
Shares COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 03,
2020, continued the rating of MBECL under the 'issuer
non-cooperating' category as MBECL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MBECL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 8, 2021. In line with
the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the
rating on the basis of the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on December 3, 2020, the following were
the rating strengths and weaknesses (updated for the information
available from stock exchange filings):
Key Rating Weaknesses
* Delays in debt servicing by the company: The liquidity position
of the company continues to be stressed due to losses incurred and
stretched operating cycle. This has led to continued delays in
servicing of debt obligations. The operating cycle has been
stretched due to high collection period. The company has submitted
its resolution proposal to the lenders for restructuring.
* High overall gearing ratio: The capital structure of MBECL is
highly leveraged due to erosion of net worth resulting from
continuing losses and high debt level.
MBECL, incorporated in 1961, based in Kolkata, is engaged in
engineering turnkey project execution. It belongs to the B.M.
Khaitan group. MBECL has completed large number of turnkey projects
in different areas of its operations like bulk material handling,
ash handling, port handling, mineral beneficiation plant, water
management, road construction and maintenance,
structural fabrication, erection, piping, utilities, etc.
MEENAKSHI COTGIN: CARE Lowers Rating on INR10.76cr Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Meenakshi Cotgin (MC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.76 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 02,
2021, placed the rating(s) of MC under the 'issuer non-cooperating'
category as MC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails December 19, 2021, December 29, 2021,
January 8, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MC have been revised
on account of non-availability of requisite information.
MC was established as a partnership firm in 2016. The firm is
engaged in the business of cotton ginning and pressing and oil
extraction at its manufacturing facility located at Vaijpur,
Aurangabad, with an installed capacity to gin and press 1,17,000
quintals of cotton per annum.
MPS STEELS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MPS Steels
Private Limited (MSPL) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.18 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 14,
2021, placed the rating(s) of MSPL under the 'issuer
non-cooperating' category as MSPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MSPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 30, 2021, December 10, 2021 and
December 20, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
MPS Steels Private Limited (MSPL) was originally established as MPS
Steels Castings Private Limited, part of the Paragon Steel Group.
It had two divisions – castings and ingots. Subsequently in FY13,
the ingot division was taken over by Bee Path group, whose
promoters are Mr. Palakkandy UsmanKoya Moideenkoya, Mr. Mujeeb
Rehman Charupadikkal and Mr. Palakkandy Hafeezula and thus MSPL was
incorporated. The directors, Mr. Palakkandy UsmanKoya Moideenkoya
and family, have been in the steel industry for close to two
decades are involved in the day to day activities of the business
of MSPL. MSPL commenced its operations in May 2013 and is engaged
in manufacturing MS ingots. The manufacturing unit is situated in
Palakkad in 2.5 acres which has in-house warehouse to the extent of
approx. 1 acre. MSPL is certified by ISO 9001:2008 and ISI
certification for entire product range.
OXFORD EDUCATIONAL: CARE Lowers Rating on INR10cr LT Loan to B
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Oxford Educational Society (OES), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of OES under the 'issuer
non-cooperating' category as OES had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. OES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 8, 2021, December 18, 2021, December
28, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned for bank facilities of OES have been revised
on account of non-availability or requisite information.
Oxford Educational Society (OES) was founded in May, 2001 by Mr.
Kullai Reddy (Secretary/Correspondent) and Mrs. Harini (President)
in Anantapur, Andhra Pradesh. Oxford Educational Society has been
running a school in the name of 'Oxford E.M High School' at two
locations. One of the branches is located at Anantapur Old Town and
other at Pamurai Village, Anantapur. The school located at
Anantapur Old Town is basically a day school which has a total
student base of 600. However, for the school located at Pamurai
Village, Anantapur on a land area of 12 acres, Oxford Educational
Society has entered into a lease rental agreement with Delhi Public
School for 20 years with effective from April 2018. The total
student base was 1000, however after leasing out to DPS, the number
of students increased to 1100. Presently, OES is getting lease
rental income of Rs.13.00 lakhs per month from DPS School. This
income is towards rent for the school building given to DPS School.
There will be enhancement of rent by 5% for every year.
OYSTER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oyster
Steel & Iron Private Limited (OSIPL) continues to remain in the
'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 100.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 20.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 13,
2021, placed the rating(s) of OSIPL under the 'issuer
non-cooperating' category as OSIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. OSIPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 29, 2021, December 9,
2021, December 19, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2008 by Mr. Prem Chand Gupta, OSIPL is engaged in
trading of aluminium and copper products in the form of ingots,
wire rods etc. The company also has associate concerns i.e.
Worldwide Metals Private Limited, Olympus Metal Private Limited,
Prominent Metal Private Limited, and Duke Sponge and Iron Private
Limited engaged in similar industry i.e. trading of aluminium and
copper components.
PITTAPPILLIL AGENCIES: CARE Cuts Rating on INR20cr LT Loan to B-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pittappillil Agencies (PA), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 21,
2021, placed the rating(s) of PA under the 'issuer non-cooperating'
category as PA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 7, 2021, December 17, 2021, December 27, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of PA have been revised
on account of non-availability of requisite information.
Pittappillil Agencies was incorporated in January 1990 as a
partnership firm in Ernakulam, Kerala by Mr. Peter Paul, Managing
Partner. PA is a retailing agency engaged in the selling of home
appliances (electronic products and furniture). The product line
includes electronic items, consumer durables and furniture. As of
January 24, 2020, PA has 32 showrooms spread across 16 cities in
Kerala. It also sells the products online through its website.
RAMANI ICE: CARE Reaffirms D Rating on INR62.63cr Loan
------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ramani Ice Cream Company Limited (RICL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 62.63 CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of RICL continues to
take into account irregularities in servicing of its debt
obligations on the back of its poor liquidity.
Rating Sensitivities
Positive Factors - Factors that could lead to positive rating
action/upgrade:
* Establishing a track record of timely servicing of debt
obligations for a period of at least 90 days
Detailed description of the key rating drivers
Key Rating Weaknesses
* On-going delays in debt servicing: As per lander interaction and
information received from the company, its debt servicing remained
irregular due to poor liquidity.
Liquidity: Poor
Liquidity position of RICL remained poor marked by overdrawn of its
working capital limit owing to lower sales in December, 2021 on the
back of slack winter season coupled with the company is
experiencing difficulties in realization of inventory and debtors
on time.
Further, RICL's gross current assets days remained elongated at 465
days in FY21 and cash accruals of the company remained modest in
FY21 as against scheduled debt repayment of around INR10 crore in
FY22. It has elongated operating cycle of 346 days in FY21 on the
back of high inventory days of 400 days. Cash flow from operations
deteriorated on the back of operating loss and remained modest at
INR2.69 crore in FY21.
RICL (CIN: U15544MP1991PLC006612), a closely-held unlisted company,
was established by Bhopal-based Ramani group. Initially constituted
as Ramani Ice Cream Company Pvt. Ltd. in 1991, it was later on
converted into a public limited company in 2011. Founded by Late
Mr. Balchand Kukreja, Ramani group is engaged in manufacturing of
ice cream since 1970. RICL sells ice-cream under the brand name of
'Top 'N Town' which has dominant presence in Madhya Pradesh and
good presence in nearby states like Maharashtra, Chhattisgarh,
Orissa and Uttar Pradesh. RICL had an annual capacity of 27 million
litres per annum (MLPA) for manufacturing of ice cream at its two
plants located in Bhopal, Madhya Pradesh and Durg, Chhattisgarh.
SAI SRINIVASA: CARE Assigns B Rating to INR11.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri Sai
Srinivasa Rice Industries (SSSRI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 11.00 CARE B; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of the SSSRI are
constrained by high capital withdrawal by the partners leading to
moderation in networth base as well as capital structure. The
rating is also constrained by modest and fluctuating scale of
operations in a highly fragmented and competitive industry along
with fluctuating profitability margins during the review period.
Working capital intensive nature of operations, agro climatic
risks, Seasonal nature of availability of paddy and margins
susceptible to raw material price fluctuations and Regulations by
Government also constrains the rating. These rating weaknesses are
partially offset by the Experienced partners with more than a
decade of experience in Agro Industry and stable outlook demand for
rice.
Rating Sensitivities
Positive Factors - Factors that could lead to positive rating
action/upgrade:
* Total operating income increasing beyond INR50 crores while
improving its profitability margins leads to substantial
increase in GCA.
* Gearing ratio below 3x on a sustained basis.
Negative Factors- Factors that could lead to negative rating
action/downgrade:
* PBILDT margins < 3.00% and PAT margins 10x
Detailed description of the key rating drivers
Key Rating Weaknesses
* Modest scale of operations with low networth and fluctuating
total operating income during the review period: The scale of
operations of the firm stood modest during the review period marked
by total operating income of INR 46.85 crore with low net worth
base of INR 1.82 crore in FY21. The firm has achieved a total
operating income of INR28.43 Cr in 9MFY22.
* Fluctuating profitability margins during the review period: The
profitability margins of the firm stood satisfactory albeit
fluctuating during the review period in the range of 2.17% to
3.99%. The PBILDT margin of the firm has marginally declined from
3.99% in FY20 to 3.88% in FY21 due to increase in cost of
materials consumed.
* Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators during the review period: The capital
structure of the firm stood leveraged during the review period
marked by overall gearing ratio of 5.50x as on March 31,2021 on
account of low net worth due to withdrawal capital and profits by
partners during FY21 and high debt levels. Besides, the firm
manages its working capital gap from funds by way of short term
borrowing.
* Working capital intensive nature of operations along with agro
climatic risks: Due to the inherent agro climatic risk the millers
have to stock enough paddy by the end of each season as the price
and quality of paddy is better during the harvesting season. During
this time, the working capital requirements of the rice millers are
generally on the higher side. Majority funds of the Company are
blocked in inventory. The firm avails credit period of 10-15 days
from its suppliers as majority of which are farmers and extends
credit up to 40 -60 days to its customers. The firm maintains the
average inventory level of 60-80 days however the same has been
high at 120 days in past due to lower availability of desired raw
materials. Firm's average utilization of working capital stood at
90% during last 12 months ended December 31, 2021.
* Seasonal nature of availability of paddy and margins susceptible
to raw material price fluctuations and Regulations by Government:
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The major procurement of Paddy happens during the months
of October to January and April to July. The firm's raw material
being paddy, for proper harvest and availability of paddy, the
weather conditions should be adequate.
Adverse weather conditions directly affect the supply and
availability of the paddy and raw material price fluctuations. The
central Government of India (GOI), every year decides a minimum
support price of paddy which limits the bargaining power of rice
millers over the farmers. The sale of rice in the open market is
also regulated by the government through levy quota and
fixed prices. Due to the above-said regulations along with the
intense competition, the bargaining power of the rice millers
against the suppliers of paddy and the customers is limited.
* Highly fragmented and competitive business segment due to
presence of numerous players: The firm is engaged into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized firms that compete with each other
along with several large enterprises. There are several small-sized
firms in and around Siruguppa area which compete with SSSRI.
* Partnership nature of constitution with inherent risk of capital
withdrawal: SSSRI is constituted as a Partnership firm wherein it
is exposed to frequent withdrawal of partner's capital and
resultant erosion of the net worth resulting in lower capital base
despite the firm being able to generate sufficient profits in the
past. During the review period the promoters have withdrawn capital
to the extent of INR 3.17 crore in FY21(Prov.).
Key Rating Strengths
* Experienced partners with more than a decade of experience in
Agro Industry: SSSRI was incorporated in 2009 and promoted by Mr.
T.Nageshwarao and T.Kiran kumar along with their family members.
The promoters have around 11 years of experience in trading and
rice milling. Through their vast experience in rice mill business,
they have established healthy relationship with key suppliers,
customers, local farmers, dealers and also with the brokers
facilitating the ease in sale of products.
* Stable outlook demand for rice: Agriculture is the primary source
of livelihood for about 58 percent of India's population. The
Indian food industry is poised for huge growth, increasing its
contribution to world food trade every year due to its immense
potential for value addition, particularly within the food
processing industry. Rice is consumed in large quantity in India
which provides favorable opportunity for the rice millers and thus
the demand is expected to remain healthy over medium to long term.
India is the second largest producer of rice in the world after
China and the largest producer and exporter of basmati rice in the
world. The rice industry in India is broadly divided into two
segments – basmati (drier and long-grained) and non-basmati
(sticky and short-grained). Demand of Indian basmati rice has
traditionally been export-oriented where the South India caters
about one-fourth share of India's exports. However, with a growing
consumer class and increasing disposable incomes, demand for
premium rice products is on the rise in the domestic market. Demand
for non-basmati segment is primarily domestic market-driven in
India. Initiatives taken by government to increase paddy acreage
and better monsoon conditions will be the key factors which will
boost the supply of rice to the rice processing units.
Liquidity: Stretched
The liquidity profile of the firm stood stretched with tightly
matched accruals to its debt repayment obligations and high working
capital utilization to the extent of 90% during last 12 months
ending December 31, 2021 and modest cash and bank balance of INR
0.09 crore as of March 31, 2021 (Prov.).
Sri Sai Srinivasa Rice Industries is established in December 2009.
The firm is promoted by T. Nageshwarao and T. Kiran Kumar and their
family members. The firm is into rice milling and processing of
rice and the promoter has the business vintage of over a decade in
the rice milling business. It has total production capacity of 4
M.T per hour. The firm majorly deals in rice, steamed rice, boiled
rice, broken rice, rice bran, etc. The firm purchases its raw
material i.e. paddy from local farmers and process the paddy in
their plant and sells the final product to customers located across
Karnataka, Andhra Pradesh and Telangana.
SHANKAR SAW: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Shree Shankar Saw Mill Private Limited
67/26 Strand Road
Kolkata 700006
West Bengal
Insolvency Commencement Date: January 27, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: July 25, 2022
(180 days from commencement)
Insolvency professional: Neeraj Kumar Sureka
Interim Resolution
Professional: Neeraj Kumar Sureka
Central Plaza, 6th Floor
6th Floor, Room No. H
41, B.B. Ganguly Street
Kolkata 700012
West Bengal
E-mail: ipneerajsureka@gmail.com
cirp.sssmpl@gmail.com
Last date for
submission of claims: February 10, 2022
SIVA INDUSTRIES: NCLAT Upholds Court's Liquidation Order
--------------------------------------------------------
The Economic Times of India reports that the appellate tribunal has
upheld an order passed by the Chennai bankruptcy court to liquidate
Siva Industries and Holdings while rejecting a settlement proposal
endorsed by a majority of the lenders.
In a judgment dated January 28, the National Company Law Appellate
Tribunal (NCLAT) ordered liquidation stating that the plan was
submitted to the tribunal after 330 days, which is the maximum time
permitted to resolve a case under the Insolvency and Bankruptcy
Code (IBC) failing which the company has to be liquidated, the
report says.
While upholding the NCLT's August 2021 order, the appellate
tribunal indicated that since the promoter is ineligible to submit
a plan under Section 29A of the bankruptcy law, he has submitted a
settlement plan under 12A, according to the report.
The settlement offer under Section 12A was made by RCK Vallal, who
is the father of the founder of Siva group, C Sivasankaran, the
report discloses. Siva Group is best known for investments in
Aircel, a telco that went bankrupt, and Barista, a coffee chain.
"The well-settled legal principle is that the committee of
creditors (CoC) ought not to approve the resolution plan where the
resolution applicant is ineligible under Section 29A of the Code."
As per Section 29(A) of the IBC code, a defaulting promoter and his
relatives can acquire a company under insolvency only after they
pay outstanding dues.
ET relates that the IDBI Bank-led consortium had accepted a
settlement of INR333.21 crore from the promoters of Siva Industries
under Section 12(A) of IBC, which enables lenders to seek approval
to withdraw a case from IBC provided 90% of the lenders agree to
it. The offer by Siva Industries equated to a haircut of 93.5% for
lenders.
"The promoter being ineligible to project a resolution plan by
virtue of Section 29A of the Code had embarked upon the aspect of
furnishing a settlement proposal 'which is akin to Resolution
Plan'. To put it differently, the promoter of the corporate debtor
had ventured in endeavouring to restructure the loan sanctioned by
the financial creditors based on the premise of a settlement
proposal to be filed under Section 12A of the Code," the NCLAT
order stated, the report relays.
Abhijit Guhathakurta, the resolution professional backed by
Deloitte has admitted INR4,863 crore financial creditors' claims,
ET discloses. As per the offer, a sum of INR5 crore was to be paid
upfront and the balance was to be paid within 180 days after the
approval from adjudicating authority.
ET relates that NCLAT observed that as per the offer, the promoter
can change the terms or withdraw the offer even after it is
approved by the tribunal. The appellate tribunal noted the
settlement offer is subject to negotiation with CoC and the
promoter can withdraw it without any liability if the adjudicating
authority directs any material amendment.
The order stated that the lenders have voted under Section 12A of
the Code without even getting a single sum from the promoter.
According to NCLAT, the CoC should have voted for the settlement
proposal "only in the event of receipt of money in entirety in
terms of the settlement proposal of the promoter" In such a
situation, there was no scope of contemplating a default of the
promoter and ultimately the adjudicating authority would have
approved the settlement proposal, the report adds.
Siva Industries and Holdings Limited manufactures
telecommunications equipment.
SPM WEAVING: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri SPM
Weaving Mills (SSWM) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 20,
2021, placed the rating(s) of SSWM under the 'issuer
non-cooperating' category as SSWM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SSWM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 6, 2021, December 16, 2021, December
30, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Tamil Nadu based, Sri SPM Weaving Mills (SSWM) was established in
the year 2015 as a partnership firm. SSWM has its registered office
and plant located at M.S. Mangalam (Village), Erode, Tamilnadu with
the area covering 3.75 acres. The firm is engaged in manufacturing
of grey fabric.
SUNDER FOOD: CARE Lowers Rating on INR12.50cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sunder Food Products (SFP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 27,
2021, placed the rating(s) of SFP under the ‘issuer
non-cooperating’ category as SFP had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SFP continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 13, 2021, December
23, 2021, January 2, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SFP have been
revised on account of non-availability of requisite information.
Madhya Pradesh based, SFP was established in the year 2012 by Mr.
Anil S. Setiya. The entity is engaged in manufacturing of snacks,
namkeens and biscuits at its manufacturing facility located at
Chhindwara, Madhya Pradesh, having an installed capacity to
manufacture 1000 tons per year.
VINDHYA SHIKSHA: CARE Lowers Rating on INR13.04cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vindhya Shiksha Samiti (VSS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.04 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 18,
2021, placed the rating(s) of VSS under the ‘issuer
non-cooperating’ category as VSS had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. VSS continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 4, 2021, December 14,
2021, December 24, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of VSS have been
revised on account of non-availability of requisite information.
Balaghat (Madhya Pradesh) based Vindhya Shiksha Samiti (VSS) is
registered as a society in 2000 under M.P. Society Registration
Act, 1973 with an objective to impart education. The society is
presently operating nine colleges in Balaghat, Mandla and Dongariya
district of Madhya Pradesh and offers degree courses in Engineering
and Technology, Medical and Pharmaceutical sciences, basic science,
nursing education, commerce and Polytechnic as well as post
graduate course in M.Sc (IT) stream, M.Ed. It also offers diploma
course in electrical mechanical & civil engineering courses to
students under its colleges, Sardar Patel College of Technology and
Sardar Patel Polytechnic College which are affiliated with Rajiv
Gandhi Proudyogiki Vishwavidyalaya (RGPV) and Rani Durgawati
Vishwavidyalaya University, Jabalpur and has taken approval from
All India Council for Technical Education (AICTE), Pharmacy Council
of India (PCI) and NCTE. The society is also running a school
namely Mount Litera Zee Learn School in Balaghat from nursery to
seventh. The school became operational from academic year 2017-18.
The society is also running a university namely Sardar Patel
University in Balaghat in Madhya Pradesh. University became
operational from academic years 2018-19 and here are more than 70
courses in university.
VIRTUE INDUSTRIES: CARE Lowers Rating on INR10.50cr LT Loan to B
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Virtue Industries (VI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.50 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of VI under the ‘issuer
non-cooperating’ category as VI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 8, 2021, December 18, 2021, December
28, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of VI have been revised
on account of non-availability of requisite information. The
ratings also factored in higher debt levels as well as
deterioration in debt coverage indicators during FY20.
Krishna District (Andhra Pradesh) based, Virtue Industries was
established in the year 2016 as a partnership firm by Munsunuru
family. The firm is engaged in the manufacturing and sale of
construction aggregates (in the range of 0mm to 40mm) to the
construction industry. The blue-metals are acquired from Virtue’s
group associate “Sri Sai Ganesh Stone Crusher” (SSGSC). The
various types of aggregates manufactured are sold to domestic
infrastructure and construction companies. The firm has an
installed capacity of 350 TPH (Tons Per Hour) as on December 27th
2017 located at Krishna District, Andhra Pradesh.
=================
I N D O N E S I A
=================
BUANA LINTAS: Moody's Withdraws 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating of Buana Lintas Lautan Tbk (P.T.) (BULL).
The outlook at the time of the withdrawal was negative. The company
currently has no rated debt.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Headquartered in Jakarta, Indonesia, and founded in 2005, Buana
Lintas Lautan Tbk (P.T.) (BULL) provides shipping services
primarily to oil and gas companies, including Pertamina (Persero)
(P.T.) (Baa2 stable) and its associates. BULL operated a fleet of
37 vessels as of June 30, 2021.
=====================
N E W Z E A L A N D
=====================
EP SCAFFOLDING: Creditors' Proofs of Debt Due March 2
-----------------------------------------------------
Creditors of Ep Scaffolding Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 2,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 1, 2022.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour, Auckland 0751
GOLDEN 5R: Court to Hear Wind-Up Petition on Feb. 11
----------------------------------------------------
A petition to wind up the operations of Golden 5R Transport Limited
will be heard before the High Court at Auckland on Feb. 11, 2022,
at 10:00 a.m.
Kiwi Waste and Recycling Limited filed the petition against the
company on Nov. 4, 2021.
The Petitioner's solicitors are:
G. C. Jenkin
Princes Chambers
3 Princes Street
Auckland 1010
INTERFARM IMPORTS: Court to Hear Wind-Up Petition on Feb. 10
------------------------------------------------------------
A petition to wind up the operations of Interfarm Imports Limited
will be heard before the High Court at Napier on Feb. 10, 2022, at
10:00 a.m.
Mark Brian Schwass filed the petition against the company on Nov.
19, 2021.
The Petitioner's solicitors are:
Sean Thompson
Hardy-Jones Clark Lawyers
76 High Street, Blenheim 7201
LIDDLE BUILDERS: Goes Into Liquidation
--------------------------------------
Stuff.co.nz reports that Liddle Builders and Construction Ltd, a
Hawke's Bay building company behind a flawed home, has gone into
liquidation, with a NZD957,000 shortfall between what is claimed
and listed company assets.
According to Stuff, Jason and Victoria Roebuck contracted Liddle
Builders to build their new "dream home" on a rural block looking
out at Mount Erin in Hawke's Bay, but the house was - all agreed -
flawed.
However, the scale of the issues was disputed, the report says.
Builder Robert Liddle accepted there were some fixable flaws, while
the Roebucks believed the house needed to be demolished and built
again.
Their lawyer, Jol Bates, argued Mr. Liddle had set up a new
company, to transfer assets into and shield himself from having to
pay.
Documents show the Roebucks applied to have the company put into
liquidation to preserve any remaining assets and that liquidator
Heath Gair would review earlier company transactions to pursue "any
possible avenues of recovery," according to Stuff.
Stuff relates that Mr. Gair froze the company's bank accounts and
reported Liddle Builders and Construction had assets of NZD19,067
while the Roebucks were claiming NZD976,095.
Mr. Liddle, through his lawyer, Nathan Gray, sent a statement about
the available funds and argued the Roebucks sought liquidation
before resolving the building dispute.
"They cancelled the building agreement which, by law, triggered a
refund of the monies paid to date for the works completed on the
house. The company couldn't pay the refund as it had put those
monies into the cost of the build.
"While the dispute has been going on Liddle Builders and
Construction has consistently offered to fix the issues at its own
cost. It is an unfortunate set of circumstances, which has been
very stressful for all involved."
Stuff relates that the Roebucks' lawyer, Jol Bates, said they
wanted to arrange a multi-party mediation outside the liquidation
process in which Liddle and various subcontractors tried to sort
out a solution. There were 12 parties to it and some of them had
"expressed willingness" to attend. He would not say whether Liddle
was willing.
High Court papers from October 2021 show Justice Peter Churchman
believed Mr. Liddle could have set up a new company to transfer
assets and avoid liability, the report says.
"It is seriously arguable that the respondent [is] engaged in a
process of transferring assets to other entities in order to
judgment proof itself against prospective claims by the
applicants," the judge said.
Mr. Gray previously said Mr. Liddle set up a new company, Havelock
North Construction, then transferred assets to it, on legal advice.
This was so new customers would not be affected by the legal
threats the Roebucks were making.
Actual assets went to the new company, while cash went to the old
one, which was then paid to creditors. There was no attempt to hide
this, Mr. Gray said.
Stuff says Mr. Liddle accepted there were defects in the build,
some of which were down to his company, and others which were
because of subcontractors.
Mr. Gray said there was "a lot of daylight" between what Liddle's
experts said needed to be done to fix the house and the advice from
the Roebucks' experts, the report adds.
NEXT LEVEL: Court to Hear Wind-Up Petition on Feb. 10
-----------------------------------------------------
A petition to wind up the operations of Next Level Concrete Limited
will be heard before the High Court at Christchurch on Feb. 10,
2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 19, 2021.
The Petitioner's solicitor is:
Julia Beech
Inland Revenue, Legal Services
PO Box 1782, Christchurch 8140
Email: julia.beech@ird.govt.nz
TITAN BULK: Court to Hear Wind Up Petition on March 3
-----------------------------------------------------
Riley Kennedy at Otago Daily Times reports that a Nelson automotive
company has filed an application to liquidate a Mosgiel trucking
company which had its assets repossessed last year. The
application is to be heard in the High Court at Dunedin on March
3.
A public notice was filed last week stating that Lloyd Heslop
Motors Ltd had filed an application in the High Court to liquidate
Titan Bulk Haulage Ltd, according to ODT.
Last year, the transport company - which is owned by Burns Group
2018 Ltd - had its assets repossessed by Kiwi Asset Finance, a
wholly owned subsidiary of Kiwibank.
Burns Group also owns Forest Distribution and Logistics Ltd and
Otago Excavation Ltd.
The assets included multiple trucks, trailers, forklifts, utes and
other machinery.
A report prepared by Kiwi Asset Finance after the repossession,
which was publicly available on the Companies Office website, said
Titan Bulk Haulage owed the finance company NZD1.47 million, ODT
relays.
In August last year, Kiwi Assets Finance withdrew from the
repossession after the defaulted loan was settled, according to
ODT.
When contacted, Burns Group co-owner and managing director Malcolm
Burns told the Otago Daily Times on Jan. 27 that the matter had
been resolved and would no longer go to court.
However, the ODT understands that is not the case.
The public notice stated the application is to be heard in the High
Court at Dunedin on March 3.
=================
S I N G A P O R E
=================
EFC FOUNDATION: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Jan. 21, 2022, to
wind up the operations of EFC Foundation Ltd.
Volatility Token Master Fund filed the petition against the
company.
The company's liquidator is:
Mr. Yit Chee Wah
FTI Consulting (Singapore) Pte. Ltd.
One Raffles Quay, #27-10
Singapore 048583
HQSM ENGINEERING: Court to Hear Wind-Up Petition on Feb. 11
-----------------------------------------------------------
A petition to wind up the operations of HQSM Engineering Pte Ltd
will be heard before the High Court of Singapore on Feb. 11, 2022,
at 10:00 a.m.
Abraham International Process Engineering Corp. Pte. Ltd filed the
petition against the company on Jan. 18, 2022.
The Petitioner's solicitors are:
Oon & Bazul LLP
36 Robinson Rd
#08-01/06 City House
Singapore 068877
ICON EAGLE: Creditors' Proofs of Debt Due Feb. 28
-------------------------------------------------
Creditors of Icon Eagle Vermont Pte. Ltd. and Icon Eagle Virginia
Pte. Ltd., which is in voluntary liquidation, are required to file
their proofs of debt by Feb. 28, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 24, 2022.
The company's liquidators are:
Lin Yueh Hung
Oon Su Sun
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
SINGAMET TRADING: Creditors' Proofs of Debt Due Feb. 28
-------------------------------------------------------
Creditors of Singamet Trading Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Feb. 28,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 20, 2022.
The company's liquidator is:
Mr. Lai Kuan Loong, Victor
c/o CitadelCorp Pte. Ltd.
105 Cecil Street
#12-01 The Octagon
Singapore 069534
*********
S U B S C R I P T I O N I N F O R M A T I O N
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