/raid1/www/Hosts/bankrupt/TCRAP_Public/220420.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, April 20, 2022, Vol. 25, No. 73
Headlines
A U S T R A L I A
ASME WELDING: Second Creditors' Meeting Set for April 27
AUSTRALIA: Builders Representatives Warn of More Company Collapses
BRONX INTERNATIONAL: Second Creditors' Meeting Set for April 27
C88 PROJECT: First Creditors' Meeting Set for April 29
DIXON ADVISORY: ASIC Suspends AFS License After Administration
DS GARAGE: Second Creditors' Meeting Set for April 27
MORWELL SHOPFITTERS: First Creditors' Meeting Set for April 28
I N D I A
BHARAT SHEET: CARE Keeps B Debt Rating in Not Cooperating Category
CONTINUUM GREEN: S&P Assigns BB- LongTerm Issuer Credit Rating
DIPANSHU PROMOTER: ICRA Keeps B+ Debt Rating in Not Cooperating
DOSTI REALTY: CARE Lowers Rating on INR150cr LT Loan to B
GANAPATI FISHING: ICRA Cuts Rating on INR5.0cr LT Loan to B+
GMR KAMALANGA: ICRA Keeps D Debt Ratings in Not Cooperating
HVR PROJECTS: CARE Lowers Rating on INR12.44cr LT Loan to D
KAILASH DEVBUILD: ICRA Keeps B+ Debt Rating in Not Cooperating
KRISHNA IMPEX: CARE Lowers Rating on INR3.35cr LT Loan to B-
LOHIYA DEVELOPERS: ICRA Keeps B Debt Rating in Not Cooperating
M.M. BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MANSA VINCOM: CARE Lowers Rating on INR4.66cr LT Loan to B-
MUKTA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
N. S. POLYMER: CARE Keeps D Rating in Not Cooperating Category
PATRAN FOODS: CARE Keeps B+ Debt Rating in Not Cooperating
PMJ CONSTRUCTIONS: ICRA Keeps B Debt Ratings in Not Cooperating
PRAKASH STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
R.S. MELGIRI: ICRA Keeps B+ Debt Ratings in Not Cooperating
RAIPUR SPECIALITY: CARE Keeps B- Debt Rating in Not Cooperating
RAJDA INDUSTRIES: CARE Keeps B+ Debt Rating in Not Cooperating
SANDHYASAMRAT CONSTRUCTION: CARE Cuts Rating on INR4cr Loan to B+
SARVA MANGALAM: CARE Keeps D Debt Ratings in Not Cooperating
SOCIETY DISTRIBUTORS: CARE Lowers Rating on INR15cr Loan to B-
SUPERTECH LTD: Hearing on Insolvency Case Moved to May 2
I N D O N E S I A
ASURANSI JASA: A.M. Best Affirms 'ccc+' Issuer Credit Rating
M A L A Y S I A
MALAYSIA PACIFIC: Teams Up With Chesland to Develop Land in Johor
N E W Z E A L A N D
BOX OF FLUFFY: Commences Wind-Up Proceedings
DUNES (2012): Court to Hear Wind-Up Petition on April 29
ELTEL CO: Court to Hear Wind-Up Petition on April 29
PINNACLE LIFE: A.M. Best Affirms bb+ ICR & Alters Outlook to Pos.
SOUTHFIELDS FORESTRY: Creditors' Proofs of Debt Due on May 13
WEST MELTON CONTRACTING: Creditors' Proofs of Debt Due on May 20
S I N G A P O R E
ACTIVE BUILDING: Commences Wind-Up Proceedings
BASCO ENTERPRISES: Commences Wind-Up Proceedings
LAGUNA NATIONAL: Court to Hear Wind-Up Petition on April 29
PINEAPPLE PROJECT: Commences Wind-Up Proceedings
SINGAPORE CARPENTRY: Court to Hear Wind-Up Petition on April 22
S O U T H K O R E A
SSANGYONG MOTOR: Court Approves New Auction to Sell Company
S R I L A N K A
SRI LANKA: Must Show IMF Sustainable Debt Plan to Secure Aid
- - - - -
=================
A U S T R A L I A
=================
ASME WELDING: Second Creditors' Meeting Set for April 27
--------------------------------------------------------
A second meeting of creditors in the proceedings of ASME Welding
Services Pty. Ltd., trading as ASME Projects, has been set for
April 27, 2022, at 11:00 a.m. via virtual meeting.
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 April 26, 2022, at 5:00 p.m.
Andrew Peter Fielding of BDO was appointed as administrator of ASME
Welding on March 11, 2022.
AUSTRALIA: Builders Representatives Warn of More Company Collapses
------------------------------------------------------------------
Daily Telegraph reports that building industry representatives in
Western Australia are calling for government action to avoid more
company collapses.
In the past fortnight, two WA home builders, New Sensation Homes
and Home Innovation Builders became the latest to go into
liquidation, the report relates.
According to Daily Telegraph, the crisis has overwhelmingly been
blamed on soaring material costs, labour shortages and other
Covid-related impacts.
In WA, a decline in new projects from 2014-2020 dubbed the "Valley
of Death" has contributed to leaving many businesses vulnerable.
Daily Telegraph relates that the sudden uptick in building
approvals in 2020 as a result of government stimulus has left the
industry dangerously understaffed and undersupplied.
The Master Builders Association of Western Australia (MBA WA)
warned more company collapses could be on the way if things don't
change, the report says.
According to the report, Executive Director John Gelavis said the
builders themselves were not to blame for difficult conditions
which have persisted since the pandemic.
"Not just in WA, but as an industry Australia-wide, I think it's
well publicised there are challenges around both local and global
supply chains," the report quotes Mr. Gelavis as saying.
The latest round of ABS figures in December last year showed the
cost of reinforcing steel up 43.1 per cent and structural timber up
39.7 per cent.
Builders are reporting those prices climbed even higher in the
first part of 2022 and planned government tariffs related to the
Ukraine conflict could see prices climb higher still, the report
relays.
"Depending on the contract, in cases there's limited opportunity to
pass those costs on, then the pressure is applied through cash flow
impact," Mr. Gelavis explained.
Government stimulus measures in 2020 saw new project approvals jump
to more than double what they were prior to the pandemic, the
report notes.
While the development was overall a welcome one, the loss of
skilled workers during the pandemic also meant the soaring demand
for builders has in itself become an issue.
"Understandably, people want their homes, their commercial project
finished; but there simply isn't enough people in the industry to
keep up with the demand of work out there," the MBA WA said in a
statement last month, recalls Daily Telegraph.
"If the trend continues, with more price increases and labour
shortages, there will be more and more contracts that are completed
with no profit, which will impact all building companies and their
capacity to stay profitable."
Daily Telegraph says the MBA WA is calling on the State Government
to remove mandatory Covid-19 vaccinations for the building and
construction Industry and to facilitate the entry of skilled
overseas workers into the state.
"We're sitting down with the state government and saying, 'how can
we work together in a collaborative sense' to try and find some
solutions to help the industry," the report quotes Mr. Gelavis as
saying.
"One thing that's evident is the challenges around the workforce,
so how can we improve the current workforce capability."
BRONX INTERNATIONAL: Second Creditors' Meeting Set for April 27
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Bronx
International Pty Ltd has been set for April 27, 2022, at 4:00 p.m.
via virtual meeting.
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 April 26, 2022, at 12:00 p.m.
Michael Brereton and Sean Wengel of William Buck were appointed as
administrators of Bronx International on March 13, 2022.
C88 PROJECT: First Creditors' Meeting Set for April 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of C88 Project
Pty Ltd will be held on April 29, 2022, at 11:00 a.m. via virtual
meeting technology.
Andrew James Barnden and Joanne Monica Keating of Rodgers Reidy
were appointed as administrators of C88 Project on April 14, 2022.
DIXON ADVISORY: ASIC Suspends AFS License After Administration
--------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
suspended the Australian Financial Services (AFS) licence of Dixon
Advisory & Superannuation Services Pty Limited.
The suspension follows the appointment of Stephen Graham Longley
and Craig David Crosbie as joint administrators to Dixon Advisory
on Jan. 19, 2022.
The Administrators have informed ASIC that most Dixon Advisory
clients have transitioned to alternate financial services providers
of their choice.
Importantly, the terms of the suspension:
* allow Dixon Advisory's AFS licence to continue to operate
until May 9, 2022 so that existing clients who have not yet
transitioned to an alternate provider can continue to access
financial services;
* require the maintenance of dispute resolution arrangements
including Australian Financial Complaints Authority
membership until April 8, 2023; and
* require the maintenance of compensation arrangements that
comply with s912B of the Corporations Act 2001 until April 8,
2023.
Under the Corporations Act 2001, ASIC has the power to suspend or
cancel an AFS licence, without holding a hearing, where the AFS
licence is held by a body corporate which is placed under external
administration.
Dixon Advisory has a right to seek a review of ASIC's decision at
the Administrative Appeals Tribunal.
Dixon Advisory clients seeking information about the administration
process should contact the Administrators on
au_dass_queries@pwc.com and can access PwC's Insolvency Cases page:
https://insolvency.pwc.com.au/
ASIC is also undertaking inquiries in relation to the transition of
former clients of Dixon Advisory to Evans & Partners Pty Ltd, a
related entity.
On Jan. 19, 2022, E&P Financial Group Limited made an ASX
announcement about the appointment of the Administrators to Dixon
Advisory.
On Sept. 4, 2020, ASIC commenced civil penalty proceedings against
Dixon Advisory for alleged conflicts, best interest failures and
inappropriate advice. These proceedings are currently stayed and
ASIC is continuing to liaise with the Administrators to progress
the proceedings.
DS GARAGE: Second Creditors' Meeting Set for April 27
-----------------------------------------------------
A second meeting of creditors in the proceedings of DS Garage Pty
Ltd, trading as Autobody Therapy, has been set for April 27, 2022,
at 10:00 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 April 26, 2022, at 4:00 p.m.
Abdul Chambal and W. Roland Robson of Robson Cotter Insolvency
Group were appointed as administrators of DS Garage on March 22,
2022.
MORWELL SHOPFITTERS: First Creditors' Meeting Set for April 28
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Morwell
Shopfitters Pty. Limited, formerly Trading as "MSF Thermal Windows
& Doors", will be held on April 28, 2022, at 10:00 a.m. at the
offices of Rodgers Reidy, Level 3, 326 William Street, in
Melbourne, Victoria.
Brent Leigh Morgan and Neil Stewart Mclean of Rodgers Reidy were
appointed as administrators of Morwell Shopfitters on April 13,
2022.
=========
I N D I A
=========
BHARAT SHEET: CARE Keeps B Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bharat
Sheet Grah Private Limited (BSGPL) continues to remain in the
'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.77 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 February 18,
2021, placed the rating(s) of BSGPL under the 'issuer
non-cooperating' category as BSGPL 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. BSGPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 4, 2022, January 14,
2022, 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).
Bharat Sheet Grah Private Limited (BSGPL) (CIN
No.U15139UP2008PTC034537) was incorporated in January, 2008 and
started its commercial operations in March, 2013. The company is
currently managed by Mr. Kaushlendra Kumar Gupta & Mr. Arvind Kumar
Gupta. BSGPL is engaged in renting of its cold storage facility for
potatoes to the local farmers in Sirsaganj, Uttar Pradesh with
multi chambers having storage capacity of 195662.94 quintals as on
March 31, 2019. The company has two group associates namely; "Sai
Sheet Grah"; (established in 2000) engaged in renting of its cold
storage facility and "Sai Rice Mill"; engaged in rice milling.
CONTINUUM GREEN: S&P Assigns BB- LongTerm Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings, on April 18, 2022, assigned its 'BB-' long-term
issuer credit rating to Continuum Green Energy Ltd. (Continuum).
S&P also assigned its 'BB-' long-term issue rating to the senior
secured notes that Continuum Energy Aura Pte. Ltd. proposes to
issue. Continuum will guarantee the notes.
The stable outlook reflects S&P's view that Continuum's
commissioning of wind-solar hybrid projects will support its
operating performance to be in line with P90 estimates. S&P also
expects sound project execution of the company's capacity additions
over the next 12 months.
Continuum's differentiated focus on the C&I segment in India's
power sector supports its competitive position. The company has a
better returns profile from its focus on the underpenetrated C&I
market. Such a strategy also limits its exposure to weaker state
distribution companies (discoms). S&P expects C&I customers to
contribute about 70% to Continuum's revenue in fiscal 2024
(year-end March 31), from about 50% in fiscal 2022.
C&I tariffs will likely remain high and could rise further.
Continuum's C&I tariffs are benchmarked at a discount to tariffs
that discoms charge industrial users. S&P expects the tariffs to
remain high as they help to subsidize politically-sensitive sectors
such as retail and agricultural customers.
While C&I contracts are relatively shorter at 10-12 years, compared
with 25 years for power purchase agreement (PPA) contracts with
discoms, they provide good long-term visibility on cash flow.
Furthermore, S&P believes a favorable market structure for C&I and
annual inflation adjustments partially mitigate against annual
repricing risk.
In addition, C&I renewable projects benefit from grid priority
dispatch. This limits volume risks. Take-or-pay terms with C&I
customers are high at 85%-90%. In the event of a volume shortfall,
Continuum can sell surplus volume to discoms at a fixed, albeit
lower, price. In S&P's view, these features support cash flow
stability and good earnings quality.
S&P believes Continuum will maintain its strategic positioning in
the profitable C&I market. This is given the company's strategy of
constructing wind-solar hybrid projects (these have a
higher-generation profile more suited to customers' needs) that
enables it to offer competitive rates and discounts. Continuum's
access to good wind sites and first-mover advantage in states such
as Gujarat (with supportive frameworks for open access sales of
renewable energy) also strengthen its competitive position.
Although the company has a small share of a fragmented market, S&P
believes the C&I market is largely underpenetrated, at below 10%.
This provides good growth prospects.
Continuum is likely to earn higher returns than India-based
renewable peers.We believe the company will continue to earn a
higher return on capital (ROC) than peers such as ReNew Power Pte.
Ltd. and Greenko Energy Holdings. These peers operate largely in
the competitive bid-tariff (regulated) segment and pursue
aggressive growth. Continuum generated an ROC of 11%-12% over the
past few years, higher than the 7%-8% for ReNew and Greenko. This
reflects the company's better profitability, likely driven by high
tariffs charged to C&I customers.
Continuum charges a higher net tariff (after deducting for open
access charges) across various states. In comparison, tariffs for
recent competitive bid projects (regulated segment) are
significantly lower at about Indian rupee (INR) 2.8 per
kilowatt-hour (kWh). This gap is largely due to lower capex costs
and a function of an auction market. With a core focus on the C&I
segment, we believe the company's ROC will continue to trend higher
than peers over the next few years.
Good credit quality of C&I customers supports Continuum's earnings
quality and receivables. C&I customers have a proven record of
making timely payments, with payment terms of 15-20 days. Moreover,
Continuum benefits from a good diversity of C&I customers across
sectors, with more than 125 customers. The company's receivable
position will likely improve with a greater proportion of C&I
customers and increasing exposure to Solar Energy Corp. of India
Ltd. (SECI) as an offtaker. This will reduce its exposure to weak
state counterparties in Maharashtra and Madhya Pradesh where large
receivables have built up. Overall, Continuum's receivable position
compares favorably with that of ReNew and Greenko. These two have
large exposure to state discoms with weak credit quality and a
history of long payment delays.
Operating performance is steady, despite a small scale and limited
project diversity. Continuum's operating performance over the past
few years is in line with P90 estimates (meeting the company's
expected power generation levels at least 90% of the time), even
with a wind-dominated portfolio. Continuum has maintained a more
resilient operating performance in downturns (wind performance
across the industry was poor in fiscal 2021) than its larger and
more diversified peers such as Greenko. For instance, Continuum's
underperformance of P90 estimates in fiscal 2021 was 2.2%, lower
than Greenko's 2.4%. S&P believes that Continuum's operating
performance compares favorably to peers with a larger portfolio of
assets and higher resource diversity. That said, while solar assets
are typically more stable, resource risk is inherent for all
renewable players. Any shortfall in cash flow could still put
pressure on Continuum's financial performance.
Increasing portfolio diversity through the addition of more solar
assets over the coming year will help to moderate resource risks
for Continuum. It will also sustain portfolio generation in line
with P90 or potentially higher estimates. Having said that, while
solar assets are typically more stable, resource risk is inherent
for all renewable players. Any shortfall in cash flow could still
put pressure on Continuum's financial performance.
Leverage will remain elevated over the next 12 months, given high
capital expenditure (capex).Continuum's ratio of funds from
operations (FFO) to debt will likely be 3% in fiscal 2022 and 2% in
fiscal 2023. This will be driven by large debt-funded capex to
expand capacity. The company aims to add 1.2 gigawatt (GW) of
capacity in fiscal 2023. Of this, 441 megawatt (MW) should be
operational by June 2022. This will increase its total operating
capacity to 2.1GW by the end of fiscal 2023, more than double its
current capacity of about 860MW.
Continuum will incur significant capex of about US$675 million in
fiscal 2023 to support its heavy expansion plan. S&P believes the
company will only spend the amount after signing PPAs. It is in
advance stages of signing PPAs with prospective C&I customers. In
our view, Continuum will manage execution risk on projects under
construction and should meet its project construction timeline of
about 12 months.
Earnings from the commissioning of new projects will help to
improve Continuum's financial ratios from fiscal 2024 onward. The
ratio of FFO to debt could increase to 5%-6% while FFO cash
interest cover could stabilize at about 1.5x. S&P believes the
company will pursue a more measured growth strategy after its capex
cycle peaks as it seeks to stabilize its larger portfolio.
Continuum does not intend to grow aggressively beyond its target
capacity of 2.1GW by fiscal 2023 and 2.6GW by fiscal 2026. S&P also
expects growth to be calibrated, given that equity funding for
projects under construction comes largely from internal cash
accruals rather than equity inflow from promoters, sponsors, or the
market through a public listing. S&P believes this will ensure
Continuum's growth is more measured than ReNew and Greenko's.
S&P said, "We also expect Continuum to appropriately hedge its
proposed U.S. dollar bond with call spreads for the entire bond
tenure of 3.5 years.
"We consolidate the restricted group (Continuum Energy Levanter
Pte. Ltd.) in our analysis. We do not view the leverage profile of
the restricted group and Continuum to be materially different.
After the commissioning of projects under construction, we do not
expect cash flow at the parent level to be materially weaker as
well.
"In our view, lock-ups of the debt service coverage ratio at the
restricted group level are not likely to be interrupted. This is
because 100% distributions are allowed if the ratio is greater than
1.5x for two consecutive periods. We expect this to be met under
our base-case assumption.
"The stable outlook reflects our view that the commissioning of
wind-solar hybrid projects will support Continuum's operating
performance, in line with P90 estimates. We also expect the company
to successfully execute capacity additions over the next 12 months,
strengthening its competitive position in the C&I market. These
factors will support cash flow generation and improve the FFO cash
interest coverage to about 1.5x from fiscal 2024 onward.
"We may lower the rating if Continuum's earnings profile
deteriorates, leading to lower cash flow stability. This can happen
if changes to the tariff-setting process and competitive landscape
in the C&I market are adverse, exposing the company to higher
market and pricing risks than we expect. This may also result in
lower profitability and returns than peers."
S&P may also lower the ratings if Continuum's FFO cash interest
cover fails to improve to 1.5x on a sustainable basis. This can
happen if:
-- The company's operating performance weakens to lower than P90
estimates over a sustained period;
-- Continuum deviates from its moderate growth plans after fiscal
2024 and pursues higher debt-funded capex than we expect without
appropriate equity support; or
-- Material delays in project execution lead to lower cash flow.
S&P believes an upgrade is unlikely over the next 12-18 months due
to Continuum's elevated capex plans that it will largely fund by
debt. Nevertheless, S&P may raise the ratings on Continuum if the
company's FFO-to-debt ratio improves above 12% sustainably. This
can happen if:
-- Operating performance is consistently stronger than S&P
expects; or
-- Profitability is significantly higher due to favorable market
dynamics in the C&I segment and an improved cost position on a
larger portfolio.
ESG credit indicators: E-2, S-2, G-2
S&P said, "ESG factors have an overall neutral influence on our
credit rating analysis of Continuum. The company has a relatively
small portfolio of 860MW (2.1GW by the end of fiscal 2023) that is
entirely from renewable sources. Its cash flow also benefits from
the must-run status of renewable energy in India. This status
largely insulates Continuum from unexpected drops in demand for
power. However, production volume of about 90%, when assessed over
a one-year period, indicates resource risk."
DIPANSHU PROMOTER: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dipanshu
Promoter & Builder Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based– 4.50 [ICRA]B+ (Stable); ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund-based 0.50 [ICRA]B+ (Stable); ISSUER NOT
Overdraft COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non Fund Based- 22.50 [ICRA]B+ (Stable)/[ICRA]A4;
Bank Guarantees ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1998, Dipanshu Promoter & Builder Pvt. Ltd. (DPBPL)
was initially set up as Classic Marble House Private Limited. The
name was changed to DPBPL in 2004. The company is involved in civil
construction work, primarily buildings for government departments
and agencies in Jharkhand and Bihar.
DOSTI REALTY: CARE Lowers Rating on INR150cr LT Loan to B
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Dosti Realty Limited (DRL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 150.00 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 April 1, 2021,
placed the rating(s) of DRL under the 'issuer non-cooperating'
category as DRL 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. DRL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 15, 2022, February 25, 2022, March 7, 2022, April 12,
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 DRL have been
revised on account of non-availability of requisite information.
The ratings also factored in the instances of delays in past in
interest servicing on various term loans availed from Housing
Development Finance Corporation Limited of 3-52 days recognized
from Annual Report of FY21. However, the said facilites were not
rated by CARE. Further, the rating considers decline in scale of
operations, continued losses, leverage capital structure and debt
coverage indicators during FY21.
Dosti Realty Limited (DRL) is a Mumbai-based real estate
Development and is part of the Dosti Group. The group is involved
in Mumbai and Thane real estate space for around four decades. The
company is promoted by Mr. Mr. Kishan Goradia (Chairman and
founding member) and Mr. Deepak Goradia (Vice Chairman and Managing
Director). The group has developed around 8 million square feet
(msf), primarily residential properties in and around Mumbai. The
group is currently executing 8 projects with total saleable area of
around 7.05 msf spread across Mumbai, Thane, and Pune.
GANAPATI FISHING: ICRA Cuts Rating on INR5.0cr LT Loan to B+
------------------------------------------------------------
ICRA has moved and downgraded the ratings for the bank facilities
of Ganapati Fishing Lines Pvt Ltd.'s (GFLPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Downgraded from
[ICRA]BB(Stable) and moved
to the 'Issuer Not
Cooperating' category
Short Term- 3.36 [ICRA]A4; ISSUER NOT
Fund Based COOPERATING; Downgraded from
[ICRA]A4+ and moved to the
'Issuer Not Cooperating'
Category
Short Term– 10.50 [ICRA]A4; ISSUER NOT
Non-Fund Based COOPERATING; Downgraded from
[ICRA]A4+ and moved to the
'Issuer Not Cooperating'
Category
Long-term/Short- 16.14 [ICRA]B+(Stable)/[ICRA]A4;
Term Unallocated ISSUER NOT COOPERATING;
Downgraded from
[ICRA]BB(Stable)/[ICRA]A4+
and moved to the 'Issuer Not
Cooperating' category
ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with GFLPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.
Ganapati Fishing Line Pvt Ltd, incorporated in the year 1988, is a
family-run business engaged in trading of flexible packaging films
like Polyester, BOPP films, aluminium foil and other polymers which
are used in variety of applications from packaging to electrical
insulation to decoration etc. The company domestically purchases
these flexible packaging films or imports from other countries. The
company is based out of Bangalore and has a branch in Chennai. The
company deals with customers of southern and eastern parts of
India.
GMR KAMALANGA: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of GMR
Kamalanga Energy Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 3,405.00 [ICRA]D; ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-fund based 450.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
GMR Kamalanga Energy Limited (GKEL) is an SPV promoted by the GMR
Group for development of 1050 MW (3 X 350 MW) domestic coal-based
thermal power plant at Kamalanga in the state of Odisha. GMR Group
holds ~86% stake in GKEL through GMR Energy Limited, while balance
is held by India Infrastructure fund and IDFC Limited. The plant
has been commissioned in March 2014 as against original
commissioning schedule of March 2012. The final project cost is
estimated at Rs 6,519 crore. The company has three Power Purchase
Agreement (PPA) with Grid Corporation of Odisha (GRIDCO; 263 MW),
Haryana Utilities (300 MW net) and Bihar state utility (260 MW
net).
HVR PROJECTS: CARE Lowers Rating on INR12.44cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
HVR Projects Private Limited (HPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.44 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B; Stable
Short Term Bank 1.00 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 February 11,
2021, placed the rating(s) of HPPL under the 'issuer
non-cooperating' category as HPPL 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. HPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 28, 2021, January 7, 2022, January 17,
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 HPPL have been
revised on account of on-going delays in debt servicing recognized
from publicly available information i.e. CIBIL Check.
Incorporated in April 2015, HPPL is engaged in fabrication of heavy
components and design and fabrication of Pre-designed Building
(PEB). The company operates out of a facility located in Nagpur
spread over 6000 sq ft having a total installed capacity of 25,000
tonnes per annum.
KAILASH DEVBUILD: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kailash
Devbuild (India) Pvt Ltd in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Non fund based/
Bank guarantee 28.00 [ICRA]A4; ISSUER NOT
COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1988, KDIL is a Jabalpur-based private limited
company. KDIL basically undertakes turnkey construction projects
for EHV transmission lines and substations; this apart the company
is also engaged in fabrication of towers which are in turn used in
the orders/projects of the company. The manufacturing facility of
the company is located in Jabalpur area of MP. KDIL is a renowned
entity for manufacturer and turnkey solutions provider for Extra
High Voltage Transmission Line Towers and Sub-station Projects upto
765 Kv. KDIL was started by Mr. Kailash Kumar Shukla as a sole
proprietorship firm in 1988 in the name and patronage of M/s.
Kailash Constructions (Kailash), later in FY 13 KDIL took over the
business of Kailash Constructions. The company's operations in the
past have been confined to the states of Madhya Pradesh,
Maharashtra, Gujarat and Chhattisgarh; however the current order
book under execution of the company has projects majorly from
Madhya Pradesh and an order from Uttar Pradesh.
KRISHNA IMPEX: CARE Lowers Rating on INR3.35cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Krishna Impex (SKI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.35 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Long Term/Short 1.15 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B; Stable/CARE A4
Short Term Bank 13.20 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 February 12,
2021, placed the rating(s) of SKI under the 'issuer
non-cooperating' category as SKI 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. SKI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 29, 2021, January 8, 2022, January 18,
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 SKI have been
revised on account of non-availability of requisite information.
Shree Krishna Impex (SKI) was established in 2003 and is engaged in
manufacturing of stainless steel utensils, nonstick ware
appliances, wood, brass, iron and aluminum utensils. The company is
promoted by Mr. Sanjeev Kumar Jain, Mr. Sandeep Kumar Jain and Mr.
Rajeev Kumar Jain. The raw materials used in manufacturing of
products are stainless steel, aluminum, brass and iron. It procures
its raw materials from manufacturers based in Delhi & Haryana. The
suppliers of SKI are SS Metals, Sagar Metal Industries, Shroni
Industries, etc. The manufacturing facilities of the company are in
Moradabad (U.P.) The products manufactured by the company are sold
through direct buyers and agencies. The company exports its 100%
finished goods to various countries like UK, USA, Australia, China,
Korea, Hong Kong. Its customer includes Walmart, Sainsbury
Supermarkets, John Lewis PLC, TESCO, etc. SKI has a sister concern
namely Martco Exports Private Limited which is engaged in which was
established in 2016 and is engaged in a similar line of business.
LOHIYA DEVELOPERS: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lohiya
Developers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 5.00 [ICRA]B (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long-Term 0.50 [ICRA]B (Stable); ISSUER NOT
NonFund based/ COOPERATING; Rating continues
Bank Guarantee to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Lohiya Developers was incorporated in 2008 by Mr Munendra Singh
Lohiya. The company is engaged in the field of civil construction
in government, public and private sector. The company has its head
office in Meerut (Uttar Pradesh). Over the past few years the
company has been executing work for PWD and other state government
departments in the state of UP, mostly in the city of Meerut. In
FY2016, Mr Manuj Kumar, son of Mr Munendra Lohiya became partner of
the firm with 40% stake.
M.M. BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M.M.
Brothers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-fund based/ 35.00 [ICRA]A4; ISSUER NOT
Bank Guarantee COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
M.M. Brothers is a partnership firm incorporated in 2010 and has
been a turnkey contractor for the electrical works of the Rajasthan
Government. The partners of the firm have been involved in this
business for the past 30 years; before partnership firm, the
constitution of the entity was a proprietorship concern. The
partners in the firm include Mr. Dhoot Sogani, Mr. Sunil Sogani and
Mrs. Sangeeta Sogani; however, the business is mainly being looked
after by Mr. Sunil Sogani. The firm is registered as an E1
contractor in the various government departments in the Jaipur
region. It has experienced and qualified engineers and supervisory
staff and has undertaken a number of projects in the Rajasthan
region. MMB has undertaken contracts for electrical works, such as
survey, installation, testing, and commissioning of 11 kilovolt
(KV) to 33 KV electrical lines, transmission towers, and meters.
The firm has been engaged in the external electrification works for
Government Organizations like Madhya Pradesh Poorv Kshetra Vidyut
Vitran Company, Jaipur Vidyut Vitran Nigam Limited, Rajasthan State
Road Development Construction Corporation, Rajasthan Housing Board
and Urban Improvement Trust. The scope of the work involves
shifting of overhead lines, laying of underground cables, external
electrification of new colonies, electric poles installation,
erection of lines, installing transformers between lines etc.
MANSA VINCOM: CARE Lowers Rating on INR4.66cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mansa Vincom Private Limited (MVPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.66 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 1.00 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 25,
2021, placed the rating(s) of MVPL under the 'issuer
non-cooperating' category as MVPL 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. MVPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 7, 2022, April 8, 2022 and April 11,
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 MVPL have been
revised on account of non-availability of requisite information.
The ratings further consider significant decline in scale of
operations and operating profitability during FY21.
Incorporated in August 1994, Mansa Vincom Private Limited (MVPL)
was promoted by Mr. Gopal Agarwal, Ms. Puja Agarwal, Mr. Pravin
Agarwal and Mr. Satyanarayana Agarwal based out of Kolkata, West
Bengal. The company is engaged in goods transportation only for
Tata Steel Limited.
MUKTA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mukta
Industries Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 25.00 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-fund based 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Letter of Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Unallocated 5.00 [ICRA]D/[ICRA]D; ISSUER NOT
Limits COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1994 as a private limited company, Mukta Industries
Private Limited (MIPL) is a metal trading company involved in
various metal products, which include alloy steel bars and rods,
billets, channels, wire rods and plates of different alloy grades.
The Mukta Group of Industries consists of other entities namely
Prakash Steel Corporation (PSC), Vastupal Bearing Races Limited
(VBRL), Mukta Automation Private Limited (MAPL) and Vastupal Sales
& Services LLP (VSSL). While PSC manufactures bright bars using
different grade of stainless steel, alloy steel and carbon steel,
VBRL manufactures forged and machined bearing used in ball bearing,
roller bearings, taper bearings and auto ancillary industry. MAPL
manufactures machined items as per customer's specifications and
VSSL provides financial services. 3 In FY2019, on a provisional
basis, the company reported a net profit of INR0.44 crore on an
operating income of INR80.80 crore, as compared to a net profit of
INR0.24 crore on an operating income of INR133.44 crore in the
previous fiscal.
N. S. POLYMER: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of N. S.
Polymer (NSP) continues to remain in the 'Issuer Not Cooperating '
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.48 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.35 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 25,
2021, placed the rating(s) of NSP under the 'issuer
non-cooperating' category as NSP 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. NSP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 15, 2022, March 16, 2022 and March 19,
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).
N. S. Polymer was established in December 2016 with an objective to
enter into the manufacturing of plastic products (Plastic chair,
table and other plastic household products) business. The
manufacturing unit of the entity is located at Vill: Talai, P.O:
Jarur, PS: Raghunathganj, Dist: Murshidabad, West Bengal: 742235
with an installed capacity of 3264 tons per annum. The entity
started its operation from August 2018. Mr. Nawab Hossain (Partner)
along with other partners Mrs. Sufia Bibi (Partner) and Mr. Imran
Hossain (Partner) are looking after the day to day operation of the
entity who have significant experienced in similar line of
business.
PATRAN FOODS: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patran
Foods Private Limited (PFPL) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 69.00 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 February 18,
2021, placed the rating(s) of PFPL under the 'issuer
non-cooperating' category as PFPL 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. PFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 4, 2022, January 14, 2022, 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).
Patran Foods Pvt Ltd (PFPL) was incorporated in 1999 by Mr. Naresh
Kumar Goyal and Mr. Suresh Kumar Goyal. The company is engaged in
the processing of paddy to basmati rice as well as its by-products
like bardana, bran, husk etc., since the commencement of its
operations in 2000. The company operates at its single
manufacturing facility in Patran, Punjab, with an installed
capacity of 16TPH (tonnes per hour). The company caters to the
domestic market through a network of distributors and wholesalers
located all over India.
PMJ CONSTRUCTIONS: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of PMJ
Constructions Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term– 10.00 [ICRA]A4; ISSUER NOT
Non-Fund Based COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
PMJ Constructions Pvt. Ltd., established in 2002, is promoted by M.
Jagannath and is mainly involved in the field of civil construction
work in and around Karnataka for various clients. The company is
registered as a 'Class 1A category contractor' with the Karnataka
PWD. The clientele of the company mainly includes government
entities like Bangalore Development Authority (BDA), Bruhat
Bengaluru Mahanagara Palike (BBMP), Bangalore University,
Visvesvaraya Technological University, among others.
PRAKASH STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Prakash
Steel Corporation in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-fund based (4.00) [ICRA]D; ISSUER NOT COOPERATING;
Letter of Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Unallocated 1.00 [ICRA]D/[ICRA]D; ISSUER NOT
Limits COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Prakash Steel Corporation (PSC) is a part of the Mukta Group of
Industries and was established as a proprietorship concern by Mr.
Babulal Shah in 1975 in Ahmedabad. The firm is owned and managed by
Mr. Pankaj Shah. The firm manufactures bright bars for different
grades of stainless steel, alloy steel and carbon steel of
different diameters, ranging between 7 mm and 70 mm, which goes up
to 150 mm in certain cases. The firm also trades other steel
products such as plates of different alloy grades, flate steel and
commercial grade round steel bars. The product range finds
application in automobile, engineering, capital goods and other
allied industries. The Mukta Group of Industries consists of other
entities namely Mukta Industries Private Limited (MIPL), Vastupal
Bearing Races Limited (VBRL), Mukta Automation Private Limited
(MAPL) and Vastupal Sales & Services LLP (VSSL). While MIPL trades
alloys steel bars and rods, billets, channels, wire rods and plates
of different grades, VBRL manufactures forged and machined bearing
used in ball bearing, roller bearings, taper bearings and auto
ancillary industry. MAPL manufactures machined items as per
customer's specifications and VSSL provides financial services. In
FY2019, on a provisional basis, the firm reported a net profit of
INR0.35 crore on an operating income of INR24.97 crore, as compared
to a net profit of INR0.37 crore on an operating income of INR62.06
crore in the previous fiscal.
R.S. MELGIRI: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of R.S.
Melgiri & Co. in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.75 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 10.25 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1941, the Byadgi, Karnataka based, RSMC trades
chilli, chilli seeds and produces chilli powder. The firm is one of
the oldest and reputed chilli traders in Haveri District. The firm
is based out of Byadgi which is famous of long and bright red
chilli and is one of the highest chilli growing regions in India.
RAIPUR SPECIALITY: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raipur
Speciality Steels Private Limited (RSSPL) continues to remain in
the 'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.61 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 25,
2021, placed the rating(s) of RSSPL under the 'issuer
non-cooperating' category as RSSPL 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. RSSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated March 15, 2022, March 16, 2022
and March 19, 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).
Raipur Speciality Steels Private Limited (RSSPL), incorporated in
March 2004 by one Mr. George Mathew of Raipur, is in the business
of iron and steel products trading. The company trades the products
like TMT bar, HR Sheet, MS Angle, MS Flat, wires etc. During
December 2016, the company took over a local proprietorship firm
named by "Royal Grand Cable Industries". Mr George Mathew,
Director, looks after the day to day operations of the company with
adequate support from other two directors and a team of experienced
personnel.
RAJDA INDUSTRIES: CARE Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajda
Industries & Exports Private Limited (RIEPL) continues to remain in
the 'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.14 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Long Term/Short 22.00 CARE B+; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 20.00 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 27,
2021, placed the rating(s) of RIEPL under the 'issuer
non-cooperating' category as RIEPL 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. RIEPL 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).
Incorporated on May 15, 1992, RIEPL was promoted by late Mr. Paresh
Rajda and his family members. Presently, RIEPL is being managed by
Mr. Gautam Rajda (son of late Mr. Paresh Rajda) with adequate
support from other experienced directors in the leather business.
Since inception, RIEPL has been engaged in the manufacturing of
industrial gloves. Over the years it 3 CARE Ratings Limited Press
Release gradually diversified its product range to include other
high margin leather products like wallets, bags and other
industrial garments. The manufacturing facilities are located at
Tiljala, Kolkata (leather goods division) and Uluberia, Howrah
(gloves division). With increase in the demand from the export
market, the company has increased its installed capacity to 90 lakh
pairs of industrial gloves per annum, 6.50 lakh unit of leather
goods like hand bags, wallet, pouches and 0.80 lakh of leather
bags. It exports 100% of its products mainly to Europe and North
America.
SANDHYASAMRAT CONSTRUCTION: CARE Cuts Rating on INR4cr Loan to B+
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sandhyasamrat Construction And Services Private Limited (SCSPL),
as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Short Term Bank 15.00 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 28,
2021, placed the rating(s) of SCSPL under the 'issuer
non-cooperating' category as SCSPL 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. SCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 14, 2021, December
24, 2021, January 3, 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 SCSPL has been
revised on account of non-availability of requisite information.
The ratings also take into account significant decline in scale of
operations and profitability during FY21.
Sandhya Samrat Construction and Services Private Ltd (SCSPL) was
incorporated in September 2006 by the Singh family, based out of
Patna, Bihar. Since its inception, the company has been engaged in
civil construction activities in the segment like construction of
roads and bridges.
SARVA MANGALAM: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sarva
Mangalam Gajanan Steel Private Limited (SMGSPL) continues to remain
in the 'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.82 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.20 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 25,
2021, placed the rating(s) of SMGSPL under the 'issuer
non-cooperating' category as SMGSPL 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. SMGSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated March 25, 2022, March 26, 2022
and March 28, 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).
Sarva Mangalam Gajanan Steel Private Limited (SMGS) incorporated in
2004 was promoted by the Kedia family of Asansol, West Bengal. SMGS
is engaged in manufacturing of steel angles, flats, bars, rounds
and channels with its sole manufacturing facility located at
Kalipahari (Asansol) with an installed capacity of 36,000 metric
ton per annum (MTPA). The company procures raw materials (Ingot and
scrap) from open market through local players and sales its product
in the states of West Bengal, Assam and Tripura.
SOCIETY DISTRIBUTORS: CARE Lowers Rating on INR15cr Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Society Distributors Private Limited (SDPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 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 February 10,
2021, placed the rating(s) of SDPL under the 'issuer
non-cooperating' category as SDPL 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. SDPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 27, 2021, January 6, 2022, January 16,
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 have been revised on account of non-availability of
requisite information. The ratings also consider a decline in scale
of operations as well as decreasing operating profitability and
increase in overall debt in FY20 compared to FY19.
Society Distributors Private Limited (SDPL) was incorporated in
December 2010 as a closely-held company promoted by Mr. S P
Agnihotri and his son Mr. Anuj Agnihotri. Mr S P Agnihotri, an
alumnus of IIT-Kanpur and IIM-Ahmedabad has more than three decades
of experience in the dealership business through a group concern,
vi z. Society Motors Limited, which was established in 1975 as an
authorized dealer of passenger vehicles of Tata Motors Ltd. and
Fiat India Automobiles Pvt. Ltd. Mr. S.P. Agnihotri retired in FY15
and the company is now looked after by Mr. Anuj Agnihotri and Ms.
Aparna Agnihotri. Mr. Anuj Agnihotri has nearly eight years of
experience in the dealership business environment while Ms. Aparna
is an MBA with nearly 6 years of experience. SDPL is an exclusive
authorized dealer of Procter & Gamble India Limited's (P&G)
products in 19 designated districts of Uttar Pradesh (U.P.).
SUPERTECH LTD: Hearing on Insolvency Case Moved to May 2
--------------------------------------------------------
Moneycontrol.com reports that Supertech Ltd on April 19 submitted
before the National Company Law Appellate Tribunal (NCLAT) that it
is settling its dues to Union Bank of India. The matter has now
been adjourned to May 2 and interim orders will continue.
"We are in the process of discussions with the bank on the OTS
(one-time settlement) proposal," confirmed RK Arora, CMD, Supertech
Group.
According to the report, Piyush Singh, partner at PSP Legal, said
the tribunal directed Supertech on April 19 to give a fresh OTS to
Union Bank of India with revised terms as the previous one did not
comply with RBI regulations.
Moneycontrol.com relates that Singh said he is representing several
homebuyers’ associations with grievances against Supertech Ltd as
many buyers have been deprived of possession, and that he had
requested their legal rights be protected along with those of
banks.
The group, which has several ongoing projects in Noida, Greater
Noida, Gurugram and Ghaziabad, went into insolvency on March 25
after the Delhi bench of the National Company Law Tribunal admitted
a petition filed by Union Bank of India for non-payment of dues to
the tune of Rs431.92 crore as on January 31, 2021, according
Moneycontrol.com.
On April 12, NCLAT had stayed the formation of a Committee of
Creditors (CoC) to take over Supertech Ltd. That same day it had
also listed the appeal for April 19, the report says. It was prayed
that the Resolution Professional would not constitute a Committee
of Creditors till the next hearing since Union Bank of India was
still considering a settlement proposal by Supertech Limited.
Moneycontrol.com adds that the NCLT had appointed Hitesh Goel as
the insolvency resolution professional (IRP) for Supertech, under
the Insolvency and Bankruptcy Code (IBC). The tribunal had reserved
its order in the case on March 17, 2022, after the one-time
settlement proposed by Supertech was rejected by the bank and
arguments were heard.
Supertech Ltd is a Noida-based property developer.
As reported in the Troubled Company Reporter-Asia Pacific on March
28, 2022, insolvency proceedings have been initiated against
Supertech Ltd after a National Company Law Tribunal (NCLT) bench on
March 25 admitted a petition filed by Union Bank of India for
non-payment of dues by the company. An interim resolution
professional (IRP) has also been appointed for Supertech,
superseding the company's board.
=================
I N D O N E S I A
=================
ASURANSI JASA: A.M. Best Affirms 'ccc+' Issuer Credit Rating
------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating (FSR) of C
(Weak) and the Long-Term Issuer Credit Rating (Long-Term ICR) of
"ccc+" (Weak) of PT Asuransi Jasa Indonesia (Asuransi Jasindo)
(Indonesia). The outlook of the FSR is stable, while the outlook of
the Long-Term ICR is negative. Concurrently, these Credit Ratings
(ratings) have been withdrawn as the company has requested to no
longer participate in AM Best's interactive rating process.
The ratings reflect Asuransi Jasindo's balance sheet strength,
which AM Best assesses as weak, as well as its marginal operating
performance, neutral business profile and marginal enterprise risk
management (ERM).
Asuransi Jasindo's risk-adjusted capitalization, as measured by
Best's Capital Adequacy Ratio (BCAR), was at the very weak level as
of year-end 2020 and is expected to remain at this level for
year-end 2021. In addition, Asuransi Jasindo's local regulatory
solvency ratio has fallen significantly below the minimum
regulatory requirement in 2020 and 2021. AM Best expects the
company's capital adequacy to remain under pressure over the near
term, with subsequent improvement subject to the timely and
successful execution of capital management actions being planned
and implemented by the company.
The operating performance assessment of marginal reflects the
company's under-performance and earnings volatility in recent
periods. Underwriting performance has demonstrated significant
deterioration over recent years, driven by unfavorable claims
experience from the company's credit insurance business, which has
been impacted materially by the COVID-19 environment.
The company's ERM is considered to be marginal. AM Best views the
profile of some key risks as exceeding Asuransi Jasindo's risk
management capabilities. Recent technical losses raise concern over
inadequacies in underwriting controls and governance. Weaknesses in
capital management are highlighted by the company's inability to
meet minimum regulatory requirements at present.
The negative Long-Term ICR outlook reflects AM Best's expectation
of continued pressure on the company's balance sheet strength,
operating performance and ERM fundamentals over the intermediate
term. While Asuransi Jasindo's management team continues to
implement a turnaround strategy aimed at restoring capital adequacy
and improving prospective operating performance, significant
execution and downside risks remain at present.
===============
M A L A Y S I A
===============
MALAYSIA PACIFIC: Teams Up With Chesland to Develop Land in Johor
-----------------------------------------------------------------
theedgemarkets.com reports that Practice Note 17 (PN17) company
Malaysia Pacific Corp Bhd (MPCorp) has teamed up with
privately-held company Chesland Sdn Bhd to jointly develop a 5.7ha
piece of land in Johor Baru.
On April 15, MPCorp said its indirect wholly-owned subsidiary Taman
Bandar Baru Masai Sdn Bhd (TBBM) has signed a joint venture (JV)
agreement with Chesland to undertake the proposed development, the
report relays. However, no details on what the proposed development
would entail were mentioned except that TBBM will apply to convert
the land from agriculture to commercial.
Chesland will hold a 85% stake in the JV, while TBBM is to hold the
remaining 15%.
In an updated announcement on April 18, MPCorp said apart from the
project profit, TBBM will also be entitled to payment of the
owner’s entitlement sum where Chesland will pay TBBM MYR12.18
million or MYR27 per sq ft on the net land area of 10.36 acres,
according to theedgemarkets.com.
It added that under the JV, Chesland will commence construction of
the development within six months from obtaining the building plan
approval granted by the appropriate authorities in respect of the
development, theedgemarkets.com relays. The development is expected
to be completed within 36 months from the date Chesland obtained
the building plan approval.
Previously, MPCorp said the agreement will provide opportunities
for the property firm to strengthen its financial earnings via the
development of the project, recalls theedgemarkets.com.
"The JV agreement is not expected to have any material impact on
the company’s earnings per share, net assets and gearing for the
current financial year ending June 30, 2022. However, it is
expected to contribute positively to the future earnings of the
company," it added.
About Malaysia Pacific
Malaysia Pacific Corporation Berhad is a Malaysia-based company
engaged in the business of letting of investment properties and
investment holding. The Company's segments are Property
development, Investment property and Construction. The Property
development segment is engaged in development of residential and
commercial properties. The Investment property segment is engaged
in letting of investment properties. The Construction segment is
engaged in construction of buildings. The Company's projects
include LakeHill Resort City, which include the LakeHill Medical &
Rejuvenation Center, the Heritage and Cultural Village, the
Entertainment City of Nusa Paradis, Factory Premium Outlets and
Real Rock Cafe; Asia Pacific Trade & Expo City-APTEC, which include
trade and Expo Center, Office Towers, Hotels; and a Residential,
Halal Center and Retail Mall. The Company's subsidiaries include
MPC Properties Sdn. Bhd. and MPC Management Services Sdn. Bhd.
MP Corp fell into Practice Note 17 (PN17) status after its external
auditors expressed a disclaimer opinion on its latest audited
accounts in December 2014. Among the concerns raised by its
independent auditor include the group and company's current
liabilities having exceeded its current assets by MYR142.44 million
and MYR9.22 million, respectively.
Since June 25, 2018, MPC shares have been suspended from trade
following a winding-up petition by RHB Bank Bhd, according to
theedgemarkets.com.
=====================
N E W Z E A L A N D
=====================
BOX OF FLUFFY: Commences Wind-Up Proceedings
--------------------------------------------
Members of Box Of Fluffy Ducks Limited on April 13, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Grant Reynolds
Reynolds & Associates Limited
PO Box 259059
Botany, Auckland 2163
DUNES (2012): Court to Hear Wind-Up Petition on April 29
--------------------------------------------------------
A petition to wind up the operations of Dunes (2012) Limited will
be heard before the High Court at Auckland on April 29, 2022, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 8, 2021.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
ELTEL CO: Court to Hear Wind-Up Petition on April 29
----------------------------------------------------
A petition to wind up the operations of Eltel Co Limited will be
heard before the High Court at Auckland on April 29, 2022, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 16, 2021.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
PINNACLE LIFE: A.M. Best Affirms bb+ ICR & Alters Outlook to Pos.
-----------------------------------------------------------------
AM Best has revised the outlooks to positive from stable and
affirmed the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of "bb+" (Fair) of Pinnacle Life
Limited (Pinnacle Life) (New Zealand).
These Credit Rating (rating) actions follow the completed
acquisition of 100% ownership of Pinnacle Life on March 31, 2022,
by Greenstone Holdco Pty Limited (Greenstone), an insurance
distributor in Australia and New Zealand. This concludes a staged
acquisition following an agreement signed in April 2020.
The ratings reflect Pinnacle Life's balance sheet strength, which
AM Best assesses as adequate, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management (ERM). The ratings also factor in a neutral impact
from the company's ultimate ownership by Greenstone.
The positive outlooks reflect an improving trend in Pinnacle Life's
balance sheet fundamentals, including its regulatory solvency
position and financial flexibility. Pinnacle Life has experienced
some volatility in its regulatory solvency in recent years, mainly
due to its new business growth initiatives. AM Best views the
company's financial flexibility to have strengthened following the
change of ownership. AM Best expects Greenstone to provide capital
support to Pinnacle Life if required and prospective regulatory
solvency to remain robust over the medium term. These factors,
coupled with AM Best's expectation of controlled growth and robust
underwriting performance over the medium term, could lead to
positive rating actions.
Pinnacle Life's balance sheet strength is underpinned by its
risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), which AM Best expects to remain at the
strongest level over the medium term. Partially offsetting balance
sheet factors include the company's small capital base, which
increases the sensitivity of capital adequacy to new business
growth, changes in the interest rate environment and shock events.
In addition, AM Best views the company as having a high reliance on
third-party reinsurance.
AM Best views Pinnacle Life's operating performance as adequate,
with the company having generated a five-year average
return-on-equity ratio of 8.1% (fiscal years 2017-2021). The
company's operating results have been driven by the favorable
underwriting performance of its in-force life business, coupled
with robust investment returns. Overall earnings during this period
have exhibited moderate volatility, driven mainly by discount rate
movements impacting reported technical results. Prospectively, AM
Best expects Pinnacle Life's operating performance to remain
adequate while the company executes its plan for significant
growth, underpinned by a robust pricing strategy, controlled
underwriting growth and leveraging the expertise of Greenstone to
manage the associated underwriting risks.
AM Best considers Pinnacle Life's business profile as limited,
largely reflecting the company's small-scale of operations, as well
as its low product and geographic diversification in New Zealand.
The company is focused mainly on term life and funeral insurance
and has a domestic life insurance market share of approximately 1%,
based on 2021 gross premiums written (GPW). Despite challenging
market conditions, the company's GPW has grown rapidly by 74.2%
over three years, with prospective growth to be supported by
development of a wider product offering and new distribution
agreements with Greenstone.
AM Best views Pinnacle Life's ERM as appropriate given the size and
complexity of the company's current operations. While AM Best
considers Pinnacle Life's risk management capabilities as
appropriate for its key risks, it expects continual development as
the company increases its scope of operations over the near term.
SOUTHFIELDS FORESTRY: Creditors' Proofs of Debt Due on May 13
-------------------------------------------------------------
Creditors of Southfields Forestry Limited are required to file
their proofs of debt by May 13, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 13, 2022.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East, Christchurch 8141
WEST MELTON CONTRACTING: Creditors' Proofs of Debt Due on May 20
----------------------------------------------------------------
Creditors of West Melton Contracting Limited, Collingwood Plumbing
Limited and Allworx Contracting Limited are required to file their
proofs of debt by May 20, 2022, to be included in the company's
dividend distribution.
West Melton Contracting Limited commenced wind-up proceedings on
April 8, 2022. Collingwood Plumbing Limited commenced wind-up
proceedings on April 11, 2022, while Allworx Contracting Limited
commenced wind-up proceedings on April 14, 2022.
The companies' liquidators can be reached at:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington
Level 1, 50 Customhouse Quay
Wellington 6011
=================
S I N G A P O R E
=================
ACTIVE BUILDING: Commences Wind-Up Proceedings
----------------------------------------------
Members of Active Building Technologies Pte Ltd, on April 7, 2022,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Loo Khoon
Tan Wei Cheong
Deloitte & Touche LLP
6 Shenton Way, OUE Downtown 2, #33-00
Singapore 068809
BASCO ENTERPRISES: Commences Wind-Up Proceedings
------------------------------------------------
Members of Basco Enterprises Private Limited, on April 8, 2022,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Lalwani Shalini Gobind
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
LAGUNA NATIONAL: Court to Hear Wind-Up Petition on April 29
-----------------------------------------------------------
A petition to wind up the operations of Laguna National Golf And
Country Club Ltd will be heard before the High Court of Singapore
on April 29, 2022, at 10:00 a.m.
Lim How Teck filed the petition against the company on April 4,
2022.
The Petitioner's solicitors are:
WongPartnership LLP
Marina Boulevard
Level 28, Marina Bay Financial Centre Tower 3
Singapore 018982
PINEAPPLE PROJECT: Commences Wind-Up Proceedings
------------------------------------------------
Members of The Pineapple Project Pte Ltd, on April 11, 2022, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Seah Chee Wei
60 Paya Lebar Road
#08-05 Paya Lebar Square
Singapore 409051
SINGAPORE CARPENTRY: Court to Hear Wind-Up Petition on April 22
---------------------------------------------------------------
A petition to wind up the operations of Singapore Carpentry
Interior Design Pte Ltd will be heard before the High Court of
Singapore on April 22, 2022, at 10:00 a.m.
Beveglass Construction Pte Ltd filed the petition against the
company on March 31, 2022.
The Petitioner's solicitors are:
Fervent Chambers LLC
1 Coleman Street
#08-02A The Adelphi
Singapore 179803
=====================
S O U T H K O R E A
=====================
SSANGYONG MOTOR: Court Approves New Auction to Sell Company
-----------------------------------------------------------
Yonhap News Agency reports that a Seoul court on April 14 approved
a new auction to sell debt-ridden SsangYong Motor Co. following its
preferred bidder's payment failure for the carmaker last month.
In January, Edison Motors Co. signed a deal to acquire SsangYong
for KRW304.8 billion (US$249 million). But the deal collapsed as
the electric bus maker failed to make the full payment by the March
25 deadline, the report notes.
According to Yonhap, the Seoul Bankruptcy Court extended the
deadline for SsangYong to find a new owner and submit a new
restructuring plan by six months until Oct. 15.
SsangYong plans to adopt a stalking horse bid to select a
preliminary bidder ahead of the new auction scheduled to begin in
May, in which other bidders submit their prices, the company said
in a statement, Yonhap relays.
If the bid by the company submitting the highest one is higher than
the stalking horse's price in the auction, SsangYong will ask the
stalking horse if it can pay the highest bidding price to buy the
SUV-focused carmaker, according to Yonhap.
Yonhap relates that SsangYong aims to select a preferred bidder at
the end of June, sign a deal in early July, submit its
rehabilitation plan to the court in late July and obtain the
court's approval for its restructuring plan in late August, it
said.
SsangYong said it will advance the sale process as quickly as
possible as there are multiple companies, which have shown interest
in acquiring the carmaker, Yonhap relays.
Two companies recently submitted letters of intent (LOIs) to
accounting firm EY Hanyoung, SsangYong's lead manager for the deal.
They are underwear company Ssangbangwool Group and KG Group, whose
business ranges from steel to chemicals, the report discloses.
Yonhap adds that Ssangbangwool said it has secured KRW450 billion
in funds for the takeover and will raise more money via a rights
issue and other means.
According to the report, Edison recently filed for a court
injunction seeking to retain its position as the preferred bidder
for SsangYong and asking the court to place the initial 10 percent
down payment under provisional attachment.
In response to Edison's legal actions, SsangYong said the move is
an obstruction of business and Edison can join the new auction if
it has willingness and financial capability to acquire the
carmaker, Yonhap relays.
About SsangYong Motor
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of Rexton Sports, Korando,
Korando Sports, Korando Turismo, Tivoli, Tivoli Air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.
Mahindra & Mahindra Ltd. acquired a 70% stake in SsangYong for
KRW523 billion in 2011 and now holds a 74.65% stake in the
carmaker.
On Dec. 21, 2020, SsangYong Motor filed for court receivership as
it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.
On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra failed to
attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.
In November 2021, Edison Motors and SsangYong signed a memorandum
of understanding for the purchase and the Seoul Bankruptcy Court
approved the Edison-led consortium to take over SsangYong in
January. Initially, Edison planned to attract financial investors
to raise funds, but the company has been struggling with securing
enough funds for the acquisition.
On March 28, SsangYong Motor said it has canceled the deal to sell
its controlling stake to Edison Motors due to the electric bus
maker's payment failure.
SsangYong plans to seek a new buyer and submit a new rehabilitation
plan to the Seoul Bankruptcy Court, the company said without
providing any specific timeframe for the submission, according to
Yonhap News.
=================
S R I L A N K A
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SRI LANKA: Must Show IMF Sustainable Debt Plan to Secure Aid
------------------------------------------------------------
Bloomberg News reports that when Sri Lankan officials arrive in
Washington last week to meet with the International Monetary Fund
(IMF) amid an economic and political crisis, the main question
they'll need to answer is how the country plans to manage its
billions in debt.
According to Bloomberg, Sri Lanka is seeking up to $4 billion this
year to help it import essentials and pay creditors. To get any of
that through the IMF's various programs, the government of
President Gotabaya Rajapaksa must present a sustainable debt
program. That's a standard requirement for aid from the so-called
lender of last resort, even if a shortage of food, fuel and
medicine is pushing the country toward a humanitarian crisis.
Bloomberg say the downward economic spiral -- dwindling foreign
reserves and soaring inflation -- has triggered political unrest in
Colombo, where Rajapaksa has resisted calls to step down despite
growing protests and a loss of coalition partners in parliament.
On April 18, the president swore in 17 new cabinet ministers and
his address to them was aired on national television at 7:30 p.m.
local time. Gotabaya and his brother, Prime Minister Mahinda
Rajapaksa, retained their positions, Bloomberg says. His two other
siblings and a nephew didn't receive portfolios, amid calls also by
protesters for the entire Rajapaksa family to quit the government.
Over the weekend, the army denied speculation it planned to crack
down on protesters, while the local stock exchange announced it
would shut this week amid the uncertainty.
Bloomberg says the outlook makes a default inevitable, as
acknowledged by S&P Global last week when it downgraded Sri Lanka's
credit rating and warned of another cut if the nation misses coupon
payments due April 18. Meanwhile, investors are trying to figure
out how much they might recover on $12.6 billion of foreign bonds,
and if there's even profit to be made.
The country's dollar bond due July 2022 indicated 5.2 cents higher
on April 18 to trade at 46 cents on the dollar, after a sharp drop
on April 15.
Some of IMF funding options in play as talks are due to start this
week are:
* Emergency Assistance
Bloomberg says IMF members can access one-off emergency loans, with
few conditions, through the lender's Rapid Credit Facility and
Rapid Financing Instrument. However, this payout is capped at 50%
of a state's quota for a year, which in Sri Lanka's case works out
to $395 million -- or 289 million in special drawing rights, the
IMF's unit of account. The nation has declared that it will
prioritize payments for food and fuel imports over debt servicing.
But even for that, Colombo needs to take steps toward restructuring
its debt, which the IMF staff last month determined was
unsustainable.
"When the IMF determines that a country's debt is not sustainable,
the country needs to take steps to restore debt sustainability
prior to IMF lending," Masahiro Nozaki, the IMF's mission chief for
Sri Lanka, said in an emailed response to questions, Bloomberg
relays. "Thus, approval of an IMF-supported program for Sri Lanka
would require adequate assurances that debt sustainability will be
restored."
Meeting that criteria could include even initial steps like hiring
advisers, which the government is pursuing. The administration has
set a Friday deadline for applications from financial and legal
advisers, extending its original date by a week. That makes Finance
Minister Ali Sabry's stated goal of securing emergency funds as
early as a week after negotiations start look optimistic.
* Stand-By Arrangement
Given Sri Lanka has a $1 billion bond maturing in July and more
repayments over the course of 2022, it will probably need access to
the IMF's Stand-By Arrangement, Bloomberg notes. Termed as its
"workhorse" instrument, Sri Lanka would be eligible for a loan of
as much as 435% of its quota -- roughly $3.4 billion, net of
repayments -- for up to 36 months.
Bloomberg says the payout can be front-loaded if the need is dire,
but is contingent upon the borrower agreeing to conditions such as
specific revenue and deficit targets.
Central bank Governor Nandalal Weerasinghe said last week that it
was too early to estimate a value of the lending that Sri Lanka
could get from the IMF or to confirm the type of program that the
lender could agree to.
While he said that an Extended Fund Facility -- which allows longer
repayment periods -- may be best suited to the country, it
typically requires deeper structural reforms. Sri Lanka had that
facility approved in 2016, and a Stand-By Arrangement before it
during the financial crisis of 2009, Bloomberg relays.
Weerasinghe noted that Sri Lanka in the 2009 loan was approved for
access to 400% of its quota.
"I do not see why we cannot get at least that amount," the report
quotes Weerasinghe as saying. "Now the financial gap is much much
higher."
* Debt Sustainability
Keeping deficits in check will entail extending the maturity of
existing debt and smaller interest payments, Bloomberg notes. When
the government last week announced it would halt debt payments and
warned it was heading for an unprecedented default, Weerasinghe
said authorities were seeking to negotiate with creditors.
Nomura Holdings Inc. envisions an Ecuador-style restructuring where
Sri Lanka will swap notes for longer-dated bonds with lower coupon
rates and some reduction to principal. Barclays Plc said Sri Lanka
could roll all of its debt into a new bond with a final maturity in
2037 and semi-annual amortizations starting in 2027; coupons could
be in the range of 4%-5%, lower than its current average 6.6%.
* Bilateral Help
According to Bloomberg, Rajapaksa's government has also appealed to
China, one of its biggest creditors, for an additional $2.5 billion
in support. While President Xi Jinping has pledged to help, an
apparent reluctance reflects both a rethink in its external lending
practices and a hesitancy to be seen interfering in messy domestic
political situations.
Earlier this month, Jin Liqun, president of the China-backed Asian
Infrastructure Investment Bank, encouraged Sri Lanka to turn to the
IMF. Neighbor India is also assisting Sri Lanka with credit lines
to purchase food and fuel, Bloomberg states.
Bloomberg adds that Sabry, the finance minister, said last week
that the country will hold talks with other lenders, including the
World Bank and Asian Development Bank, adding that the country is
committed to honoring its debt. "We will pay every dollar we
borrowed," he said.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
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