/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220429.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 Friday, April 29, 2022, Vol. 25, No. 80 Headlines A U S T R A L I A AXIS NORTH: Court Enters Wind-Up Order C21 SERVICES: Court Enters Wind-Up Order DENT AVIATION: Commences Wind-Up Proceedings EDHOD PTY: Second Creditors' Meeting Set for May 4 KAIS JEWELLERY: Commences Wind-Up Proceedings C H I N A CHINA HUARONG: S&P Affirms 'BB+/B' ICRs, Outlook Developing NN INC: Corre Partners Entities Report 10.92% Equity Stake I N D I A ALIVELU RICE: ICRA Keeps D Debt Rating in Not Cooperating API ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating ARYAN ISPAT: Ind-Ra Withdraws 'D' Long-Term Issuer Rating ASHOK BRICKS: ICRA Keeps D Debt Ratings in Not Cooperating ATUL BUILDERS: Ind-Ra Affirms BB+ Long-Term Issuer Rating B. K. EXPORTS: ICRA Keeps B- Debt Rating in Not Cooperating BRADY SERVICES: ICRA Withdraws B+ Rating on INR2.50cr Cash Loan DATTAR CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating DESIMRAN CARTONS: Liquidation Process Case Summary FRANCO LEOME: ICRA Keeps B+ Debt Rating in Not Cooperating GAUTAM INDUSTRIAL: ICRA Withdraws B+ Rating on INR5.0cr Loan GAYATRI DEVELOPWELL: ICRA Keeps D Debt Rating in Not Cooperating GEMINI DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating GRAND VACATIONS: Insolvency Resolution Process Case Summary IKONTEL SOLUTIONS: Insolvency Resolution Process Case Summary IMI ABRASIVES: ICRA Keeps B+ Debt Rating in Not Cooperating JAGANNATH RICE: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable JAGTIAL MUNICIPALITY: ICRA Lowers Issuer Rating to B+ JAWAHARNAGAR MUNICIPAL: ICRA Downgrades Issuer Rating to B+ JOT IMPEX: ICRA Keeps D Debt Rating in Not Cooperating Category KAMAREDDY MUNICIPALITY: ICRA Lowers Issuer Rating to B+ KANYAKA CORPORATION: ICRA Keeps B Debt Ratings in Not Cooperating KISH EXPORTS: ICRA Lowers Rating on INR10cr Fund Based Loan to D KRISHNAMOHAN ENERGY: Ind-Ra Assigns B+ Long-Term Issuer Rating KUNJ ROLLER: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable M/S AVIGNA: Ind-Ra Lowers Long-Term Issuer Rating to 'D' MAA BHUASUNI: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable MANGALORE CASHEW: ICRA Keeps D Debt Ratings in Not Cooperating MATESHWARI FOOD: ICRA Keeps B Debt Ratings in Not Cooperating MOHANI TEA: ICRA Lowers Rating on INR35cr LT Loan to B+ MOTHERHOOD INSTITUTE: ICRA Keeps B- Ratings in Not Cooperating MURUGAN FLOUR: Insolvency Resolution Process Case Summary NANDYALA SATYANARAYANA: ICRA Keeps B+ Ratings in Not Cooperating NAV BHARAT: ICRA Keeps B Debt Rating in Not Cooperating Category NAVAGIRI SPINNING: ICRA Assigns B+ Rating to INR50cr Term Loan NIKHIL UDYOG: ICRA Keeps D Debt Ratings in Not Cooperating OSHINA EXPO: ICRA Keeps B Ratings in Not Cooperating Category PASUPATI SPINNING: Ind-Ra Lowers LongTerm Issuer Rating to 'B+' RADHEY GOVIND: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating RAM CHARAN: Fails to Repay Loan of INR3.5cr Loan RAMA EDUCATIONAL: ICRA Withdraws D Rating on INR7.20cr LT Loan RIYAN PAPER: ICRA Lowers Rating on INR5.90cr Term Loan to B+ ROYALEX FASHIONS: ICRA Lowers Rating on INR10cr Term Loan to B+ S.B. CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category SAISONS TRADE: Insolvency Resolution Process Case Summary SAVARIA ROLLER: Liquidation Process Case Summary SCHOOLNET INDIA: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating TEN K OVERSEAS: Insolvency Resolution Process Case Summary TYBROS INDIA: Liquidation Process Case Summary N E W Z E A L A N D BLUEFIT NEW ZEALAND: Creditors' Proofs of Debt Due on May 26 IDEAL PROPERTIES: Creditors' Proofs of Debt Due on June 3 LIGHTHOUSE PROPERTIES: Court to Hear Wind-Up Petition on May 20 TRADING KARMA: Creditors' Proofs of Debt Due on June 13 S I N G A P O R E AN JU SHIPPING: Creditors' Proofs of Debt Due on May 27 HYFLUX LTD: Sues Former Auditor KPMG Over Alleged Contract Breach K SENG: Court to Hear Wind-Up Petition on May 13 MAJ PROPERTY: Court Enters Wind-Up Order MALVERN INT'L: Creditors' Proofs of Debt Due on May 9 SKILLTECH ALUMINIUM: Court Enters Wind-Up Order S R I L A N K A SRI LANKA: Begins Talks With China on Refinancing Debt T H A I L A N D THAI INSURANCE: Covid Policy Holders Crowd at Claims Office - - - - - ================= A U S T R A L I A ================= AXIS NORTH: Court Enters Wind-Up Order -------------------------------------- The Supreme Court of Queensland entered an order on April 26, 2022, to wind up the operations of Axis North Pty Ltd, as trustee for The Axis North Unit Trust. The company's liquidators are: Kaily Lyn Chua David James Hambleton Rodgers Reidy GPO Box 471 Brisbane, QLD 4001 C21 SERVICES: Court Enters Wind-Up Order ---------------------------------------- The Federal Court of South Australia entered an order on April 28, 2022, to wind up the operations of C21 Services Pty Ltd. The company's liquidator is: Nicholas David Gyss DuncanPowell Level 4, 70 Pirie Street Adelaide, SA 5000 DENT AVIATION: Commences Wind-Up Proceedings -------------------------------------------- Members of Dent Aviation (NSW) Pty Ltd, on April 28, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Joseph Sleiman Amos Insolvency Locked Bag 5007 Narellan, NSW 2567 EDHOD PTY: Second Creditors' Meeting Set for May 4 -------------------------------------------------- A second meeting of creditors in the proceedings of Edhod Pty Ltd has been set for May 4, 2022, at 10:30 a.m. via Zoom. 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 May 3, 2022, at 5:00 p.m. Paul Gerard Weston of DW Advisory was appointed as administrator of Edhod Pty on March 18, 2022. KAIS JEWELLERY: Commences Wind-Up Proceedings --------------------------------------------- Members of Kais Jewellery (SYD) Pty Ltd, on April 28, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Gavin Charles Morton Morton + Lee Insolvency Level 10, 388 Queen Street Brisbane, QLD 4000 ========= C H I N A ========= CHINA HUARONG: S&P Affirms 'BB+/B' ICRs, Outlook Developing ----------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term issuer credit ratings on China Huarong Financial Leasing Co. Ltd. (HRFL). At the same time, S&P removed both ratings from CreditWatch, where they had been placed with developing implications on Jan. 26, 2022. The outlook on the long-term rating is developing. S&P said, "We affirmed the rating with a developing outlook because Huarong's disposal of stake in HRFL may not be completed within an extended CreditWatch period of three months. The outlook reflects continued uncertainties surrounding the ownership of HRFL, which could have a positive, negative, or neutral effect on its external support. "HRFL remains a top-10 financial lessor in China. Our assessment of HRFL's stand-alone credit profile remains 'bb', based on the company's adequate business position, capital and earnings, risk position, funding and liquidity. In our view, HRFL is prudentially regulated, and its fundamental credit risk metrics are largely stable. "A prolonged transition into a new group could erode HRFL's business profile and performance metrics. The company's net profit decreased by 3% year on year in 2021 while its financial leasing receivables declined by 15.5%. As of end-2021, the nonperforming loan ratio was 1.83% (end-2020: 1.53%), while the provision coverage was 176.4% (end-2020: 185.4%). We attribute the apparent deterioration in asset quality to: (1) The reduction of HRFL's lending book amid the uncertainties brought by its shareholding structure, the pandemic, as well as the regulatory tightening over fixed asset leasing business; and (2) the company's more stringent NPL classification policy. "We continue to view HRFL as a moderately strategic subsidiary of Huarong. Our current rating assessment factors in one-notch uplift for support uplift to reflect a regulatory mandate that the founding shareholder must provide its financial leasing subsidiary with liquidity and capital support when needed. This is despite Huarong's plan to sell all of its holdings in HRFL, which is in line with regulatory instructions and the parent's efforts to refocus on its core business." The developing Outlook reflects the uncertainty surrounding the ownership of HRFL, which could result in a positive, negative, or neutral assessment of the company's overall creditworthiness. S&P said, "We could lower the ratings on HRFL if: (1) the credit profile of its new top shareholder is substantially weaker than that of Huarong and this weighs on HRFL's overall credit standing; or (2) there is no timely support scenario under the new shareholder. "We could also downgrade HRFL if we lower the company's stand-alone credit profile. This could happen if: (1) our projection of HRFL's risk-adjusted capital (RAC) ratio falls below 5%; or (2) the company's credit quality deteriorates to below the industry average with little prospect of improvement. "We could upgrade HRFL if: (1) the credit profile of the new shareholders is stronger than that of Huarong, and HRFL is at least a strategically important subsidiary to the new owner; or (2) Huarong no longer plans to sell its stake in HRFL and the synergies between the two companies continue to increase. "Alternatively, we may affirm the ratings on HRFL if: (1) the overall credit profile of HRFL remains the same after factoring in the creditworthiness of the new strategic investors as well as HRFL's group status to the new parent company; or (2) Huarong no longer plans to sell its stake in HRFL and the synergies between the two parties remain largely stable." NN INC: Corre Partners Entities Report 10.92% Equity Stake ---------------------------------------------------------- In a Schedule 13D/A filed with the Securities and Exchange Commission, these entities and individuals reported beneficial ownership of shares of common stock of NN, Inc. as of April 18, 2022: Shares Percent Beneficially of Reporting Person Owned Class ---------------- ------------ ------- Corre Opportunities Qualified 4,172,246 9.51% Master Fund, LP Corre Partners Advisors, LLC 4,792,981 10.92% Corre Partners Management, LLC 4,792,981 10.92% John Barrett 4,792,981 10.92% Eric Soderlund 4,792,981 10.92% Mr. Barrett and Mr. Soderlund are the co-owners and managing members of the General Partner and the Investment Adviser. The business address of each of Mr. Barrett and Mr. Soderlund is 12 East 49th Street, 40th Floor, New York, NY 10017. A full-text copy of the regulatory filing is available for free at: https://bit.ly/3xWUkOZ About NN Inc. NN, Inc. -- www.nninc.com -- is a global diversified industrial company that combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies primarily for the electrical, automotive, general industrial, aerospace and defense, and medical markets. Headquartered in Charlotte, North Carolina, NN has 31 facilities in North America, Europe, South America, and China. NN, Inc. reported a net loss of $13.23 million for the year ended Dec. 31, 2021, a net loss of $100.59 million for the year ended Dec. 31, 2020, a net loss of $46.74 million for the year ended Dec. 31, 2019, and a net loss of $262.99 million for the year ended Dec. 31, 2018. As of Dec. 31, 2021, the Company had $579.10 million in total assets, $301.11 million in total liabilities, $53.81 million in series D perpetual preferred stock, and $224.19 million in total stockholders' equity. ========= I N D I A ========= ALIVELU RICE: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has retained the long-term ratings of Alivelu Rice Products in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit '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. Alivelu Rice Products was established as a partnership firm in 1997 by Mr. A. Ramakrishna and other family members, who have more than 5 years of experience in trading of agricultural commodities. The firm is located in Tanuku Mandal situated in west Godavari district of Andhra Pradesh. The firm has started as a rice mill to produce raw and boiled rice. However, in 2012, the firm shifted its line of business to trading of agricultural commodities. The firm derives its revenue primarily from trading in maize and other agricultural commodities. API ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the Long term and Short-term ratings of Api Associates 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 ---------- ----------- ------- Long-term– 6.61 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 0.39 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short term– 3.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated 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. API is a part of Mr. Anil Aggarwal faction within the larger Action group that has been in the footwear business for more than three decades. The company was incorporated in 1986 and is engaged in manufacturing of PVC footwear, it has set up its manufacturing facilities in Delhi. API reported an OI of INR13.88 crore in FY2017 as against 22.28 crore in FY2016 and a net loss of INR11.98 crore in FY2017 as against a net profit of INR0.06 crore in FY2016. ARYAN ISPAT: Ind-Ra Withdraws 'D' Long-Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Aryan Ispat & Power Private Limited's (AIPPL) Long-Term Issuer Rating of 'IND D (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- The 'IND D rating on the INR921 mil. Term loan due on September 2025 is withdrawn; -- The 'IND D rating on the INR444 mil. Proposed term loan is withdrawn; -- The 'IND D rating on the INR150 mil. Term loan is withdrawn; and -- The 'IND D rating on the INR340 mil. Fund-based and non-fund- based working capital facilities is withdrawn. Key Rating Drivers Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-dues certificate from the rated facilities' lender. Ind-Ra will no longer provide rating or analytical coverage for AIPPL. Company Profile AIPPL, incorporated in 2003, primarily manufactures sponge iron. It also operates power plants with a combined generation capacity of 18MW, owns a railway siding, and provides transportation and logistics services for mining operations. ASHOK BRICKS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Ashok Bricks 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– 11.50 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating continues to remain under 'Issuer Not Cooperating' Category Fund Based– 0.47 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating continues to remain under 'Issuer Not Cooperating' Category Non-Fund 20.00 [ICRA]D/[ICRA]D;ISSUER NOT Based-Bank COOPERATING; Rating continue to Guarantee remain under the 'Issuer Not Cooperating' category Unallocated 0.03 [ICRA]D/[ICRA]D;ISSUER NOT Limit COOPERATING; Rating continue to remain under the '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 August 2011 by Mr. Anil Agarwal and Mr. Mukesh Agarwal, Ayaan Trendz Private Limited is engaged in manufacturing and domestic sales of embroidered and printed sarees. The company is part of the Vipul Group based in Surat, Gujarat. The group is engaged in the textile business for over three decades through other group companies, including Vipul Industries Private Limited (VIPL). ATPL started commercial production of sarees from November 2011. The company procures grey material from the local suppliers in Surat, outsources the dyeing and printing activities to VIPL while undertaking the embroidery work in-house. ATUL BUILDERS: Ind-Ra Affirms BB+ Long-Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Atul Builders' Long-Term Issuer Rating at 'IND BB+' while resolving the Rating Watch Negative (RWN). The Outlook is Negative. The instrument-wise rating action is: -- INR1.2 bil. Term loan due on April 2034 affirmed; off RWN with IND BB+/Negative rating. Analytical approach: Ind-Ra continues to take a consolidated view of Classic Promoters and Builders Private Limited ('IND BBB-'/Negative) and its group concerns, namely Atul Builders; Jairaj Realty LLP; AC Realty LLP; Renonzo Developers LLP, Baner Land Development LLP and M/s Ashok Chordia, besides Ashdan Developers Private Ltd, Ashdan Township Ventures Pvt Ltd and Mahalunge Land Developers Pvt Ltd owing to the strong legal, and moderate operational and strategic linkages among them. The companies, collectively known as the Solitaire group, operate in the same line of business and have a common management and cross-default clauses in the loan agreement. The resolution in RWN reflects the more coherent data provided by the issuer in the form of land deals, development management (DM) fees and construction segment projections. The Negative Outlook factors in the slower-than-expected recovery of the commercial real estate segment, which is a major part of the group's portfolio, compared with that of other segments. Key Rating Drivers Atul Builders' sales have been slowing down, with the total area sold falling to 36,344 sq ft in FY21 and 35,678 sq ft in 9MFY22 as against 0.24 million sq ft since FY18. During April to November 2021, the firm sold 35,000 sq ft and 30,000 sq ft during April to December 2020. Performance of Atul Builder has been lower than the agency's expectation. Atul Builders has limited scale of operation which comprise one commercial property under construction namely Solitaire Business Hub, Banner 1 with a total area of 0.37 million sq ft, of which the total sold area since inception stood at 0.25 million sq ft as of September 2021. The total cost of the project is INR3,673 million, of which 64% has already been incurred as construction cost as against more than 85% physical completion as of September 2021. The ratings are, however, supported by Atul Builders' strong collections of INR830 million during the period October 2020 to December 2021. Liquidity Indicator - Stretched: Atul Builders has an expected liquidity score of 1.1x in FY22 and 1.18x in FY23, as Ind-Ra's calculations. The company has a scheduled debt repayment of INR125 million in FY22 which is likely to increase to INR234 million in FY23. The company had pending construction cost across projects of INR1,154 million as of September 2021. Ind-Ra believes the collections to tightly match the increasing repayment obligations, and any decline or lower-than-expected collections could impact the timely repayment of debt in FY23. In case of lower-than-expected cash flows due to lower COVID-19 affected selling price, the company may have to depend on cash flows from the group for the debt repayments. The group is developing a total saleable area of 8.4 million sf, of which 2.5 million sf (31%) was sold as of September 2021. The group sold 1.2 million sf in FY21 (FY20: 0.64 million sf), due to a robust demand for its projects. Ind-Ra believes the group's sales will gradually improve, backed by a higher demand for its projects nearing completion and a likely recovery in the overall real estate market. The ratings are also supported by the presence of experienced promoters and resourceful group. The promoters have around three decades of experience in developing residential and commercial real estate projects of over 4 million sq ft of saleable area, in and around Pune. The group created the Solitaire brand in 2013, and since then has focused on delivering luxurious/premium projects in the residential-cum-commercial segments. The group has acquired large land banks across Pune for real estate development through either joint ventures or 100% ownership. The Solitaire group has completed 26 projects with a total developed area of more than 4.7 million sf. across Pune, Maharashtra. It has ongoing and upcoming projects of about 8 million sq ft in Pune, of which 64% of the inventory comprised commercial and retail space, and the remaining was premium residential space. Rating Sensitivities Positive: Improvement in sales velocity in the construction segment, an improvement and demonstration of refinancing of lumpy repayments, and demonstrated funding from promoters to the satisfaction of Ind-Ra will be positive for the ratings. Negative: Inability to improve sales velocity in the construction segment, and a lack of improvement and demonstration of refinancing of lumpy repayments, and lack of demonstration in funding from promoters to the satisfaction of Ind-Ra will be negative for the ratings. Company Profile Atul Builders is a partnership firm established by Ashok Choradia and Atul Choradia. The firm is engaged in real estate development. B. K. EXPORTS: ICRA Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has retained the long-term ratings of B. K. Exports in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit 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. B. K. Exports was incorporated in 2008 as a proprietorship concern by Mr Bellam Kotaiah. The firm is involved in trading of tobacco comprising FCV (Flue Cured Virginia) tobacco and burley tobacco. The firm procures FCV tobacco from Tobacco Board of Guntur and Karnataka through auction, while burley tobacco is purchased from farmers. BRADY SERVICES: ICRA Withdraws B+ Rating on INR2.50cr Cash Loan --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Brady Services Private Limited at the request of the company and based on the No Objection Certificate/Closure Certificate received from the banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key Financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 2.50 [ICRA]B+ (Stable); ISSUER NOT COOPERATING; Withdrawn Bank Guarantee 5.00 [ICRA]A4; ISSUER NOT COOPERATING; Withdrawn Unallocated Limits 2.50 [ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING; Withdrawn BSPL, a Brady Group company, was incorporated in 1999 by the promoters of W.H. Brady and Co. Ltd. and Brady and Morris Engineering Co. Ltd. It is a service provider for property facilities management in India, particularly for airports and metros. The company provides operation and maintenance services, uniformed and trained housekeeping staff, and other support services. Its major customers are DIAL, Delhi Metro Rail Corporation Limited, NTPC Limited from which it receives 70-80% of the total revenue. DATTAR CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the long-term and short-term ratings of Dattar Ceramic Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 20.75 [ICRA]B (Stable) ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Cash Credit 6.00 [ICRA]B (Stable) ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Bank Guarantee 1.00 [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 June 2016, DCPL manufactures potassium and sodium feldspar powder, which is used as a raw material in ceramic tiles and glass industry. The unit is located at Surendranagar, Gujarat, and has an installed capacity of producing 1,50,000 metric ton of feldspar powder per annum. The company's operations commenced from January 2018. DESIMRAN CARTONS: Liquidation Process Case Summary -------------------------------------------------- Debtor: DeSimran Cartons Private Limited Kulkarni House, 2nd Floor Ghantali Road, Naupada Thane 400602 Maharashtra, India Liquidation Commencement Date: April 18, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: March 28, 2022 Insolvency professional: Mr. Vivek Murlidhar Dabhade Interim Resolution Professional: Mr. Vivek Murlidhar Dabhade B-13, Trupti Garden Wadgaon BK, Pune Maharashtra 411051 E-mail: cavivekdabhade@gmail.com desimrancirp@gmail.com Last date for submission of claims: May 18, 2022 FRANCO LEOME: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long term of Franco Leome Shoes (P) Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 40.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit 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 1995, FLSPL is a manufacturer and retailer of leather and non-leather footwear for men and sells its products under its own brand Franco Leone. FLS has two manufacturing units in Baddi (Himachal Pradesh), one in Greater Noida (Uttar Pradesh), and one in Bahadurgarh (Haryana). GAUTAM INDUSTRIAL: ICRA Withdraws B+ Rating on INR5.0cr Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Gautam Industrial Corporation Pvt. Ltd. at the request of the company and based on the No Due Certificate/Closure Certificate received from the banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key Financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 5.00 [ICRA]B+ (Stable) ISSUER NOT Limit COOPERATING; Withdrawn Non-fund Based 1.80 [ICRA]A4; ISSUER NOT Limit–Bank COOPERATING; Withdrawn Guarantee Interchangeable (3.00) [ICRA]A4; ISSUER NOT Limit–Letter COOPERATING; Withdrawn of Credit The late Mr. Nareshkumar Bhansali, Mr. Jayantilal Bhansali and Ms. Nirmala Bhansali set up GICPL as a partnership firm in December 1993. It was converted into a private limited company in 2014. The company trades in mild steel, alloy steel and stainless-steel pipes and tubes (electric resistance welded and seamless) as well as ferrous and non-ferrous fittings of various dimensions and sizes. Its registered office is in Surat (Gujarat). GAYATRI DEVELOPWELL: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Gayatri Developwell Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.50 [ICRA]D; ISSUER NOT COOPERATING; Fund Based/ Rating continue to remain under Term Loan the '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. GDPL is part of the Agra based Gayatri group. Promoted by Mr. Hari Om Dixit and Mr. Devendra Dixit, the group has executed row houses and multi-storey apartment projects in Agra and Mathura over the six to seven years. The company is executing a multi-storey apartments project called Gayatri Manhar Gardens on Sikandra Bodla road in Agra. Launched in end of 2012, the project consists of 168 two and three BHK flats. The project cost of INR37.25 crore is being funded by term loan of INR13.5 crore, promoter contribution of INR8.5 crore and balance customer advances. Apart from this, the group has various another ongoing project included Gayatri Aura which is large residential project in Greater Noida West, UP. GEMINI DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Gemini 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- 9.50 [ICRA]B+(Stable);ISSUER NOT Unallocated COOPERATING; Rating continue to remain under the '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. Set up in April 2008, Gemini Developers (GDX) is a partnership firm involved in the construction of a housing complex having 352 flats and commercial complex of 25000 sq ft. The firm was reconstituted at the beginning of April 2012 when M/s Bal Krishna Saraf (HUF) expressed their inability and unwillingness to continue in the partnership. At the time of M/s Bal Krishna Saraf (HUF)'s retirement, a new partner was inducted in the firm, M/s Lime Lite Tradecom (P) Limited. Further, the firm was reconstituted when other members who were partners in the capacity of their HUF became partners in their individual capacity. The same happened w.e.f April 1, 2013. GRAND VACATIONS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Grand Vacations Private Limited 26, Matrusmruti, 4th Floor Lokmaya Tilak Coloy Dadar East, Mumbai Maharashtra 400014 India Insolvency Commencement Date: April 19, 2022 Court: National Company Law Tribunal, Mumbai Bench, Court Room-IV Estimated date of closure of insolvency resolution process: October 16, 2022 Insolvency professional: Mr. Mayur Rajendrakumar Popat Interim Resolution Professional: Mr. Mayur Rajendrakumar Popat 802, Sainath Heights Besides Isckon Temple Near Harinagar Crossing Vadodara 390021 E-mail: cirp.gvpl@gmail.com Mobile: 8000334511 Last date for submission of claims: May 3, 2022 IKONTEL SOLUTIONS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: M/s Ikontel Solutions Private Limted No. 2, 2nd Floor, 17th Cross Near Sampige Main Road Malleswaram, Bangalore 560003 India Insolvency Commencement Date: March 24, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 11, 2022 Insolvency professional: Mr. Rajendrakumar Jain Interim Resolution Professional: Mr. Rajendrakumar Jain Flat No. B-701, Geetanjali Bldg No. 29 Kher Nagar, Bandra (E) Mumbai 400051 E-mail: rjainip@gmail.com ipjain.ikontel@gmail.com Last date for submission of claims: April 7, 2022 IMI ABRASIVES: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of IMI Abrasives (P) 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- 7.20 [ICRA]B+ (Stable) ISSUER NOT Limits COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non-Fund (2.00) [ICRA]A4; ISSUER NOT Based limits COOPERATING; Rating continues To remain under 'Issuer Not Cooperating' category United limits 2.80 [ICRA]B+ (Stable)/[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 1991, IMI Abrasives (P) Ltd. (IMI) manufactures steel shots/grits and ferro manganese with an annual production capacity of 6,000 MT (metric tonne) and 2,000 MT, respectively. The manufacturing facilities of IMI are located at Urla in Raipur district, Chhattisgarh. The products manufactured by IMI find applications in industries like, foundry, ship 3 buildings, railways, steel etc. The company is promoted by Mr. S.K. Mundhra, who has an experience of more than two decades in this line of business. JAGANNATH RICE: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Jagannath Rice Mill's Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions is: -- INR180 mil. Fund-based working capital limit affirmed with IND BB/Stable rating. Key Rating Drivers The affirmation reflects JRM's continued medium scale of operations, as indicated by revenue of INR1,419.59 million in FY21 (FY20: INR1,370.05 million). The revenue increased in FY21 due to an increase in the production and sales volumes. The growth would have been higher if not for the impact of COVID-19-led disruptions, and a fall in wheat prices due to the government's initiative to provide 5kg of food grains for free to beneficiaries under the National Food Security Act. Furthermore, the mill was shut for a couple of weeks in April 2021 due to the COVID-19-led-lockdown, thereby restricting revenue growth. The company recorded revenue of INR1,114.02 million in 9MFY22. Ind-Ra expects the revenue to have increased on a yoy basis in FY22, backed by an increase in wheat prices. The ratings continue to factor in the firm's modest EBITDA margins due to the intense competition in the industry, resulting from the fragmented and unorganized nature of the business. The margin increased to 3.25% in FY21 (FY20: 2.5%) due to a decline in raw material costs. The ROCE was 12% in FY21 (FY20: 10%). Ind-Ra expects the margins to have dipped slightly in FY22 due to a rise in raw material cost. The ratings are also constrained by JRM's weak credit metrics due to the modest margins. The credit metrics deteriorated in FY21 due to an increase in the total debt to INR275.41 million (FY20: INR181.21 million), largely because of an increase in unsecured loans and covid loans. In FY21, JRM's gross interest coverage (operating EBITDAR/gross interest expense) was 1.35x (FY20: 1.5x); and the net leverage (net debt/operating EBITDA) was 5.6x (5.1x). Ind-Ra expects the credit metrics to have weakened further in FY22 due to an increase in debt, resulting from a guaranteed emergency credit line extension taken by the company during the year. Liquidity Indicator - Stretched: The firm's average maximum utilization of the fund-based facilities was 95.54% during the 12 months ended February 2022. The cash flow from operations continued to be negative at INR63.23 million (FY20: negative INR24.62 million) due to unfavorable changes in the working capital. Consequently, the free cash flow also remained negative at INR64.97 million in FY21 (FY20: negative INR31.85 million). However, JRM's funds flow from operations remained positive at INR13.72 million (FY20: INR14.01 million). The working capital cycle elongated to 75 days in FY21 (FY20: 56 days) due to an increase in the inventory holding period to 71 days (46 days). The cash and cash equivalents stood at INR6.09 million at FYE21 (FYE20: INR7.85 million). The ratings are no longer constrained by the partnership nature of the business, as there have not been any substantial withdrawals of capital by the partners since FY18. Ind-Ra understands that this will be followed in the foreseeable future. PE disclosure standards are in line with the agency's corporate governance criteria for its rating level; this is likely to continue. The ratings remain supported by the promoters' experience of more than three decades in the flour milling industry, which has helped the firm establish strong relationships with customers as well as suppliers. Rating Sensitivities Negative: Deterioration in the scale of operations, along with weakening in the credit metrics, or deterioration in the liquidity profile, all on a sustained basis, will be negative for the ratings. Positive: An increase in the scale of operations, along with an improvement in credit metrics, with the interest coverage exceeding 1.75x, along with an improvement in the liquidity profile, all on a sustained basis, will be positive for the ratings. Company Profile JRM is one of the oldest roller flour mills in Bhubaneswar, Odisha. Founded in 1972, it operates as a partnership firm. The unit sells its produce under the brand Rishta Foods, which is a part of the JRG Group. JAGTIAL MUNICIPALITY: ICRA Lowers Issuer Rating to B+ ----------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Jagtial Municipality, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer rating - [ICRA]B+(Stable) ISSUER NOT COOPERATING; Rating downgraded from [ICRA]BB(Stable) and rating continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding Jagtial Municipality's performance and hence the uncertainty around its credit risk. 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 Jagtial Municipality, ICRA has been trying to seek information from the entity so as to monitor its performance but despite repeated 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. Jagtial Municipality (JM), constituted in 1952, provides urban infrastructure services to the town of Jagtial and is governed by the Telangana Municipalities Act, 2019. The JM covers an area of 30.3 sq. km. and serves a population of 1.20 lakh (projected for FY2021). The limits of the ULB were expanded in 2018 as seven nearby villages were merged with it. Its main functions include water supply, SWM and construction, repair and maintenance of roads and streetlights in its area. The JM is divided into 48 municipal wards and is governed by an elected body (Council), headed by a Chairperson, while the Commissioner acts as the chief executive, overseeing its everyday functioning. JAWAHARNAGAR MUNICIPAL: ICRA Downgrades Issuer Rating to B+ ----------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Jawaharnagar Municipal Corporation, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer rating - [ICRA]B+(Stable) ISSUER NOT COOPERATING; Rating downgraded from [ICRA]BB-(Stable) and rating continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding Jawaharnagar Municipal Corporation's performance and hence the uncertainty around its credit risk. 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 Jawaharnagar Municipal Corporation, ICRA has been trying to seek information from the entity so as to monitor its performance but despite repeated 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 Jawaharnagar Municipal Corporation (NMC), an urban local body (ULB), was recently constituted in 2019. It was converted into a municipality from a gram panchayat in April 2019. In July 2019, it was converted into a municipal corporation. The ULB provides urban infrastructure services to the Jawaharnagar town and is governed by the Telangana Municipalities Act 2019 (Act). The NMC covers an area of 24.78 sq. km. and serves a population of 1.70 lakh (projected as on date). Its main functions include solid waste management and construction, repair and maintenance of roads and streetlights. The ULB is divided into 28 municipal wards and is governed by an elected body (Council) headed by a Mayor, while the Commissioner acts as the chief executive overseeing its everyday functioning. JOT IMPEX: ICRA Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Jot Impex Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit '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. Jot Impex Private Limited (JIPL) was incorporated in 1998 by first generation entrepreneur Mr. Gurinder Sahni to carry out distribution & marketing of various international brands like Baume & Mercier, Gucci, S.T. Dupont, Harry Winston and Jaeger LeCoulture in India. The company carries out marketing of the above mentioned international brands in India. The company is a distributor as well as retailer for the mentioned brands. JIPL is exclusive dealer for the above stated brands in India. The product portfolio of the company includes watches, men accessories, writing instruments, belts, wallets, travel bags etc. KAMAREDDY MUNICIPALITY: ICRA Lowers Issuer Rating to B+ ------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Kamareddy Municipality, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer rating - [ICRA]B+(Stable) ISSUER NOT COOPERATING; Rating downgraded from [ICRA]BB(Stable) and rating continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding Kamareddy Municipality performance and hence the uncertainty around its credit risk. 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 Kamareddy Municipality, ICRA has been trying to seek information from the entity so as to monitor its performance but despite repeated 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. Kamareddy Municipality (KM), an ULB, was constituted as a Municipality in 1987. The ULB provides urban infrastructure services to the town of Kamareddy and is governed by the Telangana Municipalities Act, 2019. The KM covers an area of 61.5 sq. km. and serves a population of 1.30 lakh (projected for FY2021). The limits of the ULB were expanded in 2018 as seven nearby villages merged with it. Its main functions include water supply, SWM and construction, repair and maintenance of roads and street lights in its area. The KM is divided into 49 municipal wards and is governed by an elected body (Council) headed by a Chairperson, while the Commissioner acts as the chief executive overseeing its everyday functioning. KANYAKA CORPORATION: ICRA Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Kanyaka Corporation in the 'Issuer Not Cooperating' category. The rating are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 1.15 [ICRA]B (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term/ 4.85 [ICRA]B(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated 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. Kanyaka Corporation is a proprietorship firm established in 2009 by Mr. Subrahmanyam. The firm trades in chemicals and solvents, used mainly in pharmaceutical, printing and packaging, agro, and textile industries. The firm sells its products in Telangana and Andhra Pradesh with its head office in Hyderabad, and a branch office in Visakhapatnam. The firm is an authorized dealer for Grasim Industries Limited. KISH EXPORTS: ICRA Lowers Rating on INR10cr Fund Based Loan to D ---------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Kish Exports Limited (KEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 10.00 [ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]B (Stable) and Continues to remain under 'Issuer Not Cooperating' category Non-fund based 1.00 [ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]A4 and Continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade reflects Delay in Debt Repayment as mentioned in publicly available sources. The rating is based on limited information on the entity's performance since the time it was last rated on January, 2021. 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. 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. KEL was incorporated in 1993. The company, promoted by Mr. M.K. Lakhwani and Ms. Sanjana Samtani, manufactures and exports all types of woven garments for ladies and kids segments. KEL derives 90% of its revenues from sales of ladies garments, 5% from kids garments and the remaining 5% from accessories. The company deals in garments made of different fabrics like cotton, linen, silk, mosscrepe, georgette, Y/D plaids etc., which are procured from Surat and South India and some from Delhi NCR. The designing of garments is done in-house based on the instructions/designs approved by customers. Most of the garment manufacturing for KEL is done by Ishvar International, which is a Group company (proprietorship firm with Mrs. Lakhwani as proprietor). The entire cutting, finishing and packing of garments is done in-house. The company mainly exports to the US, the UK and South Africa. KRISHNAMOHAN ENERGY: Ind-Ra Assigns B+ Long-Term Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Krishnamohan Energy and Infrastructure Private Limited (KEIPL) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. Key Rating Drivers The rating is constrained by the promoters' lack of experience in the ethanol manufacturing business. The company has proposed to construct an ethanol manufacturing plant of 63 kilo liters per day capacity in Ratlam, Madhya Pradesh. The management expects to begin commercial operations from April 2023. KEIPL has entered into a 10-year offtake agreement with Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited ('IND AAA'/Stable) and Hindustan Petroleum Corporation Limited ('IND AAA'/Stable) for 9.9 million liters capacity, against total plant capacity of 20.7 million liters. Ind-Ra, however, expects the scale of operations to be small over the medium term owing to the risk associated with capacity utilization. Liquidity Indicator - Poor: The rating also reflect the time and cost overruns, and funding risks associated with KEIPL's proposed ethanol manufacturing plant. The total project cost is estimated at INR873.20 million, of which INR829.54 million will be funded through term loans (yet to be sanctioned) and the remaining through promoters' contribution in the form of equity. This will lead to a high debt equity ratio of 19:1. The company will have a tripartite agreement with a bank and oil marketing companies to maintain an escrow account. Realization from the oil marketing companies will be first used for the repayment of bank loans. As of 10 March 2022, KEIPL has already incurred INR20 million (2% of the total project cost) for land acquisition and other preliminary expenses. The company plans to meet its working capital requirements through proposed fund-based working capital limits of INR35 million, which will be disbursed post the commencement of operations. In the event of a delay in the completion of the remaining capex, the expenses will be funded by the company's promoters; however, it could impact its debt service coverage ratio. KEIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: Any delay in the commencement of operations and achieving stability in the operating performance after the commencement of commercial operations, and weaker-than-expected credit metrics, could be negative for the ratings. Positive: Timely commencement of operations and achievement of stable operating profitability will be positive for the ratings. Company Profile Incorporated in May 2016, KEIPL is setting up a dedicated ethanol manufacturing plant in Madhya Pradesh. Saiyyad Akhtar Ali, Femina Mughal and Kamruddin Mughal are the promoters. KUNJ ROLLER: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Kunj Roller Flour Mills Pvt. Ltd.'s (KRFM) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR180 mil. Fund-based limit affirmed with IND BB+/Stable -- INR10 mil. Proposed fund-based limit assigned with IND BB+/ Stable rating; and -- INR9.22 mil. Term loan due on September 2022 is withdrawn (paid in full). Key Rating Drivers The affirmation reflects KRFM's continued medium scale of operations with its largely unchanged revenue of INR1,276.64 million in FY21 (FY20: INR1,274.29 million). The revenue growth was dampened in FY21 as its mill was not operational for a few weeks due to the COVID19-led-lockdown. Also, in FY21, there was a fall in wheat prices as the government decided to provide free 5kg of food grains to beneficiaries under the National Food Security Act. The company recorded a revenue of INR982 million during 9MFY22. Ind-Ra expects the revenue to have increased marginally in FY22 due to an increase in wheat prices. The ratings reflect KRFM's continued modest EBITDA margins of 2.39% in FY21 (FY20: 2.34%) due to the intense competition in the industry, resulting from the fragmented nature of the business. The return on capital employed was 7.1% in FY21 (FY20: 7.2%). However, Ind-Ra expects the margins to have increased in FY22, due to a rise in the flour prices, which would lead to an inventory gain on the bulk procured inventory of raw material. The ratings are also constrained by the continued weak credit metrics even as they improved in FY21 owing to an increase in the absolute EBITDA to INR30.55 million (FY20: INR29.81 million) and a decrease in the overall debt to INR198.27 million (INR236.31 million) due to the repayment of unsecured loans. The gross interest coverage (operating EBITDA/gross interest expense) was 1.95x in FY21 (FY20: 1.6x) and the net leverage (adjusted net debt/operating EBITDAR) was 6.4x (7.8x). Ind-Ra expects the net leverage to have improved in FY23 on the back of scheduled debt repayments. Liquidity Indicator - Stretched: KRFM's average utilization of the fund-based limits was 86.15% during the 12 months ended February 2022. The net working capital cycle shortened slightly to 66 days in FY21 (FY20: 67 days) due to a fall in debtor days to 33 (41). The cash flow from operations, however, turned positive at INR62.86 million in FY21 (FY20: negative INR16.08 million) due to a decrease in the working capital requirements. In FY21, KRFM had cash and cash equivalents of INR2.09 million (FY20: INR2.53 million). Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The ratings are, however, supported by the promoters' experience of more than three decades in the wheat processing business. Furthermore, the promoters have experience in other agro-based businesses (such as solvent extraction and refining), cables and conductors, power and infrastructure, among others. Rating Sensitivities Negative: Deterioration in the profitability and liquidity, leading to the gross interest coverage reducing and staying below 1.5x will be negative for the ratings. Positive: A substantial increase in the scale of operations, along with an improvement in the liquidity and the gross interest coverage exceeding 2.5x, on a sustained basis, will be positive for the ratings. Company Profile Incorporated on May 7, 1997, KRFM operates a flour mill with an installed capacity of 200MT per day. The company sells flour in the eastern part of India under the Rishta Food brand. The mill is located in Bhubaneswar, Odisha while the registered office is in Kolkata. M/S AVIGNA: Ind-Ra Lowers Long-Term Issuer Rating to 'D' -------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded M/s Avigna Properties Private Limited's (APPL) Long-Term Issuer Rating to 'IND D (ISSUER NOT COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The instrument-wise rating action is: -- INR200 mil. (reduced from INR700 mil.) Term loan (Long-term) due on September 2022 downgraded with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Key Rating Drivers The downgrade reflects APPL's delays in the debt servicing of the term loans of PNB Housing Finance Limited (IND AA/Negative) during the three months ended March 2022. Company Profile Incorporated in 2013, APPL undertakes real estate projects. Its ongoing project comprises 415 apartments and 452 villas, spread across more than 1.2 million square feet. MAA BHUASUNI: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Maa Bhuasuni Roller Flour Mills' Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR120 mil. Fund-based working capital limit affirmed with IND BB/Stable rating; and -- INR5.27 mil. (reduced from INR11.91 mil.) Term loan due on June 2023 affirmed with IND BB/Stable rating. Key Rating Drivers The affirmation reflects MBRFM's continued small scale of operations with revenue declining 5% to INR918.73 million in FY21, due to the COVID-19 impact and the government's scheme to provide free 5kg of food grains to beneficiaries under the National Food Security Act, leading to a fall in wheat prices. The mill remained shut during the COVID19-led lockdown for 15 days in April 2021, exacerbating the fall in its revenue. The company's revenue stood at INR667.51 million in 9MFY21. Ind-Ra expects its revenue to remain at the same level in FY22, due to sustained demand. MBRFM had weak credit metrics, with the gross interest coverage (operating EBITDAR/gross interest expense) declining to 1.62x in FY21 (FY20: 1.67x), due to an increase in the total debt and interest payments. The net leverage (adjusted net debt/operating EBITDAR) increased to 3.5x in FY21 (FY20: 3.3x), as the company availed a Guaranteed Emergency Credit Line (GECL) loan in FY21, increasing its overall debt to INR164.46 million (FY20: INR137.6 million). The agency expects its credit metrics to improve in FY22, on the back of its scheduled debt repayments, helping the company improve the leverage and bring down interest costs. Liquidity Indicator - Stretched: The maximum average utilization of fund-based facilities was 96.77% during the 12-months ended February 2022. The cash flow from operations deteriorated to negative INR52.43 million in FY21 (FY20: negative INR20.6 million), due to an elongated working capital cycle, which resulted in its free cash flow remaining negative at INR59.65 million (negative INR31.4 million). The working capital cycle elongated to 118 days in FY21, due to an increase in inventory of raw material (i.e., wheat) on account of lower prices. The cash and cash equivalent stood at INR1.6 million at FYE21 (FYE20: INR3.5 million). MBRFM had modest EBITDA margins, which increased to 4.9% in FY21 (FY20: 4%), due to a reduction in the price of its raw material. Its margins improved on a sustained basis during FY19 to FY21. The company's return on capital employed remained stable at 11.3% in FY21 (FY20: 11.3%). Ind-Ra expects the margins to be sustained in FY22, due to inventory gains. Ratings are no longer constrained by the company's partnership nature. There has been no substantial withdrawal of capital by its partners since FY18 and Ind-Ra expects this to continue in the foreseeable future. MBRFM's disclosure standards are in line with the agency's corporate governance criteria for its rating level; this is likely to continue. The ratings, however, are supported by the promoters' over three decades of experience in the flour milling industry, leading to established relationships with customers and suppliers. Rating Sensitivities Negative: A deterioration in the scale of operations, leading to a deterioration in the credit metrics with the interest coverage falling below 1.5x and weakening of the liquidity position will be negative for the ratings. Positive: A substantial increase in the scale of operations, with an improvement in liquidity with the interest coverage exceeding 2x, on a sustained basis, will be positive for the ratings. Company Profile Established in 1984, MBRFM operates as a partnership firm and processes wheat products such as white flour, semolina, flour, and bran. Its total installed capacity is 210 metric tons per day. MANGALORE CASHEW: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Mangalore Cashew Industries in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 16.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Mangalore Cashew Industries, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated 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. 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 1977, MCI is involved in the processing of RCNs into cashew kernels and trading of RCNs and processed cashew. The firm procures majority of its raw material via imports from Benin, Tanzania and Indonesia. The RCNs are processed at the firm's manufacturing facilities in Siddhapura and Hosanagara. Besides own processing, the firm outsources a part of its processing on job work basis to its sister concern, Sapthami Cashew Industries, and also procures processed kernels from another sister concern, Mahamaya Cashew Industries. The processed cashew kernels are packed and sold to domestic and foreign wholesalers. MATESHWARI FOOD: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Mateshwari Food Stuff Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 17.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit 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 May 2014, Mateshwari Foodstuff Private Limited (MFS) is promoted by Mr. Ramdeep Sharma and family. The company is engaged in milling and processing of basmati rice. The plant is located at Bundi (Rajasthan) and has a processing capacity of 22,000 MTPA. The commercial production commenced from May 2015 majorly in line with the schedule. The company procures paddy from the local mandi in Bundi and sells its products to basmati rice exporters in Gujarat, Punjab and Delhi. The company has setup a rice processing unit at Bundi, Rajasthan with a total installed capacity of 22,000 MTPA. MOHANI TEA: ICRA Lowers Rating on INR35cr LT Loan to B+ ------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Mohani Tea Leaves Private Limited (MTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 35.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating downgraded from [ICRA]BB+ (Stable) and continues to remain in the 'Issuer Not Cooperating' Category Short Term– 5.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating downgraded from [ICRA]A4+ and continues to remain in the 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding MTPL performance and hence the uncertainty around its credit risk. 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 Mohani Tea Leaves Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance and 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. 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. Established in 1992, MTPL procures, blends, packages and markets CTC black tea and other specialty varieties under its own brand, Mohani Tea. The company is present in the North Indian markets, including UP, Uttaranchal, Maharashtra, Bihar, MP, Delhi, Punjab and J&K. It is primarily present in the economy to mid-segment category through its flagship brand Mohani Good Time, which accounts for ~80% of the overall revenue. The company is also present in the premium segment through its Mohani Gold brand and other specialty varieties. MOTHERHOOD INSTITUTE: ICRA Keeps B- Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Motherhood Institute of Management & Technology Society 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- 2.00 [ICRA]B-(Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based- 5.00 [ICRA]B- (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 1.25 [ICRA]B- (Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non Fund Based 3.75 [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 2004, the trust runs Motherhood Institute of Management & Technology in Roorkee. Mr. Dharmendra Bharadwaj, Mr. Ashok Kumar Sharma, Ms. Manika Sharma and Mrs. Archana Sharma are acting as the Chairman, Vice Chairman, Secretary and Treasurer of the trust. The group is operating since July 9, 2001 and currently manages 8 institutions offering under graduate and post graduate engineering courses, MCA, MBA and pharmacy courses. MURUGAN FLOUR: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Shree Murugan Flour Mills Private Limited No. 5, Vinayagar Koil Street Krishnaswamy Nagar Coimbatore 641045 Tamil Nadu, India Insolvency Commencement Date: April 22, 2022 Court: National Company Law Tribunal, Coimbatore Bench Estimated date of closure of insolvency resolution process: October 18, 2022 Insolvency professional: Mr. P. Eswaramoorthy Interim Resolution Professional: Mr. P. Eswaramoorthy No. 44, 5th Street Ramalingajothi Nagar Near Corporation Office Nanjundapuram Road Ramnathapuram, Coimbatore 641045 Tamil Nadu, India E-mail: eswarfcs@gmail.com Tel: 0422-2322333, 3500466 Last date for submission of claims: May 5, 2022 NANDYALA SATYANARAYANA: ICRA Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Nandyala Satyanarayana in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.10 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 0.50 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term/ 127.50 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based Rating Continues to remain under issuer not cooperating category Long Term/ 1.90 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated 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. Nandyala Satyanarayana (NS), a proprietorship concern which commenced operations in 1985, is a Government recognised Star export house, and is engaged in export of food products to the customers in South East Asian countries like Thailand, Vietnam, Philippines, Malaysia, Singapore etc. The entity is located in Tadepalligudam of West Godavari district of Andhra Pradesh. NS mainly deals in exports of various spices predominantly Dry Chillies. NAV BHARAT: ICRA Keeps B Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the Long term of Nav Bharat Rice & General Mills in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit 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. NRGM is a partnership firm, was set up in 1987 by Mr. Subhash Chand and Mr Rajinder Kumar. NRGM is engaged in trading and milling of basmati rice. It has a plant at Cheeka (Haryana) having milling capacity of 4 tonnes per hour and sortex capacity of 3 tonnes per hour. The firm has a fully automated plant. The by-products of basmati rice viz husk, rice bran and 'phak' are sold in the domestic market. NAVAGIRI SPINNING: ICRA Assigns B+ Rating to INR50cr Term Loan -------------------------------------------------------------- ICRA has assigned rating to the bank facilities of Navagiri Spinning Mills Private Limited (NSMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 50.0 [ICRA]B+(Stable); assigned Fund Based– Proposed Term loan Rationale The rating assigned to NSMPL factors in the experience of its promoters in the textile industry, and its proximity to raw material sources. The promoters of the company have been running a partnership firm called Navagiri Apparels, which will be sourcing yarn from NSMPL, post commissioning. The ratings are, however, constrained by the execution risks involved in the under-construction projects including time and cost overruns. Further, the company is exposed to financial closure risks as the debt for the project is yet to be tied up. The rating is also constrained due to intense competition in the spinning mill industry and the highly fragmented nature of the industry. Going forward, commissioning of the project in a timely manner within the budgeted cost and the entity's ability to achieve financial closure and attain expected operating parameters post commissioning of the project would be the key rating sensitivities. The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion that NSMPL would benefit from the experience of its promoters in the textile industry and the location-specific advantages. Key rating drivers and their description Credit strengths * Experience of promoters in the textile industry: NSMPL benefits from the extensive experience of its promoters in the textile industry for more than two decades. They are running a partnership firm called Navagiri Apparels since 1999. NSMPL will be supplying 10% of the production to Navagiri Apparels. * Proximity to raw material sources in Tamil Nadu would support cost competitiveness: NSMPL would operate from Tirupur, which is one of the major textile manufacturing hubs of India. Operating from Tirupur would give NSMPL competitive advantage by way of lower raw material prices. Credit challenges * Exposure to project-related risks, including risks associated with stabilization of the plants as per expected operating parameters, post commissioning of the project: The commercial operation of NSMPL is scheduled to commence from April 2023. In the interim period, the entity would remain exposed to project-related risks, including the risk of commissioning the project within the budgeted cost and time, stabilizing the plant and achieving desired process parameters and cost efficiencies. However, ICRA notes that a part of civil and structural works has been started. Besides, the major plant and machinery suppliers have been identified and supply of the same is expected to start in the near term. * Exposure to funding risk: Debt required for the project is yet to be tied up and any delay in achieving the financial closure might lead to a delay in the commissioning of the project, adversely impacting the business risk profile of NSMPL. Nonetheless, ICRA positively factors in the ability of the promoters to infuse requisite capital in the form of debt or equity, as and when required. As on date, they have infused INR2.5 crore as equity and INR1 crore as debt in the business. * Significant debt servicing obligations in the medium to long term: The entity will have significant debt servicing obligations in the medium-to-long term, which are likely to keep its cash flow under pressure. Liquidity position: Stretched The liquidity of the firm is likely to remain stretched. Any delay in achieving financial closure might lead to a delay in commissioning of the project, adversely impacting the overall business risk profile of the entity. ICRA notes that NSMPL will have significant debt servicing obligations compared to its net cash accruals in the medium-to-long term. Rating sensitivities Positive factors – ICRA may upgrade NSMPL's rating if the entity is able to profitably ramp up the operations of the spinning capacity in a timely manner. Negative factors – Pressure on NSMPL's rating could arise if there is a delay in the financial closure, leading to a delay in the commissioning of the project and/or a delay in achieving the expected operating parameters, post commissioning of the project, adversely impacting the business risk profile of the entity. Established in January 2022, Navagiri Spinning Mills Private Limited is in the process of setting up a spinning mill unit in Tirupur, Tamil Nadu with an installed annual capacity of 12,800 spindles. The operations are scheduled to commence in April 2023. NIKHIL UDYOG: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long term and Short-term ratings of Nikhil Udyog in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 7.27 [ICRA]D; ISSUER NOT COOPERATING; Fund based/CC Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term– 6.23 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term– 1.00 [ICRA]D; ISSUER NOT COOPERATING; Non-Fund based 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. Nikhil Udyog is a proprietorship firm established in 1985. It is a part of the Mr. Anil Aggarwal group within the larger Action Group, that has been in the footwear business for more than three decades. Nikhil Udyog has its manufacturing facilities located in Delhi, Baddi (Himachal Pradesh), Haridwar (Uttarakhand) and is setting up another unit at Bahadurgarh (Haryana). The firm manufactures and sells sport shoes under the brand name Synergy. OSHINA EXPO: ICRA Keeps B Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Oshina Expo 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- 5.00 [ICRA]B (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 4.00 [ICRA]B (Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non-fund 1.00 [ICRA]A4; ISSUER NOT based/Letter COOPERATING; Rating continues of Credit 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. OEPL was established as a proprietorship concern in 2002 by Mr Samit Jain and his family members and the firm was converted in 2012 into a private limited company. OEPL is engaged in the business of manufacturing and trading of footwear for both men and women. The manufacturing facility of the firm is located in Sahibabad, Uttar Pradesh and is well equipped with the requisite equipment's. OEPL has its manufacturing facility in Sahibabad, UP and is in close vicinity of other group entities. Apart from manufacturing slippers, the company also does trading of slippers, wherein footwear is procured from group entities as well as external parties. As per the management estimation, roughly 95% of OEPL's sale comes from trading operations. The average realisation for the company also stand low at ~Rs. 80 per pair. OEPL brands its products under its own brands, which have a regional presence in the unorganised market in Northern states with some of the major group brands being "Ektta", "Tucson", "Nicholas" and "Prozone". PASUPATI SPINNING: Ind-Ra Lowers LongTerm Issuer Rating to 'B+' --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Pasupati Spinning & Weaving Mills Limited's (PSWML) Long-Term Issuer Rating to 'IND B+' from 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR345.3 mil. (increased from INR335.2 mil.) Fund-based limit downgraded with IND B+/Stable rating; -- INR59.5 mil. (reduced from INR69.7 mil.) Non-fund-based limits downgraded with IND A4 rating; -- INR51.3 mil. (increased from INR31.8 mil.) Term loan due on November 2027 downgraded with IND B+/Stable rating; and -- INR92.5 mil. Working capital term loan due on February 2026 assigned with IND B+/Stable rating. The downgrade reflects a decrease in PSWML's revenue and a deterioration in its credit metrics in FY21. Key Rating Drivers PSWML's revenue declined to INR664 million in FY21 (FY20: INR1,100 million), due to COVID-19-led disruptions and labor issues. The company booked revenue of INR727.2 million in 9MFY22 (9MFY21: INR426.5 million). Ind-Ra expects the revenue to increase in FY22, driven by the higher pace of order execution in 9MFY22, due to a rise in domestic demand with the re-opening of retail spaces, malls, shopping centers (other than essentials) in urban cities. PSWML's credit metrics deteriorated in FY21, due to operational losses. The net leverage (total adjusted net debt/operating EBITDA) was negative 812.5x in FY21 (FY20: 6.9x), the interest coverage (operating EBITDA/gross interest expense) was negative 0.01x (1.2x) and the absolute EBITDA was negative INR0.6 million (INR73.2 million). Ind-Ra expects the credit metrics to slightly improve in FY22, due to a likely improvement in the operating profits along with an additional disbursement of equipment loan of INR51.3 million for the enhancement of its production capacity of its unit in Kala Amb, Himachal Pradesh, for the procurement of machines and fixtures, and guaranteed emergency credit lines worth INR127.6 million taken in October 2021. Also, the company had unsecured loan disbursed from directors worth INR30 million in February 2022. PSWML's operating profitability was modest where margins reduced to negative 0.09% in FY21 (FY20: 6.7%), on account of a deterioration in profitability to cover fixed expenses caused by a factory shutdown due to COVID-19. The return on capital employed was negative 4.8% in FY21 (FY20: 4.4%). Ind-Ra sees an improvement in operating profits considering its 9MFY22 financials, where estimated absolute EBITDA was INR27.5 million (9MFY21: INR3 million). Liquidity Indicator - Stretched: PSWML's average maximum utilization of the fund-based limits was about 79.4% for the 12 months ended February 2022. The net working capital cycle elongated to 452 days in FY21 (FY20: 188 days), owing to an increase in the inventory holding period to 398 days (153 days) and receivable period of 156 days (103 days), partially offset by an increase in creditor period to 102 days (67 days). The cash flow from operations increased to INR1.1 million in FY21 (FY20: negative INR45.5 million), on account of less working capital requirement due to the shutdown in its business operations. The fund flow from operations, however, remained negative during the year to negative INR3.6 million in FY21 (FY20: negative INR54.7 million). In FY21, PSWML had a cash balance of INR19.0 million (FY20: INR1.7 million), against the total debt of INR482.1 million (INR507.3 million). In FY22, Ind-Ra expects the cash flow from operations to deteriorate, due to an increase in working capital requirement on account of low absolute EBITDA. The ratings, however, are supported by PSWML's promoters' over four decades of experience in the textile industry. Rating Sensitivities Negative: A decline in the revenue, leading to a deterioration in the credit metrics and/or any weakening of the liquidity position, all on a sustained basis, will be negative for the ratings. Positive: An increase in the revenue, along with an improvement in the overall credit metrics, with the net leverage reducing below 5x, all on a sustained basis, would lead to a positive rating action. Company Profile Incorporated in 1979 by Shri Ramesh Kumar Jain, PSWML manufactures cotton/synthetic/blended yarn, knitted fabrics and readymade garments at its unit in Haryana, and polyester grey and dyed sewing thread in Himachal Pradesh. RADHEY GOVIND: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating ------------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Radhey Govind Steel & Alloys Private Limited's Long-Term Issuer Rating of 'IND BB- (ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating action is: -- INR50 mil. Fund-based working capital limit* maintained in non-cooperating category and withdrawn. *Maintained at 'IND BB- (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers Ind-Ra has maintained the ratings in the non-cooperating category as the issuer did not participate in the rating exercise, despite requests by the agency and has not provided information pertaining to full-year financial performance for FY21, sanctioned bank facilities and utilization, business plan and projections for the next three years, information on corporate governance, and management certificate. Ind-Ra is no longer required to maintain the ratings, as the agency has received no objection certificates from the lenders. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. Ind-Ra will no longer provide analytical and rating coverage. Company Profile Established by Raigarh-based Agarwal family in October 2014, Radhey Govind Steel & Alloys manufactures mild steel ingots. RAM CHARAN: Fails to Repay Loan of INR3.5cr Loan ------------------------------------------------ The New Indian Express reports that Chennai-based Ram Charan Company Private Limited (RCCPL), which announced a $4.14 billion investment from US-based fund TFCC International last year, is facing insolvency after it failed to pay a loan of INR3.5 crore to Classic Exports. According to the report, the National Company Law Tribunal’s (NCLT) Division Bench One, comprising R Sucharitha, Member (Judicial) and Sameer Kakar, Member (Technical), admitted the insolvency application filed by Classic Exports under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016. Indian Express relates that the tribunal nominated S Vasudevan as Interim Resolution Professional (IRP) to take forward the process of corporate insolvency resolution (CIR) of RCCPL and take steps as required and file a report within 20 days. The powers of the board of directors of RCCPL stand superseded as a consequence of the initiation of CIR. Vasudevan has been directed to take charge of RCCPL’s management immediately. Arguing on behalf of Classic Exports, K Gaurav Kumar and Alpa Jain submitted that RCCPL has failed to repay loan amount of INR2.55 crore, which was disbursed in six tranches from April 30, 2018 to February 27, 2019, besides outstanding interest of INR95.66 lakh at the rate of 2% per month as reflected in Demand Promisory Note, the report says. While RCCPL, represented by advocate Anantha Merathia, admitted that the loan was taken, it argued that the company defaulted only from March 2020 after the advent of Covid-19 and not from November 30, 2019 as alleged by Classic Exports. As such, Section 10A of IBC — which gives exemption for a year against any insolvency resolution application starting March 25, 2020, the date of national lockdown — will apply to RCCPL. Indian Express says the NCLT observed that RCCPL has not paid the interest from March 2020 and there is a default much after the Section 10A period. Till date, no interest has been paid on the principal amount. The principal amount due and payable is more than INR1 crore and hence the same is not hit by pecuniary jurisdiction. Debt and default is proved as there is a continuous default during and post period of Section 10A till date, said the NCLT. Ram Charan officials could not be contacted despite several attempts. Indian Express adds that RCCPL had also claimed to have entered into a strategic partnership with Bolt Mobility, co-founded by eight-time Olympic gold medallist Usain Bolt. The US-based technology-focused transportation solutions company is known for its sustainability focus. RAMA EDUCATIONAL: ICRA Withdraws D Rating on INR7.20cr LT Loan -------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Sri Rama Educational Trust at the request of the company and based on the No Due certificate (NDC) received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 7.20 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Sri Rama Educational Trust was established in 2000 by Mr. Alluri Murthy Raju. The trust runs Maharajah Institute of Medical Sciences in Vizianagaram District of Andhra Pradesh and is affiliated to Dr. NTR University of Health Sciences, Vijayawada, Andhra Pradesh. It started operations in 2003 by offering graduate medical course (MBBS). Gradually over the years courses in nursing, paramedical sciences and post graduate medical courses were introduced. As part of the medical institute, the trust also runs a 760-bed hospital which includes both inpatient and outpatient facilities. The hospital has the departments of surgery, orthopaedics, ENT, ophthalmology, medicine, paediatrics, obstetrics and gynaecology department. It houses a diagnostic laboratory and pharmacy. It also has a casualty emergency service with ambulance facility intensive care unit, five fully functioning operation theatres and a labor room complex. RIYAN PAPER: ICRA Lowers Rating on INR5.90cr Term Loan to B+ ------------------------------------------------------------ ICRA has revised the ratings on certain bank facilities of Riyan Paper Mill (RPM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 3.50 [ICRA]B+ (Stable) ISSUER NOT COOPERATING; Rating downgraded from [ICRA]BB- (Stable) and rating continues to 'Issuer Not Cooperating' category Term Loan 5.90 [ICRA]B+ (Stable) ISSUER NOT COOPERATING; Rating downgraded from [ICRA]BB- (Stable) and rating continues to 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding RPM performance and hence the uncertainty around its credit risk. 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 Riyan Paper Mill, 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 cooperation and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. RPM was incorporated as a partnership firm in April 2015, by Mr. Nasinbanu Suhil Lakhani and Mr. Sohil Barkatali Lakhani with equal profit-sharing ratio. The firm manufactures kraft paper with an installed capacity of 26,000 metric tonne per annum (MTPA). The manufacturing facility of the firm, located in the Surat district of Gujarat, started operations in February–March 2017. Before this, it was involved in the trading of various paper types. ROYALEX FASHIONS: ICRA Lowers Rating on INR10cr Term Loan to B+ --------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Royalex Fashions (India) Private Limited (RFIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 10.00 [ICRA]B+ (Stable) ISSUER NOT Term Loan COOPERATING; downgraded from [ICRA]BB+ (Stable) and continues to remain in the 'Issuer Not Cooperating' category Fund based- 24.00 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; downgraded from [ICRA]BB+ (Stable) and continues to remain in the 'Issuer Not Cooperating' category Fund Based 3.00 [ICRA]A4 ISSUER NOT SLC COOPERATING; Rating downgraded from [ICRA]A4+ and continues to remain in the 'Issuer Not Cooperating' category Non-fund based 0.05 [ICRA]A4 ISSUER NOT COOPERATING; Rating downgraded from [ICRA]A4+ and continues to remain in the 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding RFIPL performance and hence the uncertainty around its credit risk. 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 Royalex Fashions (India) Private Limited, 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. 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. Established in 1997, Royalex Fashions (India) Private Limited (RFIPL) sells men's readymade garments, primarily in the domestic market. RFIPL specialises in men's wear, marketed through its flagship brand, Pan America. The product portfolio comprises a range of formal shirts, wrinkle-free formal trousers, cotton trousers, denim wear (jeans) and sportswear. The company also offers a range of casual shirts and has recently entered the winterwear segment, thereby diversifying its portfolio further. The company was promoted by Mr. Govinda Reddy and Mr. Rajkumar Lalwani, who have experience of more than a decade in the manufacturing and marketing of readymade garments. Mr. Ashok Bhandari, who has extensive experience in logistics and channel management, later joined the company. S.B. CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the long-term ratings of S.B. Cars Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 26.25 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan 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. SBCPL is an authorised dealer of Maruti Suzuki India Limited (MSIL) and is engaged in the sale of new cars, servicing of vehicles, sales of spare parts, and sales and purchase of pre-owned cars. The dealer has sales outlets in Kanpur, Unnao, Orai and Kalyanpur in Uttar Pradesh. The company also owns a hotel called SB Castle in Kanpur, which has 38 rooms and a banquet hall. SAISONS TRADE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Saisons Trade & Industry Private Limited Unit No. 416/C, B-Wing 4th Floor, Dattani Plaza Safed Pool, Sakinaka Junction Andheri (East), Mumbai 400072 Maharashtra Insolvency Commencement Date: April 23, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 17, 2022 (180 days from commencement) Insolvency professional: Mr. Sanjeev Kumar Jalan Interim Resolution Professional: Mr. Sanjeev Kumar Jalan Ruturaj Apartment, Wing A Room 9/10 Juhu Road, Santacruz West Mumbai 400049 Maharashtra E-mail: sanjeev_jalan@yahoo.com - and - BDO Restructuring Advisory LLP Level 9, The Ruby North West Wing Senapati Bapat Road Dadar (W), Mumbai 400028 Maharashtra E-mail: rpsaisons@bdo.in Last date for submission of claims: May 7, 2022 SAVARIA ROLLER: Liquidation Process Case Summary ------------------------------------------------ Debtor: Savaria Roller Flour Mills Private Limited 82/8-JGandhi Gram, Kanpur Uttar Pradesh UP Liquidation Commencement Date: April 19, 2022 Court: National Company Law Tribunal, Allahabad Bench Date of closure of insolvency resolution process: April 19, 2022 Insolvency professional: Shravan Kumar Vishnoi Interim Resolution Professional: Shravan Kumar Vishnoi BCC Tower, 1008, 10th Floor Arjunganj, Nr. Saheed Path Lucknow 226002 E-mail: shravan.vishnoi@yahoo.com Last date for submission of claims: May 19, 2022 SCHOOLNET INDIA: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Schoolnet India Limited's (Schoolnet) Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating actions are: -- INR698 mil. Fund-based working capital limits* maintained in non-cooperating category and withdrawn; and -- INR530 mil. Non-fund-based working capital limits* maintained in non-cooperating category and withdrawn. *Maintained at 'IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Note: ISSUER NOT COOPERATING: The ratings were last reviewed on January 22, 2021. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Key Rating Drivers The ratings have been maintained in the non-cooperating category before being withdrawn because Schoolnet did not participate in the rating exercise despite requests by the agency and has not provided information pertaining to full-year financial performance for FY21, sanctioned bank facilities and utilization, business plan and projections for the next three years, information on corporate governance, and no-default statement. Ind-Ra is no longer required to maintain the ratings, as the agency has received no-objection and no-dues certificates from the lenders. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. Company Profile Incorporated in 1997, Schoonet is active in the education technology and skill training business segment, and provides solutions to schools, colleges, vocational training institutes, state governments and corporates. Lexington holds a 99.82% stake in Schoolnet. TEN K OVERSEAS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Ten K Overseas Limited VPO Ramgarh Chandigarh Road Ludhiana, Punjab 141010 India Insolvency Commencement Date: April 22, 2022 Court: National Company Law Tribunal, Ludhiana Bench Estimated date of closure of insolvency resolution process: October 19, 2022 (180 days from commencement) Insolvency professional: Mr. Vivek Bansal Interim Resolution Professional: Mr. Vivek Bansal ISV Legalhuts Private Limited SCO-134, 2nd FLoor Feroze Gandhi Market Ludhiana 141001 Punjab, India E-mail: vivekbansalca@gmail.com irp.vivekbansalca@gmail.com cirptenk@gmail.com Last date for submission of claims: May 6, 2022 TYBROS INDIA: Liquidation Process Case Summary ---------------------------------------------- Debtor: M/s Tybros (India) Tours Private Limited 5/54, First Floor Main Shanker Road Old Rajinder Nagar New Delhi 110060 Liquidation Commencement Date: April 4, 2022 Court: National Company Law Tribunal, New Delhi Bench VI Date of closure of insolvency resolution process: April 3, 2022 Insolvency professional: Sunil Kumar Agrawal Interim Resolution Professional: Sunil Kumar Agrawal E-205, LGF Greater Kailash-II New Delhi 110048 E-mail: aggarwalsk21@yahoo.com - and - 904, GF, Sector-7C Faridabad 121006 E-mail: liqtybrosindia2022@gmail.com Last date for submission of claims: May 4, 2022 ===================== N E W Z E A L A N D ===================== BLUEFIT NEW ZEALAND: Creditors' Proofs of Debt Due on May 26 ------------------------------------------------------------ Creditors of Bluefit New Zealand Limited and Bluefit Orewa Limited are required to file their proofs of debt by May 26, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 26, 2022. The company's liquidator is Bryan Edward Williams of BWA Insolvency Limited. IDEAL PROPERTIES: Creditors' Proofs of Debt Due on June 3 --------------------------------------------------------- Creditors of Ideal Properties Limited are required to file their proofs of debt by June 3, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 27, 2022. The company's liquidator is: Craig Andrew Young PO Box 87340, Auckland LIGHTHOUSE PROPERTIES: Court to Hear Wind-Up Petition on May 20 --------------------------------------------------------------- A petition to wind up the operations of Lighthouse Properties Limited will be heard before the High Court at Auckland on May 20, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 3, 2021. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City, Auckland 2104 TRADING KARMA: Creditors' Proofs of Debt Due on June 13 ------------------------------------------------------- Creditors of Trading Karma Limited are required to file their proofs of debt by June 13, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 22, 2022. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Greenlane, Auckland 1051 ================= S I N G A P O R E ================= AN JU SHIPPING: Creditors' Proofs of Debt Due on May 27 ------------------------------------------------------- Creditors of An Ju Shipping Pte Ltd are required to file their proofs of debt by May 27, 2022, to be included in the company's dividend distribution. The company's liquidators can be reached at: Tam Chee Chong 204B Telok Ayer Street Singapore 068640 HYFLUX LTD: Sues Former Auditor KPMG Over Alleged Contract Breach ----------------------------------------------------------------- The Business Times reports that Hyflux Ltd and 35 companies in its group have lodged a lawsuit pre-emptively against their former independent auditor KPMG alleging breach of contract, and possibly pursuing claims that would include over S$400 million in dividends the company paid out between 2010 and 2018. The Singapore-listed company in compulsory liquidation has, together with its 35 local and foreign units including Tuaspring, filed a writ of summons against the professional services firm in Singapore's High Court, the report says. About Hyflux Ltd Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides various solutions in water and energy areas worldwide. The company operates through two segments, Municipal and Industrial. The Municipal segment supplies a range of infrastructure solutions, including water, power, and waste-to-energy to municipalities and governments. The Industrial segment supplies infrastructure solutions for water to industrial customers. It has business operations across Asia, Middle East and Africa. On Nov. 17, 2020, the High Court of Singapore appointed Hamish Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited as joint and several judicial managers of Hyflux Ltd. Borrelli Walsh is the financial adviser of an unsecured working group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank, and Standard Chartered Bank, according to The Business Times. The group had applied to put the ailing water treatment firm under judicial management, BT said. The High Court of Singapore approved the company's winding up on July 21, 2021. K SENG: Court to Hear Wind-Up Petition on May 13 ------------------------------------------------ A petition to wind up the operations of K Seng Development Pte Ltd will be heard before the High Court of Singapore on May 13, 2022, at 10:00 a.m. Jag Engineering (S) Pte. Lte. filed the petition against the company on April 18, 2022. The Petitioner's solicitors are: Patrick Ong Law LLC 11 Collyer Quay, #14-07, The Arcade Singapore 049317 MAJ PROPERTY: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on April 22, 2022, to wind up the operations of MAJ Property Pte. Ltd. and MAJ Aviation Pte Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Mr. Tan Wei Cheong c/o Deloitte & Touche LLP 6 Shenton Way #33-00 OUE Downtown Two Singapore 068809 MALVERN INT'L: Creditors' Proofs of Debt Due on May 9 ----------------------------------------------------- Creditors of Malvern International Academy Pte. Ltd. and Malvern International Services Pte. Ltd. are required to file their proofs of debt by May 9, 2022, to be included in the companies' dividend distribution. Helmi Bin Ali Bin Talib of M/s Helmi Talib LLP was appointed as provisional liquidator of the companies on April 13, 2022. The provisional liquidator can be reached at: Helmi Bin Ali Bin Talib M/s Helmi Talib 133 Cecil Street, #015-02 Keck Seng Tower Singapore 069535 Email: helmi@helmitalib.com.sg SKILLTECH ALUMINIUM: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on April 22, 2022, to wind up the operations of Skilltech Aluminium Construction Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt c/o BDO Advisory Pte Ltd 600 North Bridge Road #423-01 Parkview Square Singapore 188778 ================= S R I L A N K A ================= SRI LANKA: Begins Talks With China on Refinancing Debt ------------------------------------------------------ Reuters reports that Sri Lanka has begun discussions with China about refinancing its debt, a cabinet spokesman said on April 26, as Colombo struggles with its worst financial crisis in decades. China has suggested to Colombo that it would prefer to refinance the debt, said Nalaka Godahewa, Sri Lanka's media minister, Reuters relays. "Now since the IMF is willing engage with Sri Lanka the other countries are aware we have support. Already we have been promised support from the World Bank and other agencies," Gohahewa said, adding discussions with Beijing were at an early stage. Sri Lankan Finance Minister Ali Sabry was in Washington last week to talk to the IMF, the World Bank, India and others about financing help for the island nation, which has suspended payments on portions of its $51 billion in external debt, Reuters says. According to Reuters, Sri Lanka's economy was hit hard by the pandemic and tax cuts by the populist government, leading to dwindling foreign currency reserves and shortages of fuel, food and medicines that have brought thousands onto the streets in sporadically violent protests. China's $3.5 billion of loans to Sri Lanka make it the joint-largest bilateral creditor, the report notes. President Gotabaya Rajapaksa asked China to help restructure debt repayments when he met Chinese Foreign Minister Wang Yi in January. As reported in the Troubled Company Reporter-Asia Pacific on April 27, 2022, S&P Global Ratings lowered its long-term and short-term foreign currency sovereign ratings on Sri Lanka to 'SD/SD' from 'CC/C'. At the same time, S&P affirmed its 'CCC-' long-term and 'C' short-term local currency sovereign ratings. The outlook on the local currency ratings remains negative. S&P's transfer and convertibility assessment at 'CC' is unchanged. S&P's foreign currency rating on Sri Lanka is 'SD' (selective default). It does not assign outlooks to 'SD' ratings because they express a condition and not a forward-looking opinion of default probability. The negative outlook on the local currency ratings reflects the high risk to commercial debt repayment in the context of Sri Lanka's economic, external, and fiscal pressures. =============== T H A I L A N D =============== THAI INSURANCE: Covid Policy Holders Crowd at Claims Office ----------------------------------------------------------- Bangkok Post reports that many hundreds of people showed up at the General Insurance Fund office on April 25 to claim lump-sum payments for Covid-19 policies with two bankrupt insurers, Thai Insurance and Southeast Insurance, greatly exceeding the number the office could handle. According to the report, claimants had started to queue on Sunday night [April 24] outside the claims office in Suan Lum Nite Bazar shopping arcade on Ratchadaphisek Road. They wanted compensation due from Covid-19 policies taken out with Thai Insurance and Southeast Insurance. The Office of the General Insurance Fund is their liquidator, Bangkok Post notes. Affected policy holders can file their documents in person at the office and at nationwide branches of the Office of the Insurance Commission (OIC), or online at https://rps-sev.gif.or.th/Login until July 15. Bangkok Post says the Office of the General Insurance Fund can accept 500 compensation claims a day at its premises, and some people were left hanging on April 26. According to the OIC, the accumulated value of Covid insurance claims with lump-sum payments reached nearly THB60 billion at the end of March. Total premiums received from Covid insurance were 11 billion baht as of March 15. Sixteen insurance companies, of a total of 52, offered Covid insurance with lump-sum payment. Six or seven of the 16 firms recorded massive policy sales and four of them - Asia Insurance, The One Insurance, Southeast Insurance and Thai Insurance - were forced to shut down because they did not have sufficient premiums and capital reserves to pay out the claims, according to Bangkok Post. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***