/raid1/www/Hosts/bankrupt/TCRAP_Public/220616.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
Thursday, June 16, 2022, Vol. 25, No. 114
Headlines
A U S T R A L I A
ANGLE ASSET 2022-1: Moody's Assigns (P)B2 Rating to Class F Notes
GREENSILL CAPITAL: Insurance Battle Will Be 'Hard Fought', IAG Says
LEEDAM GROUP: Commences Wind-Up Proceedings
PALADIN GROUP: Second Creditors' Meeting Set for June 23
PLENTI AUTO 2021-1: Moody's Hikes Rating on Class E Notes to Ba1
WEST SYDNEY: First Creditors' Meeting Set for June 20
C H I N A
ZENSUN GROUP: Moody's Lowers CFR to B3, Outlook Remains Negative
ZIJIN MINING: Moody's Withdraws 'Ba1' Corporate Family Rating
I N D I A
BABASAHEB DESHMUKH: CRISIL Keeps D Debt Rating in Not Cooperating
BAFNA GINNING: CRISIL Keeps B Debt Rating in Not Cooperating
BYGGING INDIA: CRISIL Keeps B+ Debt Rating in Not Cooperating
DAYAL MILLING: CRISIL Keeps B- Debt Rating in Not Cooperating
ELEGANT FORGE: CRISIL Keeps B Debt Rating in Not Cooperating
GLOBAL TECH: CRISIL Keeps B Debt Ratings in Not Cooperating
GLOBAL TYRES: CRISIL Keeps B Debt Rating in Not Cooperating
GOLDEN SHELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
GUPTA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
GUPTA TRANSFORMER: CRISIL Keeps B Debt Ratings in Not Cooperating
K. N. INTERNATIONAL: CRISIL Keeps B Rating in Not Cooperating
KHUSHI TRADEX: CRISIL Keeps B- Debt Ratings in Not Cooperating
KHWAJA BABA: CRISIL Keeps B- Debt Rating in Not Cooperating
KUNDAN CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
LENTUS GLASS: CRISIL Assigns B+ Rating to INR7.5cr Loans
M.N. CHANDRASHEKARAIAH: CRISIL Cuts Rating on INR3.0cr Loan to B
MAHAVIR GLOBAL: CRISIL Keeps B Debt Ratings in Not Cooperating
RECKTRONIC DEVICES: CRISIL Keeps B Debt Rating in Not Cooperating
SAINARAYAN PLASTICS: CRISIL Keeps D Ratings in Not Cooperating
SHIV SHAMBHU: CRISIL Keeps B+ Debt Rating in Not Cooperating
SHOURYA CONSUMER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SKS SPIRAL: CRISIL Lowers Rating on INR10.3cr Cash Loan to B
SODHI BROTHERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
TIGER 4: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TIRUPATI POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
V. S. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
VEMPARALA VENKAT: CRISIL Keeps D Debt Ratings in Not Cooperating
VINAYAGA CONSTRUCTION: CRISIL Keeps B+ Rating in Not Cooperating
VINPACK INDIA: CRISIL Keeps B+ Debt Rating in Not Cooperating
WORLD RETAILS: CRISIL Keeps B+ Debt Rating in Not Cooperating
[*] Noida Authority Seeks Amendment in Indian Bankruptcy Code
L A O S
LAOS: Maybe Next Possible Asia Default Amid Looming Debt Crunch
M A L A Y S I A
CAPITAL A: Class Suit May Hurt Brand, Not Reputation, Says Radhi
N E W Z E A L A N D
AHEI LIMITED: Court to Hear Wind-Up Petition on July 7
ANDREWS ON FLOORING: Creditors' Proofs of Debt Due on July 13
BEESKNEEZ LIMITED: Court to Hear Wind-Up Petition on July 21
GILL RAI: Creditors' Proofs of Debt Due on July 13
MEDIAWORKS HOLDINGS: Sky TV Terminates Acquisition Talks
WARKWORTH DEVELOPMENT: Creditors' Proofs of Debt Due on Aug. 5
S I N G A P O R E
CLEARIO HOLDINGS: Court Enters Wind-Up Order
ECOTRANSIT INVESTMENTS: Court Enters Wind-Up Order
GOOMO HOLDINGS: Court Enters Wind-Up Order
ISTRATEGIC INVENTORY: Court Enters Wind-Up Order
RFT PTE: Court Enters Wind-Up Order
S R I L A N K A
SRI LANKA: Lazard, Clifford Chance Arrive to Kick Off Restructure
- - - - -
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A U S T R A L I A
=================
ANGLE ASSET 2022-1: Moody's Assigns (P)B2 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to ABS notes to be issued by Perpetual Corporate Trust
Limited as trustee of Angle Asset Finance Trust 2022-1.
Issuer: Angle Asset Finance Trust 2022-1
AUD185M Class A Notes, Assigned (P)Aaa (sf)
AUD20M Class B Notes, Assigned (P)Aa2 (sf)
AUD8.75M Class C Notes, Assigned (P)A2 (sf)
AUD7.5M Class D Notes, Assigned (P)Baa2 (sf)
AUD7.5M Class E Notes, Assigned (P)Ba2 (sf)
AUD5M Class F Notes, Assigned (P)B2 (sf)
The $A16.25M Seller Notes are not rated by Moody's.
Angle Asset Finance Trust 2022-1 is a securitisation of auto and
equipment loans and operating leases by Angle Asset Finance, an
Australian non-bank asset finance provider. The obligors in the
pool are primarily small-to-medium enterprises ("SME") domiciled in
Australia. The underlying assets backing the receivables include,
among others, vehicles, wheeled equipment, photocopiers, printers
and telephony.
Capital Finance Australia Limited (CFAL, unrated), a wholly owned
subsidiary of Westpac Banking Corporation (Westpac,
Aa3/P-1/Aa2(cr)/P-1(cr)), originated around 80% of the receivables
in this portfolio through its Vendor Finance business. Angle Asset
Finance acquired this business, together with the existing
receivables, from Westpac in July 2021. A.C.N 603 303 126 Pty Ltd
trading as Angle Asset Finance originated the remaining 20% of the
receivables in this portfolio via brokers. All receivables are
serviced by Garrison Lending Operations Pty Limited, a wholly owned
subsidiary of Angle Asset Finance.
Angle Asset Finance provides asset financing to SMEs, corporates
and government entities, primarily via brokers and vendor
relationships. Angle Asset Finance has been in operation since
October 2019, and started originating auto and equipment loans to
SMEs via brokers in significant volumes from October 2020. As of
March 31, 2022, its assets under management, including the
portfolio of receivables acquired from Westpac, totalled around
AUD692.5 million. Angle Asset Finance is privately owned by
Cerberus Capital Management LLC ("Cerberus") as a majority
shareholder.
RATINGS RATIONALE
The provisional ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity facility in
the amount of 1.1% of all notes excluding the Seller Notes; (5) the
legal structure; (6) experience of Garrison Lending Operations
Pty Limited as servicer; and (7) presence of Perpetual Corporate
Trust Limited as the back-up servicer.
According to Moody's, the transaction benefits from seasoning of
receivables in the portfolio. With 17.2 months of seasoning, the
securitised portfolio is well seasoned, providing track record with
regard to the payment history of the underlying obligors.
The key weakness in the transaction is the limited availability of
historical data. First, in the case of the Vendor Finance component
of the portfolio, originated by CFAL, historical performance data
are available from Q1 2015 to Q2 2021. The performance of these
receivables, and in particular those originated in 2019 and 2020,
may have been negatively affected by adverse economic effects of
the coronavirus pandemic. Since performance data are only available
until Q2 2021, the ultimate performance of the affected loans is
not available. Moreover, recovery data relating to the sale of the
underlying assets is also not available. Secondly, in the case of
loans originated by Angle Asset Finance, the historical performance
data is very short. Angle Asset Finance started its originations
via brokers in January 2020, with significant volumes of
originations beginning in October 2020. While the write-offs have
been minimal to date, the performance of these loans could be
subject to greater variability in the future.
TRANSACTION STRUCTURE AND POOL CHARACTERISTICS
Key transactional features are as follows:
The notes will initially be repaid on a sequential basis. Once
step-down conditions are satisfied, all notes, excluding Seller
Notes, will receive their pro-rata share of principal. Step-down
conditions include, among others, 35% subordination to the Class A
Notes and no unreimbursed charge-offs. The repayment of principal
will revert to sequential on the call option date.
Citigroup Global Markets Limited (Citigroup,
A1/P-1/Aa3(cr)/P-1(cr)) and National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will provide fixed rate swaps for 80%
and 20% of the receivables in the pool as at closing, respectively.
The swap will hedge the interest rate mismatch between the assets
bearing a fixed rate of interest, and floating rate liabilities.
The notional balance of the swap will follow a schedule based on
amortisation of the assets assuming a certain prepayment rate.
Key pool features are as follows:
The receivables in the portfolio include operating leases (43.3%),
chattel mortgages (55.8%) and financial leases (1.0%).
Top three underlying assets relating to the receivables include
vehicles, photocopiers and printers, and wheeled equipment
representing 32.0%, 18.8% and 12.9% of portfolio balance
respectively.
Interest rates in the portfolio range from 3% to 25.5%, with a
weighted average interest rate of 6.2%.
Around 11.9% of the receivables - operating and financial leases
in the pool include a small residual value component of around 2.1%
of the total pool balance. Further 9.9% of the receivables include
a guaranteed residual value component of 2.2% of the total pool
balance.
Approximately 3.8% of the receivables relate to operating leases,
mostly vehicles, that include a maintenance component.
MAIN MODEL ASSUMPTIONS
Moody's portfolio credit enhancement ("PCE") is 26%. Moody's
expected loss for this transaction is 4.7%. Prior to inclusion of
the residual value risk, Moody's expected loss assumption is around
3.9%, based on a default rate assumption for the total portfolio of
4.5% and recovery of 14%.
The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the portfolio to suffer in the event of a
severe recession scenario. The expected loss and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model.
Moody's have estimated expected loss and PCE for this deal on the
basis of historical loss data available to us, performance of
comparable receivables in the market and the residual value risk in
this portfolio. Moody's asset assumptions also reflect qualitative
analysis including portfolio characteristics, the limited
operational track record of Angle Asset Finance as an originator
and servicer and the current economic environment in Australia.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in August
2021.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
Factors that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.
GREENSILL CAPITAL: Insurance Battle Will Be 'Hard Fought', IAG Says
-------------------------------------------------------------------
Australian Financial Review reports that local insurer IAG has
warned that claims made on Greensill Capital's insurance policies
will be "hard fought" and said it wants to add the collapsed firm's
Australian parent company to court proceedings.
According to AFR, lawyers for several parties that have made more
than $300 million in claims against the insurance group and its
former half-owned agency Bond & Credit Co (BCC) appeared before
Federal Court Justice Jayne Jagot on June 15.
AFR relates that former BCC insurance underwriter Greg Brereton who
has been accused by IAG of signing insurance policies that exceeded
mandated limits and charging premiums of just $1 for some policies,
has been given until July 27 to file a defence.
Steven Finch, SC, representing IAG, told Justice Jagot that IAG was
unsure whether Mr. Brereton wanted to name other parties as
"concurrent wrongdoers" as BCC had done in its defence filing.
AFR says BCC singled out Greensill Capital UK, the supply chain
finance's main operating business, which is in administration, as
among wrongdoers in a defence filing.
BCC has alleged it is a victim of fraud and that it was "induced"
to make insurance agreements by Greensill Capital UK and
Germay-based Greensill Bank.
IAG wrote to the liquidators of Greensill Capital's Bundaberg-based
parent, Grant Thornton, on April 5 asking for the company to be
bound by the findings of the court but had not received a response,
Mr. Finch said, according to AFR.
Greensill Capital Pty Ltd is named on insurance policies but has
not to date been formally added as a party to the legal
proceedings, the report notes.
IAG was considering joining the parent group to the litigation
anyway but was unsure when to do it, Mr. Finch said. "This case is
going to be a long one and hard fought."
AFR relates that Michael Jones, SC, barrister for the Credit Suisse
funds that have also made claims against IAG, said additional
parties should be joined to the litigation sooner rather than later
so lawyers could delve into the case's "nub" before the year
disappeared. Questions surrounded the construction and validity of
insurance policies, he said.
Justice Jagot ruled she would hear about any applications about
joining parties in another hearing in August, the report relays.
The litigation surrounds the supply chain finance business of
Bundaberg-born Lex Greensill, a former Rich List billionaire.
LEEDAM GROUP: Commences Wind-Up Proceedings
-------------------------------------------
Members of Leedam Group Pty Ltd, on June 15, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Jeffrey Allan Shute
Shaw Gidley
Level 1, Pacific Highway
Charlestown, NSW
PALADIN GROUP: Second Creditors' Meeting Set for June 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Paladin Group Pty Limited
- Paladin NSW Pty Limited
- Paladin Plant and Equipment Pty Limited
has been set for June 23, 2022, at 10:00 a.m. via teleconferencing
facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 22, 2022, at 4:00 p.m.
Liam Bailey of O'Brien Palmer was appointed as administrator of
Paladin Group on May 18, 2022.
PLENTI AUTO 2021-1: Moody's Hikes Rating on Class E Notes to Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by Plenti Auto ABS Trust 2021-1.
The affected ratings are as follows:
Issuer: Plenti Auto ABS Trust 2021-1
Class B Notes, Upgraded to Aa1 (sf); previously on Aug 12, 2021
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to Aa3 (sf); previously on Aug 12, 2021
Definitive Rating Assigned A1 (sf)
Class D Notes, Upgraded to A3 (sf); previously on Aug 12, 2021
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Ba1 (sf); previously on Aug 12, 2021
Definitive Rating Assigned Ba2 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.
Following the May 2022 payment date, the credit enhancement
available for the Class B, Class C, Class D and Class E Notes has
increased to 10.4%, 7.6%, 4.2% and 1.7%, respectively, from 7.5%,
5.5%, 3% and 1.3% at closing.
As of end-April, 0.8% of the outstanding pool was 30-plus day
delinquent, and 0.1% was 90-plus day delinquent. The portfolio has
incurred net losses of 0.1% (as a percentage of the original pool
balance) to date, all of which have been covered by excess spread.
Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 2.8% as a
percentage of the current pool balance (equivalent to 2.1% of the
original balance).
Moody's has maintained the Aaa portfolio credit enhancement at
13.5%.
The transaction is a cash securitisation of consumer auto loan
receivables extended to prime borrowers in Australia originated by
Plenti Finance Pty Limited.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
WEST SYDNEY: First Creditors' Meeting Set for June 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of West Sydney
Electric Contrete Pty Ltd (formerly trading as Formwork Solutions
Sydney Pty Limited) will be held on June 20, 2022, at 4:00 a.m. via
video conference or by telephone.
Nicarson Natkunarajah of Roger and Carson Pty was appointed as
administrator of West Sydney Electric on June 9, 2022.
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C H I N A
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ZENSUN GROUP: Moody's Lowers CFR to B3, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Zensun Group Limited to B3 from B2.
At the same time, Moody's has downgraded to Caa1 from B3 the senior
unsecured rating on the bonds issued by Zensun Enterprises Limited
and guaranteed by Zensun.
The outlook remains negative.
"The downgrade reflects our expectation that Zensun's liquidity
will weaken over the next 6-12 months, driven by its declining
contracted sales and cash flow, as well as sizable refinancing
needs," says Daniel Zhou, a Moody's Analyst.
"The negative outlook reflects the company's increased refinancing
risks and worsening liquidity, amid tight funding conditions in
China's property sector," adds Zhou.
RATINGS RATIONALE
Moody's expects Zensun's liquidity to weaken over the next 6-12
months because of deteriorating sales and operating cash flow.
Zensun's sales decreased 37% year on year to RMB7.1 billion in the
first four months of 2022, against a broadly flat sales performance
for 2021.
Moody's forecasts Zensun's contracted sales will fall around
25%-30% over the next 6-12 months, due to difficult operating and
funding conditions in China's property sector. Declining contracted
sales will strain the company's cash flow and liquidity.
Zensun's unrestricted cash declined to RMB1.9 billion as of the end
of 2021 from RMB3.5 billion as of the end of 2020, despite a
moderate reduction in short-term debt during the same period, as
the company repaid some of its maturing debt with internal cash
amid tight funding conditions in China's property sector.
Consequently, Zensun's unrestricted cash/short-term debt ratio
dropped to 29% as of the end of 2021 from 45% as of the end of
2020, reflecting the company's weakened liquidity buffer. Moody's
expect the ratio to remain weak in the next 6-12 months.
Zensun has USD158 million of offshore bonds and RMB450 million of
onshore bonds maturing in September and November 2022,
respectively. Zensun will unlikely be able to issue new bonds at a
reasonable cost for refinancing, given the company's weakened
access to domestic and offshore bond markets. Moody's believes the
company will deploy its cash on hand and cash from operations to
meet these repayment obligations, but the company's continued usage
of internal resources to repay debt will further strain its
financial flexibility over the next 6-12 months.
The Caa1 senior unsecured bond rating is one notch lower than
Zensun's CFR because of structural subordination risk. Most of
Zensun's claims are at the subsidiary level and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination.
In terms of environmental, governance and social (ESG) factors,
Moody's has considered the company's private company status and
concentrated ownership. Zensun has also undertaken a significant
amount of related-party transactions with Henan Zhengyang
Construction Engineering Co., Ltd. (ZYC), which is fully owned by a
related party of Zensun's owner.
However, Moody's expects Zensun's transactions with ZYC, mainly
conducted through its Hong Kong listed subsidiary Zensun
Enterprises Limited, to be subject to the regulatory corporate
governance standards of the Hong Kong Stock Exchange.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the rating is unlikely in the near term, given the
negative rating outlook.
However, the rating outlook could return to stable if Zensun
improves its liquidity and demonstrates its ability to access
funding by refinancing its onshore and offshore debt maturing over
the next 6-12 months.
On the other hand, Moody's could downgrade Zensun's ratings if the
company's refinancing risks heighten, or its liquidity or access to
funding deteriorates further.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Zensun Group Limited is a residential developer based in Zhengzhou,
China. The company is 100% owned by Ms. Huang Yanping. Zensun's
contracted sales totaled RMB32.4 billion in 2021.
ZIJIN MINING: Moody's Withdraws 'Ba1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 corporate family
rating of Zijin Mining Group Company Limited. Prior to the
withdrawal, the rating outlook on Zijin was stable.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Zijin Mining Group Company Limited is one of the largest metals and
mining companies in China. It is primarily engaged in the
exploration and mining of gold, copper, zinc and other metal
minerals, supplemented by the refining, processing and sale of
related products.
Dual-listed on the Hong Kong Stock Exchange and Shanghai Stock
Exchange, Zijin was 23.11% owned and controlled by Minxi Xinghang
State-Owned Asset Investment Company Limited, a local state-owned
enterprise in Shanghang County, as of March 31, 2022.
=========
I N D I A
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BABASAHEB DESHMUKH: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Babasaheb
Deshmukh Shetkari Sahakari Soot Girni Maryadit (Babasaheb)
continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 22.4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Babasaheb
for obtaining information through letters and emails dated March
14, 2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Babasaheb, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Babasaheb is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Babasaheb continues to be 'CRISIL D Issuer Not
Cooperating'.
Set up in 1990, Babasaheb manufactures cotton yarn at its unit in
Sangli (Maharashtra), which has installed capacity of 19,488
spindles. Operations are managed by Mr. Sukumar Powar.
BAFNA GINNING: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bafna Ginning
and Pressing Private Limited (BGPPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B/Stable (Issuer
Not Cooperating)
CRISIL Ratings has been consistently following up with BGPPL for
obtaining information through letters and emails dated March 28,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BGPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BGPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BGPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Bafna Ginning and Pressing Private Limited is a Indore based
trading company, involved mainly in business of Cotton trading.
Some part of the business is also derived from Ginning & Pressing
and has its manufacturing facility based in Aurangabad.
BYGGING INDIA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bygging India
Limited (BIL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8.5 CRISIL A4 (Issuer Not
Cooperating)
Bank Guarantee 15.5 CRISIL A4 (Issuer Not
Cooperating)
Bank Guarantee 7 CRISIL A4 (Issuer Not
Cooperating)
Bank Guarantee 20 CRISIL A4 (Issuer Not
Cooperating)
Bank Guarantee 25 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 11.5 CRISIL B+/Stable (Issuer
Not Cooperating)
Cash Credit 7 CRISIL B+/Stable (Issuer
Not Cooperating)
Cash Credit 4.5 CRISIL B+/Stable (Issuer
Not Cooperating)
CRISIL Ratings has been consistently following up with BIL for
obtaining information through letters and emails dated March 28,
2022 and May 24, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BIL continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Incorporated in 1983, BIL is promoted and managed by Mr. R S Modi
and his family. BIL is engaged in to construct industrial structure
such as Industrial chimney, Silos and colling tower for industries
such Power m Oil refiners and petrochemicals. Its registered office
is located at Mumbai.
DAYAL MILLING: CRISIL Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Dayal
Milling Industries (SDMI) continues to be 'CRISIL B-/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 0.15 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SDMI for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SDMI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDMI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDMI continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Set up in 1970 by Kolkata-based manufacturers engaged in the
business manufacturing of Soya Nuggets. All the operations are
managed by Mr. Gyan Prakash Bhaniramka & Kusum Devi Bhaniramka. It
has an installed capacity of 4 tonnes per day.
ELEGANT FORGE: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Elegant Forge
and Equipments Private Limited (EFEPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 15 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with EFEPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EFEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EFEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EFEPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in September 2015, EFEPL is setting up a greenfield
project to manufacture heavy forged and machined components at
Wada. The proposed unit will have an installed production capacity
of 72,000 tonne of forged components per annum.
GLOBAL TECH: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Global Tech
India Private Limited (GTIPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.2 CRISIL B/Stable (Issuer Not
Cooperating)
Foreign Bill
Purchase 1.5 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 0.75 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 2.55 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GTIPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GTIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GTIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GTIPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Incorporated in 2000, Pune-based GTIPL trades in electronic
engineering goods and machinery parts, and provides installation
services and support to its customers. The promoters are Mr
Hitendra Patel and Mr Vimal Kalaria.
GLOBAL TYRES: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Global Tyres
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Global Tyres
for obtaining information through letters and emails dated March
14, 2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Global Tyres, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Global Tyres is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Global Tyres continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Global Tyres was set up in 2002 and is engaged in trading of tyres,
alloy wheels and other auto accessories. The firm operates 3
showrooms in Ernakulam (Kerala) and is promoted by Mr Philip
George.
GOLDEN SHELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Golden
Shelters Private Limited (GSPL; part of the GS group) continue to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 10 CRISIL D (Issuer Not
Cooperating)
Term Loan 35 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GSPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of GSPL and Prajit Foundation
Pvt Ltd (PFPL). That's because the two companies, collectively
referred to as the GS group, are in the same line of business and
have common promoters.
About the Group
Incorporated in 2002, GSPL conducts wellness courses at its center
in Chittor district, Andhra Pradesh. The company started leasing
out commercial real estate space in fiscal 2013.
PFPL, incorporated in 2001, conducts yoga, meditation, and wellness
courses. It started operations in 2008.
GUPTA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gupta Rice
and General Mills (GRGM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Cash 13.13 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with GRGM for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GRGM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRGM continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
GRGM is a partnership firm set up by Mr Ram Pal Singh and his
brother, Mr Sat Pal Singh in 1986. Mr Satpal has left the firm. Mr
Ashwini Singh and Mr Ashish Singh are now partners, along with Mr
Ram Pal. GRGM mills, processes, and markets rice. Its plant is in
Kaithal, Haryana.
GUPTA TRANSFORMER: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gupta
Transformer Products (GTP) continue to be 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7.5 CRISIL A4 (Issuer Not
Cooperating)
Bank Guarantee 7.5 CRISIL A4 (Issuer Not
Cooperating)
Bill Discounting
under Letter
of Credit 2 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 4 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 2 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GTP for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GTP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GTP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GTP continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Established in 1990, GTP is a partnership firm based in
Muzzaffarnagar (UP) and manufactures distribution and power
transformers. The firm is owned and managed by Mr. Sanjay Gupta,
Mr. Gopal Gupta, and Mr. Aman Gupta.
K. N. INTERNATIONAL: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. N.
International - Jind (KNI) continues to be 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 11.0 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KNI for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KNI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KNI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KNI continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
KNI is a proprietorship firm incorporated in 2017 by Mr Sushil
Kumar. The firm trades in imported timber logs in the domestic
market. It primarily imports round timber logs from Singapore and
Malaysia, which is subsequently sawn and sized into various sizes
as per the requirement of the customers. Its facility is located in
Gandhidham, Gujarat, near Kandla port, which makes it easy to
source and transport the products.
KHUSHI TRADEX: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khushi Tradex
Private Limited (KTPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B-/Stable (Issuer
Not Cooperating)
Inventory Funding
Facility 10 CRISIL B-/Stable (Issuer
Not Cooperating)
CRISIL Ratings has been consistently following up with KTPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KTPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Incorporated in 2005, KTPL started commercial operations from
January 2010. It is an authorized dealer for General Motors India
Pvt Ltd in Wazirpur Industrial Area, Delhi. KTPL operated one
showroom, Triumph Motors, and two service stations in New Delhi.
KTPL, previously promoted by the Rajasthan-based Mehra family, was
taken over by the Delhi-based Bhatia family in June 2012. Mr GS
Bhatia, Mr PK Bhatia, and Mr Gaurav Bhatia are the key promoters.
KHWAJA BABA: CRISIL Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khwaja Baba
Cold Storage Private Limited (KBCSPL) continue to be 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.13 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 4.75 CRISIL B-/Stable (Issuer
Not Cooperating)
Overdraft Facility 0.75 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 0.84 CRISIL B-/Stable (Issuer
Bank Loan Facility Not Cooperating)
Term Loan 0.65 CRISIL B-/Stable (Issuer
Not Cooperating)
CRISIL Ratings has been consistently following up with KBCSPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KBCSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
KBCSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of KBCSPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.
KBCSPL, incorporated in 2009, operates a cold storage unit for
potatoes, with capacity of 1, 48, 000 quintal, in Murshidabad, West
Bengal. The company occasionally trades in potatoes to ensure
optimum capacity utilization of the cold storage unit. Ms Taraful
Bibi, Mr Mohammed Abutalib Sekh are the directors of the company.
KUNDAN CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kundan Cars
Private Limited (KCPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (Issuer Not
Cooperating)
Inventory Funding 15 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Inventory Funding 12 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Proposed Inventory 7 CRISIL B/Stable (Issuer Not
Funding Cooperating)
CRISIL Ratings has been consistently following up with KCPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
KCPL was incorporated in December 2007, and is promoted by Mr Raj
Kumar Chadha and his son Mr Hitesh Chadha. It is an authorized
dealer of passenger cars of HMIL in Pune, where it operates two
showrooms and three workshops.
LENTUS GLASS: CRISIL Assigns B+ Rating to INR7.5cr Loans
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Lentus Glass Private Limited (LGPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL B+/Stable (Assigned)
Long Term Loan 6 CRISIL B+/Stable (Assigned)
The rating reflects exposure of LGPL to intense competition,
susceptibility to risks related to the project set up, and expected
leverage in the capital structure. These weaknesses are partially
offset by moderate demand growth expected for the Industry and
adoption of latest machinery in the technology-intensive industry.
Analytical approach
Unsecured loan (Rs 1.29 crore as on March 31, 2022) has been
treated as debt because it is a need-based fund extended by the
directors.
Key rating drivers & detailed description
Weaknesses:
* Exposure to intense competition: The glass industry is
fragmented, with top 3-4 companies accounting for only 25% of the
market size. There is intense pricing pressure from domestic
players as well as cheap imports from China, Malaysia, and Saudi
Arabia. Competition may continue to constrain scalability, pricing
power and profitability.
* Susceptibility to risks related to the project setup
Phase I of the commercial operations is scheduled to commence from
June 2022. The company will be exposed to moderate demand risk,
given the intense competition. Timely completion and successful
stabilization of operations at the new unit are key sensitivity
factors.
* Expected leveraged capital structure: Capital structure may
remain weak as the project has been aggressively funded through
debt. Gearing and total outside liabilities to tangible networth
ratios are high, estimated at above 3 times and 4 times,
respectively, as on March 31, 2022.
Strengths:
* Moderate demand growth expected for the industry: LGPL is in the
trail production phase and should commence commercial operations
soon. Low demand (for flat glass) from the automobile sector in
fiscal 2022 was compensated by the robust offtake from the real
estate sector, increasing the overall demand by an estimated
18-20%. However, demand may moderate to 2-4% (compound annual rate)
during fiscals 2023 to 2025 owing to subdued sales in the
automobile and construction segments.
* Adoption of latest machinery in the technology-intensive
industry:
The glass industry is technology-intensive. Adoption of all the
latest equipment and technology at the new set up should boost the
business risk profile of LGPL.
Liquidity: Stretched
Liquidity is likely to remain weak. The company undertook a debt of
Rs 6 crore, resulting in debt obligation of Rs 10 lakh in fiscal
2023 and around Rs 40 lakh in fiscal 2024. Further, as the company
is yet to commence commercial operations, timely commencement of
the same and generation of cash accrual would remain key
monitorables.
Outlook: Stable
LGPL will continue to benefit from adoption of latest machinery at
its new set up.
Rating sensitivity factors
Upward factors
* Timely commencement of operations and significant revenue and
profitability, leading to cash accrual above Rs 70 lakh
* Improvement in the financial risk profile.
Downward factors
* Considerable delay in the commencement of operations
* Risk related to initial phase of operations, resulting in cash
accrual below Rs 45 lakh
* Sizeable stretch in the working capital cycle
LGPL was incorporated on January 22, 2020, by directors - Mr
Joginder Singh and Ms Sunanda Pavani Kothamasu – both family
friends holding 50% shares each. A plant has been set up in
Farukhnagar (Gurugram, Haryana) to manufacture toughened glass; it
is expected to be commissioned in June 2022.
M.N. CHANDRASHEKARAIAH: CRISIL Cuts Rating on INR3.0cr Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of M.N.
Chandrashekaraiah (MNC) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.2 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Secured Overdraft 3.0 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER
NOT COOPERATING')
Term Loan 0.8 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with MNC for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MNC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MNC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MNC revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.
MNC was formed in 1992, as a proprietary concern of Mr MN
Chandrashekaraiah. The firm, based in Hosakote, Karnataka,
undertakes civil construction works, mainly related to roads.
MAHAVIR GLOBAL: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahavir
Global Inc (MGI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 2.5 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 1 CRISIL B/Stable (Issuer Not
Cooperating)
Export Packing 4 CRISIL B/Stable (Issuer Not
Credit Cooperating)
Long Term Loan 0.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MGI for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MGI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 2011 as a partnership firm by Karnal-based Garg family,
MGI mills and processes paddy into rice, rice bran, broken rice,
and husk. Mr. Anil Garg and his son, Mr. Vishal Garg are partners
and also manage operations.
RECKTRONIC DEVICES: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Recktronic
Devices and Systems (RDS) continues to be 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 5.5 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RDS for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RDS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RDS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RDS continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
RDS, set up in 1997 at Pune, Maharashtra, and promoted by Mr.
Gaurav Varma, Mr Saurabh Varma and Mr Praveen Sane, provides
real-time monitoring, control system and automation solutions for
water supply schemes and electrical sub stations across India.
SAINARAYAN PLASTICS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Sainarayan Plastics Private Limited (SSPPL) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SSPPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSPPL continue to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1986, SSPPL manufactures household items, quality tanks,
cans, containers, pots, buckets, and water tanks. It has a
manufacturing facility in Aurangabad and Pune, Operations are
managed by its directors, Mr. Somnath Sakre and Mr. Santosh
Gangwal.
SHIV SHAMBHU: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Shambhu
Iron and Steel Private Limited (SSISPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL B+/Stable (Issuer
Not Cooperating)
CRISIL Ratings has been consistently following up with SSISPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSISPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSISPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSISPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
SSISPL, formed in 2005 by Mr Shambhu Jaiswal is into processing and
trading of mild steel (MS) scrap. The processing unit is located in
Jamshedpur. The company caters to the auto ancillary units in the
city. Mr Shambhu Jaiswal is responsible for the overall management
of the company and has been in the industry for more than three
decades.
SHOURYA CONSUMER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shourya
Consumer Services (SCS) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 1 CRISIL B+/Stable (Issuer
Not Cooperating)
Term Loan 5.65 CRISIL B+/Stable (Issuer
Not Cooperating)
CRISIL Ratings has been consistently following up with SCS for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCS continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Set up in 2013 by Ms. Honey Jain and Ms. Neeti Jain, SCS is a
partnership concern based out of Raipur, Chhattisgarh that provides
laundry services to institutions.
SKS SPIRAL: CRISIL Lowers Rating on INR10.3cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of SKS
Spiral Pipes (SKS) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.7 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 10.3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with SKS for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKS revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.
Set up in 1993, SKS, is a proprietorship firm of Mr Sunil Kumar
Sharma. It manufactures large-diameter mild-steel spiral pipes,
which are used for water pipelines, refineries, hydro projects, and
irrigation. The manufacturing facility at Hapur in Ghaziabad, Uttar
Pradesh, has an annual capacity of 30,000 tonne.
SODHI BROTHERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sodhi Brothers
Hydro Power Private Limited (SBHP) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBHP for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBHP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBHP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBHP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2004, SBHP has a 4-megawatt (MW) hydroelectric
power project across the Brahl Khad River (Himachal Pradesh). SBHP
has entered into a PPA, with HPSEB for off-take of 100% of the
electricity generated from the project for 40 years from the
commencement of commercial operations.
TIGER 4: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tiger 4
Security and Detective India Private Limited continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.75 CRISIL B+/Stable (Issuer
Not Cooperating)
Long Term Loan 0.01 CRISIL B+/Stable (Issuer
Not Cooperating)
Proposed Long Term 9.24 CRISIL B+/Stable (Issuer
Bank Loan Facility Not Cooperating)
CRISIL Ratings has been consistently following up with Tiger for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Tiger, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Tiger
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Tiger continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Tiger provides manpower for security and housekeeping services
founded by Mr Himmat Singh Jhala. It was earlier established as a
proprietorship concern, Tiger 4 Secure Core & Detective, in 2008
which was later reconstituted as a private limited company on
February 26, 2010.
TIRUPATI POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tirupati
Polymers (TPL) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.9 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.6 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TPL for
obtaining information through letters and emails dated March 28,
2022 and May 24, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TPL continues to be 'CRISIL D Issuer Not Cooperating'.
TPL was set up as a partnership firm in 2008, at Sirmor, Himachal
Pradesh. The company, which was manufacturing rubber sheets till
2010, now produces foil printing and mono carton mainly for players
in the pharmaceutical industry. Operations are managed by Mr Rajesh
Bindal and his wife, Mrs Anurekha Bindal.
V. S. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. S. Cotton
Industries (VSC; part of the Kakad group) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Rupee 0.36 CRISIL D (Issuer Not
Term Loan Cooperating)
Term Loan 2.64 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VSC for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VSC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSC continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RSV Cotton Industries (RSV)
and VSC. This is because the two entities, together referred to as
the Kakad group, are under a common management and in similar lines
of business, and have significant financial linkages.
About the Group
RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and presses
cotton. The firm commenced operations in November 2013. Its
manufacturing facilities are at Anjangaon in Amravati,
Maharashtra.
VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr.
Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It
commenced operations in February 2013. Its manufacturing facilities
are at Murtizapur in Akola, Maharashtra. The daily operations of
both entities are managed by Mr. Sudhakar Kakad and Mr. Vivek
Kakad. The Kakad family has been in the business of cotton trading
for more than a decade.
VEMPARALA VENKAT: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vemparala
Venkat Rao Cotton Industries (VVR) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.4 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.65 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.95 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with VVR for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VVR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VVR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VVR continue to be 'CRISIL D Issuer Not Cooperating'.
VVR was established in 2012 as a partnership firm by Mr V Ram Babu
and his family members. The firm gins and presses raw cotton. Its
facility is in Guntur, Andhra Pradesh.
VINAYAGA CONSTRUCTION: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sree Vinayaga
Construction (SVC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVC for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SVC was established in May 2013 as a partnership firm by Mr.
Reghunathan, Mr. Gopikrishna, Mr. Murugan and Mr. Pandian. The firm
undertakes civil construction works, primarily for Tamil Nadu
Public Works Department.
VINPACK INDIA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vinpack India
Private Limited (VIPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 1 CRISIL A4 (Issuer Not
Cooperating)
Overdraft Facility 1.75 CRISIL A4 (Issuer Not
Cooperating)
Term Loan 17 CRISIL B+/Stable (Issuer
Not Cooperating)
CRISIL Ratings has been consistently following up with VIPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VIPL continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
VIPL, incorporated in 1998, was earlier engaged in undertaking
contract manufacturing of biscuits (for ITC Ltd.) and currently
plans to foray into the wood coating business. The company has its
facility in Bengaluru.
WORLD RETAILS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of The World
Retails Private Limited (TWRPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TWRPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TWRPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TWRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TWRPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2010, TWRPL primarily deals in apparel, general
merchandise, fast-moving consumer goods, and home furnishing. It
currently has eight retail stores spread across Odisha.
[*] Noida Authority Seeks Amendment in Indian Bankruptcy Code
-------------------------------------------------------------
The Hindustan Times reports that the Noida authority on June 13
said that it has written to the Centre and Uttar Pradesh
government, seeking revision in the provisions of the Insolvency
and Bankruptcy Code (IBC) 2016. The authority has asked to be
included in the category of financial creditors for easier recovery
of dues from defaulting realtors facing corporate insolvency
resolution process (CIRP) at the National Company Law Tribunal
(NCLT).
"We have written to the Uttar Pradesh and central government
seeking revision in the provisions of IBC-2016. We hope for a
favourable decision to protect our financial interests," said Ritu
Maheshwari, chief executive officer, Noida authority.
On May 17, 2022, the Supreme Court declared the Noida authority as
an operational creditor in a case against a realty firm, hurting
its financial interests, the report says. According to its own
estimate, the authority struggles to recover INR6,200 crore in
financial dues from at least 25 realty firms.
According to the report, lenders are dragging debt-ridden realty
firms to the NCLT to recover their money. The authority allotted
group housing land to these realty firms in instalments amid
economic slowdowns. The realtors failed to repay dues to the
authority and the banks. On filing petitions against firms, the
NCLT gives control of these companies to interim resolution
professionals, leaving promoters without decision making powers.
With an operational creditor status, the Noida authority's
financial interests do not get priority. It also accords the
authority limited say in the voting of the committee of creditors
(CoC) that decides the fate of a realty or industrial company
facing CIRP.
"According to the process, if a realty company goes into
liquidation, then the operational creditor is the last one to get
its claim, compared to the financial creditor who is first in line.
Also, the operational creditor has limited say in the CoC which
makes crucial decisions about the fate of the bankrupt company,"
the report quotes Kumar Mihir, advocate and CIRP expert, as
saying.
Hindustan Times notes that the CoC invites proposals from other
companies to take over the debt-ridden entity. Once proposals are
submitted, the CoC finalises an option through a vote involving
lenders such as banks and homebuyers, designated as financial
creditors. Operational creditors have minimum say in the voting
process. Also, when it comes to taking a haircut on the debt of a
company (forgoing a portion of the money owed), the operational
creditor becomes the first stakeholder to bear the loss.
=======
L A O S
=======
LAOS: Maybe Next Possible Asia Default Amid Looming Debt Crunch
---------------------------------------------------------------
Bloomberg News reports that Laos, with dwindling cash reserves and
surging inflation, is facing some of the same strains that pushed
Sri Lanka to default and threatens Pakistan's balance of payments.
Bloomberg says fuel shortages across the Southeast Asian country of
7.5 million people is the latest sign of distress, the result of
elevated oil prices and a plunging currency. Most worrying is a
debt load that dwarfs its cash pile, a challenge for the secretive
communist regime that's had an ironclad grip on power since 1975.
"It is on the brink of default," Anushka Shah, vice president and
senior credit officer at Moody's Investors Service, which
downgraded Laos's credit rating on June 14 one notch to Caa3,
citing weak governance, a very high debt burden and insufficient
foreign exchange reserves to cover maturing external debt,
Bloomberg relays.
According to the World Bank, as of December the country had US$1.3
billion of reserves on hand while external debt repayments total
roughly that same amount every year until 2025, the equivalent of
about half total domestic revenue.
Bloomberg says the one-two punch of higher US interest rates --
which weakens local currencies against the dollar and makes imports
more expensive -- and surging oil prices, mainly due to Russia's
invasion of Ukraine, has brought a reckoning to developing
countries with high debt loads, weak revenue and insufficient cash
reserves.
That confluence of factors pushed Sri Lanka deep into an economic
and political crisis earlier this year, leaving it unable to import
fuel, food and medicine, defaulting on its debt and scrambling for
foreign funds, Bloomberg states.
The ruling Lao People's Revolutionary Party, which runs the highly
restrictive one-party state, is expected to weather the current
challenge, the report notes.
While it's unlikely to yield the kinds of protests that led to the
resignation of Sri Lankan Prime Minister Mahinda Rajapaksa,
simmering disquiet among the population could have dire
consequences for the current leadership, said Harrison Cheng, an
associate director at Control Risks.
"What is more likely to happen, if the LPRP were to try and appease
the public to buy time until the economic crisis wanes, is to
sacrifice some top-level officials, ministers or even Prime
Minister Phankham Viphavanh," Bloomberg quotes Mr. Cheng as saying.
"The question is whether the LPRP can beat the clock, given the
severe debt crisis and no clear end to rising inflation."
Public debt in Laos last year reached $14.5 billion, with about
half of the amount owed to China, according to the World Bank. Part
of its obligation includes loans to fund its 30% share of the $5.9
billion China-Laos railway, a project that became operational in
December, Bloomberg discloses.
According to Bloomberg, the International Monetary Fund warned
"public debt is high, and the risk of debt distress remains
elevated" in the 2019 version of its so-called Article IV
Consultation, a typically annual exercise the lender undertakes
with members. Laos authorities didn't consent to the release of the
2021 report, which concluded in March. No reason was given, the
report notes.
With its currency, the kip, down 36% against the dollar over the
past year, Laos is facing inflation at the highest since 2004,
hitting almost 13% last month. That's a particularly hard blow for
a country where more than one-third of the population is forecast
to be below the lower middle-income poverty rate this year.
"There's basically a dollar shortage," Bloomberg quotes Khoon Goh,
Singapore-based head of Asia research at Australia & New Zealand
Banking Group, as saying. "There's insufficient ability to get hold
of US dollars to pay for all the imports, and that stems from years
of running current account deficits."
The sliding currency has hamstrung importers seeking to purchase
enough fuel for the domestic market, causing painful supply gaps
and long lines at the pumps. Laos was getting less than half of the
120 million liters of gas needed per month to meet public demand,
local media reported in May, Bloomberg relays.
"Persistent fuel shortages disrupt agriculture, transport services
and many other sectors of the economy, and their economic impact
could be akin to the effects of the Covid-19 pandemic, when
restrictions significantly affected mobility and supply chains,"
said Pedro Martins, country economist for Laos at the World Bank.
Even with the economy forecast to grow by 3.8% this year, it's
contingent on a successful debt renegotiation, according to a
recent World Bank report, Bloomberg relays. Moody's had downgraded
the country's credit rating to reflect severe government liquidity
stress and low foreign exchange reserve buffers back in 2020.
"Because of government debt and poor revenue collection, the
situation is particularly challenging," Alex Kremer, Laos country
manager at the World Bank, said last month. "The top policy
priority is therefore to increase public revenue by reviewing tax
exemptions."
The 'CCC' rating from Fitch Ratings Inc reflects a possibility of a
default, said Jeremy Zook, Hong Kong-based director of sovereign
ratings at the rating agency and lead analyst for Laos, Bloomberg
relays. A key factor going forward is the debt to China, he said.
"Any restructuring, any easing of payments on that front can have
pretty significant ramifications for that debt repayment profile,"
Mr. Zook said. "It's a bit of an unknown how much leeway they'll
get from China."
One positive sign was issuing a baht-denominated bond at the end of
March, which might signal an option for rolling over maturing Thai
debt, Mr. Zook said.
"They haven't completely lost market access and might still be able
to tap into it and refinance if the need arises over the next few
years," said Shah at Moody's. "But other than that they're grasping
at straws."
Troubled state-owned electricity operator Electricite du Laos
accounted for nearly a third of publicly-guaranteed debt last year,
Bloomberg discloses citing the World Bank. Radio Free Asia cited an
official in March saying much was owed to the Electricity
Generating Authority of Thailand and it didn't have the money to
pay it back.
EDL-Generation Plc, the private arm of the company, is due to pay
about $58 million in maturing debts this year, including a
principal of about $31 million on the equivalent of a
baht-denominated maturing note on July 30, according to data
compiled by Bloomberg.
The government last week formed a high-level task force to address
the mounting threats, according to a report in the Vientiane Times,
while the central bank recently tightened monetary policy to help
cool inflation, Bloomberg relays.
"It really depends on how they can navigate and manage the
situation at this point in time," said ANZ's Khoon Goh. "But
obviously there are some crunch timelines that are coming up."
===============
M A L A Y S I A
===============
CAPITAL A: Class Suit May Hurt Brand, Not Reputation, Says Radhi
-----------------------------------------------------------------
New Straits Times reports that industry observers doubt that
Capital A Bhd, formerly known as AirAsia Group Bhd, will be
adversely affected by a petition from disgruntled passengers
calling for a class action suit against it.
While the issue would affect its brand name to an extent, it would
not seriously damage the airline's reputation, they added.
According to the report, former Malaysian Aviation Commission's
(Mavcom) executive chairman Dr Nungsari Ahmad Radhi said the
petition would affect Capital A's brand name in the future, but the
impact would not rattle AirAsia's position as the best low-cost
airline in Malaysia.
"Airlines all over the world are in dire straits, and are
restarting. I am sure the surge in demand will create all kinds of
operational problems for airlines.
"But the refund issue for AirAsia is not operational but financial.
I saw that they had written back provisions they made after the
creditors settlement agreement and recorded massive profits," he
told the New Straits Times.
Nungsari was commenting on the petition launched a fortnight ago to
gather passengers with grievances against Capital A for a class
action compensation suit.
It was reported that the petition has been gaining support online.
Disgruntled passengers have been chasing the airline for refunds
for flights cancelled due to pandemic restrictions as far back as
two years ago, the report says.
The petition on change.org titled "AirAsia class action lawsuit for
losses due to cancellations and changes of flights", launched over
two weeks ago, had gained more than 2,200 signatures as of Tuesday
afternoon [June 14].
New Straits Times adds that aviation consultancy Endau Analytics
founder and analyst Shukor Yusof said the issue would not seriously
damage the airline's reputation judging by the number of tickets
sold for AirAsia's domestic flights.
Shukor said AirAsia's customers would unlikely turn away from the
airline and opt for other airlines due to the refunds issues.
"AirAsia controls domestic flights in Malaysia. The competitors do
not have the ability to take advantage of this.
"We just have to go by what AirAsia has publicly said. "Finalised"
does not necessarily mean refunds are completed. Be more
transparent. The airline's brand name is already strong in
Malaysia," the report quotes Shukor as saying.
Meanwhile, Malaysia University of Science and Technology provost
for research and innovation Geoffrey Williams said the petition
would affect AirAsia's brand name especially if they sought a
listing in the United States, New Straits Times reports.
However, Mr. Williams said the low-cost airline business was often
cited as a very competitive and "contestable" market, meaning
others can easily come in and compete.
"I think AirAsia is already doing everything it can until the
market fully recovers. After that when financial issues and PN17 go
away it will be in good shape to list overseas as planned.
When contacted on June 13, a spokesperson said: "I'm still checking
on this but don't think we will issue anything," the report
relays.
According to the report, supporters who had signed the petition
claimed that they were unable to get in touch with the airline
after their flights were rescheduled or cancelled, without the
option to get a refund.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
AirAsia, headquartered in Malaysia, operates from hubs in Malaysia,
Thailand, Indonesia, Philippines and India. The airline's Malaysia
and Thailand operations are undertaken via AirAsia Bhd and Thai
AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, AirAsia Group Bhd (AAGB) is in the midst of formulating a
plan to regularize its financial condition to address its Practice
Note 17 (PN17) status. According to The Star, Bursa Malaysia on
Jan. 13 dismissed AAGB's appeal seeking to extend an 18-month
relief period from being classified as a PN17 company that ended on
Jan. 7, 2022.
AirAsia triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
AirAsia also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, AirAsia was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
=====================
N E W Z E A L A N D
=====================
AHEI LIMITED: Court to Hear Wind-Up Petition on July 7
------------------------------------------------------
A petition to wind up the operations of AHEI Limited will be heard
before the High Court at Christchurch on July 7, 2022, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 16, 2022.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue
Legal Services
PO Box 1782
Christchurch 8140
ANDREWS ON FLOORING: Creditors' Proofs of Debt Due on July 13
-------------------------------------------------------------
Creditors of Andrews On Flooring Limited are required to file their
proofs of debt by July 13, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 9, 2022.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East, Christchurch 8141
BEESKNEEZ LIMITED: Court to Hear Wind-Up Petition on July 21
------------------------------------------------------------
A petition to wind up the operations of Beeskneez Limited will be
heard before the High Court at Christchurch on July 21, 2022, at
10:00 a.m.
RD 1 Limited filed the petition against the company on May 19,
2022.
The Petitioner's solicitor is:
Kevin Patrick McDonald
Kevin McDonald & Associates
11th Floor, 19–21 Como Street
Takapuna, Auckland
GILL RAI: Creditors' Proofs of Debt Due on July 13
--------------------------------------------------
Creditors of Gill Rai Limited (trading as Little India Hamilton)
are required to file their proofs of debt by July 13, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 9, 2022.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East, Christchurch 8141
MEDIAWORKS HOLDINGS: Sky TV Terminates Acquisition Talks
--------------------------------------------------------
Stuff.co.nz reports that Sky Television has decided not to buy
radio and outdoor advertising business MediaWorks.
The company surprised analysts and shocked investors last week by
saying it was in exclusive talks to acquire the company.
According to Stuff, Sky said on June 15 in an announcement to the
NZX that it had "ceased discussions to evaluate the possible
acquisition of MediaWorks".
The company indicated that it was instead likely to return excess
cash to shareholders and concentrate on its core business, Stuff
relays.
"As previously communicated, in parallel with its evaluation of
potential investment opportunities, Sky has been exploring options
to return capital to shareholders and accelerate organic investment
in the business to drive further growth," it said.
Stuff relates that Sky said it would update shareholders on its
capital management plan no later than on August 25, when it is due
to release its full year results.
Sky TV shares fell sharply after it originally announced on June 7
it was in talks to buy MediaWorks, prompting speculation that it
might not get shareholder approval for a deal.
MediaWorks owns about half the country's commercial radio stations
but reported a loss of NZD2.9 million for the year to the end of
December and a loss of NZD 4.8 million the prior year, Stuff
discloses.
MediaWorks majority owner, United States private equity company
Oaktree, is believed to have been looking for ways to exit the
business, after selling MediaWorks television arm, which includes
television channel Three, to Disc0very in 2020, adds Stuff.
Mediaworks Holdings Limited operates as a holding company. The
Company, through its subsidiaries, provides broadcasting services.
Mediaworks Holdings broadcasts through television, radio, and
digital platforms. Mediaworks Holdings serves customers in New
Zealand.
WARKWORTH DEVELOPMENT: Creditors' Proofs of Debt Due on Aug. 5
--------------------------------------------------------------
Creditors of Warkworth Development Limited are required to file
their proofs of debt by Aug. 5, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 13, 2022.
The company's liquidators are:
Greg Sherriff
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
=================
S I N G A P O R E
=================
CLEARIO HOLDINGS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on June 3, 2022, to
wind up the operations of Cleario Holdings Pte. Ltd.
Attorney Dr. jur. Michael Jaffe, in his capacity as insolvency
administrator of Wirecard Technologies GMBH, filed the petition
against the company.
The company's liquidators are:
Cameron Duncan
David Kim
KordaMentha Pte. Ltd.
16 Collyer Quay
#30-01 Income At Raffles
Singapore 049318
ECOTRANSIT INVESTMENTS: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on June 3, 2022, to
wind up the operations of Ecotransit Investments International Pte.
Ltd.
Attorney Dr. jur. Michael Jaffe, in his capacity as insolvency
administrator of Wirecard Technologies GMBH, filed the petition
against the company.
The company's liquidators are:
Cameron Duncan
David Kim
KordaMentha Pte. Ltd.
16 Collyer Quay
#30-01 Income At Raffles
Singapore 049318
GOOMO HOLDINGS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on June 3, 2022, to
wind up the operations of Goomo Holdings Pte Ltd.
Attorney Dr. jur. Michael Jaffe, in his capacity as insolvency
administrator of Wirecard Technologies GMBH, filed the petition
against the company.
The company's liquidators are:
Cameron Duncan
David Kim
KordaMentha Pte. Ltd.
16 Collyer Quay
#30-01 Income At Raffles
Singapore 049318
ISTRATEGIC INVENTORY: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on June 3, 2022, to
wind up the operations of Istrategic Inventory Aggregation Pte.
Ltd.
Attorney Dr. jur. Michael Jaffe, in his capacity as insolvency
administrator of Wirecard Technologies GMBH, filed the petition
against the company.
The company's liquidators are:
Cameron Duncan
David Kim
KordaMentha Pte. Ltd.
16 Collyer Quay
#30-01 Income At Raffles
Singapore 049318
RFT PTE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on June 3, 2022, to
wind up the operations of R F T Pte Ltd.
Attorney Dr. jur. Michael Jaffe, in his capacity as insolvency
administrator of Wirecard Technologies GMBH, filed the petition
against the company.
The company's liquidators are:
Cameron Duncan
David Kim
KordaMentha Pte. Ltd.
16 Collyer Quay
#30-01 Income At Raffles
Singapore 049318
=================
S R I L A N K A
=================
SRI LANKA: Lazard, Clifford Chance Arrive to Kick Off Restructure
-----------------------------------------------------------------
Reuters reports that representatives from heavyweight financial and
legal advisers Lazard and Clifford Chance arrived in Sri Lanka to
kick off the restructuring of over $12 billion in debt, the island
nation's prime minister said on June 14.
The advisers reached the country a week before a delegation from
the International Monetary Fund is expected in Colombo for bailout
talks, Reuters says.
Last month, Reuters reported that Sri Lanka had hired Lazard, which
has handled debt talks for dozens of crisis-strained countries in
recent years, and law firm Clifford Chance to renegotiate its
debts.
"We have to restructure our debt. Representatives from Lazard's and
Clifford Chance have arrived in Sri Lanka to advise us on this
process," Prime Minister Ranil Wickremesinghe said in a video
statement.
Sri Lanka was officially declared in default for the first time
ever after it halted debt payments in May, the report notes.
As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings, on May 27, 2022, affirmed its long-term and
short-term foreign currency sovereign ratings on Sri Lanka at
'SD/SD.' 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.
In addition, S&P lowered to 'D' from 'CC' the issue ratings on the
following bonds with missed interest payments in May:
-- US$1.5 billion, 6.85% bonds due Nov. 3, 2025.
-- US$1.5 billion, 6.20% bonds due May 11, 2027.
S&P's transfer and convertibility assessment at 'CC' is unchanged.
*********
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
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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 ***