/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220622.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, June 22, 2022, Vol. 25, No. 118 Headlines A U S T R A L I A A AND QIU PTY: Second Creditors' Meeting Set for June 27 BRIGHTE CAPITAL: Lays Off 15% of Workforce CANLUX PTY: Second Creditors' Meeting Set for June 27 CLEARSPEND LIMITED: First Creditors' Meeting Set for June 28 ENOVA ENERGY: First Creditors' Meeting Set for June 30 KAM FU: Second Creditors' Meeting Set for June 28 REDZED TRUST 2022-2: Fitch Assigns BB- Rating on Class F Notes VICTORY OFFICES: Creditor Pursues Wind-Up of Flexible Work Firm C H I N A CHINA EVERGRANDE: Sticks to Restructuring Plan Target of End-July FOSUN INTERNATIONAL: Bonds Remain Pressured After Record Selloff GUANGZHOU FINELAND: Moody's Lowers CFR to B3, Outlook Remains Neg. HELENBERGH CHINA: Moody's Lowers CFR to Caa1, Outlook Remains Neg. LANDSEA GREEN: S&P Withdraws 'B' Long-Term Issuer Credit Rating H O N G K O N G BABEL FINANCE: Wins Reprieve on Debt Repayment I N D I A ARIHANT SYNCOTEX: Ind-Ra Moves BB Issuer Rating to Non-Cooperating B. D. ROADWAYS: CARE Lowers Rating on INR9.07cr LT Loan to B B. G. TRANSPORT: CARE Lowers Rating on INR7.56cr LT Loan to B+ BALAJI AGRO: CARE Lowers Rating on INR8.35cr LT Loan to B- BEOWORLD PRIVATE: Insolvency Resolution Process Case Summary BHASKAR INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating BN INDUSTRIES: Ind-Ra Affirms & Withdraws B+ LT Issuer Rating CHENNAI WATER: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating COSMOS FORGINGS: Liquidation Process Case Summary DEVESH ENGINEERING: Liquidation Process Case Summary DIACH CHEMICALS: CARE Lowers Rating on INR21.60cr LT Loan to B+ FIBREMARX PAPERS: CARE Keeps D Debt Ratings in Not Cooperating G. S. ROADLINES: CARE Lowers Rating on INR8.67cr LT Loan to B G. S. ROADWAYS: CARE Lowers Rating on INR8.86cr LT Loan to B GATEWAY FABRICS: CARE Lowers Rating on INR13.25cr LT Loan to B GSR VENTURES: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable HI-TECH AGRO: CARE Keeps B Debt Rating in Not Cooperating HILLTOP CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating HOTEL PARMESHWARI: CARE Keeps B- Debt Rating in Not Cooperating IMPERIAL FASTNERS: CARE Keeps D Debt Ratings in Not Cooperating INTERNATIONAL FRESH: ICRA Keeps D Debt Ratings in Not Cooperating JCBL LIMITED: Ind-Ra Hikes Long-Term Issuer Rating to 'B-' LAKSHMI VACUUM HEAT: CARE Cuts Rating on INR5.37cr Loan to B- LAKSHMI VACUUM: CARE Cuts Rating on INR5.0cr LT Loan to B- LAVA CAST: CARE Keeps D Debt Rating in Not Cooperating Category MANJEERA CONSTRUCTIONS: Ind-Ra Cuts Long-Term Issuer Rating to 'D' MEENAMANI REAL: ICRA Keeps B+ Debt Rating in Not Cooperating MUMS MEGA: ICRA Keeps B Debt Rating in Not Cooperating Category NARMADA DRINKS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating NATIONAL CAPSULE: Ind-Ra Keeps BB- Issuer Rating in NonCooperating NAVAGIRI SPINNING: ICRA Withdraws B+ Rating on INR50cr Term Loan NORTHERN ARC: ICRA Reaffirms D(SO) Rating on INR0.49cr PTC OCEAN CONSTRUCTION: Ind-Ra Moves D Issuer Rating to Non-Cooperating PARAS RAM: CARE Keeps B- Debt Ratings in Not Cooperating PAVAN COTTON: ICRA Keeps B Debt Ratings in Not Cooperating PKS LIMITED: Liquidation Process Case Summary PMS CONSTRUCTION: CARE Lowers Rating on INR2.00cr LT Loan to B- POWER MAX: Ind-Ra Moves 'D' LT Issuer Rating to Non-Cooperating PRATIKSHA GEMS: CARE Lowers Rating on INR4.82cr LT Loan to B PRIDEPOINT CONSTRUCTIONS: Insolvency Resolution Case Summary PUNJAB INFRASTUCTURE: Ind-Ra Withdraws BB Term Loan Rating RATTAN KAUR: CARE Lowers Rating on INR8.41cr LT Loan to B RNV HOSPITALITY SERVICES: Insolvency Resolution Case Summary ROSVAR STEELS: Insolvency Resolution Process Case Summary RUDRASIVA INFRACON: Insolvency Resolution Process Case Summary SALTMINES TECHNOLOGIES: Voluntary Liquidation Process Case Summary SEAWARD EXPORTS: ICRA Keeps B+ Debt Rating in Not Cooperating SHAH PULSE: CARE Lowers Rating on INR40.00cr LT Loan to B SHALIBHADRA COTTRADE: Liquidation Process Case Summary SOUTHERN HITECH: Voluntary Liquidation Process Case Summary SRK GROUP: CARE Keeps D Debt Rating in Not Cooperating Category SUGANYA CONSTRUCTIONS: Ind-Ra Moves BB Rating to Non-Cooperating SUPERIOR DRINKS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating SUPREME OVERSEAS: Insolvency Resolution Process Case Summary SURYATAAP ENERGIES: Ind-Ra Keeps B+ Loan Rating in Non-Cooperating TDI INTERNATIONAL: CARE Lowers Rating on INR169.07cr LT Loan to D TEJINDER KAUR: CARE Lowers Rating on INR8.72cr LT Loan to B TUSCAN AGROW: CARE Keeps D Debt Rating in Not Cooperating UMIYA BUILDERS: CARE Lowers Rating on INR30.00cr LT Loan to B VIJAI ELECTRICAL: Ind-Ra Affirms BB- Long-Term Issuer Rating VVR INNOVATE MATERIALS: Insolvency Resolution Process Case Summary YASHVEER CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating YR TRADERS PRIVATE: Insolvency Resolution Process Case Summary ZOE JEWELS: Voluntary Liquidation Process Case Summary J A P A N MITSUI OSK: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive NIPPON YUSEN: Moody's Upgrades CFR to Ba1, Outlook Stable N E W Z E A L A N D ELTEL CO: Creditors' Proofs of Debt Due on Aug. 16 INTELLICOMMS NZ: Creditors' Proofs of Debt Due on Aug. 16 KOTAHITANGA LOG: Court to Hear Wind-Up Petition on July 12 KUROW-DUNTROON IRRIGATION: Owes More Than NZD50 Million OTAGO EXCAVATION: Court to Hear Wind-Up Petition on June 30 PROPELLOR PROPERTY: Court to Hear Wind-Up Petition on Sept. 15 WAIHEKE ENERGY: Creditors' Proofs of Debt Due on July 29 S I N G A P O R E ADN ASIA: Creditors' Proofs of Debt Due on July 21 ET TIMBERS: Court to Hear Wind-Up Petition on July 1 NAN HO: Creditors' Meetings Set for July 5 RESTOBAR HOLDING: Creditors' Meeting Set for July 5 S R I L A N K A SRI LANKA: Constitutional Reform to Cut President Powers Approved T H A I L A N D JWD INFOLOGISTICS: Fitch Lowers National LT Rating to 'BB+(tha)' - - - - - ================= A U S T R A L I A ================= A AND QIU PTY: Second Creditors' Meeting Set for June 27 -------------------------------------------------------- A second meeting of creditors in the proceedings of A and Qiu Pty Ltd (As Trustee For 'A and Qiu Family Trust') has been set for June 27, 2022, at 10:00 a.m. at the offices of SV Partners, Level 17, 200 Queen Street, in Melbourne, Victoria. 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 24, 2022, at 5:00 p.m. Peter Gountzos and Timothy James Brace of SV Partners were appointed as administrators of A and Qiu Pty on May 20, 2022. BRIGHTE CAPITAL: Lays Off 15% of Workforce ------------------------------------------ StartupDaily reports that Sydney fintech Brighte Capital Pty Limited, which has been riding the wave of home solar funding, has cut its workforce by around 15%, laying off more than 30 staff. The move comes as homeowner interest in solar panels jumps in response to skyrocketing energy prices, the report notes. Despite being backed by heavy-hitting investors, including the family VC firms of Atlassian billionaires Mike Cannon-Brookes and Scott Farquhar, Brighte's founder and CEO has cut the team to preserve cash amid what she believes could be a 1-2 year downturn, according to StartupDaily. Founded in 2015 to finance residential renewable energy improvements, the company has since written more than AUD500 million in financing. Cannon-Brookes' Grok Ventures backed Brighte in a AUD100 million raise in January last year, following up with AUD185 million in asset-backed securitisation (ABS) last November as it looks to get into the "gentailing" as an energy retailer with its clients. The business has raised AUD145 million in venture capital. Last Christmas, Brighte moved into EV financing in collaboration with ACT Government as part of its Sustainable Household Scheme, which offers zero interest loans between AUD2,000 to AUD15,000 for everything from household rooftop solar to electric cooling systems, cook tops, and EVs, recalls StartupDaily. But its role in the sector came into question late last year when ABC TV's Four Corners program, investigated how vulnerable Australians, including pensioners in regional towns, were being sold overpriced solar systems, costing nearly double their worth. Brighte was financing and profiting off those deals. In one instance, two pensioners were sold a system worth an estimated AUD4,500-AUD5,000 that cost them AUD10,500 in fortnightly payments of AUD103 over four years, financed through Brighte Capital. According to StartupDaily, the company told Four Corners that: "As a financier, Brighte does not set the pricing or commission structures of any third parties." The layoffs at Brighte are among the first seen in Australian startups, the report says. Earlier this month Melbourne-based creative marketplace Envato announced it would shed 100 jobs globally as it looked to realign its focus. Malcolm Turnbull-backed modular solar panel business 5B, based in Sydney, also cut its workforce by a quarter at the start of the month, blaming global supply chain issues, adds StartupDaily. Brighte Capital Pty Limited provides financial services. The Company offers financing and zero-interest payments solutions for the installation of solar panels, batteries, air conditioning, and lighting equipment. Brighte Capital serves customers in Australia. CANLUX PTY: Second Creditors' Meeting Set for June 27 ----------------------------------------------------- A second meeting of creditors in the proceedings of Canlux Pty Ltd, formerly Parity Developments Pty Ltd, has been set for June 27, 2022, at 11:00 a.m. at Workspace365, Level 9, 307 Queen Street, in Brisbane, Queensland. 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 24, 2022, at 5:00 p.m. James Taplin and Stefan Dopking of BRI Ferrier were appointed as administrators of Canlux Pty on May 30, 2022. CLEARSPEND LIMITED: First Creditors' Meeting Set for June 28 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of ClearSpend Limited will be held on June 28, 2022, at 3:00 p.m. at the offices of Pitcher Partners, Level 11, 12-14 The Esplanade, in Perth, WA. Bryan Kevin Hughes of Pitcher Partners was appointed as administrator of ClearSpend Limited on June 17, 2022. ENOVA ENERGY: First Creditors' Meeting Set for June 30 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Enova Energy Pty Ltd and Enova Community Energy Ltd will be held on June 30, 2022, at 4:00 p.m. via virtual meeting technology. Simon John Cathro and Andrew Thomas Blundell of Cathro and Partners were appointed as administrators of Enova Energy on June 21, 2022. KAM FU: Second Creditors' Meeting Set for June 28 ------------------------------------------------- A second meeting of creditors in the proceedings of Kam Fu Food Manufacturers Pty Ltd has been set for June 28, 2022, at 10:00 a.m. via Microsoft Teams. 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 27, 2022, at 4:00 p.m. Christopher Damien Darin of Worrells Solvency & Forensic Accountants was appointed as administrator of Kam Fu on May 23, 2022. REDZED TRUST 2022-2: Fitch Assigns BB- Rating on Class F Notes -------------------------------------------------------------- Fitch Ratings has assigned expected ratings to RedZed Trust Series 2022-2's mortgage-backed pass-through floating-rate bonds. The issuance consists of notes backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans originated by RedZed Lending Solutions Pty Limited. The notes will be issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed 2022-2. This is a separate and distinct series created under a master trust deed. DEBT RATING ---- ------ RedZed Trust Series 2022-2 A-1-L LT AAA(EXP)sf Expected Rating A-1-S LT AAA(EXP)sf Expected Rating A-2 LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating F LT BB-(EXP)sf Expected Rating G1 LT NR(EXP)sf Expected Rating G2 LT NR(EXP)sf Expected Rating TRANSACTION SUMMARY The collateral pool totalled AUD500 million and consisted of 669 obligors with a weighted-average (WA) unindexed current loan/value ratio (LVR) of 67.3% and a WA current indexed LVR of 66.0% at the 30 April 2022 cut-off date. KEY RATING DRIVERS Sufficient Credit Enhancement: The 'AAAsf' WA foreclosure frequency of 17.5% is driven by the WA unindexed current LVR of 67.3%, low documentation loans of 82.6% of the pool, self-employed borrowers accounting for 92.9% of the loans in the pool and, under Fitch's methodology, non-conforming and investment loans forming 11.3% and 55.7%, respectively, of the pool. The 'AAAsf' portfolio loss has fallen to 8.0%, from 10.7% for the previous RedZed transaction, RedZed Trust Series 2021-3, due to a lower proportion of non-conforming, low-documentation and high current LVR loans and loans to self-employed borrowers, and a lower 'AAAsf' market value decline of 52.3% compared to 61.7%. The class A-1-S and A-1-L, A-2, B, C, D, E and F notes benefit from credit enhancement of 25.0%, 11.0%, 6.0%, 3.6%, 1.9%, 0.9% and 0.4%, respectively. Limited Liquidity Risk: Structural features include retention and amortisation amounts that redirect excess income to repay the note principal balances, a yield enhancement reserve that traps excess income with a limit of AUD2.5 million, and a liquidity facility sized at 1.5% of the invested note balance (excluding class G notes), with a floor of AUD750,000; this is sufficient to mitigate payment interruption risk. The rated notes can withstand all relevant Fitch stresses applied in Fitch's cash flow analysis. Low Operational and Servicing Risk: RedZed was established in 2006 and is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards. Economic Recovery Supports Outlook: Portfolio performance is supported by Australia's ongoing recovery. Fitch expects the country's strong labour market and GDP growth to support transaction performance, despite Fitch's forecast that interest rates will reach 1.85% and inflation 5.5% by year-end. Fitch expects GDP to expand by 4.0% in 2022, with an unemployment rate of 3.9%. GDP growth and inflation should normalise to 2.5% and 2.1%, respectively, in 2023, with an unemployment rate of 4.0%, while Fitch forecasts interest rates to reach 2.50%. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: The transaction's performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce CE available to the notes. Downside Sensitivity Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Note: A-1-S / A-1-L / A-2 / B / C / D / E / F Expected Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BBBsf / BB-sf / BB-sf Increase defaults by 30%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf / BB-sf Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / A+sf / BBB+sf / BB+sf / B+sf / B+sf Reduce recoveries by 30%: AAAsf / AAAsf / AA+sf / Asf / BBBsf / BBsf / Bsf / Bsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAAsf / AA+sf / Asf / BBBsf / BB+sf / Bsf / Bsf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AA+sf / AAsf / BBB+sf / BB+sf / B+sf / below Bsf / below Bsf Factors that could, individually or collectively, lead to positive rating action/upgrade: An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivity The class A-1-S, A-1-L and A-2 notes are at 'AAA(EXP)sf', which is the highest level on Fitch's scale. The ratings cannot be upgraded and upgrade sensitivity scenarios are not relevant. Sensitivity stress results for the remaining rated notes are as follows. Note: B / C / D / E / F Expected Rating: AAsf / Asf / BBBsf / BBsf / BB-sf Reduce defaults by 15% and increase recoveries by 15%: AA+sf / AA-sf / A-sf / BBBsf / BBBsf BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. As part of its ongoing monitoring, Fitch reviewed a small targeted sample of the RedZed's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies, indicates that it is adequately reliable. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. VICTORY OFFICES: Creditor Pursues Wind-Up of Flexible Work Firm --------------------------------------------------------------- The Sydney Morning Herald reports that a disgruntled creditor owed almost AUD1 million in unpaid rent is seeking to wind up embattled ASX listed coworking outfit Victory Offices Limited. According to the report, the flexible work firm is facing the wind-up application in Victoria's Supreme Court from retirement village creator Zig Inge Group. The retirement developer, whose wealthy founder and namesake Zig Inge passed away last month, owns an office block in Melbourne's leafy St Kilda boulevard in which Victory ran a coworking space, the report says. SMH says Zig Inge is trying to claw back AUD985,268 in unpaid rent and has also asked the court to appoint liquidator Shane Cremin from Rodgers Reidy to take control of the firm. A run on the ASX-listed Victory's shares and a COVID-caused slump in office-based working is putting extreme pressure on the group's business model, forcing it to close seven loss-making hubs in Sydney and Melbourne earlier this month, the report relates. One of those hubs was in Zig Inge's 180 St Kilda Road building. Others that closed were in Sydney's Barangaroo, Castlereagh, Mount and George streets, as well as in Lang Walker's Melbourne tower at 727 Collins Street, and another building in Box Hill. Shares in Victory have suffered catastrophic falls, slumping from a pre-pandemic peak of AUD2.14 to a miserly 2.3 cents on June 21, wiping out nearly AUD76.5 million in shareholder value in just three years, SMH discloses. The company floated on the ASX with much fanfare in 2019 with a market capitalisation of about AUD80 million. It is worth AUD3.55 million at current market prices. When it announced the closure of the loss-making venues on June 3, Victory said the decision to exit was "expected to have a positive impact on the company's remaining portfolio of office locations," SMH relays. Exiting the seven hubs will have a negative impact on revenue, but would not affect profitability, it said. According to SMH, the group still operates 14 offices, most of them in Victoria. It has abandoned the Sydney market altogether and has just two hubs in Queensland, another two in Canberra and one in Perth. "The ongoing, proactive management of occupancy levels across individual locations will continue. The board and management are confident that this will support improved performance and a return to profitability sooner than anticipated," Victory said. SMH adds that Zig Inge's acquisition and development manager James Redman said, in a statutory demand filed with the court, the unpaid rent owed covered a six-month period from December 1 last year to June 1 this year. The total amount included interest of AUD34,804. Inge emigrated to Australia from Latvia in 1949 and worked as a real estate agent before founding a construction company with his brother, Alex. Before passing away last month aged 97, he went on to make retirement villages and build a personal fortune that propelled him on to the Australian Financial Review Rich List. The winding-up order will be heard by associate justice Fiona Steffensen on July 13, the report discloses. Based in Melbourne, Victory Offices Limited (ASX:VOL) -- https://www.victoryoffices.com.au/ -- provides workspace services for individuals and businesses in Australia. The company offers space to private serviced, virtual, and day offices; training and board rooms; and co-working, hot desks, and shared and meeting spaces, as well as victory lounge, auditorium, and event spaces. It also offers covid-19 risk solutions, such as virtual assistance and business continuity programs. Victory Offices Limited is a subsidiary of Victory Group Holdings Pty Ltd. ========= C H I N A ========= CHINA EVERGRANDE: Sticks to Restructuring Plan Target of End-July ----------------------------------------------------------------- Reuters reports that China Evergrande Group said it expects to announce its preliminary restructuring plan before the end of July, sticking to its original deadline as the world's most indebted property developer struggles to emerge from its financial crisis. Reeling under more than US$300 billion in liabilities, the firm's offshore debt is deemed to be in default after missing payment obligations late last year, the report says. In a stock exchange filing late on June 20, Evergrande also said it does not have a timeline for publishing its 2021 annual results or completing a probe in its property services unit, according to Reuters. According to Reuters, shares of embattled Evergrande have been suspended from trading since March 21 as it was not able to deliver its financial results on time and its unit Evergrande Property Services Group had launched an investigation into how banks seized CNY13.4 billion in deposits that had been pledged as security for third party guarantees. Reuters relates that Evergrande said the Hong Kong Stock Exchange had advised the firm that it must remedy the issues causing its trading suspension by Sept. 20, 2023 to avoid possible delisting of its shares. "The Stock Exchange also has the right to impose a shorter specific remedial period, where appropriate," Evergrande said, citing the stock exchange in the filing, Reuters relays. It also said it was "actively pushing forward with its restructuring work", and expects to announce its plan before the end of July, in line with its original deadline announced in late January. In the proposal, Evergrande was considering repaying offshore public bondholders owed around US$19 billion with cash instalments and equity in its two Hong Kong-listed units, Reuters reported last month. Offshore bonds of Evergrande were trading at around nine cents on the dollar on June 21, according to data by Duration Finance. Its units, China Evergrande New Energy Vehicle and Evergrande Property Services, issued similar releases separately. Their shares are also under suspension, and will remain so until further notice, they said. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at the end of June 2021. Once China's biggest developer by sales, Evergrande fell into distress as cash dried up and the group overstretched itself on borrowings and ventures into car manufacturing. Evergrande hired outside financial advisers Houlihan Lokey and Admiralty Harbour Capital in September 2021 to engage with creditors soon after it ran into a liquidity squeeze. It has since worked with more advisers in the past two months by turning to China International Capital Corp, BOCI Asia and Zhong Lun Law Firm on its debt workout plan. As reported in the Troubled Company Reporter-Asia Pacific on June 7, 2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China Evergrande Group and its subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the senior unsecured ratings of Evergrande and Tianji of 'C', with a Recovery Rating of 'RR6', as well as the rating on the Tianji-guaranteed senior unsecured notes issued by Scenery Journey Limited of 'C', with a Recovery Rating of 'RR6'. Fitch has withdrawn the ratings as Evergrande and its subsidiarieshave chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Evergrande and its subsidiaries. FOSUN INTERNATIONAL: Bonds Remain Pressured After Record Selloff ---------------------------------------------------------------- Bloomberg News reports that a record selloff in Fosun International Ltd.'s dollar bonds is a sign that financial stress among China's property developers is starting to spread to the country's other weaker borrowers. The Shanghai-based conglomerate's dollar notes lost 21% last week, the most in a Bloomberg index of Chinese high-yield dollar bonds, after Moody's Investors Service put the firm on review for a downgrade. Most of Fosun's notes have continued to slump since on June 20, despite an offer by the company to buy back some offshore debt. Bloomberg relates that the steep losses in Fosun's bonds, alongside a fresh selloff in Macau's casino operators, are pushing China's junk dollar debt market into a new phase as broader risks in the world's No. 2 economy begin hitting companies outside the property sector. The pressure on Fosun also is a reminder of the heavy economic toll that a two-month Covid lockdown took on businesses in Shanghai, Bloomberg says. The selling in Fosun's offshore bonds "is a reflection of broader wariness of potential downside in this current market environment, with many risks remaining unresolved in China and globally," said Henry Loh, investment manager at abrdn Asia, Bloomberg relays. "I'd imagine that the aggressive downward spiral experienced in Chinese real estate remains very fresh in investors' minds so that will likely be a factor in many investors' reaction." Moody's cited contagion risks from China's real estate sector on Fosun's property exposure. It also described Fosun's liquidity as "very weak at the holding company level." The conglomerate, co-founded by tycoon Guo Guangchang, has operations from pharmaceuticals to tourism and insurance. Fosun International Limited provides diversified services. The Company offers products and services for families in health, happiness, and wealth businesses. Fosun International serves clients worldwide. GUANGZHOU FINELAND: Moody's Lowers CFR to B3, Outlook Remains Neg. ------------------------------------------------------------------ Moody's Investors Service has downgraded Guangzhou Fineland Real Estate Development Co., Ltd.'s corporate family rating to B3 from B2 and its senior unsecured rating to Caa1 from B3. The outlook remains negative. "The downgrade reflects Fineland's weakening liquidity, driven by its declining operating cash flow over the next 12-18 months," says Alfred Hui, a Moody's Analyst. That said, the company's urban redevelopment projects in Guangzhou and investment properties could provide it certain operating and financing flexibilities. "The negative outlook reflects the uncertainties over the company's ability to address its refinancing needs amid a tight funding environment," adds Hui. RATINGS RATIONALE Moody's has changed its assessment of Fineland's liquidity to weak from adequate, reflecting its likely inability to raise new financing, its declining sales over the next 12-18 months. Nevertheless, Moody's expects Fineland to continue to have access to bank financing to support its project operations, considering its quality urban redevelopment projects in Guangzhou. Its investment properties could also provide it some funding flexibility through secured loans. Moody's expects Fineland's contracted sales to decline by 10%-15% to RMB11 billion in 2022 from the previous year, after a 27% decline in 2021 because of weak consumer sentiment and tight funding conditions. The sales decline will reduce the company's operating cash flow and, in turn, its liquidity. Fineland's contracted sales reached only RMB2.7 billion in the first five months of 2022, but Moody's expects this will pick up later in the year as more urban redevelopment projects are launched in Guangzhou amid a gradual relaxation of policy controls. Fineland has RMB918 million of onshore bonds becoming puttable in December 2022 and USD340 million of offshore bond due in July 2023. Moody's expects the company will need to repay these bonds mostly using internal cash sources, given the tighten funding conditions. This will strain its funding flexibility to support its business operations. At the end of 2021, Fineland's unrestricted cash balance was RMB4.7 billion. Although this amount could fully cover its short-term debt of RMB1.1 billion as of the same date, Moody's expects part of it would have to be kept at the project level to support its operations. This would limit the company's flexibility to use internal cash to service debt at the holding company level. Furthermore, Fineland's credit metrics will remain weak over the next 12-18 months. Moody's forecasts the company's debt leverage, as measured by revenue/adjusted debt, will decline to around 30% over the next 12-18 months from 35% in 2021, driven by revenue decline from weak contracted sales. Its interest-servicing ability, as measured by EBIT interest coverage, will also weaken to 1.3x-1.4x from 1.6x over the same period. Moody's also considers Fineland's private company status, as its information disclosure and corporate governance are less transparent than those of its listed peers. The Caa1 senior unsecured debt rating is one notch lower than the company's CFR due to structural subordination risk. This risk reflects the fact that the majority of claims are at the operating subsidiaries and have priority over Fineland's senior unsecured claims in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. As a result, the expected recovery rate for claims at the holding company will be lower. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Fineland's ratings is unlikely over the next 12 months, given the negative outlook. However, Moody's could change the outlook to stable if Fineland improves its liquidity and access to funding and strengthens its sales, profitability and credit metrics over the next 12-18 months. On the other hand, Moody's could downgrade Fineland's ratings if its liquidity deteriorates further. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in January 2018. Founded in 1995, Guangzhou Fineland Real Estate Development Co., Ltd. is a property developer based in Guangdong Province that targets mid to high-end customers. The company adopts Eastern-style designs in its developments for different customers. As of the end of 2021, Fineland was wholly owned by its founder and chairman, Fang Ming. HELENBERGH CHINA: Moody's Lowers CFR to Caa1, Outlook Remains Neg. ------------------------------------------------------------------ Moody's Investors Service has downgraded Helenbergh China Holdings Limited's corporate family rating to Caa1 from B2 and the company's senior unsecured rating to Caa2 from B3. The outlook remains negative. "The ratings downgrade reflects Helenbergh's heightened liquidity risks in view of its weakened operations, constrained access to funding and sizable debt maturities over the next 12-18 months," says Alfred Hui, a Moody's Analyst. "The negative outlook reflects the uncertainties over the company's ability to address its refinancing needs amid a tight funding environment," adds Hui. RATINGS RATIONALE Moody's has changed its assessment of Helenbergh's liquidity to weak from adequate, in view of the company's decline in sales, as well as its sizable onshore and offshore bonds coming due over the next 12-18 months. The company's constrained access to funding and sizable exposure to non-standard financing also escalate its refinancing risk. Moody's expects Helenbergh's contracted sales to decline by around 35% year-on-year in 2022 to RMB43 billion because of weak consumer sentiment and tight funding conditions. The weak contracted sales will reduce the company's operating cash flow and, in turn, its liquidity. Moody's estimates that Helenbergh's contracted sales only reached RMB17.6 billion over the first five months of 2022. As of the end of 2021, Helenbergh will have sizable debt maturities of around RMB2.5 billon of onshore bonds due in 2022, and USD350 million and USD270 million of offshore bonds due respectively in March and October 2023. Moody's expects Helenbergh will need to repay these bonds mostly with internal cash sources given the tight funding conditions. In addition, Helenbergh has a high exposure to non-standard financing, mostly trust loans and loans from asset management companies. As of the end of 2021, these non-standard financing accounted for 29% of its total reported debt of RMB42 billion. Tight regulatory scrutiny over non-standard financing will limit Helenbergh's ability to raise new financing from these markets. As of the end of 2021, Helenbergh had unrestricted cash of RMB10.9 billion. However, part of the amount would have to be kept at the project level to support its operations, which would limit the company's flexibility to use internal cash for servicing debt at the holding company level. Moody's also notes that Helenbergh's auditor, Ernst & Young, indicated in its 2021 audited financial report the existence of material uncertainty in the company's ability to continue as a going concern. Moody's expects such an incident to weaken investors' confidence and the company's access to funding. Helenbergh's Caa1 CFR also reflects its weak financial metrics. Its debt leverage, as measured by revenue/adjusted debt, will decline to around 45%-55% over the next 12-18 months from 65% in 2021, driven by its slower revenue recognition. Its interest-servicing ability, as measured by EBIT interest coverage, will remain weak at 1.0x-1.1x over the same period. The CFR further considers Helenbergh's status as a private company, with lower corporate transparency and a less-developed corporate governance structure compared with listed companies. The Caa2 senior unsecured debt rating is one notch lower than the company's CFR due to structural subordination risk. This risk reflects the fact that the majority of claims are at the operating subsidiaries and have priority over Helenbergh's senior unsecured claims in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. As a result, the expected recovery rate for claims at the holding company will be lower. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely, given the negative outlook. However, positive rating momentum could emerge if Helenbergh improves its liquidity and access to funding, and strengthens its sales, profitability and credit metrics through the next 12-18 months. On the other hand, Moody's could downgrade Helenbergh's ratings if its liquidity deteriorates further. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in January 2018. Helenbergh China Holdings Limited is a Guangdong-based residential property developer. The company offers products such as apartments, high-rise residential buildings and villas. LANDSEA GREEN: S&P Withdraws 'B' Long-Term Issuer Credit Rating --------------------------------------------------------------- S&P Global Ratings withdrew its 'B' long-term issuer credit rating on Landsea Green Properties Co. Ltd. and the 'B-' long-term issue rating on the company's senior unsecured notes at the company's request. The outlook on the issuer credit rating was negative at the time of withdrawal. ================= H O N G K O N G ================= BABEL FINANCE: Wins Reprieve on Debt Repayment ---------------------------------------------- Reuters reports that Babel Finance, the Hong Kong-based crypto lender which suspended withdrawals and redemption of crypto assets on June 17, said that it has reached an agreement with counterparties on the repayment of some debts to ease short-term liquidity. Cryptocurrency valuations have plunged in recent weeks as investors dump risky assets in a rising interest rate environment, the report. Bitcoin BTC=BTSP, which reached a record high of $69,000 in November, lost more than half its value this year. In an update on its website on June 20, Babel said it carried out an emergency assessment of its business operations to determine the company's liquidity status, Reuters relates. According to Reuters, crypto lenders gather crypto deposits from retail customers and re-invest them, proclaiming double-digit returns and attracting tens of billions of dollars in assets. However, lenders have been unable to redeem their clients' assets during the recent meltdown. "Babel Finance will actively fulfill its legal responsibilities to customers and strive to avoid further transmission and diffusion of liquidity risks," the company said. Babel, which has 500 clients and only deals in bitcoin, ethereum and stablecoins, raised $80 million in a funding round last month, valuing it at $2 billion. It had ended last year with $3 billion of loan balances on its balance sheet, Reuters notes. ========= I N D I A ========= ARIHANT SYNCOTEX: Ind-Ra Moves BB Issuer Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Arihant Syncotex Mills Pvt Ltd.'s Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR17.33 mil. Term loan due on February 2027 migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING) rating; and -- INR400 mil. Fund-based working capital limit migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on April 19, 2021. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Incorporated in 2008, Arihant Syncotex Mills manufactures cotton fabrics, grey and finished fabric, at its facility in Hatkanangale (Maharashtra). The company weaves fabrics from yarn and is used in the manufacturing of cloth for suiting and shirting. The company is a part of the Arihant Group which is owned by the Lalwani family. Manakchand Lalwani, Arun Kumar Lalwani, Vivek Kumar Lalwani, Sushila Devi Lalwani, Dimple Lalwani and Kavita Lalwani are the promoters. B. D. ROADWAYS: CARE Lowers Rating on INR9.07cr LT Loan to B ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of B. D. Roadways (BDR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.07 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 0.30 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 7, 2021, placed the rating(s) of BDR under the 'issuer non-cooperating' category as BDR had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BDR continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 21, 2022, March 3, 2022, March 13, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BDR have been revised on account of non-availability of requisite information. Howrah (West Bengal) based, B.D. Roadways (BDR) was constituted as a partnership firm on June 10, 2011. The firm is an associate concern of Gujral Group of companies. The group is promoted by Mr. Bhupinder Singh Gujral and engaged in transportation of LPG tankers for the major oil companies such as Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) and hotel and restaurant business. The group is having 975 LPG tankers and the loading point is Haldia, West Bengal. B. G. TRANSPORT: CARE Lowers Rating on INR7.56cr LT Loan to B+ -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of B. G. Transport Company (BGTC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.56 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 0.30 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 7, 2021, placed the rating(s) of BGTC under the 'issuer non-cooperating' category as BGTC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BGTC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 21, 2022, March 3, 2022, March 13, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BGTC have been revised on account of non-availability of requisite information. Howrah (West Bengal) based, B. G. Transport Company (BGTC) was constituted as a partnership firm on June 10, 2011. The firm is an associate concern of Gujral Group of companies. The group is promoted by Mr. Bhupinder Singh Gujral and engaged in transportation of LPG tankers for the major oil companies such as Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) and hotel and restaurant business. The group is having 975 LPG tankers and the loading point is Haldia, West Bengal. BALAJI AGRO: CARE Lowers Rating on INR8.35cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Balaji Agro Food Products (BAFP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.35 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short Term Bank 0.07 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 13, 2021, placed the rating(s) of BAFP under the 'issuer non-cooperating' category as BAFP had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BAFP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 27, 2022, March 9, 2022, March 19, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BAFP have been revised on account of non-availability of requisite information. Balaji Agro Food Products (BAFP) is a partnership firm established in September 2007, was promoted by Mrs. Supriya Saha, Mr. Uttam Kumar Saha and Mr. Kumarjit Saha. BAFP is engaged in rice milling activities with its manufacturing facilities located at Uttar Dinajpur, West Bengal with aggregate installed capacity of 54,000 Metric ton per annum (MTPA). The entity is also doing custom milling for West Bengal Essential Commodities Supply Corporation Limited (WBCSC). Mr. Uttam Kumar Saha (aged about 60 years) and Mrs. Supriya Saha (aged about 54 years) has experience around three decades in rice milling industry, looks after the overall management of the entity. They are supported by other director Mr. Kumarjit Saha (aged about 30 years) who also has experience of around a decade in this line of business. The promoters are supported by a team of experienced professionals. BEOWORLD PRIVATE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Beoworld Private Limited 30/1, East Patel Nagar New Delhi Central Delhi 110008 Insolvency Commencement Date: June 7, 2022 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: December 4, 2022 (180 days from commencement) Insolvency professional: Mr. Ankit Gupta Interim Resolution Professional: Mr. Ankit Gupta D-74, D Block Second Floor, Preet Vihar East Delhi 110092 E-mail: caankitgupta2009@gmail.com - and - 705, 7th Floor Indraprakash Building Barakhamba Road Central Delhi 110001 E-mail: cirp.beoworld@gmail.com Last date for submission of claims: June 24, 2022 BHASKAR INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bhaskar International Private Limited (BIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 31, 2021, placed the rating(s) of BIPL under the 'issuer non-cooperating' category as BIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 14, 2022, February 24, 2022, March 6, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Haryana based, Bhaskar International Private Limited (BIPL) was incorporated on June 5, 1997. BIPL is primarily engaged in the trading of gunny bags & Poly Propylene woven fabric bags and also in manufacturing of Poly Propylene woven fabric bags mainly used in packaging by rice, food grains and sugar manufacturers and traders. BN INDUSTRIES: Ind-Ra Affirms & Withdraws B+ LT Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed B.N. Industries' Long-Term Issuer Rating at 'IND B+' and has simultaneously withdrawn it. The Outlook was Stable. The instrument-wise rating actions are: -- The 'IND B+' rating on the INR65 mil. Fund-based limits* affirmed and withdrawn; and -- The 'IND A4' rating on the INR30 mil. Non-fund-based limits** affirmed and withdrawn. *Affirmed at 'IND B+'/Stable/'IND A4' before being withdrawn ** Affirmed at 'IND A4' before being withdrawn Ind-Ra is no longer required to maintain the ratings as the agency has received a no objection certificate from the rated facilities' lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. Key Rating Drivers The affirmation reflects BNI's continued small scale of operations even as its revenue increased to INR288.18 million in FY21 and further to INR548.028 million in FY22 (FY20: INR274.21 million) on improved demand. The operating EBITDA margin increased to 10.5% in FY21 (FY20: 9.3%) due to the reduced raw material costs. However, the margins declined to 7% in FY22 due to the increased number of lower-margin orders executed. The return on capital employed was 16.4% in FY21 (FY20: 13.4%). FY22 numbers are provisional in nature. The ratings are constrained by the continued weak credit metrics even as they improved in FY21 with the gross interest coverage (operating EBITDA/gross interest expense) of 1.9x (FY20: 1.59x) and the net financial leverage (adjusted net debt/operating EBITDAR) of 4.16x (4.76x). The improvement was on account of an improvement in the EBITDA to INR30.35 million in FY21 (FY20: INR25.61 million). The interest coverage was 2.73x and leverage was 3.6x in FY22, owing to an increase in the EBITDA. Liquidity Indicator - Stretched: The company's average use of the working capital limits was 96.19% during the 12 months ended April 2022. The cash flow from operations declined to INR18.3 million during FY21 (FY20: INR19.15 million) due to unfavorable changes in the working capital. The working capital cycle elongated to 192 days in FY21 (FY20: 158 days) due to an increase in the inventory days to 189 (166). Consequently, the free cash flow turned negative to INR2.76 million in FY21 (FY20: INR8.85 million). The company had availed a COVID-19 emergency line of credit in the form of working capital term loan of INR16 million in FY21. The cash and cash equivalents stood at INR1.1 million at FYE21 (FYE20: INR0.95 million). BNI relies on a single bank to meet its borrowing needs. Company Profile Established in 1989 as partnership firm BNI manufactures non-ferrous metals such as zinc oxide, zinc sulphate, copper ingots, brass metallics/ingots and zinc powder. The firm is promoted by Ashwani Singhal and Akhilesh Singhal. The final product of the firm is mainly used in steel plant, ceramic & rubber industry. The registered office is situated in Mumbai and the manufacturing unit is located in Daman. CHENNAI WATER: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Chennai Water Desalination Ltd.'s bank guarantee rating in the non-cooperating category. The issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR50 mil. Performance guarantee (executed in the form of bank guarantee) (long term) maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The rating was last reviewed on February 6, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the rating. Company Profile Chennai Water Desalination is a special purpose vehicle that was incorporated to design, construct, operate and maintain a 100-million-litre-per-day seawater desalination plant in Minjur, about 35km north of Chennai. COSMOS FORGINGS: Liquidation Process Case Summary ------------------------------------------------- Debtor: M/s. Cosmos Forgings Limited Plot No. 1A, Survey No. 308 S.V.C.I.E. Jeedietla Hyderabad, TG 500055 Liquidation Commencement Date: June 13, 2022 Court: National Company Law Tribunal, Hyderabad Bench Date of closure of insolvency resolution process: June 1, 2022 Insolvency professional: Mr. K.J. Vinod Interim Resolution Professional: Mr. K.J. Vinod Flat No. 9, 3rd Floor Block-A, Trident Serenity Nanjundapuram Road Ramanathapuram Coimbatore 641036 Mobile: 9789902841 E-mail: kjvinod05@rediffmail.com Last date for submission of claims: July 13, 2022 DEVESH ENGINEERING: Liquidation Process Case Summary ---------------------------------------------------- Debtor: M/s. Devesh Engineering Enterprises Private Limited Plot No. 48, 1st Floor Nagarjuna Hills, Punjagutta Hyderabad, Telangana 500082 Liquidation Commencement Date: June 13, 2022 Court: National Company Law Tribunal, Hyderabad Bench Date of closure of insolvency resolution process: June 1, 2022 Insolvency professional: Mr. K.J. Vinod Interim Resolution Professional: Mr. K.J. Vinod Flat No. 9, 3rd Floor Block-A, Trident Serenity Nanjundapuram Road Ramanathapuram Coimbatore 641036 Mobile: 9789902841 E-mail: kjvinod05@rediffmail.com Last date for submission of claims: July 13, 2022 DIACH CHEMICALS: CARE Lowers Rating on INR21.60cr LT Loan to B+ --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Diach Chemicals & Pigments Private Limited (DCPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.60 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 11.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2021, placed the rating(s) of DCPPL under the 'issuer non-cooperating' category as DCPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. DCPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 26, 2022, March 8, 2022, March 18, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Diach Chemicals and Pigments Private Limited (DCPPL) was incorporated on 08 September 2004 by Mr. Diach Ghosh and his son, Mr. Dipak Ghosh to set up a manufacturing unit of lead alloys and lead-based products such as red lead, refined lead, antimonial lead and grey oxide. The manufacturing facility is located at Dhulagarh, West Bengal and it commenced operations in 2009. The installed capacities for Refine & Antimonial lead ingot is 37,480 MT and 21,003 MT per annum for Lead ingot from Rotary furnace. The products find applications in battery, paint, glass and ceramic industry. FIBREMARX PAPERS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Fibremarx Papers Private Limited (FPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 38.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 13, 2021, placed the rating(s) of FPPL under the 'issuer non-cooperating' category as FPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. FPPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 27, 2022, March 9, 2022, March 19, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Fibremarx Papers Private Limited was incorporated in January 2006 and commenced its commercial operations in May 2006. The company is promoted by Mr Jasdeep Singh Goraya and his brother Simrandeep Singh Goraya. It is engaged in manufacturing of writing & printing paper (WPP) paper, kraft paper and newsprint paper at its manufacturing facility located at Udham Singh Nagar, Kashipur, Uttrakhand. G. S. ROADLINES: CARE Lowers Rating on INR8.67cr LT Loan to B ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of G. S. Roadlines (GSR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.67 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 0.30 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 13, 2021, placed the rating(s) of GSR under the 'issuer non-cooperating' category as GSR had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GSR continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 27, 2022, March 9, 2022, March 19, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GSR have been revised on account of non-availability of requisite information. Howrah (West Bengal) based, G. S. Roadlines (GSR) was constituted as a partnership firm on June 10, 2011. The firm is an associate concern of Gujral Group of companies. The group is promoted by Mr. Bhupinder Singh Gujral and engaged in transportation of LPG tankers for the major oil companies such as Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) and hotel and restaurant business. The group is having 975 LPG tankers and the loading point is Haldia, West Bengal. G. S. ROADWAYS: CARE Lowers Rating on INR8.86cr LT Loan to B ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of G. S. Roadways (GSR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.86 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 0.30 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 07, 2021, placed the rating(s) of GSR under the 'issuer non-cooperating' category as GSR had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GSR continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 21, 2022, March 3, 2022, March 13, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GSR have been revised on account of non-availability of requisite information. Howrah (West Bengal) based, G.S. Roadways (GSR) was constituted as a partnership firm on June 10, 2011. The firm is an associate concern of Gujral Group of companies. The group is promoted by Mr. Bhupinder Singh Gujral and engaged in transportation of LPG tankers for the major oil companies such as Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) and hotel and restaurant business. The group is having 975 LPG tankers and the loading point is Haldia, West Bengal. GATEWAY FABRICS: CARE Lowers Rating on INR13.25cr LT Loan to B -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Gateway Fabrics (GF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.25 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 26, 2021, placed the rating(s) of GF under the 'issuer non-cooperating' category as GF had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GF continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 9, 2022, February 19, 2022, March 01, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GF have been revised on account of non-availability of requisite information. Coimbatore based, Gateway Fabrics (GF) was established on December, 2010 as a partnership concern by Mr. S. Sethuramasamy and Mr. A. Sanmugasundaram. GF is engaged in manufacturing of yarn. The firm has drawing machines with simplex machine which are used for spinning of thread with capacity to produce an output of 20,000 metres of yarn per day. The firm has availed COVID-19 moratorium on its bank facilities from March to August 2020. GSR VENTURES: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed GSR Ventures Private Limited's Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR40 mil. Fund-based working capital limits affirmed with IND BB/Stable/IND A4+ rating; and -- INR500 mil. Non-fund-based working capital limits affirmed with IND A4+ rating. Key Rating Drivers The affirmation reflects GSR's continued medium scale of operations, as indicated by revenue of INR1,957.67 million in FY22 (FY21: INR2,645.22 million; FY20: INR1,524.80 million). The revenue declined owing to a fall in the number of orders executed in FY22. GSR's order book was worth INR2,975 million as of March 2022 (1.5x of FY22 revenue); of this, the management expects orders worth INR2,000 million to be executed in FY23. Liquidity Indicator - Stretched: GSR does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The company's average maximum use of the fund-based and the non-fund-based facilities was 34.11% and 32.97%, respectively, for the 12 months ended March 2022. The company had unrestricted cash and cash equivalents of INR82.80 at FYE21 (FYE20: INR40.6 million), out of which INR72.2 million needed to be paid to subcontractors in April 2021 (bill received in March 2021). The net cash cycle improved to 39 days in FY21 (FY20: 60days) due to a decline in the debtor days to 93 days (284 days); Ind-Ra expects the working capital days to have weakened in FY22 owing to an increase in debtor days. In FY21, the cash flow from operations had turned positive at INR127.07 million in FY21 (FY20: negative INR19.10million), owing to favorable changes in the working capital. In FY22, however, it is likely to have turned negative due to a decline in the absolute EBITDA. Additionally, the free cash flow turned positive at INR120.71 million (FY20: negative INR19.10million) owing to lower capex undertaken during the year. GSR has term debt repayment obligations of INR2.5 million, INR1.9 million and INR0.2 million in FY23, FY24 and FY25, respectively. The ratings also factor in GSR's healthy EBITDA margins. The margins improved to 5.11% in FY21 (FY20: 4.97%) , with absolute EBITDA rising to INR135.22 million (INR75.80 million), due to a decrease in administrative expenses. As per the management, the margins are also impacted by the types of projects undertaken by the company. The ROCE was 39.5% in FY21 (FY20: 27%). GSR recorded absolute EBITDA of INR125 million and EBITDA margin of 7% in 1HFY22. Ind-Ra expects the margins to have declined in FY22, owing to a likely increase in operating expenses. The agency expects the margin to decline over the short term due to a likely increase in operating expenses The ratings are supported by GSR's comfortable credit metrics due to the healthy EBITDA. Despite an increase in the total debt to INR108.35million at FYE21 (FYE20: INR93million), the credit metrics improved during the year, mainly owing to the increase in the operating EBITDA. The interest coverage (operating EBITDA/gross interest expense) was 16.88x in FY21(FY20: 8.50x) and the net leverage (adjusted net debt/operating EBITDAR) was 0.19x (0.7x). The agency expects the credit metrics to have remained at similar levels in FY22, and believes the metrics would remain stable over the near term on account of the absence of any significant capex plans. The ratings continue to benefit from the founders' experience of about a decade and a half in the execution of civil construction projects. Rating Sensitivities Negative: A decline in the revenue and/or the operating margins, deterioration in the credit metrics and liquidity profile, all on a sustained basis, will lead to a negative rating action. Positive: A sustained rise in the revenue and the operating margins, leading to an improvement in the credit metrics and the liquidity, will lead to a positive rating action. Company Profile Hyderabad-based GSR was set up as a partnership firm in 1971 by G Sivakumar Reddy and his family, and was reconstituted as a private limited company in 2008. It undertakes civil construction, mainly canal earthwork excavation and construction of bridges. HI-TECH AGRO: CARE Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hi-Tech Agro Food Private Limited (HAFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.25 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 26, 2021, placed the rating(s) of HAFPL under the 'issuer non-cooperating' category as HAFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. HAFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 9, 2022, February 19, 2022, March 1, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Trichy (Tamil Nadu) based Hi-Tech Agro Food Private Limited (HAFPL) was incorporated on May 26, 2005 by Mr B Rajendran, Mr P A V Arumugam, Mr. D Ravi along with their family members. The company is engaged in milling and trading of nonbasmati rice such as raw rice, boiled rice and broken rice etc. with processing capacity of 43000 Metric tonnes per annum. Mr B Rajendran (Managing Director) and Mr D Ravi (Joint MD), having more than three decades of experience in the rice milling industry, looks after the day to day operations of the company along with other directors who have rich experience in the similar line of business. HAFPL procures paddy directly from farmers and small paddy agents in Tanjavur, Karnataka and Andhra Pradesh. The company did not avail any COVID-19 moratorium on its bank facilities. HILLTOP CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Hilltop Ceramic in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.42 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 1.40 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 2003, Hilltop Ceramic (HC) is managed by Mr. Jagdish. G. Kanjiya and other family members. The firm is engaged in the business of manufacturing of wall tiles and floor tiles. The manufacturing facility of Hilltop Ceramic is located at Morbi, Gujarat. The plant has an installed capacity to produce 31,200 MTPA (~ 2.40 million boxes) of tiles. HOTEL PARMESHWARI: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hotel Parmeshwari (HP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 19, 2021, placed the rating(s) of HP under the 'issuer non-cooperating' category as HP had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. HP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 4, 2022, April 14, 2022, April 24, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). HPR was incorporated in August 2016 as a partnership firm by Mr. Laxmi Narayan Pujari, Mr Ram Bihari Pujari and Mr. Vishnu Dutt Pujari with an objective to establish a hotel at Salasar (Rajasthan) and agrees to share profit and loss in the ratio of 40:30:30. HPR had started construction of the hotel from the month of August 2017 which envisaged to be completed by March 2019. The project consists total 52 rooms and other amenities like restaurant, banquet hall, swimming pool, gym, spa etc. IMPERIAL FASTNERS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Imperial Fastners Private Limited (IFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.15 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 31, 2021, placed the rating(s) of IFPL under the 'issuer non-cooperating' category as IFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. IFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 14, 2022, February 24, 2022, March 06, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Gurgaon (Haryana) based Imperial Fastners Private Limited (IFPL) was incorporated in 1982 by Mr. Jugal Kishore, Mr. Naval Kishore, Mr. Sanjeev Sagar and Mr. Puneet Sagar. The company is engaged in manufacturing of fasteners such as nuts and bolts that finds its application in the automobile industry. The company has its manufacturing facility located at Gurgaon, Haryana. INTERNATIONAL FRESH: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of International Fresh Farm Products India Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 17.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1996, International Fresh Farm Products India Limited (IFPIL) is a limited company promoted by Mr. Sukhinder Singh and his family members. Initially the company was engaged in the business of providing cold storage and warehousing facility on a rental basis. In FY2012, the company ventured into processing of wheat and started manufacturing various Wheat Products like Atta, Maida, Suji, Bran and other by products. In FY2014, the company. commenced processing of vegetables and installed a cold chain facility for frozen vegetables. The company mainly store vegetables like Peas and Potatoes (~80%). The company procures most of its requirement of Peas from farmers, local vendors, and from open market. IFPIL sells its frozen food products under its own in-house brands "Fresh Farm". JCBL LIMITED: Ind-Ra Hikes Long-Term Issuer Rating to 'B-' ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded JCBL Limited's Long-Term Issuer Rating to 'IND B-' from 'IND D'. The Outlook is Stable. The instrument-wise rating actions are: -- INR290 mil. (reduced from INR340 mil.) Fund-based working capital limit upgraded with IND B-/Stable/IND A4 rating; -- INR270 mil. Non-fund-based working capital limit upgraded with IND A4 rating; and -- INR187 mil. (increased from INR100 mil.) Term loan due on February 2027 upgraded with IND B-/Stable rating. The upgrade reflects JCBL's timely debt servicing in the last three months ended April 2022. Key Rating Drivers In FY22, JCBL's group company JCBL India Private Limited had infused INR 498.8 million in JCBL to meet its debt obligations and fund its working capital requirements. Also, in February 2021, the company had availed a working capital term loan of INR87 million under the guaranteed emergency credit line scheme. Liquidity Indicator – Poor: JCBL's average maximum utilization of the fund-based limits was 99.68% with few instances of overutilization and that of the non-fund-based limits was 71.77% during the 12 months ended April 2022. The cash flow from operations improved, although remained negative at INR167.51 million in FY21 (FY20: negative INR193.25 million), due to favorable changes in working capital. Consequently, the free cash flow improved to negative INR184.24 million in FY21 (FY20: negative INR233.91 million). The net working capital cycle elongated further to 491 days in FY21 (FY20: 257 days) due to an increase in the inventory holding period to 491 days (278 days) and receivable period to 167 days (91 days). The company had low cash and cash equivalents of INR5.75 million at FYE21 (FYE20: INR3.80 million). However, JCBL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The ratings remain constrained by JCBL's small scale of operations. During FY21, the revenue declined to INR480.52 million in FY21 (FY20: INR972.76 million) due to closure of schools and restrictions on public and tourist transport, which is the main area of operations of the company, resulting in reduced demand. However, in FY22, the revenue grew to INR1,000 million owing to resumption of public and tourist transportation following the unlocking of economic activities, leading to increased orders, As of April 2022, it had an order book of INR1,600 million to be executed by FY23. Ind-Ra expects the revenue to improve further in the short term, due to the increase in orders with the opening up of the economy. JCBL's reported EBITDA losses of INR67.60 million in FY21 (FY20: INR32.22 million) due to the decline in revenue coupled with high fixed cost. The company's return on capital employed was negative 10.5% in FY21 (FY20: negative 7.6%). However, Ind-Ra expects the EBITDA to have improved in FY22 on account of the increased revenue and controlled operating expenses. The ratings further reflect JCBL's continued weak credit metrics since the company reported EBITDA losses in FY20-FY21. In FY22, JCBL serviced its debt through funds infused from the promoter. However, Ind-Ra expects the credit metrics to improve in FY22due to a likely improvement in the absolute EBITDA. The ratings, however, continue to be supported by JCBL's promoters' over three decades of experience in the bus manufacturing segment. This has facilitated the company to establish strong relationships with its customers as well as suppliers. Rating Sensitivities Positive: An increase in the scale of operations, along with an improvement in the liquidity position and the overall credit metrics with the interest coverage increasing above 1.1x, all on a sustained basis, could lead to a positive rating action. Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics or a further pressure on the liquidity position, all on a sustained basis, could lead to a negative rating action. Company Profile Incorporated in 1989, JCBL is engaged in the bodybuilding and fabrication of buses and containers for original equipment manufacturers such as Swaraj Mazda Limited, Eicher Motors Limited, Tata Motors Limited, Ashok Leyland Limited and state transport undertakings. The company also provides transport solutions to prime fleet operators, schools and other institutions in the country. LAKSHMI VACUUM HEAT: CARE Cuts Rating on INR5.37cr Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Lakshmi Vacuum Heat Treaters Private Limited (LVHTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.37 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2021, placed the rating(s) of LVHTPL under the 'issuer non-cooperating' category as LVHTPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. LVHTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 22, 2022, March 4, 2022 and March 14, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of LVHTPL have been revised on account of non-availability of requisite information. The ratings also factored in decline in scale of operations, profitability margins and debt coverage indicators and increase in debt structure during FY21. Lakshmi Vacuum Heat Treaters Private Limited was incorporated in the year 2008 and promoted by Mr. L N Prasad and Ms. K S Varalakshmi. LVHTPL is engaged in providing heat treatment services to attain different levels of hardness. The company's customers mainly belong to automobile engineering, textile engineering, medical engineering, aerospace, and other allied engineering industries. LAKSHMI VACUUM: CARE Cuts Rating on INR5.0cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Lakshmi Vacuum Technologies Private Limited (LVTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short Term Bank 10.59 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2021, placed the rating(s) of LVTPL under the 'issuer non-cooperating' category as LVTPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. LVTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 22, 2022, March 4, 2022 and March 14, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of LVTPL have been revised on account of non-availability of requisite information. The ratings also factored in decline in scale of operations, profitability margins and debt coverage indicators and increase in debt structure during FY21. Lakshmi Vacuum Technologies was established in the year 2003 and promoted by Ms K S Varalakshmi. Later on, Lakshmi Vacuum Technologies was converted into Private Limited Company in April 2016. The company is currently managed by Mr L N Prasad and Ms K S Varalakshmi. LVTPL is engaged in manufacturing of vacuum furnaces with capacity of 20 numbers of furnaces per annum for hardening, tempering, annealing, stress-relieving, brazing and sintering applications and providing technical services relating to installation of Vacuum furnaces. LAVA CAST: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lava Cast Private Limited (LCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 156.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 1, 2021, placed the rating(s) of LCPL under the 'issuer non-cooperating' category as LCPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. LCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 15, 2022, February 25, 2022, March 7, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Lava Cast Pvt. Ltd. (LCPL) is engaged in the developing and manufacturing of fully machined ferrous casting products for the automotive and other industries. The LCPL foundry is setup at Kalol, Gujarat. Initially, LCPL was formed as a JV between SAL and Lingotes Especiales S.A. in the ratio of 80:20 in May, 2011. It is a backward integration project of SAL for the manufacturing of Automotive Grade Castings. MANJEERA CONSTRUCTIONS: Ind-Ra Cuts Long-Term Issuer Rating to 'D' ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Manjeera Constructions Limited's (MCL) Long-Term Issuer Rating to 'IND D' from 'IND B+' while resolving the Rating Watch Negative (RWN). The instrument-wise rating actions are: -- INR67.8 mil. Fund-based working capital limit (Long- term/Short-term) downgraded; Off RWN with IND D rating; and -- INR82.2 mil. Non-fund-based working capital limit (Short-term) downgraded; Off RWN with IND D rating. Key Rating Drivers The downgrade reflects MCL's delays in servicing the guaranteed emergency credit line scheme and the term loan of LIC Housing Finance Limited in the past four months ended April 2022. However, the statements for May 2022 were not available. The company delayed the repayment for the guaranteed emergency credit line by 18 days (April 2022), eight days (March 2022), and two days (February 2022) and for the term loan, the company delayed it by 18 days (April 2022), eight days (March 2022), seven days (February 2022), and 18 days (January 2022). Rating Sensitivities Positive: Timely debt servicing for at least three consecutive months will be positive for the ratings. Company Profile Incorporated in1987, MCL develops residential, commercial, hospitality and retail projects. The BSE-listed company is promoted by G. Yoganand. MEENAMANI REAL: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the ratings for the bank facilities of Meenamani Real Venture Llp in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Meenamani Real Venture LLP (MRV) was established in March 2010 as a partnership firm and was subsequently converted into Limited Liability Partnership firm in FY2017. The firm is a part of Goel Ganga Group which has been real estate development for more than 2 decades. The firm has already developed "Ganga Estoria Phase I" with total saleable are of 88,000 sq ft. The construction of phase-I was completed in August 2014 and all the units have been sold out. The firm is developing a residential real estate project 'Ganga Estoria Phase-II' at Undri in Pune consisting one building (14 floors) with 110 2BHK flats with a total saleable area of 1,18,800 sq ft. MUMS MEGA: ICRA Keeps B Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Mums Mega Food Park Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 95.00 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. MMFP is a special purpose vehicle (SPV) which was incorporated in January 2012, to undertake a Mega Food Park project in the Buxar district of Bihar under the MoFPI's Mega Food Parks Scheme. The cost of the project estimated at Rs 154.48 crore, is proposed to be funded by Rs 32.32 crore of equity, Rs 50 crore of grant from MoFPI, Rs 15 crore of grant from Government of Bihar and Rs 57.16 crore of term loans. The company is promoted by Ultra Home Construction Pvt Ltd and ABIP, entities belonging to the Amrapali group. The Amrapali group is a well-established real estate player in Delhi with execution track record of residential and commercial projects across the National Capital Region. ABIP manufactures products such as corn flakes, jams, pickles, sauce and vinegar, under the brand name 'Mums'. The company has started a new unit in Buxar for manufacturing of corn flakes and grits. NARMADA DRINKS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Narmada Drinks Private Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- The 'IND BB' rating on the INR90 mil. Fund-based limits is withdrawn; and -- The 'IND BB' rating on the INR10 mil. Term loan is withdrawn. Key Rating Drivers Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-dues certificate from the lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. Company Profile Incorporated in 1985, Narmada Drinks has bottling and distribution franchisee rights of Coca-Cola India Pvt Ltd.'s soft drinks for Chhattisgarh. NATIONAL CAPSULE: Ind-Ra Keeps BB- Issuer Rating in NonCooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained National Capsules Private Limited's Long-Term Issuer Rating of 'IND BB-(ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating actions are: -- INR27.5 mil. Fund-based limits* maintained in non-cooperating category and withdrawn; and -- INR35.2 mil. Term loan* maintained in non-cooperating category and withdrawn. *Maintained at 'IND BB- (ISSUER NOT COOPERATING)' before being withdrawn. Key Rating Drivers Ind-Ra has maintained the ratings in the non-cooperating category as the issuer did not participate in the rating exercise, despite requests by the agency and has not provided information pertaining to full-year financial performance for FY21, sanctioned bank facilities and utilization, business plan and projections for the next three years, information on corporate governance, and management certificate. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no objection certificate from the lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. Ind-Ra will no longer provide analytical and rating coverage. Company Profile Incorporated in 2010, National Capsules manufactures empty hard gelatin capsules and transmissible spongiform encephalopathy/bovine spongiform encephalopathy free capsules in Vidisha, near Bhopal, Madhya Pradesh. NAVAGIRI SPINNING: ICRA Withdraws B+ Rating on INR50cr Term Loan ---------------------------------------------------------------- ICRA has withdrawn the rating assigned to the bank facilities of Navagiri Spinning Mills Private Limited (NSMPL) at the request of the company and based on the No Objection Certificate received from the banker, and in accordance with ICRA's policy on withdrawal and suspension. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term-Fund 50.0 [ICRA]B+(Stable); Withdrawn Based–Proposed Term loan The Key Rating Drivers, Liquidity Position, Rating Sensitivities, have not been captured as the related instruments are being withdrawn. Established in January 2022, Navagiri Spinning Mills Private Limited is in the process of setting up a spinning mill unit in Tirupur, Tamil Nadu with an installed annual capacity of 12,800 spindles. The operations are scheduled to commence in April 2023. NORTHERN ARC: ICRA Reaffirms D(SO) Rating on INR0.49cr PTC ---------------------------------------------------------- ICRA has reaffirmed the rating for the pass-through certificates (PTCs) issued under a securitisation transaction originated by multiple originators and arranged by Northern Arc Capital Limited (NACL; rated [ICRA]A+ (Stable)/[ICRA]A1+). Amount Facilities (INR crore) Ratings ---------- ----------- ------- IFMR Capital Mosec Enigma 2016 PTC Series A2 0.49 [ICRA]D(SO); reaffirmed The transaction is backed by microloan receivables given to individuals by seven entities – Fino Finance Private Limited (FFPL), Pahal Financial Services Private Limited, S.M.I.L.E. Microfinance Limited, S V Creditline Private Limited (SVCL), Svasti Microfinance Private Limited, IIFL Samasta Finance Limited (erstwhile Samasta Microfinance Limited) and Sambandh Finserve Private Limited. The receivables have been assigned to the IFMR Capital Mosec Enigma 2016 trust at a premium and the trust has issued PTCs backed by the same. The PTCs carried an eventual promise of principal payouts and a monthly promise of interest payouts. The rating reflects the inadequacy of the pool's collections as well as the available credit enhancement, in respect of two originators (FFPL and Samasta), to meet the promised payouts to the PTC Series A2 investors on the scheduled maturity date in April 2018. The incremental overdue collections in the pool remain low. Key rating drivers and their description Credit strengths * Not applicable Credit challenges * Pool's collections along with available credit enhancement were insufficient to meet the promised payouts to the PTC Series A2 investors on the maturity date Description of key rating drivers highlighted above The collection performance of all the underlying sub-pools was healthy till the October 2016 collection month. However, post demonetisation, the monthly collection levels declined significantly. Due to the weak performance, there has been a shortfall in meeting the scheduled payouts to the PTC Series A2 investors even after the utilisation of the entire credit enhancement available from the originators in the transaction. The recent average three-month overdues collection from the pool was very low. Liquidity position: Poor On the scheduled maturity date of this transaction, the cash collateral (CC) was fully utilised. Further repayments are to be met through collections from the overdue loan contracts. Considering the collection trend in recent months, the full repayment of the PTCs is unlikely in the near to medium term. Rating sensitivities Fino Finance Private Limited (FFPL) is a microfinance institution (MFI) and a non-deposit accepting non-financial banking company (NBFC) registered with the Reserve Bank of India (RBI). It was acquired by FINO PayTech Limited (FPL) in 2010. The company provides microfinance loans to women and is currently operating through a network of 174 branches spread across 90 districts in six states (Maharashtra, Madhya Pradesh, Uttar Pradesh, Bihar, Chhattisgarh and Jharkhand). OCEAN CONSTRUCTION: Ind-Ra Moves D Issuer Rating to Non-Cooperating ------------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Ocean Constructions (India) Private Limited's Long-Term Issuer Rating of 'IND D (ISSUER NOT COOPERATING)' to the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating actions are as follows: -- INR150 mil. Fund-based working capital limit* (Long- term/Short-term) migrated to non-cooperating category and withdrawn; and -- INR600 mil. Non-fund-based limit* (Short-term) migrated to non-cooperating category and withdrawn. *Migrated at 'IND D (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers Ind-Ra has migrated the ratings to the non-cooperating category because the issuer did not participate in the rating exercise despite requests by the agency and has not provided information pertaining to the full-year financial performance for FY21-FY22, sanctioned bank facilities and utilization, business plan and projections for the next three years, information on corporate governance, and management certificate. Ind-Ra is no longer required to maintain the ratings, as the agency has received no objection certificates from the lenders. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. Ind-Ra will no longer provide analytical and rating coverage for OAL. Company Profile OAL was incorporated in 2008 but started commercial operations in 2014 and is an engineering, procurement and construction contractor based in Mangalore, Karnataka. PARAS RAM: CARE Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Paras Ram Textiles Private Limited (PRTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.58 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 0.07 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2021, placed the rating(s) of PRTPL under the 'issuer non-cooperating' category as PRTPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PRTPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 26, 2022, March 8, 2022, March 18, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Paras Ram Textiles Private Limited (PRT), incorporated in February 1995, is currently being managed by Mr. Ved Prakash Batra, Mr. Ramesh Batra, Mr. Narender Batra and Mr. Vijay Batra. The company is engaged in the manufacturing of fabrics which mainly includes knitted fabric and acrylic fabric as well as other textile products like blankets, ladies suits, T-shirts and shawls at its manufacturing facility situated in Ludhiana, Punjab with varying installed capacity of each product. PAVAN COTTON: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Pavan Cotton Products Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.50 [ICRA]B (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 3.64 [ICRA]B (Stable) ISSUER NOT Fund Based/TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 1.15 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 0.24 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1992, PCPPL is a cotton spinning mill based in the Guntur district of Andhra Pradesh. Promoted by Mr. V. Gopal Rao, PCPPL is a 100% promoter held company which was initially engaged in cotton ginning and trading. The promoter has significant experience in the cotton ginning and trading business. PKS LIMITED: Liquidation Process Case Summary --------------------------------------------- Debtor: P K S Limited 7 Camac Street Azimgunj House Kolkata 700017 Liquidation Commencement Date: June 16, 2022 Court: National Company Law Tribunal, Bench-II, Kolkata Date of closure of insolvency resolution process: June 14, 2022 Insolvency professional: Ashok Kumar Agarwal Interim Resolution Professional: Ashok Kumar Agarwal Ashwini - D/4, Neelachal Abasan Co-operative Society Limited 98 Rajdanga Gold Park, Kasba E.K.T., West Bengal 700107 E-mail: ashok.agarwal@ singhiipsolutions.com Mobile: +919831060452 - and - C/o Singhi IP Solutions Private Limited Raja Chamber, 1st Floor 4 Kiran Shankar Roy Road Kolkata 700001 Tel: +913322318652 Last date for submission of claims: July 15, 2022 PMS CONSTRUCTION: CARE Lowers Rating on INR2.00cr LT Loan to B- --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of PMS Construction Company (PCC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short Term Bank 9.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 19, 2021, placed the rating(s) of PCC under the 'issuer non-cooperating' category as PCC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PCC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 4, 2022, April 14, 2022, April 24, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Jhunjhunu (Rajasthan) based PMSC was formed as a partnership firm in the year 2009 by Mr Pawan Kumar Sharma, Mr Suresh Kumar Meel and Mr Mohal Lal. PMSC is AA class contractor of PWD, Rajasthan and Municipal council, Jhunjhunu and mainly engaged in the business of civil construction work and participate in tenders from state government (Rajasthan). The contract includes construction and maintenance of roads. POWER MAX: Ind-Ra Moves 'D' LT Issuer Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Power Max (India) Pvt. Ltd.'s Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- Long-Term Issuer Rating migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR210 mil. Fund-based working capital limit (Long-term) migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR271.50 mil. Non-fund-based working capital limit (Short- term) migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on April 30, 2021. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Incorporated in 1977, Power Max (India) provides integrated engineering services, such as design, infrastructure development, construction, and equipment erection, installation of pipelines, tanks and vessels, majorly to power plants apart from steel, coal, alumina, and other core industries. PRATIKSHA GEMS: CARE Lowers Rating on INR4.82cr LT Loan to B ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Pratiksha Gems (PG), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.82 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 16, 2021, placed the rating(s) of PG under the 'issuer non-cooperating' category as PG had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PG continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 2, 2022, March 12, 2022, March 22, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of PG have been revised on account of non-availability of requisite information. Surat-based (Gujarat) PG was established as a partnership firm, promoted by Mr. Devraj Mania, Mr. Ashok Mania and Mr. Dinesh Mania in February 2002. The firm is engaged into processing of rough diamonds into polished diamonds and gives the same on job-work basis. The manufacturing facility of PG is located at Surat, Gujarat. PG imports rough diamonds largely from Dubai, Belgium and Israel while it also purchases the same locally. It supplies polished diamond to local as well as export market of USA, Singapore and Hong Kong. PRIDEPOINT CONSTRUCTIONS: Insolvency Resolution Case Summary ------------------------------------------------------------ Debtor: Pridepoint Constructions Private Limited # 8-2-334/30, Road No. 3 Banjara Hills, Hyderabad Telangana 500034 Insolvency Commencement Date: June 9, 2022 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: October 24, 2022 Insolvency professional: E S S Sriramachandra Murthy Interim Resolution Professional: E S S Sriramachandra Murthy 1-1-477 to 485, Flat No. 405 Malani Icon Street 8 Gandhi Nagar, Hyderabad Telangana 500080 E-mail: murthye@gmail.com - and - 403, 5th Floor, M. Towers Road No. 12, Banjara Hills Hyderabad, Telangana 500034 E-mail: cirp.ppcpl@gmail.com Last date for submission of claims: June 25, 2022 PUNJAB INFRASTUCTURE: Ind-Ra Withdraws BB Term Loan Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Punjab Infrastructure Development Board's (PIDB) term loan ratings as follows: -- The 'IND BB/Stable' rating on the INR3,506.7 bil. Term loan due on February 2024 is withdrawn. Key Rating Drivers Ind-Ra has withdrawn the term loan rating upon the receipt of withdrawal request from PIDB's management. While some loans have been repaid in full, for the others Ind-Ra is no longer required to maintain the ratings as the agency has received no-objection certificates from the lenders. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. For the loans which have been repaid in full, the agency has received confirmation from the lenders; however, a no dues certificate is yet to be received. Company Profile PIDB, established in 1998-1999, is the nodal agency for the planning and funding of infrastructure in Punjab. It was formed by enacting the Punjab Infrastructure Development Bill, 1998. However, to bring in a comprehensive regulatory framework, the GoP enacted PIDRAA in 2002, which provides for a regulatory framework and guidelines for PIDB in its present form. The board is chaired by Punjab's chief minister. RATTAN KAUR: CARE Lowers Rating on INR8.41cr LT Loan to B --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Rattan Kaur (RK), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.41 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 0.30 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2021, placed the rating(s) of RK under the 'issuer non-cooperating' category as RK had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RK continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 22, 2022, March 4, 2022, March 14, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of RK have been revised on account of non-availability of requisite information. Howrah (West Bengal) based, M/S Rattan Kaur (RK) was constituted as a partnership firm on June 25, 2011. The firm is an associate concern of Gujral Group of companies. The group is promoted by Mr. Bhupinder Singh Gujral and engaged in transportation of LPG tankers for the major oil companies such as Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) and hotel and restaurant business. The group is having 975 LPG tankers and the loading point is Haldia, West Bengal. RNV HOSPITALITY SERVICES: Insolvency Resolution Case Summary ------------------------------------------------------------ Debtor: RNV Hospitality Services Private Limited Plot No. B-180, Flat No. 1 Lohia Nagar Ghaziabad UP 201001 Insolvency Commencement Date: June 13, 2022 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: December 9, 2022 Insolvency professional: Mr. Anurag Nirbhaya Interim Resolution Professional: Mr. Anurag Nirbhaya 204, Sagar Plaza Plot No. 19 District Centre Laxmi Nagar New Delhi 110092 E-mail: anurag@canirbhaya.com cirp.rnv@gmail.com Last date for submission of claims: June 27, 2022 ROSVAR STEELS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Rosvar Steels Private Limited 66/3B Kuppepalayam Post Near Ganesapuram S S Kulam Via Coimbatore, Tamil Nadu TN 641107 IN Insolvency Commencement Date: June 14, 2022 Court: National Company Law Tribunal, Coimbatore Bench Estimated date of closure of insolvency resolution process: December 10, 2022 Insolvency professional: M. Jayasree Interim Resolution Professional: M. Jayasree 1A, Saffron Krishna Kutiya No. 49, Bharathi Park 7th Cross, Coimbatore 641011 Tamil Nadu E-mail: jayashree_muralidharan@ yahoo.co.uk Last date for submission of claims: June 28, 2022 RUDRASIVA INFRACON: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Rudrasiva Infracon Private Ltd Office No. 1, 2nd Floor 'I' The Address Nr. Sola Bridge Ahmedabad 380060 Gujarat Insolvency Commencement Date: June 9, 2022 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: December 6, 2022 Insolvency professional: Dhaval C Khamar Interim Resolution Professional: Dhaval C Khamar 1012, Shilp Zaveri Shyamal Cross Road Satellite, Ahmedabad 380015 Gujarat E-mail: ca.dhavalkhamar@gmail.com cirp.rudrasiva@gmail.com Last date for submission of claims: June 23, 2022 SALTMINES TECHNOLOGIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------------ Debtor: Saltmines Technologies Private Limited No. 73, Amrit Chambers, III Floor Koramangala Industrial Layout Bangalore KA 560095 Liquidation Commencement Date: June 13, 2022 Court: National Company Law Tribunal, Bangalore Bench Insolvency professional: Gururaja Anantha Bhatt Interim Resolution Professional: Gururaja Anantha Bhatt No. 306, Kamalananda Residency B.K. Circle, J.P. Nagar 8th Phase, Behind Vishal Mega Mart Bangalore, Karnataka 560076 E-mail: guru@bpuandco.com Tel: 09008498000 Last date for submission of claims: July 12, 2022 SEAWARD EXPORTS: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Seaward Exports Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in the year 2001, Seaward Exports Private Limited (SEPL) is a private limited company engaged in the business of processing of Natural Stones mainly Sandstone. The company manufactures tiles and slabs of different colors, designs, shapes and sizes which are mainly used for wall cladding, interior flooring, exterior flooring, stairs, etc.The promoters of the company have been in the stone industry for more than twenty years. SHAH PULSE: CARE Lowers Rating on INR40.00cr LT Loan to B --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shah Pulse Mill (SPM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 1, 2021, placed the rating(s) of SPM under the 'issuer non-cooperating' category as SPM had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SPM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 15, 2022, February 25, 2022, March 7, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SPM have been revised on account of non-availability of requisite information. SPM established in 1988, as a proprietorship concern by Mr. Dilip Shantilal Shah located in Nagpur, Maharashtra and is engaged in trading & processing of agricultural products & pulses including peas, moong, toor, dal, gram, Chawla dal, masoor, caster seed, lakhodi, bardana and soya de-oil cakes. SHALIBHADRA COTTRADE: Liquidation Process Case Summary ------------------------------------------------------ Debtor: Shalibhadra Cottrade Private Limited B/81 Cotton Exchange Bldg Cotton Green, Mumbai 400033 Liquidation Commencement Date: June 3, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: June 2, 2022 Insolvency professional: Mr. Brijendra Kumar Mishra Interim Resolution Professional: Mr. Brijendra Kumar Mishra Flat No. 202, 2nd floor Bhoj Bhavan, Plot No.18-D Shivpuri, Sion-Trombay Road Chembur (East), Mumbai 400071 E-mail: mishrabk1959@gmail.com - and - I-21/22, Paragon Centre Pandurang Budhkar Marg Worli, Mumbai 400013 E-mail: liquidation.scpl@gmail.com Last date for submission of claims: July 17, 2022 SOUTHERN HITECH: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Southern Hitech Seed and Horticulture Farm Private Limited 238, East Vali Street Madurai 625001 Liquidation Commencement Date: June 9, 2022 Court: National Company Law Tribunal, Coimbatore Bench Insolvency professional: Shri. S. Muthuraju Interim Resolution Professional: Shri. S. Muthuraju No. 3, Sundaram Brothers Layout Opp. to all India Radio Trichy Road Ramanathapuram, Coimbatore 641045 Mobile: 9994103021 E-mail: smrajunaidu@gmail.com Last date for submission of claims: July 8, 2022 SRK GROUP: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SRK Group (SG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 41.09 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 6, 2021, placed the rating(s) of SG under the 'issuer non-cooperating' category as SG had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SG continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 20, 2022, March 2, 2022, March 12, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SRK Group (SRK) is a partnership firm constituted in September 2012 to develop a residential cum commercial project 'Mansarovar' near Kamrej in Surat – Gujarat. It is a partnership amongst three partners sharing equal profits to jointly develop the project. The project is envisaged to be developed on 7.94 Lakh square feet (lsft) land owned by SRK and have total estimated saleable area of around 13.88 lsft. SUGANYA CONSTRUCTIONS: Ind-Ra Moves BB Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Suganya Constructions' Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR200 mil. Fund-based facilities migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR80 mil. Non-fund-based facilities migrated to non- cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May 17, 2021. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Suganya Constructions is a partnership firm, incorporated in 2010. It executes civil construction work including roads and bridge sin and around Tamil Nadu. SUPERIOR DRINKS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Superior Drinks Private Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- The 'IND BB' rating on the INR150 mil. Fund-based limits is withdrawn; -- The 'IND BB' rating on the INR501.5 mil. Non-fund-based limits is withdrawn; and -- The 'IND BB' rating on the INR804 mil. Term loan is withdrawn. Key Rating Drivers Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-dues certificate from the lender. Company Profile Incorporated in 1992, Superior Drinks has bottling and distribution franchisee rights for Coca Cola India's soft drinks for Vidharbha region and Nagpur city, both in Maharashtra. SUPREME OVERSEAS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Supreme Overseas Exports India Private Limited 44/1, 16th Cross K.R. Road, Jayanagar 7th Block, Bangalore KA 560082 IN Insolvency Commencement Date: June 10, 2022 Court: National Company Law Tribunal, Bangalore Bench Estimated date of closure of insolvency resolution process: December 7, 2022 Insolvency professional: Raghu Babu Gunturu Interim Resolution Professional: Raghu Babu Gunturu EZResolve LLP 402B, 4th Floor Technopolis, Chikoti Gardens Begumpet, Hyderabad 500016 E-mail: raghu@ezresolve.in - and - 1st Floor, Golden Heights Plot No. 9, Raidurg Hyderabad 500081 E-mail: supremeoverseasexports@ ezresolve.in Last date for submission of claims: June 25, 2022 SURYATAAP ENERGIES: Ind-Ra Keeps B+ Loan Rating in Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Suryataap Energies & Infrastructure Private Limited's (SEIPL) senior project term loans' rating in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best-available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The instrument-wise rating action is: -- INR259.2 mil. Senior project term loan due on March 31, 2034 maintained in the non-cooperating category with IND B+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: the ratings were last reviewed on March 5, 2020. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. The rating has been maintained in the non-cooperating category as SEIPL did not provide information related to its business and financial profiles despite continuous requests and follow-ups by the agency. Company Profile SEIPL is a wholly-owned subsidiary and special purpose vehicle of Hindustan Clean energy. It was formed to build and operate a 5MW solar photovoltaic power plant in Sonitpur District (Assam). TDI INTERNATIONAL: CARE Lowers Rating on INR169.07cr LT Loan to D ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of TDI International India Private Limited (TIIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 169.07 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 26, 2021, placed the rating(s) of TIIPL under the 'issuer non-cooperating' category as TIIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. TIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 12, 2022, March 22, 2022, April 1, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of TIIPL have been revised on account of ongoing delays in debt servicing as recognized from publicly available information i.e. FY21 annual report. Incorporated in the year 1986, TDI International India Private Limited (TDI) was established by Mr. Prem Bajaj to provide OutofHome (OOH) advertising solutions. TEJINDER KAUR: CARE Lowers Rating on INR8.72cr LT Loan to B ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Tejinder Kaur (TK), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.72 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 0.30 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2021, placed the rating(s) of TK under the 'issuer non-cooperating' category as TK had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. TK continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 22, 2022, March 4, 2022, March 14, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of TK have been revised on account of non-availability of requisite information. Howrah (West Bengal) based, M/S Tejinder Kaur (TK) was constituted as a partnership firm on June 25, 2011. The firm is an associate concern of Gujral Group of companies. The group is promoted by Mr. Bhupinder Singh Gujral and engaged in transportation of LPG tankers for the major oil companies such as Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) and hotel and restaurant business. The group is having 975 LPG tankers and the loading point is Haldia, West Bengal. TUSCAN AGROW: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tuscan Agrow (TA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 15, 2021, placed the rating(s) of TA under the 'issuer non-cooperating' category as TA had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. TA continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 1, 2022, March 11, 2022, March 21, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Tuscan Agrow (TA) was established in the year 2014 as a partnership firm by Mr. Sathyamoorthy Vasudevan and Mrs. Priya Vasudevan. The commercial operations of the firm were started from 2015. The entity has its registered and administrative office located at Bangalore and is engaged in growing of coffee seeds and allied products, and yielding about 300 tons of coffee and 30MT of pepper along with other allied crops every year. UMIYA BUILDERS: CARE Lowers Rating on INR30.00cr LT Loan to B ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shree Umiya Builders and Developers (SUBD), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE BB-; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 24, 2021, placed the rating(s) of SUBD under the 'issuer non-cooperating' category as SUBD had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SUBD continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 7, 2022, February 17, 2022, February 27, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SUBD have been revised on account of non-availability of requisite information. Established in 1991, Shree Umiya Builders & Developers (SUBD) is engaged in real estate development and is a part of Garuda group of Mumbai (taken over from erstwhile promoters in 2014). VIJAI ELECTRICAL: Ind-Ra Affirms BB- Long-Term Issuer Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised Vijai Electricals Limited's (VEL) Outlook to Positive from Negative while affirming its Long-Term Issuer Rating at 'IND BB-'. The instrument-wise rating actions are: -- INR1.172 bil. (reduced from INR1,178.4 bil.) Fund-based facilities affirmed; Outlook revised to Positive with IND BB- /Positive/IND A4+ rating; and -- INR7,935.9 bil. (reduced from INR11,412.5 bil.) Non-fund-based facilities affirmed with IND A4+ rating. Analytical Approach: Ind-Ra continues to take a standalone view of VEL to arrive at the ratings, while adjusting them for the equity required to be infused by the company in its under construction special purpose vehicle Vijai Electricals Algerie SPA in Algeria, in which VEL holds a 40% stake. The Positive Outlook reflects: (i) the realization of debtors worth INR1,982 million in FY22, sufficient to repay recomputed zero-coupon bonds (ZCBs) and come out of corporate debt restructuring (CDR); (ii) an improvement in order inflows for projects, leading to an overall increase in order book backlog to INR4.3 billion in FY22; (iii) the likely receipt of INR1,000 million of retention money in FY23; and (iv) various cost-control measures adopted by VEL, which will help in increasing its operating performance in FY23. Key Rating Drivers Liquidity Indicator – Stretched despite Improvement; Repayment of ZCB: VEL's average utilization of its fund-based and non-fund-based limits stood at 98.9% and 64%, respectively, for the 12 months ended March 2022. The company's net working capital requirement reduced marginally to INR4,937 million in 9MFY22 (FY21: INR5,207 million; FY20: INR5,482 million; FY19: INR5,194 million). The company collected receivables which helped in reducing working capital requirements (9MFY22: INR5,791; FY21: INR6,220; FY20: INR6,759; FY19: INR6,832). The company's net working capital requirement as a percentage of revenue increased to 203% in FY21 (FY20: 116%). Ind-Ra expects this requirement to remain elevated in FY22 and FY23, before gradually coming down to 100% in FY24. The company has ZCB obligations (ZCBs subscribed by the lenders at the time of CDR) totaling INR1.0 billion, due in 1QFY23. This ZCB has been recomputed to INR624.4 million as the company prepaid its CDR dues. VEL is in discussions with the consortium banks regarding the recomputed value of the ZCB, which would be finalized by 1QFY23 and the company will come out of the CDR. The company had a cash balance of INR800 million-900 million at FYE22, sufficient to cover its ZCB obligations. The company effectively realized debtors and the retention money remained INR1,982 million in FY22, helping it in increasing the cash balance. It also raised a five-year COVID-19 loan worth INR182 million in FY22. VEL's weak operational performance along with a working capital lock-up (FY18-FY21) resulted in negative cash flows from operations during FY18-FY21. (FY21: INR39 million; FY20: INR193 million; FY19: INR451 million; FY18: INR1,018 million). Reduction in Receivables in FY22: VEL successfully recovered receivables/retention money of INR1,982 million in FY22. The company will realize the retention money of more than INR1,000 million over FY23-FY24, further supporting its liquidity position. Decline in Operational Performance and Credit Metrics: VEL's operational performance has been deteriorating since FY19, due to a decline in export orders and slower execution of its order book. The revenue declined to INR1,300 million in 9MFY22 (FY21: INR2,559 million; FY20: INR4,738 million; FY19: INR8,453 million) and the EBITDA margin deteriorated further to negative at 16% (negative 1%; 9.3%; 13.1%). The decline in margins was on account of fixed-cost employee expenses, coupled with an increase in input material costs. Ind-Ra expects the company to have achieved revenue of INR1,500 billion in FY22, and will achieve revenue of about INR2,200 million–2,400 million in FY23, on account of the execution of a higher number of orders. The interest coverage (EBIDTA/interest) remained weak in FY21 (FY20: 2.5x; FY19: 6.4x) and the net adjusted leverage (including corporate guarantees) was also muted (5.5x; 2.0x), due to negative EBITDA. Ind-Ra expects the credit metrics to remain negative, on account of negative EBITDA in FY22, the interest coverage ratio to gradually increase to 1.3x by FY24. The net leverage is likely to remain elevated in FY23 and gradually decline to the 4.0x levels by FY24. Moderate Order Book: VEL's order inflow declined in FY22, on account of a decline in orders in the project division. The order inflow deteriorated to INR3,248 million in FY22 (FY21: INR3,426 million; FY20: INR900 million; FY19: INR 2,200 million; FY18: INR12,966 million). The company's order book as of March 2022 stood at INR4,309 million (FY21: INR 2,584 million). More than 85% of the orders were from the project division, which was majorly into electrification of rural villages while the remainder was for manufacturing of transformers, conductors and related products. Inherent Industry Risk: VEL is an engineering, procurement and construction player exposed to high industry competition, delays in the realization of receivables, project delays, cost and timeline overruns and litigation. Since the majority of the existing order book is concentrated in the transmission and distribution sector, the company is also exposed to cyclicality this sector. Also, any pressure on the cash flows of the counterparties could adversely impact VEL's collections. Experienced Promoter: VEL's promoter has over four decades of experience in the manufacturing of electrical equipment with a specialization in transformer design. Rating Sensitivities Upgrade: The following collective developments, on a sustained basis, may result in upgrade: an increase in revenue visibility through fresh order inflows an improvement in the credit profile through an increase in its scale of operations along with improvement in margins, resulting in the interest coverage of over 1.25x Outlook Revision to Stable: The following developments, individually or collectively, all on sustained basis will result in a rating downgrade: Longer working capital cycle, further impacting the liquidity profile, inability to improve the revenue visibility due to the lack of order build up with existing margins, deterioration in the credit profile with the interest coverage ratio being remaining below 1.25x inability to execute its order book, resulting in smaller scale of operations. Company Profile VEL manufactures electricity distribution transformers. In 2005, it entered the business of execution of rural electrification projects. It has a transformer production site in Haridwar and a conductor manufacturing facility in Roorkee. VVR INNOVATE MATERIALS: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: VVR Innovate Materials Private Limited No. 49 403/17/1/A, Plot no. 231P Sai's Lakshmi Elite Padmanagar, Phase 2 Chintal, Hyderabad Telangana 500067 Insolvency Commencement Date: June 14, 2022 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: December 3, 2022 (180 days from commencement) Insolvency professional: Sakhamuru Venu Interim Resolution Professional: Sakhamuru Venu 401, Santosh Residency F-61 62 63, Madhura Nagar Hyderabad, Telangana 500038 E-mail: sakhamuruvenu@gmail.com cirp.vvrmipl@gmail.com Last date for submission of claims: June 28, 2022 YASHVEER CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Yashveer Ceramic in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 5.25 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 2.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Bank Guarantee to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Yashveer Ceramic (YC) is a wall tiles manufacturer with its plant situated at Morbi, Gujarat. The firm was established in 2010, and commenced commercial operations from May 2011. Yashveer Ceramics is promoted by Mr. Vipul Patel having 10 years of experience in ceramic industry along with other partners. It currently manufactures wall tiles of sizes 18"x12" and 12"x24" with the current set of machineries and production facilities. YR TRADERS PRIVATE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Y.R. Traders Private Limited Room No. 202 1, British India Street Kolkata, WB 700069 IN Insolvency Commencement Date: June 7, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: December 6, 2022 Insolvency professional: Sushanta Kumar Choudhury Interim Resolution Professional: Sushanta Kumar Choudhury 64, Hem Chandra Naskar Road Beleghata, Kolkata 700010 E-mail: sk.choudhury123@gmail.com Last date for submission of claims: June 21, 2022 ZOE JEWELS: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Zoe Jewels Private Limited Gr Flr 1 CTS No. 96 1 to 21 97 to 9 Vikas Centre, Dr. C.G. Road Wadavali Village Chembur, Mumbai 400074 Liquidation Commencement Date: July 17, 2022 Court: National Company Law Tribunal, Belagavi Bench Insolvency professional: Ms. Pavitra Vyas Interim Resolution Professional: Ms. Pavitra Vyas CCB 52, 3rd Floor Opp. Shivaji Garden Dr. SPM Road Khade Bazar, Shahapur Belagavi 590003 E-mail: cspavitravyas@gmail.com Tel: +919449191848 Last date for submission of claims: July 16, 2022 ========= J A P A N ========= MITSUI OSK: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Japan K.K. has affirmed Mitsui O.S.K. Lines, Ltd.'s (MOL) Ba3 corporate family rating and changed the outlook to positive from stable. RATINGS RATIONALE "The positive outlook reflects improvement in MOL's leverage metrics as a result of strong earnings, supplemented now by large dividends from its containership joint venture," says Mariko Semetko, a Moody's Vice President and Senior Credit Officer. The positive outlook reflects Moody's expectation that MOL's strong operating performance in most of MOL's segments will continue, following recent years' structural changes from industry consolidation and more pricing discipline in the containership segment and high demand. In addition, MOL's balance sheet has strengthened through some organic debt reduction. Favorable industry conditions improved earnings across most of MOL's segments, but the unprecedented earnings in its containership segment drove record earnings and cash flow in the fiscal year ended March 2022 (fiscal 2021). The company's retained cash flow more than tripled last year. As a result, retained cash flow/net debt improved to 24% in the fiscal year ended March 2022 (fiscal 2021) from 6.7% in fiscal 2020. Its containership joint venture (JV), Ocean Network Express Pte. Ltd. (ONE), turned extraordinarily profitable from its legacy of losses and began paying dividends in late fiscal 2020. MOL received about JPY214 billion in dividends from ONE in fiscal 2021. This windfall allowed MOL to pay down almost JPY100 billion in balance sheet debt, which is close to a tenth of its debt, over the past two years. MOL generated positive free cash flow in fiscal 2021. MOL's debt/EBITDA, before ONE dividends, improved to 7.5x in the fiscal 2021, down from 11.5x in fiscal 2020 and 8.6x in fiscal 2019. Adding the ONE dividend to its EBITDA would further reduce MOL's debt/EBITDA to about 3.5x in fiscal 2021. Moody's expects that 2023 and 2024 could be challenging years for the containership industry as the global fleet is poised to grow. This increased capacity, combined with the debottlenecking of supply chains, will likely lower containership rates from current historic highs, reducing ONE's profits and therefore the dividends that MOL will receive from the JV. MOL's Ba3 CFR reflects the company's high debt balance, the shipping industry's volatile rates and the company's high investment needs (especially in its growth areas). These factors are mitigated by MOL's well-established presence among Japanese shipping companies, its large, diversified shipping portfolio, and the financing flexibility afforded by its mostly unencumbered balance sheet. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The positive outlook reflects Moody's expectation that MOL will maintain strong credit metrics over the next 12-18 months. Moody's could revert the outlook to stable if the company does not demonstrate a clear path towards sustaining lower leverage in a downcycle. Moody's could upgrade the rating if the company reduces debt materially so that its balance sheet is stronger to weather volatility in shipping demand. A track record of more predictable cash flow, including dividends from ONE, will be credit positive. Moody's will consider an upgrade if such factors sustain debt/EBITDA below 7.5x and retained cash flow/net debt above 9% through the business cycle. Moody's could downgrade the rating if debt/EBITDA rises to above 9.0x or retained cash flow/net debt falls and is sustained below 5% for a prolonged period. The principal methodology used in this rating was Shipping Methodology (Japanese) published in July 2021. Headquartered in Tokyo, Mitsui O.S.K. Lines, Ltd. is one of the world's largest shipping companies by fleet size. NIPPON YUSEN: Moody's Upgrades CFR to Ba1, Outlook Stable --------------------------------------------------------- Moody's Japan K.K. has upgraded Nippon Yusen Kabushiki Kaisha's (NYK) corporate family rating to Ba1 from Ba2. The outlook is stable. RATINGS RATIONALE "The upgrade is based on NYK's significant deleveraging," says Mariko Semetko, a Moody's Vice President and Senior Credit Officer. "NYK has used the windfall cash flow from the unprecedentedly favorable industry conditions to reduce debt, which will cushion it against weaker market conditions next year and beyond," added Semetko. Favorable industry conditions improved earnings across most of NYK segments, but the unprecedented earnings in its containership segment drove record earnings and cash flow last year. The company's retained cash flow more than quadrupled in the fiscal year ended March 2022 (fiscal 2021), cash on hand doubled from its typical levels, and net debt declined by about 35% between March 2020 and March 2022. As a result, retained cash flow/net debt improved to 69% in fiscal 2021 from 12% in fiscal 2019 and 2020. Its containership joint venture (JV), Ocean Network Express Pte. Ltd. (ONE), turned extraordinarily profitable from its legacy of losses and began paying dividends in late fiscal 2020, which has boosted cash flow. NYK received about JPY260 billion in dividends from ONE in fiscal 2021, and another about JPY124 billion in dividends in June 2022. The high cash flow has allowed the company to pay down more than JPY200 billion of debt in the last two years and another JPY100 billion this year. NYK's Debt/EBITDA, before ONE dividends, improved to about 2.5x in fiscal 2021, from 7.3x in fiscal 2019. Adding the ONE dividend to its EBITDA would further reduce NYK's leverage as measured by debt/(EBITDA + ONE dividend) to about 1.5x in fiscal 2021. Moody's expects that 2023 and 2024 could be challenging years for the containership industry as the global fleet is poised to grow. This increased capacity, combined with the debottlenecking of supply chains, will likely lower containership rates from current historic highs, reducing ONE's profits and therefore the dividends that NYK will receive from the JV. NYK's Ba1 CFR reflects the shipping industry's volatile rates and the likelihood that the company's profitability will decrease from unprecedentedly high levels, which could increase its leverage. These factors are offset by NYK's currently very high profitability because of strong market conditions, strong banking relationships that mitigate refinancing risk, large scale and diversified shipping portfolio, and unencumbered balance sheet. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectation that NYK will maintain stronger-than-historical credit metrics over the next 12-18 months. Moody's anticipates NYK reducing debt as it has publicly committed, which will help protect its credit quality even if the containership rates fall from the current unsustainably high levels. Moody's expects NYK's leverage will increase from the recent extraordinary lows in the mid-2x range, but lower debt levels could sustain leverage in the low 3x range. Moody's could upgrade the rating if NYK reduces significantly more debt than currently expected. A track record of more predictable cash flow, including dividends from ONE, as well as commitment to lower debt from current levels will be credit positive. Moody's will consider an upgrade if the company sustains through the business cycle debt/EBITDA below 3.5x and retained cash flow/net debt in the high teens. Moody's could consider downgrading the rating if NYK sustains leverage metrics that map to single-B quality. A more aggressive financial policy, including a material increase in shareholder returns or an increase in debt, will be credit negative. The principal methodology used in this rating was Shipping Methodology (Japanese) published in July 2021. Headquartered in Tokyo, Nippon Yusen Kabushiki Kaisha is one of the world's largest shipping companies by fleet size. ===================== N E W Z E A L A N D ===================== ELTEL CO: Creditors' Proofs of Debt Due on Aug. 16 -------------------------------------------------- Creditors of Eltel Co Limited are required to file their proofs of debt by Aug. 16, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2022. The company's liquidators are: Janet Sprosen Leon Francis Bowker KPMG Auckland 18 Viaduct Harbour Avenue (PO Box 1584) Shortland Street Auckland 1140 INTELLICOMMS NZ: Creditors' Proofs of Debt Due on Aug. 16 --------------------------------------------------------- Creditors of Intellicomms NZ Limited are required to file their proofs of debt by Aug. 16, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2022. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery & Insolvency (Auckland) PO Box 3678 Auckland 1140 KOTAHITANGA LOG: Court to Hear Wind-Up Petition on July 12 ---------------------------------------------------------- A petition to wind up the operations of Kotahitanga Log Haulage Limited will be heard before the High Court at Rotorua on July 12, 2022, at 10:00 a.m. Mercedes-Benz Financial Services New Zealand Limited filed the petition against the company on May 26, 2022. The Petitioner's solicitor is: Jeffrey Gray Ussher United Legal Limited 300 Richmond Road Grey Lynn, Auckland 1021 KUROW-DUNTROON IRRIGATION: Owes More Than NZD50 Million ------------------------------------------------------- Otago Daily Times reports that a North Otago irrigation company in receivership owes more than NZD50 million and creditors include a government entity and the Waitaki District Council, a new report has revealed. And the first administrator’s report into Kurow-Duntroon Irrigation Company Ltd (KDIC) also warns the company’s 70 shareholders could be put under "substantial financial pressure" if a claim of liability is taken out against them, ODT relates. Last month, KDIC was put into receivership and voluntary administration by the government-owned Crown Irrigation Investments Ltd. It came after an adjudication process found KDIC was liable to pay Monadelphous about NZD12.8 million following a dispute over a NZD45 million project the engineering group was undertaking for the company. According to the report, KDIC had been undertaking major upgrades to its irrigation scheme, which involved laying 59km of piped irrigation infrastructure that would double the irrigation area covered by the scheme from just under 2000ha to 4000ha, with a capacity to expand to service 5500ha. In August 2019, KDIC was issued an abatement notice by the Waitaki District Council because a section of the new pipeline blocked the view of the Waitaki River west of Kurow, which breached its consent. Work then had to be carried out to move the section underground and out of sight. Since then, KDIC and Monadelphous have been involved in a dispute over who is liable for the increased costs caused by the consent breach, ODT states. KDIC’s joint administrators - Colin Gower and Rees Logan, both of BDO Partners - have released their first report ahead of a watershed meeting of creditors today in Christchurch where the company’s future will be voted on by creditors, according to ODT. The report listed Crown Irrigation Investments Ltd - a Crown entity designed to invest in irrigation schemes - and Waitaki District Council as secured creditors which were owed NZD35 million and NZD3.1 million, respectively. About NZD12.1 million was owed to unsecured creditors, ODT discloses. ODT relates that the report said part of the vote would be to vote on a plan for the operation to stay in business and maximise the chance of the company paying all of the creditors. The plan creditors are set to vote on included refinancing, which avoided the immediate liquidation of KDIC, the report said. Any recovery of assets under a liquidation process, which would also be voted on June 21, would be "complex, uncertain, costly and take a significant period of time". "This could also result in the failure of the scheme," the report said. OTAGO EXCAVATION: Court to Hear Wind-Up Petition on June 30 ----------------------------------------------------------- A petition to wind up the operations of Otago Excavation Limited will be heard before the High Court at Dunedin on June 30, 2022, at 10:00 a.m. J Crooks & Sons Limited filed the petition against the company on May 9, 2022. The Petitioner's solicitor is: Rex Thomas Chapman Level 1 20 Don Street Invercargill PROPELLOR PROPERTY: Court to Hear Wind-Up Petition on Sept. 15 -------------------------------------------------------------- A petition to wind up the operations of Propellor Property Investments Limited will be heard before the High Court at Christchurch on Sept. 15, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 19, 2022. The Petitioner's solicitor is: Gabrielle McGillivray Inland Revenue Legal Services PO Box 1782 Christchurch 8140 WAIHEKE ENERGY: Creditors' Proofs of Debt Due on July 29 -------------------------------------------------------- Creditors of Waiheke Energy Center Limited (previously trading as Waiheke LPG) are required to file their proofs of debt by July 29, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 17, 2022. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1, 50 Customhouse Quay Wellington 6011 ================= S I N G A P O R E ================= ADN ASIA: Creditors' Proofs of Debt Due on July 21 -------------------------------------------------- Creditors of ADN Asia Distribution Network Pte. Ltd. are required to file their proofs of debt by July 21, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2022. The company's liquidators are: Chee Fung Mei Loke Chiew Mun 110 Middle Road #05-03 Singapore ET TIMBERS: Court to Hear Wind-Up Petition on July 1 ---------------------------------------------------- A petition to wind up the operations of ET Timbers Private Ltd. will be heard before the High Court of Singapore on July 1, 2022, at 10:00 a.m. Starryway Trading & Shipping Company Limited filed the petition against the company on June 9, 2022. The Petitioner's solicitors are: Morgan Lewis Stamford LLC 10 Collyer Quay #27-00 Ocean Financial Centre Singapore 049315 NAN HO: Creditors' Meetings Set for July 5 ------------------------------------------ Nan Ho Maritime (Pte.) Ltd., Nan Xin Maritime (Pte.) Ltd., and An Tai Shipping Pte. Ltd will hold a meeting for its creditors on July 5, 2022, at 11:30 a.m., 1:30 p.m. and 4:00 p.m., respectively, via audio visual communication. Agenda of the meeting includes: a. to receive a full statement of the company’s affairs together with a list of creditors and the estimated amount of their claims; b. to nominate Liquidator(s) or confirm members’ nomination of Liquidator; and c. to consider and if thought fit, appoint a Committee of Inspection ("COI") for the purpose of winding up the Company. RESTOBAR HOLDING: Creditors' Meeting Set for July 5 --------------------------------------------------- Restobar Holding Pte Ltd, which is in creditors' voluntary liquidation, will hold a meeting for its creditors on July 5, 2022, at 11:00 a.m., via video conference. Agenda of the meeting includes: a. to provide an update on the status of the liquidation; b. to approve the Liquidators' fees; and c. discuss other business. The company's liquidator can be reached at: Lim Soh Yen c/o 133 New Bridge Road #24-01/02 Chinatown Point Singapore 059413 ================= S R I L A N K A ================= SRI LANKA: Constitutional Reform to Cut President Powers Approved ----------------------------------------------------------------- Bloomberg News reports that Sri Lanka's Cabinet has approved constitutional reforms aimed at clipping the powers of the presidency amid months of protests demanding the ouster of President Gotabaya Rajapaksa for dragging the nation's economy into an unprecedented crisis. Bloomberg relates that the endorsement is a step in what could be a protracted process to amend the sections of the constitution that gave sweeping powers to Mr. Rajapaksa's office. The amendment will be sent to the legal draftsman and the attorney general for observations about its compatibility with the constitution, Cabinet spokesman Bandula Gunawardena told reporters in Colombo on June 21, the report relays. According to Bloomberg, Sri Lanka fell into default for the first time in its history last month as the government has struggled to halt an economic meltdown that prompted mass protests and a political crisis. While side-stepping calls for his resignation, Mr. Rajapaksa has tried to contain anger toward him and his family by agreeing to the constitutional amendments, the report relates. The Sri Lanka Bar Association has questioned the extent to which the amendments will scale back the powers Mr. Rajapaksa gave to his office shortly after he returned to power in 2019. According to Bloomberg, the latest amendment approved by Cabinet on June 20, following discussions among lawmakers, will also need the votes of two-thirds of the Members of Parliament to become law. Mr. Gunawardena gave no details on June 21 except to say the constitutional recast will give more powers to Parliament. "The latest amendments will improve good governance, which is part of the International Monetary Fun (IMF), other lender requirements and the international view," Bloomberg quotes Mr. Gunawardena as saying. "It will help with the IMF negotiations." Bloomberg notes that Sri Lankan authorities on June 20 began talks with the IMF, working toward an agreement that could offer creditors enough comfort to lend fresh funds to the bankrupt nation that's seeking US$6 billion in coming months. Sri Lanka's opposition leader Sajith Premadasa has said his party will boycott Parliament this week and hold street protests against the government, the report relays. 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. =============== T H A I L A N D =============== JWD INFOLOGISTICS: Fitch Lowers National LT Rating to 'BB+(tha)' ---------------------------------------------------------------- Fitch Ratings (Thailand) has downgraded Thailand-based integrated inland logistics operator JWD InfoLogistics Public Company Limited's National Long-Term Rating to 'BB+(tha)' from 'BBB-(tha)' and National Short-Term Rating to 'B(tha)' from 'F3(tha)'. At the same time, Fitch has affirmed the bond programme guaranteed by Credit Guarantee and Investment Facility (CGIF) at 'AAA(tha)'. The Outlook on the National Long-Term Rating is Stable. The downgrade reflects JWD's high financial leverage - measured by adjusted net debt/EBITDAR - and Fitch's expectation that it is likely to remain above 5.5x for at least the next 18-24 months. The high leverage reflects the company's continued large capex and investment plan. The Covid-19 pandemic has not affected JWD's earnings over the past two years; however, Fitch expects free cash flow (FCF) to remain negative over the next few years on account of capex and investments. KEY RATING DRIVERS Negative FCF Delay Deleveraging: Fitch expects JWD's net adjusted debt/EBITDAR to remain high at about 6.0x in 2022 (1Q22: 6.6x), before decreasing to about 5.6x in 2023. The deleveraging is slower than Fitch's previous projection due to the company's upward revision of its capex and investment plan in 2022-2023. This is likely to cause JWD's FCF to remain negative for at least the next two-three years, after five consecutive years of negative FCF. JWD's large capex and investment plan is the main driver of negative FCF, while commensurate returns on investment have lagged, causing financial leverage to increase in the past four consecutive years. Capex for Capacity Expansion: JWD's capex in 2022 and 2023 of THB1.0 billion-1.2 billion a year is mainly for capacity expansion of cold storage and dry warehouses as well as increasing locations of self-storage services to meet rising demand. The investment plan of about THB400 million in 2022 is mainly for a joint venture with a leading property developer in Thailand to invest in built-to-suit cold storage and warehouses, and an additional stake in ESCO, a container handler at Laem Chabang Port, for immediate return in the form of a dividend and enhanced logistic opportunities. Improving Operating Cash Flow: Fitch expects JWD's EBITDA to further increase by about 16% in 2022 and about 20% in 2023, on increasing revenue from capacity expansion of dry warehouses and cold storage. The expansion was delayed in 2021 due to the Covid-19 pandemic. EBITDA growth in 2022 should be partly supported by the full-year consolidation of JWD's 83%-owned VNS Transport, an auto-parts logistics provider, and a 60%-owned logistics joint venture in Cambodia. Both operations have been consolidated in JWD since 2Q21. JWD's EBITDA margin is likely to remain at 16% in 2022, given the low margin during the ramp-up of new cold storage, the remaining low margins on general-goods warehousing using third-party facilities, as well as a limited barge terminal business due to equipment damage. Fitch expects the EBITDA margin to improve to 18% in 2023-2024, supported by the improving margin from new capacity and new businesses. Gross margins in new businesses, such as self-storage and food services, have improved significantly since 2H21. Moderate Competitive Advantage: Fitch believes JWD benefits from moderate entry barriers in light of the capital intensity and expertise required in its operations. JWD is the sole concessionaire that provides warehousing and handling of dangerous goods shipped to and from Laem Chabang Port, Thailand's largest deep-sea port. It is a top-three warehouse and yard operator by area at the port. In JWD's other logistic segments there are only a few dominant competitors, which have some service differentiation in terms of catchment area and specialisation. Small Operating Scale: Fitch believes JWD's business and geographical expansion may support business growth and increase diversification in the long term. JWD has a small operating scale compared with higher-rated peers. It provides third-party logistics services to large corporates, which outsource some logistics from their in-house units, and to SME manufacturers. JWD's expansion in cold storage and other new businesses in recent years has eased its business and asset concentration at the Laem Chabang Port. DERIVATION SUMMARY JWD is a major full-service inland logistics provider in Thailand. Up to 15%-20% of its revenue has high visibility, supported by a concession and medium- to long-term contracts. Its closest rating peer is Siam Future Development Public Company Limited (SF, BBB+(tha)/Stable; Standalone Credit Profile (SCP): bbb-(tha)), a leading community-mall developer. SF has higher earnings visibility from long-term contracts with the tenants, but has been significantly affected by the pandemic due to large rental rebates given to tenants that faced difficulties. SF's recovery, nonetheless, has been fast, supported by its tenant mix, of which more than half are restaurants and supermarkets providing daily essentials. In comparison, JWD's business integration in logistic services and well-diversified customer base have cushioned the downturn and compensated for its lower earnings visibility. The continued large capex and investment plan means JWD's financial leverage is likely to be close to SF over the medium term, while SF has additional financing flexibility by virtue of low net debt as a percentage of investment properties at market value. This results in rating JWD one notch below SF's SCP. JWD's operating scale is significantly smaller than that of IRPC Public Company Limited (A-(tha)/Stable; SCP: bbb(tha)), Thailand's third-largest oil refiner and petrochemicals producer. IRPC has higher earnings volatility due to commodity-price risks. It was also more adversely affected by the pandemic. However, IRPC's financial leverage is lower than that of JWD. So IRPC's stronger business profile from its larger operating scale and lower financial profile means JWD is rated two notches lower than IRPC's SCP. KEY ASSUMPTIONS Fitch's Key Assumptions Within the Rating Case for the Issuer: -- About 15% revenue growth in 2022 from capacity expansion and first full-year consolidation of newly acquired subsidiaries in 2021, and about 10% revenue growth in 2023 -2024; -- EBITDA margin remaining at about 16% in 2022 before improving to about 18% in 2023-2024; -- Total capex and investment of about THB1.6 billion in 2022 and about THB1.3 billion a year in 2023-2024. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Adjusted net debt/EBITDAR decreases to below 5.0x for a sustained period. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Adjusted net debt/EBITDAR is above 6.0x for a sustained period. Guaranteed Bonds by CGIF Factors that could, individually or collectively, lead to positive rating action/upgrade: -- No positive action is expected as the 'AAA(tha)' rating is at the highest of the National Rating scale. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Deterioration in CGIF's credit profile relative to Thailand's Long-Term Foreign Currency IDR. LIQUIDITY AND DEBT STRUCTURE Manageable Liquidity: JWD's total debt was THB5.7 billion at end-March 2022, of which THB1.8 billion is due in the 12 months to end-March 2023, including debentures of THB600 million maturing in February 2023. JWD's liquidity is supported by its cash balance and liquid investments of THB1 billion as of end-March 2022 as well as cash flow from operations. JWD also has unencumbered properties - land and buildings with a book value of about THB1.3 billion - which Fitch believes it can use to tap secured funding, if required. The company has adequate access to domestic banks, with unused but uncommitted banking facilities of THB824 million at end-March 2022. It also has satisfactory access to domestic capital markets, as evidenced by its THB1.9 billion bond issuance in 2021 and THB500 million in 1Q22. ISSUER PROFILE JWD is a Thai integrated logistics operator for general goods, chemicals, automotive and refrigerated foods. JWD also has relocation services, document storage and self-storage services. JWD has expanded its business to Cambodia and Indonesia over the past three to four years. DEBT RATING PRIOR ---- ------ ----- JWD InfoLogistics Public Company Limited Natl LT BB+(tha) Downgrade BBB-(tha) Natl ST B(tha) Downgrade F3(tha) guaranteed Natl LT AAA(tha) Affirmed AAA(tha) ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***