/raid1/www/Hosts/bankrupt/TCRAP_Public/220812.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, August 12, 2022, Vol. 25, No. 155
Headlines
A U S T R A L I A
AJ & JR LYNCH: Second Creditors' Meeting Set for Aug. 18
BLINT BUILDERS: Collapses Owing AUD1 Million to 50 Creditors
LA TROBE 2022-1: Moody's Assigns B1 Rating to AUD4.5MM Cl. F Notes
LUXURY RETAIL: First Creditors' Meeting Set for Aug. 22
SANITATION MAINTENANCE: Second Creditors' Meeting Set for Aug. 19
SAY GO: First Creditors' Meeting Set for Aug. 19
TIKUN OCEANA: Second Creditors' Meeting Set for Aug. 17
C H I N A
BEIJING SIKU: Files for Bankruptcy Amid Waning Consumer Demand
RADIANCE HOLDINGS: S&P Affirms 'B+' ICR & Alters Outlook to Neg.
I N D I A
ALIN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
AMAN CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
ANAND RICE: ICRA Keeps D Debt Rating in Not Cooperating Category
ANNAPOORANI YARNS: ICRA Keeps D Debt Ratings in Not Cooperating
BILPOWER LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
CARONA KNIT: ICRA Keeps D Debt Ratings in Not Cooperating
CONSOLIDATED SHIPPING: CRISIL Withdraws B+ LT/ST Loan Rating
DEEPAK CABLES: CRISIL Keeps D LT/ST Ratings in Not Cooperating
FUTURE RETAIL: Lenders Appoint BDO India for Forensic Audit
GAJANAN SOLVEX: CRISIL Lowers Rating on INR25cr Cash Loan to D
GOLD STAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
IDEAL MOVERS: CRISIL Migrates Rating on INR175.65cr Loan to B-
KALPAK INDUSTRIAL: CRISIL Lowers Rating on INR5.0cr Loan to D
KESHAV ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
L.C. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
LAXMI ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
LIMTEX AGRI: ICRA Keeps D Debt Ratings in Not Cooperating
MAGENTA DISTRIBUTORS: CRISIL Moves B Rating from Not Cooperating
NANGALI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
NEC ROTOFLEX: CRISIL Reaffirms B+ Rating on INR8.27cr Term Loan
PROMPT PULP: CRISIL Keeps C Debt Ratings in Not Cooperating
R.L. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
RASH BUILDERS: CRISIL Assigns B Rating to INR12cr Loans
RELIANCE CAPITAL: Loss Narrows to INR491.40cr in Qtr Ended June 30
SHANTI NIKETAN: CRISIL Keeps D Debt Ratings in Not Cooperating
SHRIMATI URMILA: CRISIL Keeps C Debt Rating in Not Cooperating
SIDDHI VINAYAK: CRISIL Keeps D Debt Ratings in Not Cooperating
SIMBHAOLI SUGARS: SBI Drags Firm to Bankruptcy Over INR395cr Loan
SREI GROUP: Three Bidders Submit Resolution Plans
STURDY INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
TECHNO INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
J A P A N
TOSHIBA CORP: Posts JPY4.8BB Operating Loss in Q1 Ended June 30
N E W Z E A L A N D
CERTEC LIMITED: Court to Hear Wind-Up Petition on Aug. 19
IDYLLIC KOTUKUTUKU: Court to Hear Wind-Up Petition on Sept. 6
JC SERVICES: Court to Hear Wind-Up Petition on Sept. 2
NEWZEALAND FUSION: Court to Hear Wind-Up Petition on Aug. 23
SYMON HOWELL: Court to Hear Wind-Up Petition on Aug. 19
S I N G A P O R E
QINGJIAN REALTY: Commences Wind-Up Proceedings
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=================
A U S T R A L I A
=================
AJ & JR LYNCH: Second Creditors' Meeting Set for Aug. 18
--------------------------------------------------------
A second meeting of creditors in the proceedings of AJ & JR Lynch
Pty Ltd has been set for Aug. 18, 2022, at 10:30 a.m. via Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 17, 2022, at 5:00 p.m.
Nathan Deppeler and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of the company on July
14, 2022.
BLINT BUILDERS: Collapses Owing AUD1 Million to 50 Creditors
------------------------------------------------------------
News.com.au reports that a Melbourne-based builder has collapsed
with approximately AUD1 million in outstanding debt owed to 50
creditors, according to the liquidators.
The construction firm called Blint Builders went into voluntary
liquidation after news.com.au revealed a number of homeowners were
experiencing a "horrendous" amount of stress as they had poured
hundreds of thousands of dollars into half finished homes that had
sat untouched for months.
Cliff Sanderson from insolvency firm Dissolve has been appointed to
handle Blint Builder's liquidation, news.com.au discloses.
According to the report, Mr. Sanderson said Blint's owner had told
him that the company had "ceased to trade".
"In our conversations with him, which are yet to verified, he told
us there are 50 creditors with approximately AUD1 million in debt
and I expect that number to go up and the money will go up in
excess of that," he told news.com.au.
News.com.au relates that Mr. Sanderson said he was also told that
"half a dozen" homeowners were impacted by Blint's demise, but was
waiting on more information to be supplied by the builder.
According to news.com.au, Blint Builder's office in the Melbourne
suburb of Highett was also seized by the landlord.
Legal documents posted on the front door show the landlord has
executed their right to re-entry, terminating the lease and
demanding all property be removed and the keys be returned.
The legal notice also revealed that Blint Builders owe the landlord
close to AUD14,000 in unpaid rent and rates, the report discloses.
News.com.au adds that Mr. Sanderson said statistically it was rare
for a dividend to be paid to unsecured creditors from a home
builder as they "rarely have any assets".
"Recently released ASIC corporate insolvency statistics reveal that
the construction sector accounted for 28 per cent of all
insolvencies for the June 2022 quarter," the report quotes Mr.
Sanderson as saying.
"Construction is the largest sector in the statistics, second is
accommodation and food with 16 per cent of the total, while 28 per
cent is the highest ever percentage of total insolvencies for
construction, equal with the December 2021 quarter.
"On average going back to 2013, construction makes up 19 per cent
of total insolvencies."
LA TROBE 2022-1: Moody's Assigns B1 Rating to AUD4.5MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited as
trustee of La Trobe Financial Capital Markets Trust 2022-1.
Issuer: La Trobe Financial Capital Markets Trust 2022-1
AUD150.00 million Class A1S Notes, Definitive Rating Assigned Aaa
(sf)
AUD435.00 million Class A1L Notes, Definitive Rating Assigned Aaa
(sf)
AUD56.25 million Class A2 Notes, Definitive Rating Assigned Aaa
(sf)
AUD66.00 million Class B Notes, Definitive Rating Assigned Aa2
(sf)
AUD6.00 million Class C Notes, Definitive Rating Assigned A2 (sf)
AUD12.75 million Class D Notes, Definitive Rating Assigned Baa1
(sf)
AUD7.12 million Class E Notes, Definitive Rating Assigned Ba1
(sf)
AUD4.50 million Class F Notes, Definitive Rating Assigned B1 (sf)
AUD10.50 million Equity 1 Notes are not rated by Moody's
AUD1.88 million Equity 2 Notes are not rated by Moody's
The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by La Trobe Financial Services Pty
Limited (La Trobe Financial, unrated).
La Trobe Financial is an Australian asset manager and mortgage
originator and has been an originator of mortgage loans in
Australia since 1952. As of May 31, 2022, La Trobe Financial had
AUD14.2 billion in total funds under management consisting of a
portfolio of Australian mortgage assets. In June 2022, global asset
manager, Brookfield, acquired a 100% equity stake in the La Trobe
Financial group.
La Trobe Financial has extensive securitisation experience through
its various warehouse funding arrangements and term RMBS
transactions it has completed since 2014. This will be its first
term RMBS transaction for 2022.
RATINGS RATIONALE
The ratings take into account, among other factors, evaluation of
the underlying receivables and their expected performance;
evaluation of the capital structure and credit enhancement provided
to the notes; the availability of excess spread over the life of
the transaction; the liquidity facility in the amount of 1.50% of
the notes balance; the legal structure; the experience of La Trobe
Financial as servicer; and the presence of Perpetual Corporate
Trust Limited as the standby servicer.
According to Moody's, the transaction benefits from various credit
strengths such as the high level of excess spread and that no loans
in the pool have a scheduled LTV above 81%. However, Moody's notes
that the transaction features some credit weaknesses such as the
portion of the portfolio underwritten on an alternative
documentation (alt doc) basis (51.0%), loans granted to
self-employed borrowers (55.5%) and loans secured by investment
properties (42.5%).
Moody's Individual Loan Analysis Credit Enhancement (MILAN CE) for
the collateral pool — representing the loss that Moody's expects
the portfolio to suffer in the event of a severe recession scenario
— is 11.7%. Moody's expected loss for this transaction is 1.1%,
which represents a stressed, through-the-cycle loss relative to
Australian historical data.
The key transactional features are as follows:
While the Class A2 Notes are subordinate to the Class A1S and
Class A1L Notes (collectively the Class A1 notes) in relation to
charge-offs, Class A2 and Class A1L Notes rank pari passu in
relation to principal payments, based on their stated amounts,
before the call option date. This feature reduces the absolute
amount of credit enhancement available to the Class A1L Notes.
Principal collections will be distributed on a sequential basis at
first, with allocation to the Class A1L and Class A2 Notes ranking
pari passu in relation to principal payments before the call option
date. Starting from the second anniversary from closing, all notes
(other than the Equity 1 and Equity 2 notes) may participate in
proportional principal collections distribution, subject to the
step down criteria being satisfied. The step down criteria include,
among others, no unreimbursed charge-offs on any of the notes and
Class A2 note subordination of at least 19.78%. While any of the
other notes are outstanding, the Equity 1 and Equity 2 notes' share
of principal will be allocated in reverse sequential order
according to the turbo principal waterfall.
The servicer is required to maintain the weighted-average interest
rate on the mortgage loans at least at 3.5% above the then current
one-month bank bill swap rate. This generates a good level of
excess spread available to cover losses in the pool.
The key pool features are as follows:
-- There are no loans with a scheduled loan-to-value (LTV) ratio
over 81.0%, however the pool has a relatively high weighted-average
scheduled LTV ratio of 71.8%.
-- Around 55.5% of loans are to self-employed borrowers. The
income of these borrowers is subject to higher volatility compared
with that of salary employed borrowers, and they may experience
higher default rates.
-- Around 51.0% of the loans were extended on an alternative
documentation basis.
-- Loans secured by investment properties represent 42.5% of the
pool.
-- Based on Moody's classifications, around 9.2% of borrowers have
adverse credit histories.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.
LUXURY RETAIL: First Creditors' Meeting Set for Aug. 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Luxury
Retail No3 Pty Ltd will be held on Aug. 22, 2022, at 10:00 a.m. via
virtual meeting.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Aug. 10, 2022.
SANITATION MAINTENANCE: Second Creditors' Meeting Set for Aug. 19
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Sanitation Maintenance Services Pty Ltd
- Seguard SA Commercial Pty Ltd
- Facilities Management Services (Aust) Pty Ltd
- Pollo Group Services Pty Ltd
has been set for Aug. 19, 2022, at 11:00 a.m. via video
conference.
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 Aug. 17, 2022, at 5:00 p.m.
Sam Kaso and Bruno Secatore of Cor Cordis were appointed as
administrators of the companies on July 15, 2022.
SAY GO: First Creditors' Meeting Set for Aug. 19
------------------------------------------------
A first meeting of the creditors in the proceedings of Say Go
Transport Pty Ltd will be held on Aug. 19, 2022, at 11:00 a.m. via
teleconference.
Jarvis Lee Archer of Revive Financial was appointed as
administrator of the company on Aug. 9, 2022.
TIKUN OCEANA: Second Creditors' Meeting Set for Aug. 17
-------------------------------------------------------
A second meeting of creditors in the proceedings of Tikun Oceana
Pty Ltd has been set for Aug. 17, 2022, at 11:00 a.m. via video
conference on 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 Aug. 16, 2022, at 5:00 p.m.
Stephen Earel and Barry Wight of Cor Cordis were appointed as
administrators of the company on July 13, 2022.
=========
C H I N A
=========
BEIJING SIKU: Files for Bankruptcy Amid Waning Consumer Demand
--------------------------------------------------------------
South China Morning Post reports that Secoo, once China's top
online luxury goods retailer, has filed a bankruptcy petition for
the second time this year, showing how difficult it is for some
companies to survive amid waning domestic consumption power in the
country.
Beijing Siku Shangmao Co, the corporate entity of the Nasdaq-listed
company, filed a bankruptcy case with the First Intermediate
People's Court of Beijing Municipality, according to public records
database Tianyancha on Aug. 10, the Post relates.
In January, after several domestic media outlets reported that
Secoo had filed for bankruptcy in Beijing, the company retracted a
petition to wind up, the report relays citing a notice on China's
bankruptcy disclosure platform.
Founded in 2008 by Chinese entrepreneur Richard Li Rixue, the
retailer quickly gained backing from private equity firms. It grew
from a second-hand handbag shop into China's largest luxury goods
exchange for individuals, with a 2017 initial public offering on
Nasdaq raising US$140 million.
Its stock fell to US$0.27 in New York trading on Aug. 10, compared
to a high of US$14.6 four years ago, the Post discloses. Since late
last year, Secoo's shares have been trading below US$1.
On December 17, 2021, the firm received a delisting warning after
its closing bid price for 30 consecutive business days fell below
US$1 per share, Nasdaq's minimum bid price requirement.
Under an initial 180-day grace period, which ended on June 15,
Nasdaq said the company would be officially delisted if its closing
bid price was not above US$1 per share for at least 10 consecutive
business days.
On June 17, the company said Nasdaq had granted it a second 180-day
grace period, until December 12, 2022, to comply with the minimum
bid price requirement.
According to the Post, analysts attributed the company's problems
to several factors. While it caught the early wave of luxury
e-commerce business in China, it also made several business
decisions that deviated from its original mission.
For example, it invested heavily in live streaming, with a
7,000-square-metre facility and dedicated team, and also vowed to
disrupt the luxury resale sector with a blockchain-empowered
authentication service.
Adding to Secoo's internal missteps, demand for luxury goods has
softened, with China's total national retail sales only rising 3.1%
year on year in June.
RADIANCE HOLDINGS: S&P Affirms 'B+' ICR & Alters Outlook to Neg.
-----------------------------------------------------------------
S&P Global Ratings, on Aug. 10, 2022, revised its rating outlook on
Radiance Holdings (Group) Co. Ltd. and Radiance Group Co. Ltd.
(collectively Radiance) to negative. S&P affirmed the 'B+'
long-term issuer credit ratings on the company. S&P also affirmed
its rating on the notes that Radiance issued or guarantees.
The negative outlook indicates that Radiance's leverage as measured
by the ratio of debt to EBITDA could deteriorate from S&P's base
case over the next 12 months because of a steeper decline in margin
and sales.
S&P said, "We revised the outlook to negative because Radiance's
contracted sales are likely to be subdued in 2022 and 2023. This
would lead to slower cash collection and curtail the improvement in
leverage. We forecast the debt-to-EBITDA ratio will increase to
5.8x-6.1x in 2023, after a temporary improvement to 5.1x-5.4x in
2022. The company's leverage will be weaker in 2023 despite a
likely reduction in debt gradually over the period on the back of
its prudent land spending."
S&P affirmed the rating to reflect Radiance's track record of debt
management. The company has been reducing debt since 2019 when the
industry was still in an upcycle. It has also controlled its
debt-funded growth over the past two years by spending about 25% of
contracted sales on land acquisition. Due to the less aggressive
expansion strategy, Radiance did not rely extensively on capital
market debt or trust financing, which typically caused the most
repayment pressure for developers during this industry downturn. As
of Dec. 31, 2021, trust financing accounted for only 6% of the
company's total debt. The lower reliance on trust financing and
reduction in debt also helped lowered Radiance's finance cost.
Radiance's liquidity remains adequate despite a thinner cash
balance. This is because the company's repayment pressure for
capital market maturities is lighter than for peers. Until June-end
2023, Radiance has a Chinese renminbi (RMB) 1.2 billion onshore
bond puttable in November 2022 and a RMB1.4 billion onshore bond
puttable in June 2023. S&P believes the company can meet these debt
obligations with its cash balance, despite the sales slowdown. As
the capital market has tightened repeatedly, Radiance needs to rely
on internal resources to repay bullet debt maturities.
S&P said, "We estimate the company's cash level has continued to
drop--to about RMB15 billion as of June 2022 from RMB19.7 billion
as of year-end 2021--due to the combined effect of about RMB7.3
billion of bond repayments since October 2021 and a slowdown in
sales. We estimate approximately 50% of the cash is unrestricted
and should be able to cover the capital market maturities over the
next 12 months."
Slowdown in contracted sales will weaken Radiance's cash flow
generation. For the first half of 2022, the company recorded
RMB24.4 billion of contracted sales, representing a year-on-year
drop of 56%. S&P believes sales will remain under pressure, given
the loss of confidence from home buyers. In its view, contracted
sales will drop by 30%-35% to RMB60 billion-RMB65 billion in 2022
and remain flat in 2023. As a result, operating cash flow will be
hit, and the company will look to pause land acquisitions to
preserve cash flow until the end of 2022.
S&P said, "We expect Radiance's revenue recognition and margins to
be under pressure. The company's revenue will likely be flat in
2022, before dropping by 13%-15% in 2023 due to the delayed impact
of the slowdown in sales and controlled construction spending. This
is despite Radiance's large backlog of contracted liabilities of
RMB72.5 billion. We also foresee pressure on margins because of
rising land cost in the past years and a reduction in house prices
to promote sales during the industry downcycle.
"Radiance's exposure to joint venture projects and minority
interest partnerships are manageable, in our view. The amount of
external guarantees the company has provided to joint venture
projects dropped to RMB1.4 billion as of year-end 2021, from RMB5.5
billion a year ago. This was because most of the company's joint
venture projects started two to three years ago and have reached
the end stage, with the company actively paying down most of the
bank debt. The amount of joint venture debt related to distressed
developers are insignificant compared to the total debt."
As for projects where Radiance has minority interest, most of the
exposure is to other developers. Projects associated with
distressed developers have either been completed or are toward the
end of construction, and do not require additional funding.
S&P said, "The negative outlook reflects our view that Radiance's
debt-to-EBITDA ratio could deteriorate in the next 12-18 months due
to larger pressure on margins and slower revenue recognition. The
company's liquidity buffer could also reduce due to lower cash
generation.
"We may downgrade Radiance if its consolidated debt-to-EBITDA ratio
increases to more than 6.5x or if its look-through debt-to-EBITDA
ratio rises above 6.0x. Leverage could deteriorate if revenue
recognition and margins are weaker than our expectation, or if debt
level is not strictly controlled.
"We may also lower the rating if Radiance's liquidity weakens with
cash levels dropping further. This could arise from slower sales
and cash collection, weaker funding access, or more cash being
trapped at pre-sale escrow accounts.
"We may revise the outlook to stable if Radiance can maintain a
consolidated debt-to-EBITDA ratio of less than 6.5x and
look-through debt-to-EBITDA ratio of less than 6.0x on a
sustainable basis. This could be due to significant improvement in
sales, and steadily improving operations and project recognition.
Radiance would also have to restore its liquidity buffer and
funding access, such that it increases its ability to weather the
industry downturn. This could be indicated by a stabilized cash
balance and successful refinancing of its debt maturities."
Environmental, Social, And Governance
ESG credit indicators: E-3, S-2, G-3
S&P said, "Environmental and governance factors are moderately
negative considerations in our credit rating analysis of Radiance.
As a Chinese developer focusing on residential housing development,
Radiance faces environmental risk arises from tightening
regulations on greenhouse gas emissions, as well as on waste and
pollution, which create additional operational procedures to the
building process and increase construction costs. Governance
factors constraining Radiance are its board structure, with strong
influence from controlling shareholder Lam Ting Keung and his wife,
who own 84% of the company."
=========
I N D I A
=========
ALIN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alin Cashews
(AC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 1 CRISIL D (Issuer Not
Purchase Cooperating)
Packing Credit 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AC for
obtaining information through letters and emails dated April 20,
2022 and June 09, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AC
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up as a partnership firm in 2006, AC processes raw cashew nuts
and sells cashew kernels. AC operates 7 facilities in Kollam,
Kerala with capacity to process around 10 tonnes of cashew kernel
per day. The operations are managed by the partners Mr Shihanshah
and Mrs Shiny Shihanshah.
AMAN CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Aman Construction.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL A4 (Reaffirmed)
Cash Credit 5 CRISIL B+/Stable (Reaffirmed)
Term Loan 0.8 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect the firm's modest scale of
operations and average financial risk profile. These weaknesses are
partially offset by the extensive experience of the partners in the
construction industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Intense competition constrains
scalability, as reflected in estimated revenue of INR32.4 crore in
fiscal 2022, and operating flexibility.
* Average financial risk profile: Gearing and total outside
liabilities to adjusted networth ratio were high at 4.53 times and
8.32 times, respectively, as on March 31, 2021. Debt protection
metrics were subdued owing to high gearing and low cash accrual.
Interest coverage and net cash accrual to total debt ratios were
1.36 times and 0.04 time, respectively, in fiscal 2021,and are
expected at similar levels over the medium term.
Strength:
* Extensive experience of the partners: The partners have
experience of around two decades in the construction industry.
Their expertise, understanding of market dynamics and healthy
relationships with suppliers and customers will continue to support
the business.
Liquidity Stretched
Bank limit utilization was high at 94.7% on average during the 12
months through June 2022. Expected cash accrual of INR0.95 crore
per annum over the medium term will sufficiently cover yearly term
debt obligation of INR0.6 crore. The current ratio was 1.13 times
as of March 31, 2021. Estimated current ratio as of March 21, 2022
is about 1.1 times.
Outlook Stable
CRISIL Ratings believes Aman Construction will continue to benefit
from the extensive experience of the partners and established
relationships with clients.
Rating Sensitivity factors
Upward factors
* Increase in revenue by more than 25% and rise in operating
margin
* Improvement in the capital structure
Downward factors
* Decline in cash accrual by more than 20%
* Increase in working capital requirement
Based in Bhuj, Gujarat, Aman Construction undertakes civil
construction works, such as construction of buildings, roads, dams,
pipelines and sump. The partners, Mr Manoj C Joshi and Mr Sandip M
Joshi, manage the operations.
ANAND RICE: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the rating of Anand Rice Mills in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 39.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
ARM is involved in the business of milling basmati rice. The
company has a processing unit with a capacity of 8 tonne per hourat
Nissing (Karnal, Haryana). The company caters to both domestic and
export markets.
ANNAPOORANI YARNS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Annapoorani Yarns in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.90 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long Term- 3.39 [ICRA]D; ISSUER NOT COOPERATING;
Term Loan Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term/ 0.71 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated 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.
Annapoorani Yarns is primarily engaged in the trading of textile
yarn and fabric, for garments. The operations of the firm are
managed by Mr. R Jayachandran. The Entities product profile
includes 100% Cotton, Polyester and Blended Yarns, Melange Yarns
and Fabrics.
BILPOWER LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bilpower
Limited (Bilpower) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 90 CRISIL D (Issuer Not
Cooperating)
Letter of credit
& Bank Guarantee 80 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Bilpower for
obtaining information through letters and emails dated May 31, 2022
and June 30, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Bilpower, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Bilpower is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Bilpower continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Bilpower, incorporated in 1989, manufactures transformer
laminations. It has manufacturing units at Vadodara (Gujarat),
Silvassa (Dadra and Nagar Haveli), Kanchad (Maharashtra), and
Roorkee (Uttarakhand).
CARONA KNIT: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Carona
Knit Wear in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.96 [ICRA]D; ISSUER NOT COOPERATING;
Term Loans Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 0.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Facilities 'Issuer Not Cooperating'
Category
Short-term 15.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Continues to remain under the
Facilities '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.
Carona Knit Wear was incorporated in the year 2006 by Mr. K.
Swaminathan and the entity was primarily engaged in manufacture and
export of garments. The entity had integrated production facilities
ranging from knitting, compacting, printing, stitching and
embroidery. The product profile of the Firm included babies wear
and kids wear.
CONSOLIDATED SHIPPING: CRISIL Withdraws B+ LT/ST Loan Rating
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Consolidated Shipping Line
India Private Limited (CSLIPL) to 'CRISIL B+/Stable/CRISIL
A4/Issuer not cooperating'. CRISIL Ratings has withdrawn its rating
on bank facility of CSLIPL following a request from the company and
on receipt of a 'no dues certificate' from the banker.
Consequently, CRISIL Ratings is migrating the ratings on bank
facilities of CSLIPL from 'CRISIL B+/Stable/CRISIL A4/Issuer Not
Cooperating to 'CRISIL B+/Stable/CRISIL A4'. The rating action is
in line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING;
Rating Withdrawn)
Short Term Rating - CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING; Rating Withdrawn)
Analytical Approach
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of CSL and its associate
entity, Anchorage Shipping. This is because the two entities,
together referred to as the CSL group, operate in the same line of
business, and have common promoters, business synergies, and
fungible cash flows.
CSLIPL, set up in 2002, provides logistics services related to sea
freight; Anchorage Shipping, set up in 1997, provides logistics
services related to air freight. The group's services include
freight forwarding, customs clearance, transportation services, and
express air cargo services among others. It is based in Kochi
(Kerala). The group has its operations in Kochi, Tiruppur,
Tuticorin, Coimbatore (all three in Tamil Nadu), Chennai, Mumbai,
Kolkata, Bengaluru, New Delhi, and Hyderabad.
DEEPAK CABLES: CRISIL Keeps D LT/ST Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deepak Cables
India Limited (DCIL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with DCIL for
obtaining information through letters and emails dated April 30,
2022 and June 30, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DCIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DCIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DCIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of DCIL and its subsidiary
Adhunik Power Transmission Ltd (APTL). This is because these
companies are managed by the same promoters and have high financial
fungibility.
DCIL primarily manufactures power conductor cables and executes EPC
(engineering, procurement, and construction) contracts in the power
transmission and distribution segment. In 2011, the company
acquired APTL, which has tower manufacturing facilities at
Jamshedpur, Jharkhand.
The Corporate Insolvency Resolution Process was initiated against
DCIL by an order dated August 23, 2018, of the National Company Law
Tribunal (NCLT). Further NCLT, through an order dated July 4, 2019,
has appointed a liquidator for sale of assets owned by the company
and liquidation is under process.
FUTURE RETAIL: Lenders Appoint BDO India for Forensic Audit
-----------------------------------------------------------
The Economic Times of India reports that lenders led by Bank of
India have appointed BDO India to conduct a forensic audit of
Future Retail, which is facing insolvency proceedings, said two
people with knowledge of the matter.
According to the report, Kishore Biyani-led Future Retail had
attempted to stave off bankruptcy by selling its companies to
Reliance Industries' retail unit. Creditors did not approve the
deal and the company was admitted to the National Company Law
Tribunal for insolvency proceedings after it defaulted on INR3,495
crore debt.
Market regulator Securities and Exchange Board of India too has
last week appointed chartered accountants Chokshi & Chokshi to
conduct a forensic audit of Future Retail, ET notes.
ET relates that lenders said they wanted an independent assessment
of the loan account since they would not have access to the Sebi
report. Secondly, the finance ministry has mandated lenders to
conduct a forensic audit of non-performing loan accounts where the
exposure is over INR50 crore, said a lender.
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer. According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.
GAJANAN SOLVEX: CRISIL Lowers Rating on INR25cr Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Gajanan Solvex Limited
(GSL; part of Gajanan group) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating'; as the company
continues to have delays in debt servicing.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Cash Credit 15 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Cash Credit 20 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Term Loan 16 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
CRISIL Ratings has been consistently following up with GSL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GSL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSL
is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'; as the
company continues to have delays in debt servicing. CRISIL Ratings
has came to know from public sources that the company continues to
delay the payments to financial creditor- and account has been
classified as substandard.
About the Group
Gajanan Oil Pvt Ltd (GOPL) is a part of the Gajanan group and is
promoted by Mr Nitin Jadhav and his family. The company extracts
soya and wash cotton seed oil, and refines soya, cotton and palm
oils. GOPL was incorporated in December 2015 to undertake expansion
of the brown field project acquired from Bhaskar Foods Pvt Ltd of
the Dainik Bhaskar group.
GSL is a closely held public-limited company set up in 2010. It
extracts oil from cotton seeds and soya and also sells the
by-products, husk, DOC and lint to varied industries. The company
has its plant in Buldhana.
Gajanan Industries Limited (GIL) is a closely held public-limited
company set up in 2007. It refines cotton and soya oil into edible
oil in its facility in Buldhana. NOAL is a traditional oil mill
that manufactures edible oil.
Gajanan Gangamai Industries LLP (GGIL) is a partnership concern
incorporated in 2014 that extracts oil from soya seed and sells
by-product, DOC, to varied industries. GGIL has its plant at
Hingoli.
The group is managed by Mr Nitin Jadhav and his family.
GOLD STAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gold Star
Steels (P) Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
'Issuer Not Cooperating'
Category
Non-fund 1.50 [ICRA]D ISSUER NOT COOPERATING;
Based–Bank Rating continues to remain
under
Letter of 'Issuer Not Cooperating’
Credit Category
Non-fund 1.00 [ICRA]D ISSUER NOT COOPERATING;
Based–Bank Rating continues to remain
under
Guarantee 'Issuer Not Cooperating’
Category
Non Fund 0.50 [ICRA]D; ISSUER NOT COOPERATING;
Based-Others Rating continues to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
GSSPL was incorporated in 1992 by the Raipur-based Agarwal family.
However, the company has been taken over by the
Vaswani family in the recent past. GSSPL has facilities for
manufacturing high tension steel (HTS) wire, inserts and insulated
caps.
IDEAL MOVERS: CRISIL Migrates Rating on INR175.65cr Loan to B-
--------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Ideal Movers Private Limited
(IMPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the company's management has started sharing the requisite
information for a comprehensive review of the rating. Consequently,
CRISIL Ratings is migrating the ratings to 'CRISIL B-/Stable/CRISIL
A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.50 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Bank Guarantee 5.75 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Cash Credit 13 CRISIL B-/Stable (Migrated
from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
Cash Credit 101 CRISIL B-/Stable (Migrated
from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
Proposed Fund- 175.65 CRISIL B-/Stable (Migrated
Based Bank Limits from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
Term Loan 15.10 CRISIL B-/Stable (Migrated
from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
The rating reflects deterioration in the financial risk profile and
liquidity profile of IMPL. The liquidity will remain under pressure
over the medium term on account of the group's large term loan
obligations and stretch in its working capital cycle. Continuous
stretch in the receivables period has resulted in an increase in
IMPL's gross current assets estimated at 557 days as on March 31,
2022 (468 days a year earlier). The downgrade also reflects
deterioration in IMPL's business risk profile; operating income
declined to INR136.14 crore in fiscal 2022 from INR178.57 crore in
the previous year. The management's commitment of retaining
unsecured loans extended to the group and continued timely funding
support has been a key consideration in the present rating
exercise.
The ratings continue reflect the company's moderate business risk
profile and established relations with customers. These strengths
are partially offset by customer concentration risk in revenue,
large working capital requirement, and aggressive capital
structure.
Analytical Approach
The unsecured loan from promoters of INR166 crore as on
March 31, 2022, has been treated as NDNE.
Key Rating Drivers & Detailed Description
Weaknesses:
* Deteriorating Financial Risk Profile: The financial Risk Profile
has been deteriorating over the last few years due to fall in
revenues leading to losses and negative accruals. The adjusted
networth was modest estimated at INR24.37 crore as on March 31,
2022 (INR36.93 crore a year earlier), weak debt protection metrics
with interest coverage at 0.96 times and NCA/AD of 0.01 for fiscal
2022. Moreover, the adjusted gearing remains high estimated at 6.99
times in fiscal 2022. The financial risk profile is expected to
weaken even further over the medium term in tandem with fall in
revenues.
* Large working capital requirement: Working capital requirement is
large due to the high credit extended to large clients, which also
delay payments. Gross current assets were around 557 days as on
March 31, 2022, driven by debtors of about 513 days.
Strengths:
* Moderate business risk profile: The group has implemented an
asset-heavy business model by increasing the proportion of owned
vehicles against very few hired ones. Additionally, diversification
into specialised operations, such as car-carrying, crane rental,
and project-related logistics, has supported operating margin.
Car-carrying operations require customised vehicles, which are
difficult to hire. A large owned asset base provides better
efficiencies, reduces lease costs, and enhances profitability.
* Established relations with customers: The management's experience
of around 18 years in the logistics services industry has helped
establish strong relations with customers. Clientele includes
players such as the Essar group, Tata Steel Ltd, and JSW Steel Ltd,
Welspun in the steel transportation division, Tata Motors Ltd,
Hyundai Motor India Ltd, and Mahindra & Mahindra Ltd in
car-carrying services segment and L&T in the crane rental
division.
Liquidity: Poor
Bank limit utilization is high at 89.3 percent for the past twelve
months ended March 2022. Cash accrual are expected to be
insufficient against term debt obligation of INR12.21 crore over
the medium term. However, the company has support from promoters in
form of unsecured loans of INR165 crore as on 31st March,2022 and
has the ability to raise short term refinancing against its fleet
of vehicles.
Outlook: Stable
CRISIL Ratings believes that the Ideal Movers group's liquidity
will remain constrained over the medium term because of large
working capital requirements and debt obligations vis-a-vis
accruals.
Rating Sensitivity Factors
Upward Factors
* Increase in scale of operations resulting in profit at PAT
levels, and cash accruals in excess of INR12 crores
* Improvement in debtor realization with GCA days reducing below
250 days
Downward Factors
* Further stretch in debtors leading to GCA more than 600 days
* Deterioration in business risk profile leading to networth below
INR20 crores.
Kolkata-based Ideal Movers group is headed by Mr Srawan Kumar
Himatsingka (chairman) and his son, Mr Nakul Himatsingka. It was
set up in 1995, and commenced operations in 2000 with its
transportation business. It mainly transports steel and related
materials.
KALPAK INDUSTRIAL: CRISIL Lowers Rating on INR5.0cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Kalpak Industrial
Technologies (India) Private Limited (KITIPL) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Term Loan 5.0 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Term Loan 2.5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Term Loan 4 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Term Loan 5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with KITIPL for
obtaining information through letters and emails dated April 29,
2022, and May 30, 2022, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-co-operation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KITIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
KITIPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The
downgrade reflects continued delay in debt servicing over the last
few months. The company has delayed the interest payment of cash
credit and term debt repayment obligation for last four-five months
and there are continuous overdrawal in the working capital
facility.
Incorporated in 1996, KITIPL is engaged in manufacturing of
machined components and special types of fasteners such as
automotive components, stud and anchor bolts. Based in Maharashtra,
the company is owned and managed by Mr Prasad Kolte.
KESHAV ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keshav
Enterprises (KE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 11 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KE for
obtaining information through letters and emails dated April 20,
2022 and June 08, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KE
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
KE was set up in 2006 as a proprietorship firm by Mr. Vikrant
Prajapati. The firm is engaged in ship-breaking and trading of
scrap metal. It started operations with trading of scrap metal
procured from other ship-breakers; in 2012-13, it procured its
first ship for breaking.
L.C. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings of L.C. Foods Limited in the 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 5.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Bank Guarantee '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.
LCF was originally incorporated as a private limited company in
2003 by Mr. Shobhit Kesarwani and his family members. In 2006, it
was reconstituted to public limited, and the company's name was
changed to L.C. Foods Limited. The company is engaged in processing
wheat and mainly manufactures maida. The company has an installed
capacity of 72000 tonnes per annum. Its milling unit is in
Allahabad, U.P.
LAXMI ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Laxmi
Enterprises (SLE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.25 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4.75 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SLE for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLE continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SLE was established as a partnership firm in 2004 by Mr. Omprakash
Agarwal and his family members. It gins and presses raw cotton at
its ginning unit in Adilabad. It currently has four partners: Mr.
Amit Agarwal, Mr. Omprakash Agarwal, Ms. Arti Agarwal, and Ms. Usha
Agarwal.
LIMTEX AGRI: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Limtex
Agri Udyog Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 25.00 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
'Issuer Not Cooperating'
Category
Non-fund 0.50 [ICRA]D ISSUER NOT COOPERATING;
Based–Bank Rating continues to remain
under
Guarantee 'Issuer Not Cooperating’
Category
Non-fund 8.00 [ICRA]D ISSUER NOT COOPERATING;
Based–Bank Rating continues to remain
under
Letter of 'Issuer Not Cooperating’
Credit 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.
Limtex Agri Udyog Limited (LAUL) is a part of the Kolkata-based
Limtex group, which has interests in tea, biscuits and information
technology. LAUL concentrates on the production of CTC variety of
tea as well as blending and trading of tea. Apart from production
of CTC tea, the company also carries out purchasing of premium
quality tea to blend with its lower grade of bought leaf production
to enhance the quality of the blended tea.
MAGENTA DISTRIBUTORS: CRISIL Moves B Rating from Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Magenta Distributors Private
Limited (MDPL) to CRISIL B/Stable Issuer Not Cooperating'. However,
the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL Rating is migrating the rating on
bank facilities of MDPL from 'CRISIL B/Stable Issuer Not
Cooperating' to 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Cash Credit 4 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 2.53 CRISIL B/Stable (Migrated from
Bank Loan Facility 'CRISIL B/Stable ISSUER NOT
COOPERATING')
Term Loan 2.4 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Term Loan 0.9 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
CRISIL's Ratings continues to reflect the company's small scale of
operations amidst intense competition, its modest financial risk
profile and vulnerability to volatility in raw material prices,
uncertainty regarding monsoon, and changes in regulations. These
weaknesses are partially offset by the extensive experience of the
promoters in processing and trading of agro-commodities.
Key Rating Drivers & Detailed Description
Weaknesses:
* Small scale of operations amid intense competition: Scale of
operations remains modest, despite growth in revenue. Intense
competition in the rice and flour milling industry, and limited
value addition may continue to restrict scalability over the medium
term.
* Vulnerability to volatility in raw material prices, uncertainty
of monsoon, and change in regulations: Yield of the paddy and wheat
crops depends on the monsoon and access to irrigation facilities.
Hence, the company remains susceptible to any shortage in paddy or
price fluctuations caused by unfavourable climatic conditions.
* Modest financial risk profile: Financial risk profile is marked
by modest networth and high gearing estimated at INR4.61 crore and
2.14 times, respectively, as on March 31, 2021. Debt protection
metrics were also weak, as indicated by interest coverage and net
cash accrual to total debt ratio estimated at 2.33 times and 0.13
times, respectively, for fiscal 2022. Though debt repayment and
steady accretion to reserves should help gearing improve, debt
protection metrics will remain modest over the medium term.
Strength:
* Extensive experience of the promoters in the agro-commodity
business: The two-decade-long experience of the promoters in the
agro-commodity business and their healthy relationships with
customers and suppliers will continue to support the business risk
profile.
Liquidity-Stretched
Liquidity remains stretched due to high bank limit utilisation and
low cash accrual. Bank limit utilisation averaged 99% over the six
months ended May 31, 2022. Expected cash accrual of INR1.3-1.75
crore, though low, should suffice to cover the maturing debt of
INR0.7-0.8 crore over the medium term.
Outlook Stable
CRISIL Ratings believes MDPL will continue to benefit from the
extensive experience of its promoters in the agro-commodity
business.
Rating Sensitivity factors
Upward factors
* Sustained growth in revenue and stable operating margin, leading
to higher cash accrual over INR2 crore
* Better working capital management.
Downward factors
* Sustained decline in operating margin by over 20 basis points
leading to lower net cash accrual
* Any large, debt-funded capital expenditure, weakening the capital
structure
* Substantial increase in working capital requirement, constraining
financial profile, especially liquidity.
MDPL was set up in 2009, by the promoters, Mr Sanjeev Agarwal, Mr
Sudip Kumar Sil and Mr Subham Agarwalla. The Kolkata-based company
processes wheat and rice. The flour mill at Hooghly, West Bengal,
produces atta, maida, suji, and wheat bran. The rice mill is
located in Howrah, West Bengal.
NANGALI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Nangali
Rice Mills Private Limited (SNRL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 36 CRISIL D (Issuer Not
Cooperating)
Cash Credit 18 CRISIL D (Issuer Not
Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SNRL for
obtaining information through letters and emails dated April 20,
2022 and June 27, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SNRL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNRL continues to be 'CRISIL D Issuer Not Cooperating'.
SNRL was established in 2004 by Mr. Anil Aggarwal and his brothers,
Mr. Vijay Aggarwal and Mr. Satish Aggarwal, in Gurdaspur, Punjab.
The company mills and markets rice, mainly basmati rice, under its
Sri Nangali, Raj Mahal, White, and Swami brands. It is managed by
the three Aggarwal brothers, and their nephew, Mr. Manoj Aggarwal.
NEC ROTOFLEX: CRISIL Reaffirms B+ Rating on INR8.27cr Term Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Nec Rotoflex Packaging Corporation Ajc
Unit (NRPCAU).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.10 CRISIL B+/Stable (Reaffirmed)
Term Loan 8.27 CRISIL B+/Stable (Reaffirmed)
Working Capital
Demand Loan 1.77 CRISIL B+/Stable (Reaffirmed)
The rating reflects the firm's small scale of operations, presence
in a highly fragmented industry, large working capital requirement
and below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the proprietor in
the packaging industry.
Key Rating Drivers & Detailed Description
Strengths:
* Extensive experience of the proprietor: The four-decade-long
experience of the proprietor, his strong understanding of the
market dynamics and healthy relationships with suppliers and
customers will continue to support the business.
Weaknesses:
* Small scale of operations: The firm has a limited track record,
as it was established only in 2018. Consequently, scalability is
constrained, as reflected in revenue of INR6.85 crore in fiscal
2022. Successful stabilisation of operations and ramp-up in revenue
and profitability will remain key rating sensitivity factors.
* Presence in a highly fragmented industry with limited size: High
fragmentation limits the pricing flexibility and bargaining power
of the players. Also, threat from large integrated players in the
form of capacity additions limits growth. Small initial investment
and low complexity of operations have resulted in the existence of
innumerable entities, much smaller in size, leading to intense
competition.
* Large working capital requirement: Gross current assets were
around 413 days as on March 31, 2022, driven by receivables of
around 93 days and inventory of 263 days. The firm is required to
extend a long credit period. The working capital requirement is
partly supported by extended credit from the suppliers of 92 days
and rest through working capital debt.
* Below-average financial risk profile: Financial risk profile is
constrained by a small networth of INR4.19 crore and high gearing
of 2.88 times as on March 31, 2022. Debt protection metrics are
average with interest coverage ratio of 1.85 times and net cash
accrual to total debt ratio of 0.05 time for fiscal 2022.
Liquidity: Stretched
Bank limit utilisation is low at around 4.24 percent for the past
twelve months ended February 2022. Cash accruals are expected to
be over INR1.16 cr which are sufficient against term debt
obligation of INR0.98 lakh over the medium term. In addition, it
will be act as cushion to the liquidity of the company. Current
ratio is healthy at 4.1 times on March 31, 2022.
Outlook: Stable
NRPCAU will continue to benefit from the proprietor's extensive
experience and healthy relationships with clients.
Rating Sensitivity factors
Upward factors
* Sustained increase in revenue and stable operating margin leading
to cash accrual of more than INR2.5 crore
* Efficient working capital management leading to improvement in
GCA days.
Downward factors
* Decline in revenue and profitability leading to cash accrual of
less than INR1 crore
* Stretched working capital cycle, impacting financial risk
profile
Established in October 2018 as a proprietorship firm of Ms Promila
Gupta, NRPCAU has recently set up a food processing unit for fruit
concentrate, apple juice concentrate and carrot juice, among
others. It started commercial operations in fiscal 2021. The
manufacturing unit is in the Una district of Himachal Pradesh.
PROMPT PULP: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prompt Pulp
And Fibers Private Limited (PPFPL) continue to be 'CRISIL C Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.25 CRISIL C (Issuer Not
Cooperating)
Long Term
Bank Facility 5.25 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PPFPL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PPFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PPFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PPFPL continues to be 'CRISIL C Issuer Not Cooperating'.
PPFPL was set up in 2006 by Mr. Anand Dayama, Mrs. Renu Agarwal,
Mr. Vijay Agarwal, and their family members. The company
manufactures tissue, napkin, and poster papers. It commenced
operations in 2014 at its plant in Medak district, Telangana.
R.L. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the rating of R.L. Agro Foods Pvt. Ltd.
(erstwhile R.L. Foods) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 65.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
RLF is involved in the business of milling basmati rice. The
company has a processing unit with a capacity of 16 tonne per hour
at Nissing (Karnal, Haryana). The company caters to both domestic
and export markets. Out of the total sales in FY2017, ~20% was
contributed by export sales and the rest by domestic market sales.
RASH BUILDERS: CRISIL Assigns B Rating to INR12cr Loans
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Rash Builders India Private Limited (RBIPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Secured Overdraft
Facility 11.4 CRISIL B/Stable (Assigned)
Working Capital
Term Loan 0.6 CRISIL B/Stable (Assigned)
The rating reflects RBIPL's susceptibility to tender-based
operations, modest scale of operation, working capital intensive
operations. These weaknesses are partially offset by its extensive
industry experience of the promoters and healthy order book and
moderate financial risk profile along with healthy networth.
Key Rating Drivers & Detailed Description
Weakness:
* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a moderate level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
margin through operating efficiency becomes critical.
* Modest scale of operation: RBIPLs business profile is constrained
by its scale of operations in the intensely competitive Civil
Construction industry. RBIPL booked revenues of 6.79 crores in
fiscal 2022 and improvement in the same will remain a key
sensitivity factor.
* Working capital intensive operations: Gross current assets were
at 2020-3322. days over the three fiscals ended March 31, 2022. Its
intensive working capital management is reflected in its gross
current assets (GCA) of 2020. days as on March 31, 2022, as against
over 175 days GCAs of some of its peers. It's large working capital
requirements arise from its high debtor and inventory levels.
Stretched debtors have been due to the ongoing arbitration wherein
debtors to a tune of INR18 crores have been awarded in its favor
and the same is expected to get realized in the current fiscal. It
is required to extend long credit period. Furthermore, due to its
business need, it holds large work in process & inventory.
Strength
* Extensive industry experience of the promoters along with healthy
order book: The promoters have an experience of over 40 years in
civil construction industry. This has given them an understanding
of the dynamics of the market and enabled them to establish
relationships with suppliers and customers. The revenues had
stagnated in the previous years owing to external factors such as
law & order situation followed by COVID-19 pandemic. Further the
company has a strong order book of 92.05 crores as on Jan 2022
which clearly indicates revenue visibility in the medium term.
* Moderate financial risk profile along with healthy networth:
Gearing was healthy at 0.22 time and networth stood at healthy
levels at around INR64.54 crore as on March 31, 2022. Further, debt
protection metrices are estimated to remain on healthy levels
marked by interest coverage of more than 2 times and net cash
accrual to adjusted debt ratio of 0.05 time in the medium term.
Liquidity: Stretched
* Bank limit utilization is high at around 99.99 percent for the
past twelve months ended May 2022. Cash accruals are expected to be
over INR0.70-1 crore which are sufficient against term debt
obligation of INR0.50 crore over the medium term. Current ratio is
healthy at 2.77 times on March31, 2022.
Low gearing and moderate net worth support its financial
flexibility and provides the financial cushion available in case of
any adverse conditions or downturn in the business.
Outlook Stable
CRISIL Ratings believe RBIPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.
Rating Sensitivity factors
Upward factor
* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals
* Improvement in working capital cycle
Downward factor
* Decline in scale of operations leading to leading to net cash
accrual lower than INR4 crores
* Large debt-funded capital expenditure or substantial increase in
its working capital requirements thus impacting its liquidity &
financial profile
Rash Builders (Partnership Firm) was established as 'A' Class
Contractor in the year 1981, and was incorporated as Rash Builders
India Private Limited (RBIPL) in the year 2008. Since 1981, it has
been engaged in civil construction and EPC works such as
construction of roads, bridges, railway bridges, tunnels, hydro
power projects and other related infrastructure works for clients
such as National Hydro Electric Power Corporation, Ircon
International Limited and other government entities in Jammu and
Kashmir.
RELIANCE CAPITAL: Loss Narrows to INR491.40cr in Qtr Ended June 30
------------------------------------------------------------------
Business Standard reports that Reliance Capital on Aug. 9 reported
narrowing of its consolidated net losses to INR491.40 crore in the
quarter ended June 2022. The company which is undergoing
insolvency process had reported a net loss of INR1,006 crore in the
year-ago quarter ended June 2021.
Reliance Capital had reported losses of INR4,249.20 crore in the
previous quarter ended March 2022, the report notes.
Total income of the company fell to INR3,604.39 crore in April-June
2022-23 from INR4,447.52 crore in the same quarter of 2021-22,
Reliance Capital said in a regulatory filing, Business Standard
relays.
Total expenses in Q1FY23 stood at INR4,067.53 crore as against
INR5,261.14 crore in the year-ago period.
The Reserve Bank in November 2021 superseded the board of Reliance
Capital (RCap) due to its weak financial position and debt
defaults. It subsequently appointed an administrator to run the
day-to-day affairs of the company.
RCap said it is undergoing the Corporate Insolvency Resolution
Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 and
the Financial results for the quarter ended June 30, 2022 has been
prepared on going concern assumptions.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.
In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.
Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.
In February this year, RBI appointed administrator invited EoIs for
sale of Reliance Capital assets and subsidiaries.
SHANTI NIKETAN: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shanti
Niketan Trust (SNT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 0.65 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.53 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SNT for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SNT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNT continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SNT was set up in 2008 in Meerut and offers courses in engineering,
MBA, Post Graduate Diploma in Management (PGDM), and polytechnic.
The trust has sanctioned capacity of 1000 students (360 in bachelor
of technology, 120 in PGDM, 120 in MBA, 300 in polytechnic, and 100
in bachelor of education) and is affiliated to Mahamaya Technical
University.
SHRIMATI URMILA: CRISIL Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shrimati
Urmila Devi Mehgaiya Paropkari Trust (SUDMPT) continue to be
'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL A4 (Issuer Not
Cooperating)
Term Loan 1 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SUDMPT for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SUDMPT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SUDMPT is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SUDMPT continues to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.
SUDMPT, formed in 2003, were managing a veterinary college, Mahatma
Gandhi Veterinary College, in Bharatpur (Rajasthan). Mr. B D Gupta
is president of the college. However, the operations are suspended
as the college has been derecognized in 2011. The trust is in the
process of obtaining fresh recognition.
SIDDHI VINAYAK: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siddhi
Vinayak Alloys (SVA) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.4 CRISIL D (Issuer Not
Cooperating)
Term Loan 4.6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVA for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVA continues to be 'CRISIL D Issuer Not Cooperating'.
SVA was set up as a partnership firm of Mr Jigar Patel and his
family, in September 2014. The Mehsana (Gujarat)-based firm has
been formed to manufacture mild steel castings for engineering
companies.
SIMBHAOLI SUGARS: SBI Drags Firm to Bankruptcy Over INR395cr Loan
-----------------------------------------------------------------
The Economic Times of India reports that State Bank of India has
dragged Simbhaoli Sugars to bankruptcy over a INR395 crore loan,
according to people briefed on the matter.
The company markets sugar under the Trust brand and has a pan-India
distribution set up. It also exports its products to the Middle
East, Southeast Asia and Africa.
According to the report, SBI has claimed at the National Company
Law Tribunal (NCLT) that it tried to restructure Simbhaoli Sugars'
loans in 2015 but the company was still unable to service the
debt.
Simbhaoli Sugars has been a defaulter since November 1, 2018,
according to SBI. NCLT has not heard the case and it has not
admitted the company for bankruptcy proceedings so far, ET
relates.
The listed company has manufacturing units at Simbhaoli, a village
in Uttar Pradesh's Hapur district.
The company also has an ethanol manufacturing business. The company
established its first sugar mill in 1933. The affairs of the
company are helmed by Gursimran Kaur Mann. It has a turnover of
around INR2,000 crore, ET discloses.
ET adds that Simbhaoli Sugars had informed stock exchanges on Aug.
5 that a case had been filed by State Bank of India at NCLT under
the insolvency code. It had not provided details of the case.
Simbhaoli Sugars, one of the largest sugar mills in India, has
sugar units in Uttar Pradesh and Gujarat.
SREI GROUP: Three Bidders Submit Resolution Plans
-------------------------------------------------
Business Standard reports that Srei group firms, which are
undergoing bankruptcy proceedings, received three bids on Aug. 11
the last date for submission, said sources.
According to the report, sources said Arena Investors LP and VFSI
Holdings, an affiliate of Varde Partners, were among those who
submitted plans. Response to e-mails sent to Arena and Varde were
awaited at the time of filing the report, the report notes. The
bids would be scrutinised by the Committee of Creditors (CoC) for
compliance.
Business Standard says the bid submission comes about four months
after prospective applicants submitted their expression of interest
(EOI). About 13 entities had shown interest.
SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.
On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times. The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.
The insolvency resolution process against the company started on
Oct. 8, 2021.
STURDY INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings of Sturdy Industries Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 127.69 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 41.79 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 74.18 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
Long-term/ 1.34 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated 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 July 1989, SIL manufactures aluminium cables and
conductors along with plastic pipes and drip irrigation systems.
The company has three manufacturing facilities at Baddi (Himachal
Pradesh), Kamrup (Assam) and Parwanoo (Himachal Pradesh). The
company is managed by the Gupta family, namely Mr. Mohan Lal Gupta,
Mr. Ramesh Gupta and Mr. Amit Gupta. SIL's equity shares are listed
on the Bombay Stock Exchange.
TECHNO INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Techno
India in the 'Issuer Not Cooperating' category. The ratings is
denoted as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 9.00 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Fund Based– 16.00 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit 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.
Techno India (TI) was established in 2001 as a trust in Kolkata,
West Bengal and manages three colleges offering under and post
graduate courses across engineering, management and computer
application. TI also manages eight primary and secondary level
schools. Techno India College is the flagship college of the trust
contributing significant proportion of the total fee income of the
trust.
=========
J A P A N
=========
TOSHIBA CORP: Posts JPY4.8BB Operating Loss in Q1 Ended June 30
---------------------------------------------------------------
Reuters reports that Toshiba Corp. on Aug. 10 posted an unexpected
operating loss in the first quarter as it grappled with a sharp
rise in logistics and raw material costs as well as a global chip
shortage.
According to Reuters, Chief Financial Officer Masayoshi Hirata told
reporters that the conglomerate's first quarterly loss in two years
came amid jumps in prices for steel, copper as well as components
sourced from suppliers.
"We have been able to only offset about half the impact of higher
materials and logistics costs with price hikes," he said.
Its JPY4.8 billion ($35.6 million) loss in April-June compares with
a profit of JPY14.5 billion a year earlier and a Refinitiv
consensus estimate for a JPY19.4 billion profit, Reuters discloses.
Analysts had expected the conglomerate to benefit more from
weakness in the yen.
Low margins for power-related projects also weighed on its earnings
and while Toshiba makes some types of semiconductors, it needs to
procure other types used in its electronics and other products from
elsewhere.
Toshiba, however, stuck with its annual profit forecast for a 7%
rise to JPY170 billion, saying it aims to pass on more costs in
product prices, Reuters says.
The scandal-laden industrial conglomerate, which is exploring going
private and other options, last month selected Bain Capital, CVC
Capital Partners, Brookfield Asset Management and a consortium
involving state-backed Japan Investment Corp. and private equity
firm Japan Industrial Partners to proceed to a second bidding
round, recalls Reuters.
A buyout of Toshiba could value the firm at as much as $22 billion,
sources have previously told Reuters.
Reuters relates that tensions between Toshiba and its activist
investors culminated last year when a shareholder-commissioned
investigation concluded management had colluded with the trade
ministry - which sees the company's nuclear and defense technology
as a strategic asset - to block overseas investors from gaining
influence at its 2020 shareholder meeting.
This year, shareholders rejected management-backed plans to split
the company in two, prompting Toshiba to restart its strategic
review, Reuters notes.
In further news that reflects poorly on its oft-criticized
governance problems, Toshiba also said on Aug. 10 it had found that
an employee of a U.S. subsidiary, acting on fraudulent instructions
from a third-party, had transferred $3.6 million to a bank account
in Hong Kong. The case is currently under investigation, the report
says.
About Toshiba Corp.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific on April
1, 2022, S&P Global Ratings has affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.
=====================
N E W Z E A L A N D
=====================
CERTEC LIMITED: Court to Hear Wind-Up Petition on Aug. 19
---------------------------------------------------------
A petition to wind up the operations of Certec Limited will be
heard before the High Court at Auckland on Aug. 19, 2022, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 24, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
IDYLLIC KOTUKUTUKU: Court to Hear Wind-Up Petition on Sept. 6
-------------------------------------------------------------
A petition to wind up the operations of Idyllic Kotukutuku Villas
Brooklyn Limited will be heard before the High Court at Wellington
on Sept. 6, 2022, at 10:00 a.m.
Henry Lee and Shona Lee filed the petition against the company on
July 14, 2022.
The Petitioner's solicitor is:
Lisa Maxwell
Level 6, 26 Brandon Street
Wellington, 6011
JC SERVICES: Court to Hear Wind-Up Petition on Sept. 2
------------------------------------------------------
A petition to wind up the operations of JC Services Limited will be
heard before the High Court at Auckland on Sept. 2, 2022, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 6, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
NEWZEALAND FUSION: Court to Hear Wind-Up Petition on Aug. 23
------------------------------------------------------------
A petition to wind up the operations of Newzealand Fusion
International Limited will be heard before the High Court at
Rotorua on Aug. 23, 2022, at 10:00 a.m.
Chief Executive of the Ministry of Business, Innovation and
Employment filed the petition against the company on July 5, 2022.
The Petitioner's solicitor is:
M. L. Brown
162 Victoria Street
Auckland Central
Auckland, 1010
SYMON HOWELL: Court to Hear Wind-Up Petition on Aug. 19
-------------------------------------------------------
A petition to wind up the operations of Symon Howell Interiors
Limited will be heard before the High Court at Auckland on Aug. 19,
2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 1, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
QINGJIAN REALTY: Commences Wind-Up Proceedings
----------------------------------------------
Members of Qingjian Realty (Edgefield Plains) Pte Ltd, on Aug. 3,
2022, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Ms Koh Geok Hoon
Ms Koh Ee Koon
380 Jalan Besar
#06-06, ARC 380
Singapore 209000
*********
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
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***