/raid1/www/Hosts/bankrupt/TCRAP_Public/220907.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, September 7, 2022, Vol. 25, No. 173
Headlines
A U S T R A L I A
BESTIAME PTY: Second Creditors' Meeting Set for Sept. 12
FORUM GROUP: Liquidator Cuts Deal to Save Historic Football Club
PITHARA QUARRIES: First Creditors' Meeting Set for Sept. 9
QCL GROUP: Second Creditors' Meeting Set for Sept. 12
RE-N-FORCE STEELFIXING: First Creditors' Meeting Set for Sept. 12
SOCIAL ENERGY: Collapses Owing AUD10MM Amid Ongoing Energy crisis
SRINI ASSOCIATES: First Creditors' Meeting Set for Sept. 12
C H I N A
CHINA MEDICAL: KPMG Sued for US$830MM over 'Appalling' Audit
[*] CHINA: Fund Managers Shun Property Bonds on Default Risks
H O N G K O N G
PEEL FRESCO: Closes Doors After More Than 15 Years
I N D I A
ALI AGENCY: CRISIL Keeps D Debt Ratings in Not Cooperating
ANJANI PUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
ARHAM NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating
ASHOK BRICKS: CRISIL Keeps D Debt Ratings in Not Cooperating
B.V.S. DISTILLERIES: CRISIL Moves D Ratings to Not Cooperating
BEST FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
BLUE STAR: CRISIL Keeps D Debt Rating in Not Cooperating
CAREER COACHING: CRISIL Keeps D Debt Ratings in Not Cooperating
CHAPHEKAR AND COMPANY: CRISIL Keeps D Ratings in Not Cooperating
COASTAL CONSOLIDATED: CRISIL Keeps D Ratings in Not Cooperating
DINODIA EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
DWARIKAMAYEE BHANDAR: CRISIL Keeps D Ratings in Not Cooperating
ESSEM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
FLOKING PIPES: CRISIL Moves D Debt Ratings to Not Cooperating
J.S.R. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
JK SURFACE: CRISIL Keeps D Ratings in Not Cooperating Category
KARVY FORDE: CRISIL Keeps C Debt Rating in Not Cooperating
KEYA REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
KOHENOOR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
LAKSHMI TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
MALHOTRA ELECTRONICS: CRISIL Moves D Ratings to Not Cooperating
MANJEERA HOTELS: CRISIL Moves D Debt Ratings to Not Cooperating
MANOJ CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
MEHSANA DAIRY: CRISIL Moves D Debt Rating from Not Cooperating
MOTHER'S EDUCATIONAL: CRISIL Keeps C Rating in Not Cooperating
NILKANTH COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
SAPTHAVARNA BUILDERS: CRISIL Moves D Ratings to Not Cooperating
SATYA SAI: CRISIL Moves D Debt Ratings to Not Cooperating
SIRI FOUNDATIONS: CRISIL Moves D Debt Rating to Not Cooperating
SUPER CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
I N D O N E S I A
ABM INVESTAMA: Moody's Affirms 'B1' CFR, Outlook Remains Stable
N E W Z E A L A N D
BARRY SHEDS: Creditors' Proofs of Debt Due on Sept. 8
E-IDEAS LIMITED: Creditors' Proofs of Debt Due on Sept. 24
IPS NEW ZEALAND: Creditors' Proofs of Debt Due on Oct. 3
SERVICE SKILLS: Creditors' Proofs of Debt Due on Oct. 6
YU & ME: Commences Wind-Up Proceedings
S I N G A P O R E
BOW & PETAL: Court to Hear Wind-Up Petition on Sept. 16
G8 JAPAN: Creditors' Proofs of Debt Due on Oct. 2
NO SIGNBOARD: Files Bid to Subject OCBC to Moratorium Terms
SAMTRADE CUSTODIAN: Court to Hear Wind-Up Petition on Sept. 16
SHINTARA PRIVATE: Creditors' Proofs of Debt Due on Oct. 3
SIGNATURE PHOTOGRAPHY: Court to Hear Wind-Up Petition on Sept. 16
TABLEAU ASIA: Creditors' Proofs of Debt Due on Oct. 3
- - - - -
=================
A U S T R A L I A
=================
BESTIAME PTY: Second Creditors' Meeting Set for Sept. 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of Bestiame Pty
Ltd has been set for Sept. 12, 2022, at 11:00 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 Sept. 11, 2022, at 4:30 p.m.
Nick Combis of Vincents Chartered Accountants was appointed as
administrator of Bestiame Pty on Aug. 8, 2022.
FORUM GROUP: Liquidator Cuts Deal to Save Historic Football Club
----------------------------------------------------------------
Australian Financial Review reports that the future of Sydney
Olympic FC has been secured after liquidators of Forum Group cut a
deal to settle claims of millions owed by the historic football
club to Bill Papas' now-collapsed company.
A series of stories in The Australian Financial Review revealed
that Forum Group put AUD3.34 million into Sydney Olympic, recorded
in the soccer club's books as related-party payables.
The Financial Review relates that Mr. Papas resigned as president
of Sydney Olympic on July 2, 2021, after sensational allegations by
Westpac that Forum Finance had defrauded the bank of nearly AUD285
million.
The stories raised doubts about the future of the club, which was
formed in 1957 by Greek immigrants under the name Pan-Hellenic. The
club was a founding member of the National Soccer League in the
'70s, when it changed its name to Sydney Olympic.
Last month, the club won the National Premier League NSW Men's
premiership.
However, liquidators McGrathNicol and Sydney Olympic have now come
to a resolution that means the club will continue to operate, the
Financial Review relays.
According to the Financial Review, the club said it received a
letter from McGrathNicol in respect to money "previously classified
as related party loans provided by the company's previous director"
and that the liquidator was seeking clarity around the funds and
wanted to speak with the club about it.
"The directors sought independent legal advice and had formed the
opinion that the company is not liable for these amounts and
therefore not made a provision in the financial statements at 30
June 2021," new accounts for the 2021 financial year filed with the
corporate regulator, and obtained by the Financial Review, said.
"On 9 May 2022 an agreement was entered into with the liquidators
to settle all previous claims against the company for an immaterial
amount."
The Financial Review says the accounts noted that in September
2021, Sydney Olympic secured financial commitments from a
benefactor "to underwrite the operations of the club going forward,
such commitment allowing immediate resourcing to ensure continued
participation in Football NSW and ongoing operation viability".
Earlier this year, the Financial Review reported another director,
Damon Hanlin, agreed to provide a maximum of AUD1.5 million each
financial year for three years to fund Sydney Olympic's operations
and expenses. Loan amounts will accrue interest at 3 per cent every
year.
There is no suggestion that Mr. Hanlin had any involvement in, or
knowledge of, the business dealings of Mr. Papas and Forum.
In documents sent to Sydney Olympic members earlier this year, the
club said it had received a demand for payment of AUD3.34 million
from McGrathNicol, the liquidator of Forum Group Financial
Services, claiming the club borrowed the money from the formerly
Mr. Papas-run business, the Financial Review relays.
The club denied the claim and flagged an intention to fight it.
Further, documents obtained by the Financial Review list a $3.34
million loan to Sydney Olympic on Forum's balance sheet as of June
30, 2021, up from AUD2.7 million in the previous financial year.
Bank account transaction history from FGFS in June 2021, obtained
by the Financial Review, labels one transaction as "SOFC Invoices"
and another as "Loans to SOFC".
Forum Group Financial Services is one of nearly 30 entities
formerly run by Mr. Papas that went into receivership in mid-2021
following allegations he orchestrated a near AUD400 million fraud
against Westpac, French bank Societe Generale, and Sumitomo Mitsui
Banking Corporation of Japan.
The new accounts filed to ASIC last week outlined a "correction of
error for amounts classified as related party loans," the Financial
Review reports.
"In prior reporting periods a material inaccuracy of revenue and
related party loans was reported in the financial statements. Due
to the lack of substantive supporting documentation, the directors
cannot confirm the existence of related party loans, and it has
been decided by the directions to derecognise this as a liability
and instead recognise it as revenue," the financial statements
stated.
"In the unlikely event that documentation comes to light to
substantiate the amounts as a loan, the directors have taken the
prudent approach of disclosing the amount as a continent liability
for the 2021 reporting period."
The accounts stated the error resulted in an overstatement of trade
and other payables of AUD3.6 million and an understatement of
revenue and retained earnings in the 12 months to June 30, 2020, of
AUD520,744 and nearly AUD3.1 million respectively, the Financial
Review relays.
About Forum Group
Sydney-based managed services provider Forum Group and associated
company Forum Finance are just two of the many businesses owned by
Basile Papadimitriou - a.k.a Bill Papas - who is reported to have
fled to Greece following Westpac's investigation and subsequent
civil proceedings, according to ARN.
Jason Preston and Jason Ireland of McGrath Nicol were appointed as
provisional liquidators on July 15, 2021, by the Federal Court.
PITHARA QUARRIES: First Creditors' Meeting Set for Sept. 9
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Pithara
Quarries Pty Ltd will be held on Sept. 9, 2022, at 11:00 a.m. via
virtual meeting.
Robert Michael Kirman and Rob Brauer of McGrathNicol were appointed
as administrators of the company on Aug. 30, 2022.
QCL GROUP: Second Creditors' Meeting Set for Sept. 12
-----------------------------------------------------
A second meeting of creditors in the proceedings of QCL Group Pty
Ltd, trading as Queensland Plaster, has been set for Sept. 12,
2022, at 11:00 a.m. via teleconferencing facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 9, 2022, at 4:00 p.m.
Liam Bailey of O'Brien Palmer was appointed as administrator of QCL
Group on Aug. 8, 2022.
RE-N-FORCE STEELFIXING: First Creditors' Meeting Set for Sept. 12
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Re-N-Force
Steelfixing Pty Ltd will be held on Sept. 12, 2022, at 11:00 a.m.
via virtual meeting only.
Ernie Chou and Trent McMillen of MaC Insolvency were appointed as
administrators of the company on Aug. 31, 2022.
SOCIAL ENERGY: Collapses Owing AUD10MM Amid Ongoing Energy crisis
-----------------------------------------------------------------
News.com.au reports that yet another power company has collapsed
amid Australia's ongoing energy crisis, leaving nearly 300
customers across three different states in limbo.
Last week, on August 25, the Australian Energy Regulator (AER) had
no choice but to initiate "the Retailer of Last Resort process"
against Social Energy Australia Pty Ltd, a company once spruiked by
the late cricket legend Shane Warne.
It means the retailer is unable to keep providing electricity to
customers and had to disconnect them from the grid, news.com.au
says.
According to the report, Social Energy Australia was unable to keep
supplying electricity so as it had gone into voluntary
administration a week prior.
Although the company's demise only impacted around 300 customers
across NSW, Queensland and South Australia, it owes AUD10 million
to 90 creditors.
A further 33 staff members lost their jobs, the report notes.
Philip Campbell-Wilson and Said Jahani of Grant Thornton were
appointed as joint administrators, news.com.au discloses.
Customers were automatically passed on to retailers such as Origin
Energy and Energy Australia.
Even though their energy provider has collapsed, the regulator
assured customers that they do not have "to take any immediate
action".
News.com.au relates that the AER also told customers they "are
under no obligation to remain with their new retailer once they are
transferred".
A special hotline has also been set up for customers on 02 6243
3065.
Social Energy Australia was a subsidiary of a UK company that also
went into administration, the report notes. It was registered in
Australia in 2019 and officially launched in 2020, with the backing
of sports star Shane Warne.
The company was based on the idea of grid sharing, with customers
using solar panels and batteries that connected them and shared
energy.
In a statement to news.com.au, the administration firm Grant
Thornton revealed that the company was struggling to stay solvent
after its parent company collapsed.
"As Social Energy Australia was in an early stage of its lifecycle,
once the funding line from the UK parent company was withdrawn, it
could not operate solvently in the market, particularly with the
current volatility of wholesale pricing," news.com.au quotes a
spokesperson as saying.
"All customers have been notified of Grant Thornton's appointment
as Administrator and we have worked closely with the regulators AER
and the AEMO to transfer their energy needs to an alternative
provider."
News.com.au adds that the AER said it came up with the Retailer of
Last Resort scheme "to ensure that in the event of retailer
failure, arrangements are in place to ensure that customers
continue to receive electricity and/or gas supply.
SRINI ASSOCIATES: First Creditors' Meeting Set for Sept. 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Srini
Associates Pty Ltd will be held on Sept. 12, 2022, at 10:30 a.m.
via Microsoft Teams.
Blair Pleash and Marcus Watters of Hall Chadwick were appointed as
administrators of the company on Sept. 1, 2022.
=========
C H I N A
=========
CHINA MEDICAL: KPMG Sued for US$830MM over 'Appalling' Audit
------------------------------------------------------------
The Financial Times reports that KPMG has been accused of
"appalling" audit work that allowed a US-listed Chinese
biotechnology company to carry out a "brazen" US$400 million
accounting fraud, the Hong Kong High Court heard on Sept. 5.
The FT relates that the liquidator of China Medical Technologies,
which collapsed in 2012 and whose senior executives are wanted on
fraud charges in the US, said the Big Four audit firm failed to ask
"obvious" questions that would have "easily" exposed the fraud.
These included not questioning a large related-party transaction by
the group in 2006, when it acquired a Chinese diagnostics business
worth $155,000 for $176 million, according to the liquidator.
It is suing KPMG on the grounds that losses at China Medical
"flowed from" its negligent audit work, which gave the company
accounts a clean bill of health in 2007 and 2008, according to
Sept. 5's hearing. It is asking for as much as $454 million to
cover allegedly misappropriated cash and dividends that were paid
out to shareholders while the company was operating under a
negligent audit, plus interest of more than $376 million, according
to a person close to the matter.
China Medical raised $426 million from international investors in
two convertible bonds in 2008 and 2010, the FT recalls. The company
filed for liquidation in 2012, and in 2017, US prosecutors charged
its founder and chief executive Xiaodong Wu and chief financial
officer Samson Tsang with fraud, saying they had "made off" with
the bulk of the proceeds. The former executives lived in China and
have not faced trial in the US.
According to the FT, the company's liquidators at Borrelli Walsh
had previously alleged that the wife of one senior executive
gambled more than $100 million of the bond proceeds in Las Vegas
casinos.
KPMG has denied the allegations. Documents detailing its defence
said the claims were "without merit . . . [and] fail to
demonstrate a plausible link between KPMG's alleged breaches and
the losses". It has filed a counterclaim that alleges that China
Medical made "false representations" to its auditors.
The FT says the China Medical case is the latest to have drawn
attention to the audits of Chinese companies that list outside
mainland China.
According to the FT, the Big Four auditors - which also include
PwC, Deloitte and EY - have faced scrutiny over their work checking
the accounts of heavily indebted Chinese property developers and a
string of US-listed groups that have been targeted by short sellers
over their accounting practices or alleged stock manipulation.
Last year, KPMG settled a separate case in Hong Kong for $84
million after it failed to identify fraud at a Chinese timber
company, China Forestry, the FT recalls.
The FT notes that the China Medical case has also become a key
episode in the long-running battle between China and foreign
regulators and investors over the production of Chinese audit
files. It has taken years to go to trial because Borrelli Walsh was
forced into a lengthy court battle with KPMG in both Hong Kong and
mainland China to force it to hand over its audit work papers.
KPMG, which had audited the company from Hong Kong and Beijing
since it listed in New York in 2005, eventually granted Borrelli
Walsh access in order to prevent the liquidators suing 91 of its
partners for ignoring a court order to hand over the documents.
China Medical was one of dozens of Chinese groups that were
scrutinised by short sellers in the early 2010s. Beijing was
opening up its equity markets and capital flooded from the mainland
into Hong Kong, while there was a boom in Chinese companies listing
in the US.
About China Medical
China Medical Technologies, Inc. is a medical device company,
develops, manufactures, and markets immunodiagnostic and molecular
diagnostic products. The Company is is a Cayman Islands
corporation based in China.
China Medical was placed into liquidation in 2012 by courts in the
Cayman Islands, New York, and Hong Kong, following accusations that
the NASDAQ-listed firm was a fraud.
The Company is undergoing corporate winding-up proceedings before
the Grand Court of the Cayman Islands.
In the U.S., a Chapter 15 petition was filed for the Company on
August 31, 2012 (Bankr. S.D.N.Y., Case No. 12-13736). As a result,
an order was formally signed finding that the Cayman Islands is
home to the so-called foreign main bankruptcy proceeding. Curtis C.
Mechling, Esq., at Stroock & Stroock & Lavan, LLP, in New York,
serves as counsel to the Debtor in the U.S. case.
China Medical listed as much as $500 million in assets and debt.
On Nov. 29, 2012, Cosimo Borrelli and Yuen Lai Yee (Liz) were
appointed as liquidators of China Medical Technologies Inc. They
can be reached at:
Cosimo Borrelli
Yuen Lai Yee (Liz)
Level 17, Tower 1
Admiralty Centre
18 Harcourt Road
Hong Kong
[*] CHINA: Fund Managers Shun Property Bonds on Default Risks
-------------------------------------------------------------
Reuters reports that fund managers are cutting their holdings in
Chinese property bonds by half or even more as the sector lurches
from crisis to crisis and blows a deep hole in asset managers'
performance.
Reuters, citing Refinitiv data, relates that 204 out of 242
dollar-denominated bonds issued by Chinese property firms are
trading well in distressed territory below 50 cents on the dollar,
hammering funds and limiting patience to wait for a recovery.
With angry buyers of unfinished apartments boycotting mortgage
payments, new sales and home prices sliding and rescue efforts so
far doing little to alleviate developers' cash crunch, several are
opting to cut their losses, according to Reuters.
The five largest Asian high-yield funds cut their holdings in
Chinese property bonds to 16.4% at the end of June, compared with
27.6% at the end of last year, according to Morningstar.
The BGF Asian High Yield Bond D2 USD fund, for example, cut its
exposure in Chinese real estate bonds to 14.7% at the end of June
from 27.1% on Dec. 31, Reuters relays.
The PIMCO GIS Asia High Yield Institutional USD and Fidelity Asian
High Yield A-Acc-EUR also trimmed their holdings to 11.9% and 22%
from 22% and 31.7%, respectively.
"As the liquidity crisis exacerbates . . . many people are now
reluctant to hold on to their property bonds," Reuters quotes Kunal
Sawhney, chief executive officer of research firm Kalkine Group, as
saying. "Even top institutional investors are trimming their
positions in high-yield Chinese dollar bonds as investor confidence
begins to wane since the crisis began."
Reuters relates that Patrick Ge, a research analyst at Morningstar,
said a combination of lower bond supply and defaulted bonds falling
out of indexes also contributed to the cut in Chinese property bond
holdings.
"We've seen several managers diversifying away from China property
and finding opportunities in other Asian high-yield sectors such as
Indian renewable companies and Indonesian property space," he
said.
Offshore bonds have fallen 59.4% on average this year and Bank of
America calculated a total of $52 billion in defaults. Mutual funds
exposed have taken heavy losses.
Reuters says the UBS (Lux) BS Asian High Yield $ K-1-acc fund has
plummeted 29% this year, while HSBC GIF Asia High Yield Bond XC and
Fidelity Asian High Yield A-Acc-EUR have lost about 24% and 21%,
respectively.
In efforts to revive the economy, China has cut its benchmark
lending rate and officials have repeatedly made promises of further
assistance.
However, analysts said the actual financial support to developers
is limited, and without a turnaround in market confidence they will
not be able to fix cash flow problems, Reuters relates.
"We need to see pick up in pre-sales and subsequently a reopening
of the capital market to conclude if there is a sector turnaround,"
the report quotes Agnes Wong, head of APAC credit strategy at BNP
Paribas, as saying.
She, however, said it'd be hard for things to get worse. "We see
limited downside from here," she said.
=================
H O N G K O N G
=================
PEEL FRESCO: Closes Doors After More Than 15 Years
--------------------------------------------------
South China Morning Post reports that Peel Fresco, a long-standing
Hong Kong live music venue, has closed its doors after more than 15
years of operation.
According to the Post, owner Sam Weil chose not to renew the lease
on its Peel Street premises in Central's Soho district, and
attributes the decision to the government's continued ban on live
performances in bars and insufficient subsidies from the
government.
"What completely killed us was the live performance ban, which has
been in place since January this year," the report quotes Mr. Weil
as saying. Bars and restaurants have gradually opened up following
Hong Kong's fifth wave of Covid-19, but uncertainty regarding when
the live-performance ban would be lifted was the final blow for Mr.
Weil.
He also said the government subsidy given to businesses didn't
match Peel Fresco's costs. "Obviously we don't pay the same rents
in Central for the same size as you would pay in Chai Wan, for
example. So this policy was completely irrelevant," he said.
The Post notes that Peel Fresco's shutdown follows the closure of
Sense 99, an indie music club that shut in March 2022, also because
of the pandemic. Other live-music venues like The Wanch, which
reopened in March, have temporarily shifted their focus to food and
drinks, but Mr. Weil said that live music was always the
cornerstone of Peel Fresco.
"Our business is almost 100 per cent live performance actually –
we are a live-music bar. This has been our business since 2007,"
said Mr. Weil, who took over as owner 10 years ago. "We were a pure
music venue. We never changed the location, we never changed our
positioning."
In its heyday, Peel Fresco played host to local and international
jazz musicians, including pianist Ted Lo, guitarist Eugene Pao,
saxophonist Antonio Hart and Grammy-nominated trumpeter Theo
Croker, the Post relays.
According to the Post, Jazz drummer Nate Wong, who plays for local
band Nowhere Boys, describes Peel Fresco as his "favourite venue in
the world". After moving back to Hong Kong in 2014, he became a
regular and started hosting its Sunday jam sessions a few years
later.
"Every once in a while, you'll come across this club that
represents the hub of the music scene," the report quotes Mr. Wong
as saying. "There's places like this all around the world, but
[Peel Fresco] is pretty special. They've somehow built it up in a
way that everyone kind of considers [it] their default, home-base
club."
What set Peel Fresco apart for Mr. Wong was the welcoming and
diverse community, one in which musicians who were just starting
out and the best musicians in Hong Kong could jam, interact and
chat together on the same evening.
Before Covid-19, working musicians would come to Peel Fresco after
their paid gigs elsewhere to congregate and play some more,
sometimes until 4am or 5am, he said.
"I've been to the jam sessions that are considered the best jam
sessions in the world, and yeah, they're really cool. The playing
is super high level and all that, but the community vibe at Peel
Fresco is really, really good compared to anywhere.
"They always gave you complete artistic freedom to do whatever you
want, which is awesome. And then when you played, the crowd was
also super receptive to whatever you wanted to do."
Beyond musicians, Peel Fresco was also populated by a welcoming
audience encompassing all parts of society who came to enjoy live
performances throughout the week, as well as open mic sessions on
Tuesdays and jam sessions on Sundays.
It was also a place for farewell parties, birthday parties, wedding
parties and more, Mr. Weil said.
Mr. Wong was at Peel Fresco during its last night of operation on
August 30, the Post notes. "It was the first time I've ever been
there and not been able to play a note," he said.
"It's good to be there for the last night. But at the same time,
it's kind of infuriating that it's happening, and then really
frustrating that even on the last night we were not playing, which
is out of respect to the rules that were the rules that shut it
down."
At the moment, Weil does not have any plans to reopen elsewhere
given the continued restrictions.
"We really wanted to last forever," the Post quotes Mr. Weil as
saying. "When you lose something or you close because you haven't
done well, or because the times are not good, or business is
shrinking, you can accept it. But . . . when someone prevents you
from doing your job, it's just impossible to continue."
=========
I N D I A
=========
ALI AGENCY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ali Agency
(Ali; part of Mahavir group) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Ali for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 Ali, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Ali
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Ali continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of Ali and Mahavir
Enterprises. This is because both the firms, together referred to
as the Mahavir group, have a common management and significant
operational synergies.
Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily
trades in sugar, pulses, and edible oil.
ANJANI PUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Anjani
Putra Educational Society (SAES) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 1.2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAES for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 SAES, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAES continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Formed in 2001, Sri Anjaniputra Educational Society (SAES) runs
college and schools. It runs D.Ed, B.Ed. and M.Ed. College named
Smt. Mannaru Yasodamma Memorial College in Darsi, Andhra Pradesh.
It also run 3 schools named Sanskriti Vidyalaya School situated at
Podili, Darsi and Chalivendram. The society is managed by Sri
Esthalamudi Chenna Reddy, Sri Mannaru Jaya Kumar and Sri
Isthalamudi Raja Rami Reddy.
ARHAM NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arham Non
Woven Private Limited (ANWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 11.55 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ANWPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 ANWPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANWPL continue to be 'CRISIL D Issuer Not Cooperating'.
ANWPL was incorporated in January 2014 by Mr. Dharmesh Jain and Mr.
Nishant Daga. The company, based in Surat, manufactures technical
textile fabric made out of polypropylene. The plant is located at
Mangrol in Surat (Gujarat). It started commercial operations in
January 2015.
ASHOK BRICKS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashok Bricks
Industries Private Limited (ABIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 0.03 CRISIL D (Issuer Not
Credit Limit Cooperating)
Standby Letter 1.5 CRISIL D (Issuer Not
of Credit Cooperating)
Term Loan 0.47 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ABIL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 ABIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABIL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ABIPL was formed as a partnership firm in 1992, between Mr. Pramod
Agarwal and his brother Mr. Ashok Agarwal, to manufacture red
bricks used in the construction industry. The firm was
reconstituted as a private limited company in 2000 and entered the
business of road construction.
B.V.S. DISTILLERIES: CRISIL Moves D Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of B.V.S.
Distilleries Private Limited (BVS) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 29 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 4.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with BVS for
obtaining information through letters and emails dated August 12,
2022 and August 17, 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 BVS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BVS
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BVS to 'CRISIL D Issuer not cooperating'.
Incorporated in 2011 and promoted by Mr. Bommadevara Venkata Subba
Rao, BDPL manufactures IMFL at its unit in Kankipadu, Andhra
Pradesh.
BEST FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Best Foods
Limited (BFL) 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 BFL for
obtaining information through letters and emails dated June 30,
2022 and July 15, 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 BFL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BFL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in fiscal 2004, BFL, promoted by Mr. Mohinder Pal
Jindal and his son, Mr. Dinesh Gupta, mills and processes basmati
rice for the global and domestic markets. Processing units in
Karnal, Haryana; Hamidpur, Delhi; and Faridkot, Punjab, have total
rice milling capacity of 101 tonne per hour (tph) and sorting and
grading capacity of 149 tph.
BLUE STAR: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Blue Star
Construction Co. (BSCC; a part of the Blue Star group) continues to
be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BSCC for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 BSCC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BSCC continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of BSCC and its group company,
Blue Star Building Materials Pvt Ltd (BSBMPL). That's because the
two entities together referred to as the Blue Star group, have
strong financial and operational linkages and a common management.
The Blue Star group is promoted by Navi Mumbai-based Mr. Pandurang
Thakur and family. BSCC, set up as a partnership firm in 1978,
constructs and maintains roads. BSBMPL, incorporated in 1996,
manufactures and lays paver blocks.
CAREER COACHING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Career
Coaching (Alld) Private Limited (CCPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 3.77 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.23 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CCPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 CCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CCPL continue to be 'CRISIL D Issuer Not Cooperating'.
CCPL, established in 2004 by Mr. Zafar Bakht and Mr. Saeed Fatima,
provides coaching services for various entrance examinations at its
coaching institutes located in Allahabad (Uttar Pradesh).
CHAPHEKAR AND COMPANY: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chaphekar and
Company (CAC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 11 CRISIL D (Issuer Not
Cooperating)
Proposed Bank 1 CRISIL D (Issuer Not
Guarantee Cooperating)
Proposed Cash 1 CRISIL D (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with CAC for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 CAC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CAC continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1973 as a partnership firm by Mr. M R Chaphekar, CAC
undertakes civil construction works related to roads and bridges.
Currently, the daily operations are being managed by Mr. Ashish
Chaphekar.
COASTAL CONSOLIDATED: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Coastal
Consolidated Structures Private Limited (CCSPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 20 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 9 CRISIL D (Issuer Not
Cooperating)
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CCSPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 CCSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CCSPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
CCSPL, established in 1996 by Mr. M V Ranga Prasad and family,
undertakes civil works such as excavation works, dredging, road and
ports work. It is headquartered in Vijayawada (Andhra Pradesh).
DINODIA EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dinodia
Educational Society (DES) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 12 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DES for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 DES, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DES continue to be 'CRISIL D Issuer Not Cooperating'.
DES, established in 2008, is operating a school near Siliguri, West
Bengal, under the name G D Goenka Public School, Siliguri (GDGPSS).
DES is associated with the GD Goenka group of schools, and all the
facilities have been built up and the school is operated under the
aegis of the group. The school is located at Dagapur, around 7 Km
away from the city of Siliguri, West Bengal, and is spread over an
area of 7.32 acres. GDGPSS has commenced operation from 2009-10 and
operate classes from Nursery to class XII under the affiliation of
Central Board of Secondary Education.
DWARIKAMAYEE BHANDAR: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dwarikamayee
Bhandar (DB; part of Maa Kalika group) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.7 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 5.8 CRISIL D (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with DB for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 DB, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DB is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of DB
continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of DB, Kohenoor Industries
(KI), Shree Krushna Enterprises (SKE) and Maa Kalika Bhandar (MKB).
The firms, together referred to as the Maa Kalika group, are under
a common management with common customer and supplier base.
Moreover, the promoters treat the four entities as one single group
for funding and support.
The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr. Pawan Kumar Jajodia and his son, Mr. Jay Jajodia.
ESSEM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Essem Jute
Industries Limited continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Essem for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 Essem, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Essem
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Essem continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Essem was set up in Kolkata by Mr. Tarun Mall and Mr. Kailash Kumar
Jhawar in December 2002. The company manufactures jute products
such as jute yarn, hessian cloth, and bags. The company's
facilities are in Cooch Behar (West Bengal).
FLOKING PIPES: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Floking Pipes Private Limited (FPPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 38.69 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 0.31 CRISIL D (Issuer Not
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with FPPL for
obtaining information through letters and emails dated June 29,
2022 and July 29, 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 FPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FPPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of FPPL to 'CRISIL D Issuer not cooperating'.
FPPL, incorporated in 2010, is promoted by two business groups: the
Electro group of companies, represented by Mr. Brij Khandelwal and
Mr. Ankur Khandelwal, and the Modi group of companies, represented
by Mr. Nilesh Modi. The company has set up a PVC-O manufacturing
plant in Chennai where the operations are yet to stabilize.
J.S.R. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J.S.R.
Constructions Private Limited (JSR) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 45 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JSR for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained noncooperative.
'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.
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 JSR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1972 as a proprietary concern by Mr. J. Srinivasulu
Reddy, it was rechristened in 1990 as JSR. Located in Bangalore,
Karnataka, JSR is engaged in construction of roads, canals and
other allied civil construction. JSR was concentrating on
irrigation works till 2001. Subsequently, JSR has been focusing
majorly focusing on road projects. The company is a registered
Special Class (Civil) contractor with Irrigation (PWD) Department
of Andhra Pradesh and Gujarat. It is also a registered Class 1
Contractors in PWD ' Karnataka and Category-1 with Karnataka
Neeravari Nigam Ltd.
JK SURFACE: CRISIL Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JK Surface
Coatings Private Limited (JKSC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7.6 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.95 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Rupee Term Loan 1.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JKSC for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 JKSC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JKSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JKSC continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1998, JKSC is a service-contractor of protective
surface coatings. The company, based in Navi Mumbai (Maharashtra),
and promoted by Mr. Ajay Sagar and Mr. Sanjiv Thakur, undertakes
contracts for application of surface coatings at industrial sites,
on both work- and labor-contract bases.
KARVY FORDE: CRISIL Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Karvy Forde
Search Private Limited (KFSPL; part of the Karvy Data Management
Services Ltd [KDMSL] group) continues to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KFSPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 KFSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KFSPL continues to be 'CRISIL C Issuer Not Cooperating'.
KFSPL, based in Hyderabad, provides recruitment and staffing
solutions.
About the KDMSL
Incorporated in 2008, KDMSL is headquartered in Hyderabad and is a
step-down subsidiary of KSBL. It provides business and knowledge
process services. The company started as a pure-play back-office
service provider and added other verticals such as e-governance,
banking, telecommunication, and e-commerce. It is an established
player in government mandates such as UIDAI's Aadhar, PAN card, NPR
biometric, and e-TDS. It has established a working relationship
with several key government departments and enjoys strong support
from the Karvy group.
KEYA REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keya Realty
(Keya) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 9.26 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.74 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Keya for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 Keya, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Keya
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Keya continue to be 'CRISIL D Issuer Not Cooperating'.
Set up as a proprietorship concern in 2002, by Mr. Manish
Mahendhrabhai Patel, Keya is engaged in construction of residential
and commercial real estate projects in Vadodara.
KOHENOOR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kohenoor
Industries (KI; part of Maa Kalika group) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KI for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 KI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KI
continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of KI, Shree Krushna
Enterprises (SKE), Maa Kalika Bhandar (MKB), and Dwarikamayee
Bhandar (DB). The firms, together referred to as the Maa Kalika
group, are under a common management with common customer and
supplier base. Moreover, the promoters treat the four entities as
one single group for funding and support.
The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr. Pawan Kumar Jajodia and his son, Mr. Jay Jajodia.
LAKSHMI TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi
Traders - Chennai (LT; part of the Lakshmi group) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Working 2 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with LT for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 LT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LT
continue to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of LT and Lakshmi Ranga
Enterprises Pvt Ltd (LREPL). This is because the two entities,
together referred to as the Lakshmi group, have a common management
team and are engaged in similar lines of business.
LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).
MALHOTRA ELECTRONICS: CRISIL Moves D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Malhotra Electronics Private Limited (MEPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 10 CRISIL D (ISSUER NOT
under Letter COOPERATING; Rating Migrated)
of Credit
Cash Credit 8 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 34 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with MEPL for
obtaining information through letters and emails dated June 29,
2022 and July 29, 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 MEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MEPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MEPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
MEPL was incorporated in 1986 but started operations in 2005. It is
promoted by Mr. Ravinder Singh Malhotra, and family members Mr.
Gaganpreet Singh Malhotra and Mr. Gurpreet Singh Malhotra. The
company, based in Delhi, manufactures LED TVs, multimedia speakers,
washing machine and other white goods, at its facility in Greater
Noida, Uttar Pradesh. In current fiscal 2021, company has started
the manufacturing of Air condition.
MANJEERA HOTELS: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Manjeera Hotels and Resorts Private Limited (MHRPL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with MHRPL for
obtaining information through letters and emails dated August 12,
2022 and August 17, 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 MHRPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MHRPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MHRPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
For arriving at the ratings, CRISIL Ratings has taken a
consolidated view of MHRPL and its subsidiary Manjeera Hospitality
(Rajahmundry) Private Limited (MHPL) because of operational
synergies, inter-party transactions between these entities, common
management, and fungible cash flows.
About the Group
The Manjeera group is promoted by Mr. G Yoganand. MHRPL
incorporated in 1995, owns two hotels: Aditya Park (3-star hotel in
Ameerpet) and Radisson ( 5-star hotel in Gachibowli) in Hyderabad.
MHPL was incorporated in December 2016. The company is developing a
hotel (4-star), convention center and a mall with multiplex in
Rajahmundry.
MANOJ CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manoj Cables
Limited (MCL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Standby Line 3 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with MCL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 MCL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MCL, incorporated in 1992, engaged in manufacturing and supplying
of communication and signaling cables, primarily to Indian
Railways. MCL is based in New Delhi and its day-to-day operation is
looked at by its Director Mr. Manoj Garg.
MEHSANA DAIRY: CRISIL Moves D Debt Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with the
Securities and Exchange Board of India guidelines, had migrated its
ratings on the bank facilities of Mehsana Dairy and Food Products
Limited (MDFPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
However, the management has subsequently started sharing the
requisite information necessary for carrying out a comprehensive
review of the ratings. Consequently, the ratings have been migrated
to 'CRISIL D/CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
The ratings reflect the delays in meeting term loan obligation and
high utilization of cash credit facility.
Key rating drivers & detailed description
Weaknesses:
* Modest scale of operations: Revenue was subdued at INR113.43
crore in fiscal 2022 (Rs 103.24 crore in fiscal 2021) while
operating margin remained low at 9.68% (4.77%).
* Average financial risk profile: Adjusted debt to adjusted
networth ratio was weak 3.31 times as on March 31, 2022, despite
moderate networth of INR18.75 crore. Liquidity remains stretched
with high bank limit utilisation for last 12 months and debt
repayment will be INR6.73 crore against annual cash accrual of
INR7.30 crore, for the medium term.
Strengths:
* Extensive experience of the promoters: Presence of over 20 years
in the dairy products industry has enabled the promoters: Mr.
Bahubhai Patel Mr. Rajnikant Patel & Mr. M.M. Bhatt to develop a
strong understanding of market dynamics and establish healthy
relationships with suppliers and customers.
Liquidity: Poor
Cash credit facility of INR11 crore remained utilised at 96.79%.,
cash accrual is expected to be insufficient to meet term debt
obligation. Delay in repayment of Term loan observed. Current ratio
was weak at 0.55 time as on March 31, 2022.
Rating sensitivity factors
Upward factors
* Track record of timely debt servicing for at least over 90 days
* Higher cash accrual leading to better liquidity
Incorporated in 2015 and promoted by Mr. Bahubhai Patel, Mr.
Rajnikant Patel & Mr. M M Bhatt Mehsana (Gujarat)-based MDFPL
manufactures skimmed milk powder, ice cream, and other dairy
products. It began operations in November 2017.
MOTHER'S EDUCATIONAL: CRISIL Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mother's
Educational Charitable Trust (MECT) continues to be 'CRISIL C
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5.4 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MECT for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 MECT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MECT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MECT continue to be 'CRISIL C Issuer Not Cooperating'.
Established in February 2011, MECT is currently running two
educational institutions: Prakrit, which is a preschool and
Mother's Business School, Puri and is affiliated to CBSE.
NILKANTH COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nilkanth
Cotton Fibers (NCF) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NCF for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 NCF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NCF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NCF continue to be 'CRISIL D Issuer Not Cooperating'.
NCF was formed as a partnership firm by members of the Sakarvadiya
family in 2014. The firm has an operating unit at Gondal (Rajkot).
SAPTHAVARNA BUILDERS: CRISIL Moves D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Sapthavarna Builders Private Limited (SBPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 1.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 2.5 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Proposed Short Term 1.4 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Working Capital 0.6 CRISIL D (ISSUER NOT
Term Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SBPL for
obtaining information through letters and emails dated June 29,
2022 and July 29, 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 SBPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SBPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
SBPL, incorporated in 2008, undertakes residential real estate
development. The company is based in Thrissur, Kerala.
SATYA SAI: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Satya Sai Constructions (SSSC) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SSSC for
obtaining information through letters and emails dated August 12,
2022 and August 17, 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 SSSC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSSC
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SSSC to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Established in 1999 by Mr. Krishnam Raju, SSSC undertakes civil
construction works, such as construction of government buildings
and houses in Andhra Pradesh and Telangana.
SIRI FOUNDATIONS: CRISIL Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Siri
Foundations (SF) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 9.2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SF for
obtaining information through letters and emails dated July 30,
2022, August 12, 2022 and August 17, 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 SF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SF is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of SF to 'CRISIL D Issuer not cooperating'.
SF was set up as a partnership firm in 2018 by Ms P Komalatha, Mr.
P Umapathy and Mr. P Vidya Sagar. The firm derives its revenue from
leasing out commercial property located at Venugopal Nagar in
Anantpur, Andhra Pradesh.
SUPER CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Super
Construction Co. - Mumbai (SCC) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 5.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 8.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCC for
obtaining information through letters and emails dated May 10, 2022
and July 11, 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 SCC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCC continue to be 'CRISIL D Issuer Not Cooperating'.
SCC, set up in 1981, undertakes real estate development in and
around Mumbai. The firm is owned and managed by Mr. Haribansh Singh
and his family. The firm's office is in Navi Mumbai. Currently, SCC
is developing a residential real estate project in Kharghar, and
two slum rehabilitation projects (one each in Bandra and Wadala in
Mumbai). In addition, the firm is also setting up a hotel in
Panvel.
=================
I N D O N E S I A
=================
ABM INVESTAMA: Moody's Affirms 'B1' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s
B1 corporate family rating, along with the B1 rating on its senior
unsecured notes due August 2026.
The outlook remains stable.
"The affirmation reflects Moody's expectations that ABM's credit
metrics will not significantly weaken despite its planned primarily
debt-funded minority stake acquisition in Indonesian coal miner, PT
Golden Energy Mines Tbk (GEMS)," says Maisam Hasnain, a Moody's
Vice President and Senior Analyst.
"ABM will gain a 30% stake in one of Indonesia's largest coal
miners, with strong profitability, low debt levels and capacity for
further production growth," adds Hasnain, Moody's lead analyst for
ABM. "The acquisition will also provide ABM additional revenue
opportunities to provide mining-related services to GEMS".
The outlook is stable reflecting Moody's expectation that ABM will
maintain stable operations at its mining and contract mining
subsidiaries, while maintaining sufficient internal cash sources to
meet its cash needs over the next 12-18 months.
RATINGS RATIONALE
On August 31, ABM announced that it had agreed to acquire a 30%
stake in Indonesian coal miner, PT Golden Energy Mines Tbk (GEMS)
from Indian infrastructure company, GMR Power and Urban Infra
Limited for $420 million plus a deferred payment[1].
The transaction is subject to fulfillment of certain conditions
precedent including board approval, and consent from ABM's existing
banks and noteholders. ABM expects the transaction to close in
September 2022.
ABM is funding the purchase with proceeds from a $320 million,
five-year loan at a newly created subsidiary, PT Radhika Jananta
Raya (RJR) that will hold the 30% stake in GEMS, and $100 million
from its internal cash. Moody's expects dividends from GEMS will be
sufficient to service the loan repayment. The deferred payment will
be based on and funded by dividends received from GEMS, likely
between July and September 2022.
The rating affirmation is also premised on the terms of the
shareholder agreement between ABM and Golden Energy And Resources
Limited (GEAR, B1 stable), the 62.5% shareholder at GEMS, remaining
relatively unchanged from the previous shareholder agreement at
GEMS between GEAR and GMR.
The shareholder agreement will afford ABM considerable influence
over GEMS' operations, investments, and shareholder distributions,
which are set as minimum cash dividends at 80% of the cash surplus
of GEMS and each of its subsidiaries.
ABM will seek to enter service agreements with GEMS over the next
12 months. ABM's subsidiaries are involved across multiple stages
of the coal supply chain and could derive additional revenue and
earnings from these agreements.
ABM's earnings over the next 12-18 months will be supported by
higher overburden removal volume at its contract mining subsidiary
PT Cipta Kridatama (CK) and dividends received from GEMS.
Therefore, despite its investment in GEMS stake effectively being
primarily debt-funded, ABM's leverage will trend to around 2.0x by
end-2023 from around 1.0x as of June 2022. Such leverage levels
will remain supportive of ABM's B1 ratings.
Moody's also expects ABM to maintain adequate liquidity with
internal cash sources sufficient to meet cash needs over the next
12-18 months. Also, the company does not have any large debt
maturities until its $200 million notes mature in 2026.
ABM's US dollar notes are rated in line with its B1 CFR because
Moody's expects debt unencumbered by operating assets to remain the
clear majority of total debt in ABM's capital structure, and that
debt at ABM's operating subsidiaries including PT Mifa Bersaudara
(MIFA), RJR and CK will be repaid as per their scheduled
amortization profile and therefore will not remain elevated over a
prolonged period.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is unlikely over the next 12 months, given ABM's
primarily debt-funded minority stake investment. Nonetheless,
Moody's could upgrade the ratings if ABM executes on its strategy
to enhance the scale of its mining and mining services operations;
realize synergies from its investment in GEMS; and maintains strong
credit metrics with good liquidity on a sustained basis.
Credit metrics indicative of an upgrade include adjusted
debt/EBITDA below 3.0x, adjusted EBIT/interest above 2.5x and
adjusted (cash from operations [CFO] - dividends)/debt above 25%,
all on a sustained basis.
Moody's could downgrade the ratings if ABM's liquidity weakens such
that it is unable to meet its cash needs over the next 12-18
months; is unable to effectively execute its growth and investment
plans; or there is cash leakage to its unrestricted power
subsidiary, PT Anzara Janitra Nusantara.
Credit metrics indicative of a downgrade include adjusted
debt/EBITDA above 4.0x, adjusted EBIT/interest below 2.0x or
adjusted (CFO - dividends)/debt below 20%.
ABM's notes could be notched down from its CFR in the future if
debt secured against operating assets represents a clear majority
of ABM's total debt, or if ABM's operating subsidiaries continue to
increase debt levels on a sustained basis.
The principal methodology used in these ratings was Mining
published in October 2021.
Listed on the Indonesian Stock Exchange since 2011, ABM Investama
Tbk (P.T.) is an integrated energy company with investments in coal
mining, mining services, engineering and logistics, and power
generation. The Hamami family controls 79% of ABM through PT Tiara
Marga Trakindo (23%) and Valle Verde PTE LTD (56%). The remaining
shares are held by the public.
=====================
N E W Z E A L A N D
=====================
BARRY SHEDS: Creditors' Proofs of Debt Due on Sept. 8
-----------------------------------------------------
Creditors of Barry Sheds Limited are required to file their proofs
of debt by Sept. 8, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 24, 2022.
The company's liquidator is Kelera Nayacakalou.
E-IDEAS LIMITED: Creditors' Proofs of Debt Due on Sept. 24
----------------------------------------------------------
Creditors of E-Ideas Limited are required to file their proofs of
debt by Sept. 24, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 24, 2022.
The company's liquidator is Kelera Nayacakalou.
IPS NEW ZEALAND: Creditors' Proofs of Debt Due on Oct. 3
--------------------------------------------------------
Creditors of IPS New Zealand Limited are required to file their
proofs of debt by Oct. 3, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Sept. 2, 2022.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington
Level 1, 50 Customhouse Quay
Wellington 6011
SERVICE SKILLS: Creditors' Proofs of Debt Due on Oct. 6
-------------------------------------------------------
Creditors of Service Skills Institute Incorporated (trading as
Service IQ) are required to file their proofs of debt by Oct. 6,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Sept. 1, 2022.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington
Level 1, 50 Customhouse Quay
Wellington 6011
YU & ME: Commences Wind-Up Proceedings
--------------------------------------
Members of Yu & Me Co. Limited, on Aug. 31, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Joon Youl Seo
PO Box 750
Shortland Street
Auckland 1140
=================
S I N G A P O R E
=================
BOW & PETAL: Court to Hear Wind-Up Petition on Sept. 16
-------------------------------------------------------
A petition to wind up the operations of Bow & Petal Pte Ltd will be
heard before the High Court of Singapore on Sept. 16, 2022, at
10:00 a.m.
DBS Bank Ltd filed the petition against the company on Aug. 25,
2022.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
G8 JAPAN: Creditors' Proofs of Debt Due on Oct. 2
-------------------------------------------------
Creditors of G8 Japan GK Manager Pte. Limited are required to file
their proofs of debt by Oct. 2, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 29, 2022.
The company's liquidators are:
Lim Loo Khoon
Tan Wei Cheong
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
NO SIGNBOARD: Files Bid to Subject OCBC to Moratorium Terms
-----------------------------------------------------------
The Business Times reports that No Signboard Holdings on Sept. 2
filed an application with the court to subject creditor OCBC to its
ongoing debt moratorium, so that the bank may not initiate any
legal proceedings against the company.
This comes as No Signboard and OCBC have not been able to agree on
the terms of repayment of a SGD3 million outstanding bank loan, the
company disclosed in a Sept. 5 bourse filing, BT relays.
According to the report, No Signboard believes that it will not
have sufficient funds to make the monthly repayments of the loan
from September, until it completes the agreement entered in July
with potential investor Gazelle Ventures.
No Signboard is in the midst of a court-supervised process to
restructure its liabilities. The Singapore High Court had in May
granted the company and 2 of its subsidiaries, NSB Hotpot and NSB
Restaurants, a moratorium until Oct 29.
Trading in shares of No Signboard has been suspended, BT notes.
About No Signboard
No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.
No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.
As reported in the Troubled Company Reporter-Asia Pacific on May
30, 2022, The Business Times said No Signboard Holdings said the
Singapore High Court has granted it and two of its subsidiaries a
moratorium lasting till Oct. 29, 2022.
On April 29, the embattled restaurant operator and wholly owned NSB
Hotpot and NSB Restaurants applied for moratorium relief spanning 6
months, under Section 64 of the Insolvency, Restructuring and
Dissolution Act. They sought court orders that no resolution shall
be passed to wind up the companies and that no legal process shall
be commenced or continued against any property of the applicants,
among other things.
SAMTRADE CUSTODIAN: Court to Hear Wind-Up Petition on Sept. 16
--------------------------------------------------------------
A petition to wind up the operations of:
- Samtrade Custodian Limited
- Samtrade Fx Ltd
- S.A.M. Trade (V) Limited
- S.A.M. Fintech Pte. Ltd.
- S.A.M. Marketing Private Limited
- S.A.M. MARKETING PRIVATE LIMITED
will be heard before the High Court of Singapore on Sept. 16, 2022,
at 10:00 a.m.
Goh Thien Phong of GTP Advisory PAC and Chan Kheng Tek of
PricewaterhouseCoopers Advisory Services (Judicial Managers) filed
the petition against S.A.M. Marketing et al. on Aug. 23, 2022.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
SHINTARA PRIVATE: Creditors' Proofs of Debt Due on Oct. 3
---------------------------------------------------------
Creditors of Shintara Private Limited are required to file their
proofs of debt by Oct. 3, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 26, 2022.
The company's liquidators are:
Low Sok Lee Mona
Teo Chai Choo
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807
SIGNATURE PHOTOGRAPHY: Court to Hear Wind-Up Petition on Sept. 16
-----------------------------------------------------------------
A petition to wind up the operations of Signature Photography &
Videography Pte Ltd will be heard before the High Court of
Singapore on Sept. 16, 2022, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Aug. 25,
2022.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
TABLEAU ASIA: Creditors' Proofs of Debt Due on Oct. 3
-----------------------------------------------------
Creditors of Tableau Asia Pacific Pte Ltd are required to file
their proofs of debt by Oct. 3, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 26, 2022.
The company's liquidators are:
Ong Kok Yeong David
c/o Tricor Singapore
80 Robinson Road #02-00
Singapore 068898
*********
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
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***