/raid1/www/Hosts/bankrupt/TCRAP_Public/220908.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, September 8, 2022, Vol. 25, No. 174
Headlines
A U S T R A L I A
BUILDSMART SOLUTIONS:First Creditors' Meeting Set for Sept. 14
COLLECTION HOUSE: Administrators Recommend Credit Corp Takeover
COLLECTION HOUSE: Second Creditors' Meeting Set for Sept. 13
FLEXICOMMERCIAL ABS 2021-1: Moody's Ups Rating on F Notes to Ba2
ISLAND ESCAPE: Receivership Leaves Passengers Devastated
LIBERTY SERIES 2022-2: Moody's Assigns B2 Rating to AUD3MM F Notes
MALKA GROUP: Second Creditors' Meeting Set for Sept. 12
RWS COMMUNICATIONS: Second Creditors' Meeting Set for Sept. 12
SITE FOREMAN: First Creditors' Meeting Set for Sept. 14
C H I N A
FOSUN INTERNATIONAL: To Pare Stakes in Fosun Pharma, Jinhui Liquor
GEMDALE CORP: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
GUANGZHOU R&F: Sells Beijing Hotel at a Loss
LANDSEA GREEN: Moody's Cuts CFR to Caa1, Outlook Negative
LANZHOU CONSTRUCTION: Moody's Lowers CFR to Caa1, Outlook Negative
LI & FUNG: Moody's Puts (P)Ba2 Stock Rating on Review for Downgrade
SINO-OCEAN GROUP: Moody's Lowers CFR to Ba2, Outlook Remains Neg.
I N D I A
CAPSTONE CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
DWARKADHIS BUILDWELL: ICRA Keeps B Rating in Not Cooperating
FUTURE GROUP: Promoters Face Personal Insolvency Case
GANESH INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
J.R. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
JHABUA POWER: Acquired by NTPC through Insolvency Resolution Route
KALA GENSET: ICRA Keeps B+ Rating in Not Cooperating Category
MAA GAURI: ICRA Lowers Rating on INR9.0cr Loans to D
MAHESHWARI STRUCTURES: ICRA Keeps B Ratings in Not Cooperating
MAIL ORDER: ICRA Keeps D Debt Ratings in Not Cooperating Category
MCON RASAYAN: ICRA Assigns B+ Rating to INR5.91cr Term Loan
PAIDALA THIRUPATHI: ICRA Keeps B+ Debt Ratings in Not Cooperating
PATEL OSWAL: ICRA Keeps D Debt Rating in Not Cooperating Category
RAICHUR ROLLER: ICRA Keeps B+ Debt Ratings in Not Cooperating
REGENT BEERS: ICRA Withdraws D Rating on INR8.50cr LT Cash Credit
RIDDHI SIDDHI: ICRA Keeps B Debt Ratings in Not Cooperating
ROYAL POWER: ICRA Keeps B- Debt Rating in Not Cooperating
S. NANDA: ICRA Keeps D Debt Ratings in Not Cooperating Category
SANTLAL INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
SAR SENAPATI: ICRA Keeps D Ratings in Not Cooperating Category
SATNAAM STONE: ICRA Keeps B Debt Ratings in Not Cooperating
SIMOLA TILES: ICRA Keeps D Debt Ratings in Not Cooperating
SKM INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
SUBA PLASTICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SURYA VIKAS: ICRA Keeps D Debt Ratings in Not Cooperating
T.J.S. ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
TERRA DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
U D DEVELOPERS: ICRA Lowers Rating on INR32.50cr Term Loan to B
UNITED STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
V.S. BUILDCON: CRISIL Keeps D Debt Rating in Not Cooperating
V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
VERA INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category
VIJAY MAHIENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating
ZUARI AGRO: ICRA Withdraws B Rating on INR851cr Cash Credit
J A P A N
RAKUTEN GROUP: S&P Places 'BB+' LongTerm ICR on Watch Negative
N E W Z E A L A N D
AUCKLAND CAR: Creditors' Proofs of Debt Due on Oct. 7
COLLABORATIVE ARCHITECTURE: Creditors' Proofs of Debt Due on Nov. 5
CRAZY HORSE: Court to Hear Wind-Up Petition on Oct. 13
GAODE HOLDING: Creditors' Proofs of Debt Due on Oct. 2
GKP DEVELOPMENTS: Creditors' Proofs of Debt Due on Sept. 29
S I N G A P O R E
GOLDIN FUND: Court Enters Wind-Up Order
HYFLUX LTD: Creditors' Proofs of Debt Due on Sept. 30
KINGFA HUAYUAN: Court Enters Wind-Up Order
MANILA SOUTH: Commences Wind-Up Proceedings
STRAITS TRADING: Creditors' Meetings Set for Oct. 4
THREE ARROWS: Capital Wallet Removes $33MM of Staked Ether
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A U S T R A L I A
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BUILDSMART SOLUTIONS:First Creditors' Meeting Set for Sept. 14
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Buildsmart
Solutions Pty Ltd will be held on Sept. 14, 2022, at 4:00 p.m. via
Zoom facilities.
Mitchell Warren Ball and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of the company on Sept. 2, 2022.
COLLECTION HOUSE: Administrators Recommend Credit Corp Takeover
---------------------------------------------------------------
Business News Australia reports that shareholders in struggling
debt collector Collection House could be left with nothing if
creditors follow the recommendations from voluntary administrators
and vote to accept a takeover from Credit Corp at a meeting to be
held on September 13.
If the deal proves successful, it would mark the final seal on a
relationship with Credit Corp that involved more than AUD160
million in asset sales over two years from the target to the
acquirer in order to stay afloat in addition to loan arrangements,
BNA relates.
According to the report, FTI Consulting revealed on Sept. 6 that
the deed of company arrangement (DOCA) proposed by Credit Corp
would be expected to deliver between 3 to 8 cents in the dollar on
unsecured creditors' claims.
The other alternatives up for a vote will be returning Collection
House to the control of directors or putting the company in
liquidation.
"Given unsecured creditors will not be paid in full, there will be
no return to shareholders of CLH," FTI Consulting wrote in a
statement published on the ASX on Sept. 6, BNA relays.
"Under the proposed DOCA the voluntary administrators will make an
application to the court for the transfer of the shares in CLH to
Credit Corp. The proposed DOCA cannot be successfully completed
until the court approves that application.
"Upon transfer of all the shares in CLH, it is intended the
proposed DOCA will complete and a creditors' trust will be created
to deal with and pay distributions to the creditors of CLH."
Currently suspended from quotation, Collection House had a market
capitalisation of AUD9.65 million prior to the trading freeze and
the acquisition from Credit Corp has been valued at AUD11 million,
the report notes. The Brisbane-based group has been in
administration since June vafter "exhaustive attempts to
restructure the business and raise additional funding were
unsuccessful".
According to the report, the group had been in a dire state for
years, but the announcement followed swiftly after the collapse of
Volt Bank, with which Collection House had a debt facility as well
as a substantial holding.
BNA says the debt collector was beset by woes during the pandemic
period as its sector remained depressed leading to a
"disappointing" performance for the company.
"General levels of activity in the receivables management sector
over the last six months remain depressed, as clients continued to
implement conservative customer engagement strategies in response
to the longer than anticipated COVID-19 impacts, with revenue
remaining significantly lower than pre-COVID levels," CLH said in
February this year.
That half year report was a harbinger of things to come for CLH,
which saw its loss worsen significantly by 570.3% to AUD63.7
million, compared to a AUD9.5 million loss in the prior
corresponding half year period, BNA discloses.
Revenue was also weaker in the six months to Dec. 31, 2021, down
42.7% from AUD46.2 million to just AUD26.4 million.
Collection House Limited provides debt collection and receivables
management services in Australia, New Zealand, and the Philippines.
The company operates in two segments, Purchased Debt Ledgers and
Collection Services. It offers debt collections services to clients
in the Australasian financial services, insurance, public utility,
credit, and government enterprise markets; and debt purchasing
services for banking, finance, telecommunications, and energy
sectors. The company also provides repayment arrangement
management, asset location recovery and sale, hardship management,
legal and insolvency, credit management training, finance
brokerage, and business process outsourcing services.
Kelly-Anne Trenfield, John Park and Benjamin Campbell of FTI
Consulting were appointed as administrators of the company on June
29, 2022.
COLLECTION HOUSE: Second Creditors' Meeting Set for Sept. 13
------------------------------------------------------------
A second meeting of creditors in the proceedings ofCollection House
Limited has been set for Sept. 13, 2022, at 1:00 p.m. at the
offices of FTI Consulting at Level 20, 345 Queen Street in
Brisbanevia electronic means.
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. 12, 2022, at 1:00 p.m.
John Park, Ben Campbell, and Kelly-Anne Trenfieldof FTI Consulting
were appointed as administrators of the company on June 29, 2022.
FLEXICOMMERCIAL ABS 2021-1: Moody's Ups Rating on F Notes to Ba2
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Moody's Investors Service has upgraded the ratings on four classes
of notes issued by flexicommercial ABS Trust 2021-1 and five
classes of notes issued by flexicommercial ABS Trust 2021-2.
The affected ratings are as follows:
Issuer: flexicommercial ABS Trust 2021-1
Class C Notes, Upgraded to Aa3 (sf); previously on Jan 13, 2022
Upgraded to A1 (sf)
Class D Notes, Upgraded to A3 (sf); previously on Jan 13, 2022
Upgraded to Baa1 (sf)
Class E Notes, Upgraded to Baa3 (sf); previously on Jan 13, 2022
Upgraded to Ba1 (sf)
Class F Notes, Upgraded to Ba2 (sf); previously on Jan 13, 2022
Upgraded to B1 (sf)
Issuer: flexicommercial ABS Trust 2021-2
Class B Notes, Upgraded to Aa1 (sf); previously on Oct 28, 2021
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to A1 (sf); previously on Oct 28, 2021
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to Baa1 (sf); previously on Oct 28, 2021
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Ba1 (sf); previously on Oct 28, 2021
Definitive Rating Assigned Ba2 (sf)
Class F Notes, Upgraded to Ba3 (sf); previously on Oct 28, 2021
Definitive Rating Assigned B1 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the good performance of the
collateral pool to date.
flexicommercial ABS Trust 2021-1
Following the August 2022 payment, credit enhancement available for
the Class C, Class D, Class E and Class F Notes has increased to
27.4%, 22.8%, 15.6%, and 13.5% respectively, from 24.1%, 19.4%,
11.9%, and 9.3% at the time of the last rating action for these
notes in January 2022.
As of July 2022, 0.6% of the outstanding pool was 30-plus day
delinquent and 0.2% was 90-plus day delinquent. The deal has
incurred 0.9% of loss to date, which have been covered by excess
spread.
Based on the observed performance to date and loan attributes,
Moody's has updated its expected default assumption at 8% of the
current pool balance (equivalent to 5.1% of the original balance).
Moody's has maintained the Aaa portfolio credit enhancement at
38%.
flexicommercial ABS Trust 2021-2
Following the August 2022 payment, credit enhancement available for
the Class B, Class C, Class D, Class E and Class F Notes has
increased to 29.6%, 22.7%, 18.1%, 10.8% and 8.4% respectively, from
22.4%, 17.2%, 13.7%, 8.2%, and 6.0% at closing.
As of July 2022, 0.3% of the outstanding pool was 30-plus day
delinquent and 0.05% was 90-plus day delinquent. The deal has
incurred 0.4% of loss to date, which have been covered by excess
spread.
Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 8% of the
original pool balance. Moody's has also maintained the Aaa
portfolio credit enhancement at 38%.
The transactions are securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Flexirent Capital
Pty Limited and serviced by flexicommercial Pty Ltd, each a wholly
owned subsidiary of Humm Group Limited.
The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in July
2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
ISLAND ESCAPE: Receivership Leaves Passengers Devastated
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ABC News reports that the collapse of a luxury boat charter company
operating off Western Australia's coast has devastated passengers
with some demanding tens of thousands of dollars compensation.
Island Escape Cruises NZ, which cancelled a series of 12-day
voyages, is in the hands of receivers Calibre Partners NZ, the
report discloses.
According to ABC, the company's 53.5 metre superyacht, Island
Escape, has been impounded at Broome Port, with a federal court
order restricting its movements and operations.
Queensland man Murrie Taylor was booked to go on a cruise in early
July from Broome, but said his trip to paradise quickly turned into
a nightmare, the report relays.
He and other passengers were waiting in his hotel lobby to be
collected by the cruise company.
When he queried why the bus was late, he was told it would not be
picking up passengers.
"We were gobsmacked basically," he said.
ABC News relates that Mr. Taylor said he had paid about AUD30,000
for the trip when he and his wife had to spend thousands more on
emergency accommodation and flight changes after cancellations left
them stranded in Broome.
"It's not only the financial cost, it's the burden of the heartache
it's caused a lot of people and it's just disgusting," he said.
According to the report, Calibre Partners NZ representative Neale
Jackson said refunds were unlikely at this stage.
"We do not yet know what led the company being in this position,"
the report quotes Mr. Jackson as saying. "It cannot pay any
refunds because it does not have any cash to do so.
"The company did not employ any staff at the date we were
appointed, so [as far as we understand] there are no claims for
wages."
ABC News relates that Mr. Jackson said the customers would join a
list of the company's other unsecured creditors.
"We expect that money customers are owed will rank as an unsecured
claim against the relevant company," he said.
He also said there was another entity of Island Escape Cruises that
was not in receivership.
"One thing to note is that we are receivers of two entities
domiciled in New Zealand; Island Escape Cruises (NZ) Ltd and
Seasons Shipping Ltd," he said.
"We are not receivers of the entity domiciled in Australia [Island
Escape Cruises (Australia) Pty Ltd]."
LIBERTY SERIES 2022-2: Moody's Assigns B2 Rating to AUD3MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes to be issued by Liberty Funding Pty Ltd in
respect of Liberty Series 2022-2.
Issuer: Liberty Series 2022-2
AUD480 million Class A1 Notes, Assigned Aaa (sf)
AUD47 million Class A2 Notes, Assigned Aaa (sf)
AUD29 million Class B Notes, Assigned Aa2 (sf)
AUD10 million Class C Notes, Assigned A2 (sf)
AUD10 million Class D Notes, Assigned Baa2 (sf)
AUD18 million Class E Notes, Assigned Ba2 (sf)
AUD3 million Class F Notes, Assigned B2 (sf)
The AUD3 million Class G Notes are not rated by Moody's.
The transaction is a securitisation of Australian residential
mortgages loans originated and serviced by Liberty Financial Pty
Ltd (Liberty, unrated).
RATINGS RATIONALE
The definitive ratings take into account, among other factors:
- Evaluation of the underlying receivables and their expected
performance;
- Evaluation of the capital structure and credit enhancement
provided to the notes;
- The liquidity reserve in the amount of 2.0% of the notes balance
subject to a floor of AUD600,000;
- The experience of Liberty as the servicer;
- Presence of Perpetual Trustee Company Limited as the back-up
servicer.
Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 8.1%, while the expected loss is 1.20%.
MILAN CE represents the loss Moody's expect the portfolio to suffer
in a severe recessionary scenario, and does not take into account
structural features of the transaction. The expected loss
represents a stressed, through-the-cycle loss relative to
Australian historical data.
The key transactional features are as follows:
Class A1 and Class A2 notes benefit from 20.0% and 12.17% note
subordination respectively.
The notes benefit from a guarantee fee reserve available to cover
losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD1,800,000.
The notes, excluding Class G notes will initially be repaid a
pro-rata share of principle payments subject to satisfaction of the
step-down conditions. If the step-down conditions are not satisfied
the notes will be repaid sequentially. The stepdown conditions
which include, among others, an absence of charge offs, and average
arrears greater than or equal to 30 days do not exceed 4.0% of the
aggregate loan amount.
The key features of the initial mortgage loan pool are as follows:
The portfolio has a weighted-average seasoning of 14.6 months.
The portfolio has a scheduled LTV ratio of 69.1%, with a
relatively high proportion of loans with a scheduled LTV ratio
above 80.0% (14.7%) and above 90% (9.74%).
Around 17.2% of the loans in the portfolio were extended to
self-employed borrowers.
9.3% of the loans in the portfolio were extended on an alternative
documentation basis.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.
MALKA GROUP: Second Creditors' Meeting Set for Sept. 12
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A second meeting of creditors in the proceedings ofThe Malka Group
Pty Ltd has been set for Sept. 12, 2022, at 11:00 a.m. at Level 6,
171 Collins Street at Melbourne via virtual meeting only.
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 1:00 p.m.
Keith Alexander Crawford and Robert Bruce Smith of McGrathNicol
were appointed as administrators of the company on Aug. 8, 2022.
RWS COMMUNICATIONS: Second Creditors' Meeting Set for Sept. 12
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A second meeting of creditors in the proceedings ofRWS
Communications Pty Limited has been set for Sept. 12, 2022, at
11:00 a.m. at Level 1, 160 Pacific Highway in Charlestown.
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.
Jeffrey Allan Shuteof Shaw Gidleywas appointed as administrator of
the company on Aug. 8, 2022.
SITE FOREMAN: First Creditors' Meeting Set for Sept. 14
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A first meeting of the creditors in the proceedings of The Site
Foreman (NSW) Pty Limited will be held on Sept. 14, 2022, at 3:00
p.m. via Zoom facilities.
Mitchell Warren Ball and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of the company on Sept. 2, 2022.
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C H I N A
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FOSUN INTERNATIONAL: To Pare Stakes in Fosun Pharma, Jinhui Liquor
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Yicai Global reports that Fosun International plans to reduce its
stakes in Fosun Pharmaceutical and Jinhui Liquor. As part of a plan
to raise more than CNY10 billion (USD1.4 billion), the
debt-strapped Chinese conglomerate has been selling stakes in
listed companies since the start of the year.
A statement released by Fosun Pharma on Sept. 2 did not specify any
reason for the divestment and the Shanghai-based drugmaker did not
respond to inquiries from Yicai Global.
According to Yicai Global, Shanghai Fosun High Technology Group, an
affiliate of Fosun International, plans to sell more than 80
million shares of Fosun Pharma, or 3 percent of the total share
capital, through centralized bidding and block trading.
This is the first time Fosun International has reduced its interest
in Fosun Pharma since the drugmaker was listed in Shanghai in 1998.
But it will not affect Fosun International's status as controlling
shareholder.
Yicai Global says the market is concerned about the debt situation
at Fosun International, though the Shanghai-based company claims to
be operating in a stable manner.
It had debt of CNY261.1 billion (USD37.7 billion) as of June 30, up
from CNY237.1 billion at the end of last year, its latest earnings
report showed. The company cited business expansion as the cause.
Its debt-to-asset ratio reached 56.8 percent, 3 percentage points
higher than at the end of 2021.
Fosun International has sold stakes in Hainan Mining, Tsingtao
Brewery, and Zhongshan Public Utilities Group since the start of
2022, the report notes. It also sold US insurer AmeriTrust in
April.
Now it also plans to cut its equity holding in Jinhui Liquor. Fosun
International affiliate Yuyuan Tourist Mart and an entity acting in
concert with it plan to cut their stake in the ‘baijiu' maker by
nearly 66 million shares, accounting for 13 percent of the total
share capital.
After the sale, Yatter Investment Group will be Jinhui Liquor's
majority shareholder, Yicai Global relates. Yatter Investment is
run by Li Ming, a wealthy businessman from Gansu province. In May
2020, Fosun International spent CNY1.8 billion (USD259.7 million)
to buy the controlling stake in Jinhui Liquor from Li.
About Fosun International
Fosun International Limited provides diversified services. The
Company offers products and services for families in health,
happiness, and wealth businesses. Fosun International serves
clients worldwide.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
26, 2022, Moody's Investors Service has downgraded to B1 from Ba3
the corporate family rating of Fosun International Limited. At the
same time, Moody's has downgraded to B1 from Ba3 the senior
unsecured rating on the bonds issued by Fortune Star (BVI) Limited
and unconditionally and irrevocably guaranteed by Fosun. Moody's
has changed the outlook on all ratings to negative from ratings
under review. This concludes the review for downgrade initiated on
June 14, 2022.
GEMDALE CORP: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
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Moody's Investors Service has affirmed the Ba2 corporate family
rating of Gemdale Corporation and the Ba3 CFR of the company's
wholly-owned subsidiary, Famous Commercial Limited.
Moody's has also affirmed the Ba3 senior unsecured rating on the
bonds and the (P)Ba3 senior unsecured rating on the medium-term
note (MTN) program issued by Gemdale Ever Prosperity Investment
Limited (Gemdale Ever Prosperity) and guaranteed by Famous. Gemdale
Ever Prosperity's offshore bonds are supported by Gemdale through
keepwell deeds and deeds of equity interest purchase undertaking.
At the same time, Moody's has revised the outlook of all entities
to negative from stable.
"The negative outlook reflects Gemdale's weaker-than-expected
contracted sales amid difficult operating conditions, as well as
weakening funding access to open markets, which lowers its
financial flexibility," says Kelly Chen, a Moody's Vice President
and Senior Analyst.
"The rating affirmation reflects Moody's expectation that Gemdale
will maintain good liquidity and a disciplined approach to its
business and financial management," adds Chen.
RATINGS RATIONALE
Gemdale's Ba2 CFR reflects its established brand name, its long
operating track record in China's property market, and its
disciplined and stable management team, as well as its good
liquidity.
However, Gemdale's Ba2 CFR is constrained by its modest financial
metrics and significant exposure to its joint venture (JV)
projects, which lowers the transparency of its credit metrics.
Gemdale's year-to-date contracted sales were lower than Moody's
previous expectation due to prolonged market weakness. Moody's now
forecasts Gemdale's contracted sales will decline to around RMB220
billion and RMB200 billion for 2022 and 2023, respectively, versus
Moody's previous expectation of around RMB230 billion and RMB245
billion. The company's contracted sales fell 37% in the first seven
months of 2022 compared with the same period in the prior year due
to weak market sentiment and COVID-led disruptions. The drop in
contracted sales will weaken the company's financial profile and
reduce its operating cash flow.
That said, Moody's expects Gemdale's liquidity to remain good. Its
unrestricted cash of RMB56 billion as of the end of June 2022 and
projected operating cash flow will be sufficient to cover its
maturing debt, including more than RMB20 billion of onshore bonds
becoming mature or puttable before the end of 2023. However, the
use of internal resources to repay maturing debt could continue to
reduce its liquidity buffer over time.
Gemdale has issued onshore debt instruments of around RMB2.5
billion in for the year to date, according to its 2022 interim
report. However, Moody's sees increasing uncertainties for Gemdale
to consistently issue long-term unsecured bonds in meaningful
amounts over the next 6-12 months, as market dynamics have further
weakened over the past several months.
Meanwhile, Moody's projects Gemdale's credit metrics will remain
modest over the next 12-18 months. Gemdale's revenue is likely to
decrease by 5%-10% annually for 2022 and 2023 compared with a 6%
decline for the last 12 months ended June 2022. Moody's forecasts
its gross margin will reduce to 19% for 2022 and 2023, from 22% for
the last 12 months ended June 2022 and 20% for 2021, as the company
will need to offer price discounts to support contracted sales and
cash collection.
Moody's also expects the company to reduce its debt level and
operating expenses amid slowing land acquisitions and a tight
credit environment. As a result, Moody's forecasts Gemdale's debt
leverage, as measured by revenue/adjusted debt, will weaken to 70%
over the next 12-18 months compared with 76% for 2021, and its
EBIT/interest coverage, will stay at around 2.8x over the same
period. These ratios will position the company at the weaker end of
its Ba2 CFR.
Meanwhile, Famous' Ba3 CFR reflects its standalone credit profile
and a two-notch rating uplift, based on Moody's expectation that
Gemdale will provide financial support to Famous in times of
stress.
Moody's support assumption considers (1) Gemdale's full ownership
of Famous; (2) Famous' status as Gemdale's primary platform to
raise funds from offshore debt capital markets; and (3) Gemdale's
track record of providing financial support to Famous.
Famous' standalone credit profile is constrained by the small scale
of its operations, its weak financial metrics and potential
volatility in its sales performance. However, the standalone credit
profile also factors in operational benefits arising from the
company's status as a core subsidiary of Gemdale, such as cost
efficiencies and a strong brand name.
Famous' liquidity is weak. Nonetheless, Moody's expects the company
will continue to receive funding support from Gemdale and have
adequate banking facilities to fund its operations, given its close
linkage with Gemdale.
The Ba3 senior unsecured ratings on the bonds and the (P)Ba3 senior
unsecured rating on the MTN program guaranteed by Famous are not
affected by subordination to claims at the operating companies.
This is because Moody's expects support from Gemdale will flow
through the holding company rather than directly to its main
operating companies, thereby mitigating any differences in expected
loss that could result from structural subordination.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered Gemdale's track record of disciplined
financial management, diversified ownership and board of directors,
and its established governance standards, which mitigate the risks
brought by its weakened corporate transparency due to the company's
high use of JVs.
Moody's has also taken into account Famous' private company status
and low corporate transparency. However, Gemdale's 100% ownership
of the company, established governance structure and history of
providing support to its subsidiary mitigate these risks.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the ratings is unlikely in the near term, given the
negative outlook.
However, Moody's could revise Gemdale's rating outlook to stable if
the company strengthens its access to long-term funding, improves
sales and financial metrics, and maintains sufficient liquidity.
A significant reduction in contingent liabilities associated with
its JVs or a reduced likelihood of funding support to its JVs could
also be positive for the rating.
However, Gemdale's rating could be downgraded if (1) its contracted
sales and/or operating cash flows weaken beyond Moody's
expectations; or (2) the company materially accelerates its
development activities and/or undertakes aggressive land
acquisitions, thereby weakening its credit metrics and liquidity
position.
Moody's could downgrade the rating if Gemdale's EBIT coverage of
interest falls below 3.0x-3.5x or if revenue/adjusted debt declines
below 65%-70%, both on a sustained basis.
Downward pressure could also increase if the company's contingent
liabilities associated with its JVs or the likelihood of funding
support to its JVs increases significantly.
Meanwhile, Famous' rating outlook could return to stable if
Gemdale's outlook is revised to stable.
On the other hand, Famous' rating could come under pressure if (1)
Gemdale's rating is downgraded; or (2) Gemdale reduces its
ownership of, or lowers its support for, Famous.
Moody's could also downgrade Famous' rating if the company's credit
profile or liquidity deteriorates materially because of a failure
to implement its business plan or if it pursues aggressive
expansion.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Incorporated in China and listed on the Shanghai Stock Exchange,
Gemdale Corporation is a leading developer in China's residential
property sector. As of the end of June 2022, the company's land
bank totaled around 62 million square meters (sqm) in saleable
gross floor area (GFA) across about 78 cities in China.
Incorporated in Hong Kong SAR, China in 1995, Famous Commercial
Limited is a wholly-owned subsidiary of Gemdale Corporation. The
company also serves as Gemdale's funding vehicle in overseas
markets.
GUANGZHOU R&F: Sells Beijing Hotel at a Loss
--------------------------------------------
Caixin Global reports that Guangzhou R&F Properties Co. Ltd. sold a
Beijing hotel at a loss to raise cash for debt repayment,
underscoring the distressed developer's deepening woes amid the
prolonged property industry crisis.
R&F agreed to sell its entire stake in Wanda Realm Beijing, a
five-star luxury hotel in the western part of the capital city, to
Beijing Yingxie Property Investment Co. for CNY550 million ($79
million), R&F said Sept. 5.
About Guangzhou R&F
Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.
As reported in the Troubled Company Reporter-Asia Pacific on JulY
21, 2022, Fitch Ratings has downgraded the Long-Term Issuer Default
Ratings (IDR) on Guangzhou R&F Properties Co. Ltd., and its
subsidiary, R&F Properties (HK) Company Limited (RFHK) to 'RD'
(Restricted Default) from 'C' on the completion of Guangzhou R&F's
exchange offer. The rating actions are in accordance with the
distressed debt exchange section in Fitch's Corporate Rating
Criteria.
The senior unsecured ratings of Guangzhou R&F and RFHK have been
affirmed at 'C', with a Recovery Rating of 'RR6'.
LANDSEA GREEN: Moody's Cuts CFR to Caa1, Outlook Negative
---------------------------------------------------------
Moody's Investors Service has downgraded Landsea Green Management
Limited's corporate family rating to Caa1 from B3 and its senior
unsecured rating to Caa2 from Caa1.
The outlook remains negative.
"The downgrade reflects Landsea's heightened liquidity and default
risks, due to its weakened liquidity and operations, as well as a
material amount of maturing debt," says Daniel Zhou, a Moody's
Analyst.
"The negative outlook reflects the uncertainties over the company's
ability to address its refinancing needs amid a tight funding
environment," adds Zhou.
RATINGS RATIONALE
Landsea has a material amount of debt maturing, particularly the
USD165 million, or RMB1.2 billion equivalent, of an offshore bond
maturing in October 2022. This bond accounted for around 15% of
Landsea's total debt as of June 30, 2022. Moody's believes
Landsea's weak liquidity is insufficient to address its repayment
needs.
Landsea's liquidity has deteriorated notably in the first half of
2022, as reflected by the sharp decline in its cash balance to
RMB1.3 billion as of June 30, 2022, from RMB4.0 billion as of
December 31, 2021. In addition, around half of such cash is held by
Landsea's listed U.S. subsidiary, Landsea Homes Corporation (LHC),
and cannot be mobilized by Landsea immediately.
Landsea's operations in China have weakened because of the
challenging industry environment. Its gross sales, including
contribution from joint ventures (JV) and non-equity-holding
development management projects, declined 51% year-on-year to
RMB11.3 billion over the first six months of 2022.
Landsea repaid the USD147 million offshore bond that matured in
June 2022 by using internal cash and raising USD90 million in May
2022 through disposing of and pledging its shareholdings in LHC.
However, Moody's estimates the company will need to raise further
new funds to address its upcoming repayment needs, which entails
high uncertainty given the weak market sentiment and tight funding
conditions in China.
Landsea's Caa1 CFR reflects its recognized brand in green property
development and growing US operations, which support growth and
offer geographic diversification. However, its Caa1 CFR is
constrained by its high refinancing risk, low financial flexibility
in accessing project-level cash due to its asset-light business
model, small operating scale and narrow funding channels.
The Caa2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk. This
subordination risk reflects the fact that the majority of Landsea's
claims are at the operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination.
Consequently, the expected recovery rate for claims at the holding
company will be lower.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered Landsea's concentrated ownership by its key
shareholder, Mr. Tian Ming, who held a stake of approximately
58.28% (direct and indirect) in Landsea as of December 31, 2021.
Moody's has also considered the presence of three independent
nonexecutive directors on the company's seven-member board and
other internal governance structures and standards as required by
the Hong Kong Stock Exchange.
Landsea's heavy reliance on JVs exposes the company to greater
governance risk, as this weakens its corporate and financial
transparency.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is unlikely, given the negative outlook.
However, Moody's could return the outlook to stable if Landsea
improves its operating cash flow, liquidity and access to funding
over the next 12-18 months.
On the other hand, Moody's could downgrade the ratings if Landsea's
liquidity deteriorates further.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Landsea is a property developer and development and management
services provider in China and the US that specializes in green
property projects. Landsea had total land reserves of 6.2 million
square meters on a gross basis across 35 cities in China and six
states in the US as of June 2022.
The company listed its shares in Hong Kong through a reverse IPO in
2013, after acquiring Shenzhen High-Tech Holding Limited. As of
December 31, 2021, it was 58.28% owned by its founder, Tian Ming.
LANZHOU CONSTRUCTION: Moody's Lowers CFR to Caa1, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating of Lanzhou Construction Investment
(Holding) Group Co., Ltd. and the senior unsecured rating on the
bonds issued by City Development Company of Lan Zhou and guaranteed
by Lanzhou Construction.
The rating outlook remains negative.
"The downgrade reflects Lanzhou Construction's severe liquidity and
refinancing risks, given the company's limited fundraising progress
to address its large upcoming debt maturities over the next six
months, including USD300 million of offshore bonds due in November
2022," says Ying Wang, a Moody's Vice President and Senior
Analyst.
The negative outlook reflects Lanzhou Construction's weak
debt-repayment ability over the next 6-12 months.
RATINGS RATIONALE
Lanzhou Construction's access to capital markets has been
constrained since November 2021, and its negotiation with financial
institutions to secure adequate refinancing has been slower than
expected. As a result, Moody's believes the company still needs to
rely on resources from the Lanzhou city government and Gansu
provincial government to repay its public bonds.
At the same time, Lanzhou Construction faces a large amount of
bonds coming due or becoming puttable over the next six months, for
which the company currently does not have concrete refinancing
plans. Uncertainty over whether government support alone can
adequately and in a timely manner meet all the company's
refinancing needs have further increased as the large debt's
maturity date looms.
In addition, Moody's believes Lanzhou Construction's ability to
meet its other debt obligations will decline if the company is
unable to negotiate refinancing terms with its creditors.
Lanzhou Construction's Caa1 rating incorporates the Lanzhou city
government's capacity to support (GCS) score of baa3, and Moody's
assessment of the company's liquidity risk and how its
characteristics affect the Lanzhou city government's propensity to
support, which results in a seven-notch downward adjustment.
Moody's assessment of Lanzhou's GCS reflects Lanzhou city's status
as the capital of Gansu province, the city's relatively weak
economic and fiscal metrics, the constraints faced by its local
financial sector, and the limited disclosure requirements for local
state-owned enterprises (SOEs), which prevent a complete assessment
of the contingent liability risks that affect the city's capacity
to provide support.
The Caa1 rating primarily reflects the company's severe liquidity
risk. It also reflects the Lanzhou city government's propensity to
support Lanzhou Construction, based on its 100% ownership of the
company and the company's status as the dominant LGFV providing
essential public services in the city. This strength is
counterbalanced by the company's weak debt management and the
contingent risks arising from the external guarantees it has
provided to other companies.
Lanzhou Construction's rating also considers the following
environmental, social and governance (ESG) factors.
The company bears high social risks as it implements public-policy
initiatives by building public infrastructure in Lanzhou.
Demographic changes, public awareness and social priorities shape
the company's development targets and ultimately affect the Lanzhou
city government's propensity to support the company.
As for governance considerations, Lanzhou Construction is subject
to oversight by the Lanzhou city government and has to meet several
reporting requirements, reflecting its public-policy role and
status as a government-owned entity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could downgrade the rating if Lanzhou Construction's
liquidity deteriorates further, or if it fails to meet its debt
obligations.
An upgrade of the ratings is unlikely, given the negative outlook.
However, Moody's could revise the outlook to stable if Lanzhou
Construction alleviates its high liquidity pressure and strengthens
its funding access.
The principal methodology used in these ratings was Local
Government Financing Vehicles in China Methodology published in
April 2022.
Established in 2016, Lanzhou Construction Investment (Holding)
Group Co., Ltd. is 100% owned by the Lanzhou State-owned Asset
Supervision and Administration Commission through a parent
intermediary, Lanzhou Investment (Holdings) Group Co., Ltd. The
company mainly engages in urban infrastructure construction,
shantytown redevelopment, utilities, public services and
transportation in Lanzhou city.
LI & FUNG: Moody's Puts (P)Ba2 Stock Rating on Review for Downgrade
-------------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade Li &
Fung Limited's ratings.
These include the company's Baa3 issuer rating, Baa3 senior
unsecured bond ratings, provisional (P)Baa3 senior unsecured
medium-term note (MTN) program rating, provisional (P)Ba2 preferred
stock MTN program rating, and subordinated Ba2 perpetual capital
securities rating.
The previous outlook on the company was negative.
The review follows the company's announcement on August 31, 2022
that it had completed the sale of LF Logistics Holdings Limited and
its various entities to A.P. Moller-Maersk A/S (Baa2 positive).
"The review for downgrade reflects Li & Fung's significantly
weakened business profile and reduced earnings base after the
transaction, which will more than offset a likely material
improvement in its net financial leverage," says Gloria Tsuen, a
Moody's Vice President and Senior Credit Officer.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
LF Logistics has a record of strong growth over the past decade,
and generated about two-thirds of Li & Fung's adjusted EBITDA in
2021, even though its contribution to overall turnover was moderate
at 20%-25%, reflecting its higher margins than the trading
business.
Consequently, after the sale of the logistics segment, Li & Fung's
business diversity has been reduced to trading, which experienced
multiyear declines in revenue and earnings as a result of
structural difficulties faced by its retail customers.
Given these factors, in Moody's view, Li & Fung's overall business
profile is not commensurate with the Baa3 rating. This view is
despite an expected material improvement in its capital structure
after the transaction and progress in the turnaround in the trading
business.
Moody's expects Li & Fung's capital structure to improve
significantly after the transaction, assuming that the company
maintains its prudent management and uses more than half of
proceeds for debt reduction and building a cash buffer.
The company's trading revenue and EBITDA rebounded strongly in the
first half (H1) of 2022 from H1 2021, as it has strengthened its
customer base and reduced costs.
Although these measures will help to boost revenue and earnings of
the trading segment, there is a degree of uncertainty over whether
the company can sustain such a positive trend over the next 2-3
years, given reduced consumer demand amid a slowing global economy
and execution risks.
Moody's review will focus on (1) the trajectory of growth and
profitability of the trading segment; and (2) the use of sale
proceeds and Li & Fung's capital structure after the sale.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Founded in 1906, Li & Fung Limited is a global consumer product
sourcing and trading company. Based in Hong Kong SAR, China, it has
an extensive global supply chain network in more than 50 countries.
SINO-OCEAN GROUP: Moody's Lowers CFR to Ba2, Outlook Remains Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded Sino-Ocean Group Holding
Limited's corporate family rating to Ba2 from Ba1.
At the same time, Moody's has downgraded to Ba2 from Ba1 (1) the
senior unsecured ratings on the bonds issued by Sino-Ocean Land
Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II
Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed by
Sino-Ocean; and (2) to B1 from Ba3 the subordinated, guaranteed
perpetual capital securities issued by Sino-Ocean Land Treasure III
Limited and guaranteed on a subordinated basis by Sino-Ocean.
The outlook remains negative.
"The rating downgrade reflects Sino-Ocean's weakened standalone
credit profile, driven by its deteriorated funding access and
reduced financial flexibility because of its increasing pledge of
assets for financing and use of internal cash to repay maturing
debt amid challenging operating conditions," says Cedric Lai, a
Moody's Vice President and Senior Analyst.
"The negative outlook reflects uncertainties over Sino-Ocean's
ability to raise new unsecured long-term funding to maintain its
liquidity buffer," adds Lai.
RATINGS RATIONALE
Moody's expects Sino-Ocean's operating performance to worsen over
the next 12-18 months amid difficult operating conditions.
Specifically, Moody's forecasts Sino-Ocean's contracted sales will
decline to around RMB100 billion in 2022 and RMB92 billion in 2023,
from around RMB136 billion in 2021. Its contracted sales decreased
17% during the first seven months in 2022 to RMB52.0 billion
compared with the same period in 2021.
Despite the challenging funding conditions, Moody's expects
Sino-Ocean to maintain adequate liquidity over the next 12-18
months. However, the company's liquidity buffer will likely
decrease over the same period as it will repay some of the maturing
debt using its internal cash source given its weakened ability to
raise new funds. Its unrestricted cash balance reduced to RMB14.6
billion as of the end of June 2022 from RMB21.7 billion as of the
end of 2021, due to repayment of some maturing debt using internal
cash as well as lower contracted sales.
Sino-Ocean will also likely offer price discounts to support its
contracted sales amid the difficult market conditions, which will
pressure its profit margins. Moody's projects the company's gross
margin will further decline to around 16% over the next 12-18
months from 19% in the first half of 2022. As such, Moody's expects
the company's interest coverage, as measured by adjusted
EBIT/interest expense, will decrease to 2.3x-2.5x over the next
12-18 months from 2.8x for the 12 months ended June 2022. Its debt
leverage, as measured by revenue/adjusted debt, will weaken to
around 58% over the next 12-18 months from about 69% for the 12
months ended June 2022.
Sino Ocean's Ba2 CFR incorporates its standalone credit quality and
one-notch of rating uplift, stemming from expected support from
China Life Insurance Co Ltd, in times of need. This view also
factors in China Life's ability to support Sino Ocean, as
illustrated by its A1 insurance financial strength rating (IFSR).
Sino-Ocean's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. Despite
Sino-Ocean's status as a holding company, Moody's expects support
from China Life to Sino-Ocean to flow through the holding company
rather than directly to its main operating companies, mitigating
potential differences in expected losses that could arise from
structural subordination.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's (1) strong shareholders and
representation on its board of directors; (2) disclosure of
material related-party transactions as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange; and (3) diversified board of directors and four special
committees to supervise the company's operations.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could downgrade the ratings if the company's sales fall
significantly, liquidity further weakens, or it undertakes
aggressive debt-funded acquisitions that worsen its key credit
metrics, such that reported net debt remains elevated, or
EBIT/interest falls below 2.3x-2.5x, on a sustained basis.
Moody's could also downgrade the ratings without a decline in the
company's standalone credit profile, if Moody's further lowers its
assessment of support from China Life for Sino-Ocean. This
situation could result from any indication of a decrease in China
Life's ownership of Sino-Ocean; further reduction of Sino-Ocean's
economic and strategic importance to China Life; or a deterioration
in China Life's own credit profile.
An upgrade of Sino-Ocean's ratings is unlikely over the next 12
months, given the negative outlook.
However, Moody's could revise the outlook to stable if (1)
Sino-Ocean demonstrates resilience amid difficult operating
conditions through stabilizing its business performance,
maintaining its adequate liquidity and funding access; and (2)
China Life continues to provide operational and financial support
to Sino-Ocean, in times of need.
Credit metrics indicative of a stable outlook includes
EBIT/interest above 2.8x-3.0x on a sustained basis.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Sino-Ocean Group Holding Limited (Sino-Ocean) is a leading property
developer in China. The company focuses on developing mid- to
high-end residential properties, office premises and retail
properties. As of the end of June 2022, it had a land bank of about
49.5 million square meters across 62 cities mainly in China.
=========
I N D I A
=========
CAPSTONE CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Capstone
Ceramic (India) Llp in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 7.05 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 1.21 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Limits to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in October 2017, as a limited liability partnership
firm, CCL commenced commercial production in May 2018, with its
product profile comprising digitally printed wall tiles of 12"X18".
Its manufacturing unit is located at Morbi, the ceramic tile
manufacturing hub of Gujarat and is equipped to manufacture 33,750
metric tonne (MT) of tiles per annum.
DWARKADHIS BUILDWELL: ICRA Keeps B Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dwarkadhis
Buildwell Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable): ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Dwarkadhis Buildwell Pvt. Ltd. (DBPL) was incorporated in 2005 and
is the flagship company of Dwarkadhis Group which is promoted by
Mr. Jai Bhagwan Garg and his brother Mr. Bal Krishan Garg. They
entered in the real estate sector in 2002 and were involved in
construction of floors in Shalimar Bagh. DBPL is undertaking a
plotted development project spread across 60.73 acres of land
parcel in Sector 23, Dharuhera, District Rewari (Haryana) under the
name 'DwarkadhisCity'. The company initially received licence for
developing 60.73 acre of land and started development on this since
2006. In August-2013, it received LOI from Directorate Town &
Country Planning, Haryana to develop additional adjoining land of
15.91 acres. The land is owned by the promoters and group
companies. The project mainly comprises of development of
residential plots, while development of commercial plots would be
undertaken in the future and the area is earmarked for the same.
The development on 60.73 acres of land is completed; the occupation
certificate is pending and is under 2 processes. The work on the
adjoining 15.91 acres land is started and LOI received in
August-2013, the bookings for this would commence in next couple of
years.
FUTURE GROUP: Promoters Face Personal Insolvency Case
-----------------------------------------------------
The Economic Times reports that state-owned Central Bank of India
has opened a new front to recover dues from the Biyanis, promoters
of the debt laden retail conglomerate Future Group that is facing
bankruptcy proceedings. The bank has filed a personal insolvency
case against promoter Kishore Biyani, his elder brother Vijay
Biyani and cousin Sunil Biyani with total claims of INR1,047 crore.
The claims were filed in the Mumbai bench of the National Company
Law Tribunal (NCLT) a few days ago and are yet to be admitted by
the court, documents seen by ET show.
Central Bank is the lead lender in Future Enterprises Ltd (FEL)
which owes lenders and bond holders a total of INR6,778 crore.
Kishore Biyani is described as the vice chairman while Vijay Biyani
is designated as managing director according to the FEL website.
Sunil Biyani is a former director in the company.
All three had given personal guarantees for loans applied by
subsidiary companies Iskrupa Mall Management, Syntex Trading and
Agency and Unique Malls Pvt Ltd, according to documents seen by ET.
Kishore and Vijay Biyani have each given a guarantee totalling
INR513 crore while Sunil Biyani has given a guarantee of INR21
crore, the documents show, ET relays. The cases against them are a
part of the 15 different cases Central Bank has filed against the
group companies.
Future Retail is the largest debtor in the group, with about
INR17,000 crore of dues. Two other listed companies -- Future
Enterprises that holds its supply chain, and Future Lifestyle
Fashions NSE 3.77 % that houses apparel brands such as Central and
Brand Factory - add another INR11,000 crore to the debt pile,
taking the group-level outstanding to INR28,000 crore.
"The claims are part of banks' attempts to recover whatever is
possible. We will pursue cases fo ensure maximum recovery. Other
banks which loans outstanding to the group will also join the
personal insolvency proceedings once the case is admitted," ET
quotes a person with direct knowledge of the matter as saying.
According to the report, the personal insolvency cases against the
Biyani's bring in a new dimension to lenders' attempt to recover
their dues from the group. Last week, Bank of India (BoI) has
dragged another group company Future Lifestyle Fashions (FLFL) to
the NCLT under the Insolvency and Bankruptcy Code (IBC) for
recovery of dues. BoI's petition against Future Retail, the largest
debtor in the group was admitted by the NCLT in July.
Lenders are unsure about the expected recovery from the group as
due to the multiple litigations the company faces. A deal by
Reliance Retail to takeover the debt laden group collapsed laat
year US retail giant Amazon opposed it in courts in India and
abroad citing a 2019 investment in Future Coupons Pvt Ltd (FCPL),
which owned about 10% of FRL.
Bankers rejected Reliance's offer to takeover due to pending
litigations and after the oil to retail conglomerate took over 947
stores belonging to Future Retail, saying these were sub-leased to
Future.
"The truth is there are many challenges to the resolution of these
loans and court delays are not helping. Banks are doing whatever it
takes to recovery but there is no clear end in sight," said a
second person aware of the situation.
Future Retail is also among the assets the newly launched National
Asset Reconstruction Co Ltd (NARCL) has offered to acquire as it
seeks to consolidate bad debt from banks in the hope of a quicker
resolution.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
As reported in the Troubled Company Reporter-Asia Pacific on July
25, 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer that once operated the largest chain of
department stores across the country and was the prized trophy for
two retail sector giants. According to Bloomberg News, the National
Company Law Tribunal on July 20, 2022, gave its verdict on a
petition by Bank of India to start the bankruptcy-resolution
process for the cash-strapped retailer. It dismissed allegations
from the local unit of Amazon.com Inc. that Future Retail's lenders
were colluding with its founders to push the firm into insolvency.
The court also appointed an administrator to take over the
management at Future Retail.
GANESH INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Shri Ganesh
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable): ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SGI is a partnership firm promoted by the Mohata family and is
involved in cotton oil milling for over 40 years. The firm has an
oil mill at Khamgaon (Maharashtra) with a crushing capacity of 80
tonnes per day. The end products of crushing are cotton oil cake
and crude oil, which can be further processed into cotton refined
oil; however, the firm is not engaged in the refining. The firm has
two group companies—Shri Ganesh Veg Oil Products Pvt. Ltd. and
Anand Mahota Agro Industries Pvt. Ltd. Shri Ganesh Veg Oil Products
Pvt. Ltd. was established in 1997 when the Mohata Group took over
an existing cotton oil refinery in Khamgaon for expansion into the
refining space. At present, the company has a 2 cotton oil mill and
a refining unit at Khamgaon. The total oil mill crushing capacity
is 40 tons per day and the capacity for the refinery is 80 tons per
day. Anand Mohata Agro Industries Pvt. Ltd., promoted by Mr. Anand
Mohata, has an oil mill and de-linting unit at Nagpur, Maharashtra.
It has a refining and crushing capacity of 80 tons per day and a
de-linting capacity of 35 tons per day.
J.R. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the rating of J.R. Foods Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 9.40 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 2.30 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 35.75 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1993, J R Foods Limited (JRFL) was promoted by Mr.
J.K. Kothari and refines edible oil from crude palm oil (CPO), rice
bran and other edible vegetable oil. Apart from refinery, the
company has solvent extraction plants. The company's manufacturing
facility is located on the Villupuram-Pondicherry National Highway
in Tamil Nadu. The refinery capacity is 300 MTPD and the solvent
extraction capacity is 400 TPD. However, the company derives about
95% of its operating income from oil refinery as the solvent
extraction unit remains almost unutilized.
JHABUA POWER: Acquired by NTPC through Insolvency Resolution Route
------------------------------------------------------------------
India Blooms reports that state-run integrated power generation
company NTPC has successfully acquired Jhabua Power Limited (JPL)
through Corporate Insolvency Resolution Process initiated by
National Company Law Tribunal, Kolkata, (NCLT).
This is the first acquisition of a power asset by NTPC through the
NCLT route, a step forward in accomplishing NTPC's long-term
capacity targets, India Blooms says.
On Sept. 5, a Shareholders Agreement was signed between NTPC, JPL,
and Secured Financial Creditors in New Delhi.
Jhabua Power Limited (JPL) is having an operational thermal power
capacity of 1 x 600 MW located in Seoni, Madhya Pradesh.
With a target set to achieve an installed capacity of 130 GW by
2032 from a diversified portfolio, NTPC has been exploring various
opportunities for capacity expansion through both organic and
inorganic routes.
KALA GENSET: ICRA Keeps B+ Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kala
Genset Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Limits to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in the year 1997, KGPL is involved in the assembling
of diesel genset and is one of the leading generator original
equipment manufacturers for KOEL. The company offers gensets in the
wide range of 2-750 KVA rating. The company is also involved in the
manufacturing of acoustic enclosures (canopy), control panels and
power management systems. KGPL has three manufacturing units
located at Pune and Belgaum. The company is promoted by Mr. Manoj
Chandrakant Phutane who is technically well equipped and has nearly
two decades of experience in the genset industry. KGPL offers
products ranging from generators, acoustic enclosures, control
panels and power management systems involving innovative
technologies. The manufacturing set up of KGPL includes R&D
facility, testing lab, CNC machine setup, PLC based robotic power
coating and painting plant, CAD-CAM design centre, laser cutting
machines and punch press. KGPL pays royalty to KOEL for every
genset sold through their collaboration.
MAA GAURI: ICRA Lowers Rating on INR9.0cr Loans to D
----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Maa
Gauri Poultry Private Limited (MGPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.10 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B (Stable) and continues to
remain under 'Issuer Not
Cooperating' category
Long-term– 4.90 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating downgraded from
Term Loan [ICRA]B (Stable) and continues to
remain under 'Issuer Not
Cooperating' category
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated on June 2021. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2006, Maa Gauri Poultry Private Limited ('MGPPL' or
'the company') is a family managed company engaged in the
production of table eggs and trading in wheat, paddy, rice, animal
feed and poultry feed. The company is based out of Nagpur,
Maharashtra and sells the eggs to nearby distributors and traders.
The promoters have been in the poultry business since 1996.
MAHESHWARI STRUCTURES: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Maheshwari
Structures in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable): ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.10 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in year 2008, Maheshwari Structures is Nashik
(Maharashtra) based closely held partnership firm is involved in
fabrication of transmission line towers, solar PV structures and W
beam Guard Rails. The firm initially undertook labour work for
fabrication of transmission line towers for Jyoti Structures
Limited. In year 2013, the firm forayed into manufacturing of
transmission towers and steel structures required for solar
photovoltaic projects and in year 2014 ventured into manufacturing
of W Beam Guard Rails that are installed on the road periphery for
safety on state and national highways.
MAIL ORDER: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term rating of Mail Order Solutions
(India) Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 22.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 5.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2004, MOS is engaged in providing integrated
marketing communication services to clients, largely direct
marketing companies, for the purpose of sending direct mails to a
targeted group of customers. MOS' services include printing and
distribution of mail packs (promotional inserts, corporate
communications, etc) for direct marketing, which requires concept
development, creative designing, pre-press activities, print
production personalization, mailing, distribution and fulfillment.
MOS manages all aspects of print projects from concept creation to
delivery in one place. It has presence across all product
categories – bills, catalogues, periodicals, promotional inserts,
and corporate communications for printing, personalization and
distribution. Besides integrated service portfolio, MOS also
benefits from the significant investment undertaken by it for
building the in-house capacities and software purchase development,
in addition to network building. It also has license arrangements
with logistics service providers like La Poste, Royal Mail and
Swiss Post International for mail delivery.
MCON RASAYAN: ICRA Assigns B+ Rating to INR5.91cr Term Loan
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of MCON Rasayan
Private Limited's (MCon), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term,
Fund-based
Facilities 3.40 [ICRA]B+(Stable); assigned
Long-term–
Fund-based
Term Loan 5.91 [ICRA]B+(Stable); assigned
Long Term–
Unallocated 0.69 [ICRA]B+(Stable); assigned
Rationale
The assigned rating factors in the healthy growth in MCon scale of
operations, though at a low base, and its diversified customer
base, reducing dependence on single customer or industry. Going
forward, ICRA expects the revenue growth to remain healthy from the
current levels as a result of capacity and geographical expansion.
The construction industry witnessed demand recovery in FY2022,
which is expected to sustain in the current fiscal as well,
providing a traction to MCon's revenue generation.
The rating, however, is constrained by the company's small scale of
operations. The rating also considers the transactions between the
company and its sister concern which constitute a significant
portion of revenues. Also, the company's profitability remains
vulnerable to raw material price fluctuations. Further, the rating
also considers the pressure on liquidity and debt metrices due to
the increase in debt to fund expansion as well as the associated
working capital requirements.
Key rating drivers and their description
Credit strengths
* Diverse product portfolio with extensive track record in
manufacturing construction materials: The company is engaged in the
manufacturing of waterproofing chemicals, anti-corrosion coating,
sealant and other construction chemicals etc. The products find
application in various industries, such as plastic, paints,
coating, roadways, waterproofing and construction chemicals. The
promoters have an experience of more than a decade in manufacturing
the products. The application of the products in various industries
enables the company to alter its sales mix as per the market
demand, reducing its dependence on a single product or industry.
* Moderate customer concentration risk: The customer base of the
company has remained highly diversified with its top-10 customers
accounting for 18% of the total revenue in FY2022, reducing its
dependence on single customer.
* Capacity and geographical expansion offer positive outlook on
revenue: The ongoing capacity expansion, which is expected to be
completed by September 2022, is expected to ramp up the capacity to
~1,15,000 MTPA from 40,000 MTPA. Also, the company plans to foray
into North India, which will give a boost to the revenue. The
revenue growth is also supported by the Thane and Mumbai regions,
where demand for the company's product is extremely high. In
FY2022, the revenue jumped to INR22.3 crore from INR9 crore in
FY2021 as a result of higher sales realisation. Going forward, the
company is expected to achieve significant growth in revenues
because of the capacity and geographical expansion.
Credit challenges
* Working capital intensive nature of operations: The working
capital requirement of the industry the company operates in is high
due to latency in payments from debtors. Moreover, cement and other
raw materials have to be stored as the nature of the business is
demand-based and it is a usual practice of the company to store the
raw materials. The working capital requirement is expected to
increase post the completion of expansion to support the various
functions of the business.
* Pressure on liquidity position in the short term: Elevated
working capital requirements and weak cash flow generation from
operations have necessitated external funding requirements. The
upcoming debt-funded capex is likely to add to the debt and keep
the debt metrics weak in the medium term.
* Intergroup transactions form significant part of operating
revenues and debtors: A significant portion of the turnover is
being contributed by the operating revenues from RK Traders, a
sister concern of MCON Rasayan. RK Traders contributes 41% of the
total revenue of FY2022. The company only manufactures and supplies
to distributors and wholesalers, who sell them further to end-users
like builders and construction companies. The company avoids direct
selling to the end-users as the payment terms require elongated
credit periods.
Liquidity position: Stretched
MCON's liquidity position remains stretched amid inadequate free
cash flow generation from operations. Moreover, the limit
utilisation remains almost full, leaving limited cushion in the
same.
Rating sensitivities
Positive factors – ICRA could upgrade Mcon's rating if there is a
substantial growth in revenues and improvement in the operating
margins and liquidity position.
Negative factors – Negative pressure on Mcon's rating could arise
if the revenues and operating margins decline, lowering the cash
flows on a sustained basis. Deterioration in the working capital
cycle, impacting the company's liquidity position, could also be a
trigger for downgrade.
MCON Rasayan Private Limited (MCON) is a manufacturer and supplier
of construction chemicals & surface paint finishing products. MCON
Rasayan Private Limited was established on September 22, 2016,
under the directorship of Mr. Mahesh Ravji Bhanushali, Mrs. Puja
Mahesh Bhanushali and Mr. Chetan Ravji Bhanushali. The company
manufactures and supplies a range of terrace waterproofing
chemicals, adhesive bond, wall putty, mortar, micro mortar,
concrete admixtures, roof waterproof coating, concrete curing
compound, polymer mortar, hard floor, construction chemicals,
paints, waterproof products, flooring products etc. Its current
manufacturing capacity is 40,000 MTPA. With the proposed
augmentation of the new manufacturing facility at Ambeti village
near Vapi in Gujarat, the company's production capacity will
increase during the year to 11,5,000 MTPA from 40,000 MTPA. The
company's registered office is in Mumbai. It has two manufacturing
facilities at Umbergaon and Navsari.
PAIDALA THIRUPATHI: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Paidala
Thirupathi Reddy and Brothers in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B+ (Stable); ISSUER NOT
Non-Fund COOPERATING; Rating Continues
Based limits to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Paidala Thirupathi Reddy and Bros was established in 2002 as a
partnership firm by Mr.P.Thirupathi Reddy and Mr. P. Balarami
Reddy. It is a civil contractor executing road construction, road
repair works for government projects. In the past they have
executed irrigation and road related works in various districts of
Andhra Pradesh such as Nellore, Chittor, Prakasham and Kadapa.
PATEL OSWAL: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term rating of Patel Oswal Housing in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Patel Oswal Housing is a partnership firm incorporated in the year
2010, which is a syndicate of business group namely, Anjani Group
engaged in real estate development in and around the city of Pune.
Besides real estate activities, members have other business
activities. The group members have known each other for more than
decade and together they experience of working together in various
ventures. The partnership firm is floated by the members only for
developing the project named Anjani Amores. This firm is headed by
Anjani Group which is promoted by Mr. Chetan Purushottam Patel and
Mr. Jitendra Walchand Oswal. Both of them are also founder
directors in a software development company named Niche Software
solutions Pvt. Ltd. Mr. Jitendra Oswal is an active partner in
managing a paint manufacturing company namely New Paints Traders.
Mr. Chetan Patel is also engaged in generation of wind power in
various cities. He is in construction industry since last 15 years
and has also worked with major real estate development groups in
the past.
RAICHUR ROLLER: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Raichur
Roller Flour Mills in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.65 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.85 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
RRFM was incorporated in 1986 and is involved in milling of wheat
to produce maida, atta, suji, rawa and bran. The firm has a
well-diversified wholesaler distribution network, which caters
primarily to the markets in Karnataka and Andhra Pradesh. The
firm's manufacturing facility is located in Raichur district of
Karnataka with an installed capacity of 33,000 MTPA. RRFM operates
from its owned factory in Raichur, situated in industrial area
having a land area of 3.50 acres and built up area of 40,000 sq.
ft. At present, there are eight mills, which have a capacity of 120
tonnes per day.
REGENT BEERS: ICRA Withdraws D Rating on INR8.50cr LT Cash Credit
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Regent Beers And Wines Limited at the request of the company and
based on the No Due certificate (NDC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 8.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Withdrawn
Cash Credit
Long-term– 8.12 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Withdrawn
Term Loan
Short-term 0.23 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Withdrawn
Others
Regent Beers & Wines Limited was incorporated in 1997 and is
engaged in the manufacturing of beer. The brewery of RBWL is
located at Maksi which is at a distance of 70 km from Indore and
currently has a capacity of 3.0 lakh hector liters per annum. The
bottles/cans are available in the sizes of 650ml and 330ml.Major
ingredients required for the production of beer are-barley malt and
rice flakes.
RIDDHI SIDDHI: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Riddhi
Siddhi Associates in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B (Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 32.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 55.00 [ICRA]B (Stable); ISSUER NOT
Non-Fund COOPERATING; Rating continues
Based limits to remain under 'Issuer Not
Cooperating' category
Short Term- 15.00 [ICRA]A4 ISSUER NOT
Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
RSA, incorporated in 2009, is a royalty contractor for sand mining,
granite mining and toll collections. The firm has its office
located in Udaipur and it undertakes operations in the state of
Rajasthan. These contracts are generally obtained for duration of
2-5 years from Directorate of Mines and Geology, Government of
Rajasthan and RIDCOR (Road Infrastructure Development Company of
Rajasthan).
ROYAL POWER: ICRA Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Royal
Power Turnkey Implements Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B-(Stable)/[ICRA]A4: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.25 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 8.75 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2011, RPTL is engaged in executing turnkey power
projects for various Government departments in Maharashtra, Goa and
Chhattisgarh. The company is a registered class 'A' contractor with
different states and local governing bodies. 2 Prior to 2011, the
promoter, Mr. K.K Koshy, was engaged in a similar business segment
of designing and constructing electricity infrastructure as well as
commissioning lighting infrastructure and sub-stations through a
proprietorship concern, Royal Electricals.
S. NANDA: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the rating of S. Nanda Industries Pvt. Ltd in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SNIPL, promoted by Mr Sudhir Nanda in 1992, is engaged in the
business of manufacturing and trading of cotton yarn, polyester
fibre, recycled fibre and knitted yarn. Most of the sales (~98%) of
the company are from trading operations. The company also
manufactures fancy yarn at its own manufacturing capacities located
in Ludhiana which has 39 machines with total capacity of 800-900
tonnes per annum.
SANTLAL INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities and Issuer
rating of Santlal Industries Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable): ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 75.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Santlal Industries Limited (SIL) started its operations in 1999 in
northern India as a leading agro-based business house. From a small
fertiliser trading company in 1980s to an agro-based house in Uttar
Pradesh. The current installed capacity stands at 1,80,000 MT per
annum. It manufactures Basmati rice of different varieties like
pusa parboiled 1121, white and golden common rice. These are
marketed under the brand name of SL & Mayur for both domestic
consumption and export. In 2010, the company installed an in-house
power plant of 2.25 MW costing INR8.00 crore. This was done to
reduce dependence on external power consumption. The plant runs on
biomass technology and uses rice husks as raw material. Further, in
2014, SIL installed a second power plant of 2.4 MW, which required
an investment of INR12.00 crore.
SAR SENAPATI: ICRA Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Sar Senapati Santaji
Ghorpade Sugar Factory Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 97.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 127.02 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SSFL, incorporated in the year 2011, is involved in the sugar
manufacturing with an installed sugar mill capacity of 4,800 tonnes
crush per day (TCD). The company is promoted by Mr. Hasanso Mushrif
who is a Member of Legislative Assembly www.icra .in Page |2 (MLA)
from Kagal constituency (Kolhapur, Maharashtra) and an Ex-Labour
Minister, Government of Maharashtra. The company's operations are
forward integrated in the form of 30 KLPD distillery unit and 23 MW
co-generation unit. The sugar plant is located in village Belewadi
Kalamma, Kagal in Kolhapur district of Maharashtra. The company
commenced its commercial operations in December 2014.
SATNAAM STONE: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Satnaam
Stone Crushers Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable): ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.40 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.10 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SSCPL was established in January 2013 but commenced operations in
February 2014. The company crushes and screens stones/boulders into
grits of smaller sizes. The company is promoted by Mr. Vinay Arora,
Mr. Om Prakash Arora, Mr. Anil Khatri and Mr. Jitendra Kumar. The
stone crushing plant of the company is located at Rampur (Uttar
Pradesh).
SIMOLA TILES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short Term ratings of Simola
Tiles LLP in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 21.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 42.26 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term/ 7.74 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
STL was established as a limited liability partnership firm in July
2016 by Mr. Kamalshil Shirvi and eight other partners. The firm has
been manufacturing glazed vitrified tiles from December 2017. The
manufacturing unit is located at Morbi, Gujarat, with an installed
capacity to produce 8000 boxes per day. It manufactures large as
well as medium-sized glazed vitrified tiles in dimensions –
1200mmX1200mm, 1200mmX2400, 800mmX1600mm, 800mmX800mm, 800mmX2400mm
and 900mmX1800mm. The firm is managed by Mr. Kamlashil Shirvi, who
has more than five years' experience, while Mr. Rajesh Shirvi and
Mr. Harish Shirvi have an experience of more than a decade in the
ceramic industry via their association with other ceramic entities
involved in similar business.
SKM INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating of SKM Industries in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 0.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 1.25 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
Short-term 5.25 [ICRA]D; ISSUER NOT COOPERATING;
fund based Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in the year 2007 by Kikani family, SKM Industries is a
partnership firm engaged in manufacturing and export of steel cable
drums. The firm also manufactures various railway products like
break beam, straps, bracket, body side panel etc. which find their
end application in manufacturing of Railway boogies. The firm has a
manufacturing facility in 2 Umbergaon, Gujarat.
SUBA PLASTICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Suba
Plastics Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 18.77 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 7.23 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SPPL was originally set up as a proprietorship concern named Suba
Plastics in 1983. The firm was involved in manufacturing plastic
injection moulds in the earlier years and was further was converted
into a private limited company in July 2005 with its name changed
to SPPL. The business is being managed by Mr. V. Baskaran, Mrs.
Geetha Baskaran (spouse of Mr. Baskaran) and Mr. V. Sudhakaran
(brother of Mr. Baskaran). At present, the company operates out of
its two manufacturing facilities at Coimbatore, consisting of CNC
machines and thermography-equipped cutting machines.
SURYA VIKAS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Surya
Vikas Plywood Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 20.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 27.54 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 15.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term- COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Surya Vikas Plywood Limited (SVPL), the flagship company of the
Jitendra Kijriwal Group, was incorporated in 2002 to carry out the
business of manufacturing and trading of timber products. The
company's product profile includes plywood, block board, flush
doors, panel doors, shutter doors, resins, veneers, and other
allied products. It is also engaged in fabric trading. The
company's manufacturing facility is located at Yamuna Nagar,
Haryana. The day-to-day operations are looked after by Mr. Jitendra
Kejriwal, one of the directors of SVPL.
T.J.S. ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of T.J.S.
Engineering College (TJSMET) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 4.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Rupee Term Loan 4.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TJSMET 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 TJSMET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
TJSMET is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of TJSMET continues to be 'CRISIL D Issuer Not
Cooperating'.
Set up in 2007, TJ Sivananda Mudaliar Educational Trust (TJSMET;
currently chaired by Mr. T J Govindarajan). TJSEC began its
operations in 2009-10 (refers to Financial Year, April 1 to March
31) and offers degree course in engineering. TJSMET also operates
TJS Polytechnic College, which started operations in 2010-11 and
offers diploma in engineering. Both the institutes are affiliated
with Anna University, Chennai, and accredited by All India Council
for Technical Education.
TERRA DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Terra
Developers (TD) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TD 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 TD, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of TD
continues to be 'CRISIL D Issuer Not Cooperating'.
TD was formed as a partnership firm in 2013. The firm is currently
developing a residential project called 'Terra Heritage' at Bhiwadi
(Rajasthan).
U D DEVELOPERS: ICRA Lowers Rating on INR32.50cr Term Loan to B
---------------------------------------------------------------
ICRA has downgraded the rating for the bank facilities of U D
Developers LLP to the Issuer Not Cooperating category. The rating
is denoted as [ICRA]B (Stable), ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based– 32.50 [ICRA]B (Stable) ISSUER NOT
Term loan COOPERATING downgraded from
[ICRA]BB- (Stable); continues
to be in ISSUER NOT
COOPERATING category
ICRA has been trying to seek information from the entity so as to
monitor its performance. However, despite multiple requests by
ICRA, the entity's management has remained non-cooperative. The
current rating action has been taken by ICRA based on the best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this
rating, as the rating may not adequately reflect the credit risk
profile of the entity. The rating action has been taken in
accordance with ICRA's policy in respect of non-cooperation by a
rated entity available at www.icra.in.
U D Developers LLP, a limited liability partnership (LLP) firm, has
Mr. Sunil Giridharlal Mittal and Mr. Dilip Dwarkaprasad Mittal as
designated partners. The firm is developing a commercial-cum-retail
building, named One Place, at Wanwadi, Pune. The project has a
total saleable area of around 86,133 sq ft. The project has units
in the range of 300 to 3,000 sq ft and include commodity shops,
showrooms, restaurants, recreational club, banquet, clinics,
professional consultants, tours and travels and training
institutes.
UNITED STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United Steel
Building Systems Private Limited (USBS) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with USBS 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 USBS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on USBS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
USBS continue to be 'CRISIL D Issuer Not Cooperating'.
USBS was set up in 2010 by Mr. Chandramohan R and his family. The
company is engaged in the design and supply of pre-engineered metal
building (PEB). The company is based in Chennai, Tamilnadu.
V.S. BUILDCON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V.S. Buildcon
(VS) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VS 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 VS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VS
continue to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2008 in Ghaziabad as a partnership firm between Mr. Varun
Chaudhary, his father, Mr. Subhash Chaudhary, and his wife, Ms
Reenu Chaudhary, VS undertakes civil construction work, mainly road
and irrigation projects, for government departments.
V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V3S Infratech
Limited continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 11.61 CRISIL D (Issuer Not
Cooperating)
Cash Credit 34.38 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.01 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with V3S 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 V3S, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on V3S
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
V3S continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
V3S was incorporated in 2003, promoted by the Kurele family. The
company develops real estate commercial and residential projects
and also undertakes construction activities. It is owned by Mr.
Yogendra Chandra Kurele, his son Mr. Chanchal Kurele and his wife
Mrs. Manjulata Kurele.
VERA INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the rating of Vera India Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 25.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
VIL was incorporated in July 2013 with Mrs. Sita Rani, Mr. Vijay
Kumar and Mr. Rakesh Kumar as its promoters. The company began
operations in August 2013 and is engaged in trading of tea, cotton
and mustard seeds, cakes and oil. The company operates out of its
office situated at Muktsar, Punjab, in the same area as the group's
other manufacturing companies - Vijay Oil Mills and Vijay Agro
Foods Pvt Ltd.
VIJAY MAHIENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijay
Mahiendra Spinntex Private Limited (VMSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.85 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.06 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 0.45 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Standby Line 0.75 CRISIL D (Issuer Not
of Credit Cooperating)
Term Loan 20.49 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VMSPL 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 VMSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VMSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VMSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2012 VMSPL manufactures grey yarn and grey fabric.
Its manufacturing facility is in Tirupur (Tamil Nadu). The company
is promoted by Mr. P Duraisamy, Mr. P Shanmugasundaram and Mr. P
Subramaniam.
ZUARI AGRO: ICRA Withdraws B Rating on INR851cr Cash Credit
-----------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Zuari Agro Chemicals Limited at the request of the company and
based on the No Due Certificate received from the banker, and in
accordance with ICRA's policy on withdrawal and suspension.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term–
Fund Based–
Term Loan 465.00 [ICRA]B; Withdrawn
Long Term–
Fund Based–
Cash Credit 851.00 [ICRA]B; Withdrawn
Short Term–
Non-Fund Based 748.00 [ICRA]A4; Withdrawn
Short Term–
Unallocated 1,462.00 [ICRA]A4; Withdrawn
The Key Rating Drivers, Liquidity Position, Rating Sensitivities
and Key Financial Indicator have not been captured as the rated
instruments are being withdrawn.
Zuari Agro Chemicals Limited (erstwhile Zuari Holdings Limited)
constitutes the fertiliser operations of the Adventz Group
following the demerger of Zuari Industries Limited (ZIL). It is
also the holding company for the other agri-business operations of
the Adventz Group. The group has interests in agri-inputs,
engineering, infrastructure, real estate, consumer durables and
services sectors. It was a part of the erstwhile K.K. Birla Group.
In April 2011, the Bombay High Court (Goa bench) approved the
demerger of ZIL's fertiliser business into Zuari Holdings Limited
(later renamed as ZACL), while the residual entity ZIL (later
renamed as Zuari Global Limited) retained the non-fertiliser
business operations and investments. The demerger scheme was
applicable w.e.f July 1, 2012.
=========
J A P A N
=========
RAKUTEN GROUP: S&P Places 'BB+' LongTerm ICR on Watch Negative
--------------------------------------------------------------
S&P Global Ratings placed its 'BB+' long-term issuer credit and
senior unsecured debt ratings on Japan-based internet services
company Rakuten Group Inc. on CreditWatch with negative
implications. S&P has also placed its 'B+' long-term issue credit
rating on Rakuten's subordinated bonds on CreditWatch negative.
The CreditWatch placement reflects our expectation that free
operating cash flow (FOCF; cash flow from operations minus capital
expenditures) from Rakuten's nonfinancial unit will remain deeply
negative for the next 12 to 18 months. This is due to further
delayed improvement in the operating performance of the mobile
business. The company has sought to expand the business'
operations. The nonfinancial unit's financial standing will
deteriorate further if the company cannot make up for the shortfall
by raising funds in the coming few months without taking on debt.
S&P said, "We now project that the nonfinancial unit's EBITDA will
not turn positive until fiscal 2023 (ends Dec. 31, 2023). We
previously assumed it would do so in fiscal 2022. Given the amount
of negative EBITDA, we believe it will take considerable time for
the positive EBITDA in its internet services business to offset
that of the mobile business. The internet services business has
captured strong online shopping demand.
"We believe the mobile business will continue to struggle to
acquire paying subscribers amid persistent concerns over poor
connectivity, despite progress in building its communications
network. We now assume it will have about 5.4 million subscriptions
at the end of fiscal 2022 and about 8.5 million at the end of
fiscal 2023. However, we believe there is a risk of the numbers
falling short of our assumptions. We expect the business' EBITDA to
turn positive on a quarterly basis late in fiscal 2023.
"We expect FOCF in its nonfinancial unit will remain in deficit for
the next two years or so. The figure was negative by over JPY500
billion in fiscal 2021. We believe FOCF from Rakuten's internet
service business and cash inflow (such as dividends) from the
financial unit will fall short of the amount needed to offset the
deficit from the mobile business. This is despite strong operating
performance in the domestic e-commerce business, which is part of
the internet service business, and a robust financial unit. We
assume that the nonfinancial unit's FOCF will be negative by about
JPY700 billion in fiscal 2022 (including JPY410 billion in capital
expenditures; FOCF was negative by about JPY452 billon in the first
half of fiscal 2022), and negative by about JPY250 billion in
fiscal 2023 (including JPY260 billion in capital expenditures)."
S&P expects Rakuten to continue nondebt financing activities in the
coming months to cover the negative FOCF. Since late 2021, the
company has announced the following measures.
-- It will prepare to publicly list its consolidated banking arm,
Rakuten Bank Ltd.
-- It will consider a partial spinoff of network solutions
business Rakuten Symphony to raise external capital.
-- It will prepare to publicly list its consolidated securities
firm, Rakuten Securities Inc.
The company has made progress in these efforts, including the
submission of an application to list Rakuten Bank on the Tokyo
Stock Exchange in July 2022.
However, S&P does not incorporate these funding plans in its base
case due to uncertainty over their execution. In addition, the
timing of execution and the amounts of funds the company expects to
raise remain undisclosed.
S&P said, "Accordingly, we assume that the company will use debt to
cover most of the negative FOCF in the nonfinancial unit. We
estimate that the unit's debt-to-EBITDA ratio at the end of fiscal
2022 will be negative for the third consecutive fiscal year, and
will remain at a very high level of about 16x at the end of 2023.
Even if more than half of the FOCF deficit can be financed with
nondebt funds, we assume there is a possibility that the ratio will
exceed 10x in fiscal 2023."
While the FOCF losses continue, S&P believes the company's
liquidity position remains largely intact. It believes that
liquidity in its nonfinancial unit is supported by the following
factors:
-- It has already covered most of the deficit in FOCF for the next
couple of quarters with debt;
-- It has secured JPY150 billion in unused commitment lines on the
back of good relations with major Japanese financial institutions;
and
-- It has a variety of financing options, and a record of issuing
corporate bonds in domestic and overseas markets.
S&P also believes growth investments in its mobile business could
be scaled back in times of financial stress.
On the other hand, if the company is unable to raise nondebt funds
swiftly as planned, S&P believes pressure on our liquidity
assessment will grow.
S&P said, "We intend to resolve the CreditWatch placement by the
end of 2022 or shortly thereafter, having examined how long it will
take for the EBITDA to turn positive; the scale of the nonfinancial
unit's negative FOCF; the progress and amount of non-debt
financing; and the effect on its financial standing. We may
downgrade Rakuten if the company cannot execute a considerable
amount of nondebt financing within 2022. Even if it does so, we may
consider a downgrade if we think the nonfinancial unit's EBITDA and
FOCF will deteriorate more than we currently assume, or pressure on
liquidity increases."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Rakuten. The company
has a high-risk appetite for its industry. Our view reflects its
strong pursuit of growth, as seen in its recent huge investment in
entering the full-line mobile network operator business in Japan.
It did so under the leadership of Hiroshi Mikitani, the group's
founder, chairman, and largest shareholder. Environmental and
social factors have an overall neutral influence on our rating
analysis."
=====================
N E W Z E A L A N D
=====================
AUCKLAND CAR: Creditors' Proofs of Debt Due on Oct. 7
-----------------------------------------------------
Creditors of Auckland Car Sales Limited are required to file their
proofs of debt by Oct. 7, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Sept. 2, 2022.
The company's liquidator is:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany
Auckland 0752
COLLABORATIVE ARCHITECTURE: Creditors' Proofs of Debt Due on Nov. 5
-------------------------------------------------------------------
Creditors of Collaborative Architecture Limited are required to
file their proofs of debt by Nov. 5, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 5, 2022.
The company's liquidator is:
Janet Sprosen
KPMG Auckland
18 Viaduct Harbour Avenue
PO Box 1584
Shortland Street
Auckland 1140
CRAZY HORSE: Court to Hear Wind-Up Petition on Oct. 13
------------------------------------------------------
A petition to wind up the operations of Crazy Horse Limited will be
heard before the High Court at Christchurch on Oct. 13, 2022, at
10:00 a.m.
Warissara Matajod filed the petition against the company on Aug.
24, 2022.
The Petitioner's solicitor is:
Madison Prattley
Community Law Canterbury
198 Montreal Street
Christchurch 8011
GAODE HOLDING: Creditors' Proofs of Debt Due on Oct. 2
------------------------------------------------------
Creditors of Gaode Holding Limited are required to file their
proofs of debt by Oct. 2, 2022, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Stephanie Beth Jeffreys of
Grant Thornton New Zealand as liquidator of the company on Sept. 2,
2022.
GKP DEVELOPMENTS: Creditors' Proofs of Debt Due on Sept. 29
-----------------------------------------------------------
Creditors of GKP Developments Limited are required to file their
proofs of debt by Sept. 29, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 29, 2022.
The company's liquidator is Kelera Nayacakalou.
=================
S I N G A P O R E
=================
GOLDIN FUND: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Aug. 25, 2022, to
wind up the operations of Goldin Fund Pte. Ltd.
Bank of China Limited, Shenzhen Branch filed the petition against
the company.
The company's liquidators are:
Aaron Loh Cheng Lee
EE Meng Yen Angela
c/o Ernst & Young Solutions LLP
One Raffles Quay, North Tower Level 18
Singapore 048583
HYFLUX LTD: Creditors' Proofs of Debt Due on Sept. 30
-----------------------------------------------------
Creditors of Hyflux Ltd are required to file their proofs of debt
by Sept. 30, 2022, to be included in the company's dividend
distribution.
The company's liquidators are:
Cosimo Borrelli
Patrick Bance
c/o Kroll Pte Limited
One Raffles Place, Tower 2
#10-62, Singapore 048616
KINGFA HUAYUAN: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on July 29, 2022, to
wind up the operations of Kingfa Huayuan Pte. Ltd.
The company's liquidators are:
Lim Soh Yen
Tee Wey Lih (Zheng Weili)
c/o Acutus Advisory Pte Ltd
133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
MANILA SOUTH: Commences Wind-Up Proceedings
-------------------------------------------
Members of Manila South East Asia Water Holdings Pte. Ltd., on Aug.
25, 2022, passed a resolution to voluntarily wind up the company's
operations.
The creditors of the Company are required within 30 days to send in
their names and addresses and the particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the Liquidator.
The company's Liquidator is:
Ms. Eunice Hooi Lai Fann
1 Harbourfront Avenue
#14-07 Keppel Bay Tower
Singapore 098632
STRAITS TRADING: Creditors' Meetings Set for Oct. 4
---------------------------------------------------
Straits Trading Est. Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on Oct. 4, 2022, at 2:30
p.m., via electronic means.
Agenda of the meeting includes:
a. to provide an update on the status of the liquidation of the
Company;
b. to approve the appointment of solicitors for the application
to the Court for the release of the Liquidators and
dissolution of the Company;
c. to utilise all remaining funds held in the Companies
Liquidation Account maintained by the Official Receiver to
meet the Liquidators' and solicitors' fees and expenses; and
d. discuss other business.
The company's liquidators are:
Oon Su Sun
Ng Kian Kiat
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
THREE ARROWS: Capital Wallet Removes $33MM of Staked Ether
----------------------------------------------------------
CoinDesk reports that a wallet belonging to insolvent crypto hedge
fund Three Arrows Capital has removed $33 million worth of staked
ether (stETH) from the Curve pool, according to on-chain data.
CoinDesk relates that the Singapore-based fund, which filed for
bankruptcy in July, also removed 200 bitcoins (BTC), $4 million in
tether (USDT) and $4 million worth of wrapped ether (wETH) in
liquidity from Convex, a platform that boosts rewards for Curve
stakers and liquidity providers.
The wallet, which is tagged as belonging to Three Arrows Capital by
Nansen, has been inactive for 10 days since it unwrapped $9 million
worth of wrapped stETH, the report relays.
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.
As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.
The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.
*********
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.
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