/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/221005.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, October 5, 2022, Vol. 25, No. 193 Headlines A U S T R A L I A BOOKS & GIFTS: Second Creditors' Meeting Set for Oct. 10 FREESTYLE ROOFING: First Creditors' Meeting Set for Oct. 10 HARVEST HOMES: Fraudster Oliver Roths Declared Bankrupt ISLAND ESCAPE: Advertised Trips it Did Not Have Permission to Run NORCO COOP: Ice Cream Factory to be Rebuilt After 170 Jobs Cut SHADE SOLUTIONS: First Creditors' Meeting Set for Oct. 10 SR FAHEY: First Creditors' Meeting Set for Oct.10 TWIN CONNECT: First Creditors' Meeting Set for Oct. 10 ZIP MASTER 2022-1: S&P Assigns B (sf) Rating to Class F Notes C H I N A CIFI HOLDINGS: Defaults on Payment of Certain Non-Standard Debt H O N G K O N G HONG KONG AIRLINES: Seeks to Restructure US$6.2 Billion of Debt I N D I A ADHITYA POLYFILMS: ICRA Lowers Rating on INR5.0cr LT Loan to D BIAX ELECTRIC: ICRA Keeps D Debt Ratings in Not Cooperating DEV COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category DIVYA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ELECTROPATH SERVICES: ICRA Keeps D Ratings in Not Cooperating FORTUNE'S SPARSH: ICRA Keeps D Debt Rating in Not Cooperating GANDHI ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating GEM BATTERIES: ICRA Keeps D Debt Rating in Not Cooperating ISCON BALAJI: ICRA Lowers Rating on INR89.95cr Cash Loan to B+ KANANI INDUSTRIES: ICRA Reaffirms B+/A4 Rating on INR25cr Loans KAY BOUVET: ICRA Keeps D Debt Ratings in Not Cooperating Category KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating MAHALAXMI ASSOCIATES: ICRA Keeps B+ Rating in Not Cooperating NANDAN SALES: ICRA Keeps B+ Rating in Not Cooperating Category PADMA POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating PENINSULA LAND: ICRA Withdraws D Rating on INR530.53cr NCD R. S. MOTORS: ICRA Lowers Rating on INR30cr LT Loan to D RAJ EVENTS: ICRA Keeps D Debt Rating in Not Cooperating Category RSAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating Category RUCHI GLOBAL: ICRA Keeps D Debt Ratings in Not Cooperating S.D. EDUCATION: ICRA Keeps D Debt Rating in Not Cooperating SALGUTI INDUSTRIES: ICRA Withdraws B+ Rating on INR17.40cr Loan SHIGA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating SHIKARPUR & BHANDAPUR: ICRA Withdraws B- Rating on INR5.76cr Loan SP SUPERFINE: ICRA Keeps D Debt Ratings in Not Cooperating TEKZA CERAMIC: ICRA Lowers Rating on INR7cr Term Loan to D VIBRANT PROCESSORS: ICRA Keeps B+ Debt Ratings in Not Cooperating VIJAY TRADING: ICRA Keeps D Debt Rating in Not Cooperating YEDESHWARI AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating ZURI HOSPITALITY: ICRA Withdraws B Rating on INR4cr LT Loan M A L A Y S I A SCOMI ENERGY: PJD Link Plans Listing Via Reverse Takeover N E W Z E A L A N D ECOLIBRIUM BIOLOGICALS: McGrathNicol Appointed as Receivers GECKO DEVELOPMENTS: Creditors' Proofs of Debt Due on Oct. 28 TRIVENI PURI: Court to Hear Wind-Up Petition on Oct. 10 WE FENCE: Court to Hear Wind-Up Petition on Oct. 25 XXL BROTHERS: Calibre Partners Appointed as Receivers and Managers S I N G A P O R E GCC (CUE): Commences Wind-Up Proceedings POWER FUTURE: Commences Wind-Up Proceedings SINGAPORE: 'Crypto Paradise' Stung by High-Profile Collapses SWINA INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 17 VIKING 5050: Members' Final Meetings Set for November 4 - - - - - ================= A U S T R A L I A ================= BOOKS & GIFTS: Second Creditors' Meeting Set for Oct. 10 -------------------------------------------------------- A second meeting of creditors in the proceedings of: - Books & Gifts Direct Pty Ltd; - Books & Gifts Direct (Franchise) Pty Ltd; - BGDSA Pty Ltd; - BGDNSW Pty Ltd; and - BGDVIC Pty Ltd has been set for Oct. 10, 2022, at 2:00 p.m. via virtual meeting. 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 Oct. 7, 2022, at 12:00 p.m. John McInerney and Philip Campbell-Wilson of Grant Thornton Australia were appointed as administrators of the company on Sept. 1, 2022. FREESTYLE ROOFING: First Creditors' Meeting Set for Oct. 10 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Freestyle Roofing Pty Limited will be held on Oct. 10, 2022, at 10:00 a.m via teleconference only. David Ross of I & R Advisory was appointed as administrator of the company on Sept. 27, 2022. HARVEST HOMES: Fraudster Oliver Roths Declared Bankrupt ------------------------------------------------------- Port Macquarie News reports that a jailed fraudster linked to the AUD5 million collapse of Harvest Homes has been declared bankrupt and his finance company, which claimed to hold a majority stake in the Newcastle builder, has been placed in liquidation. Oliver Roths, formerly known as Oliver Banovec, was declared bankrupt last month with debts of more than AUD400,000 and his company AXL Financial has collapsed with debts of more than AUD11.5 million, according to the report. Port Macquarie News relates that during a public examination into the demise of Harvest Homes in the Federal Court last year, directors Steve Taylor and Dean Turner told how they unwittingly handed control of their business to Mr. Roths, when AXL Financial took a majority shareholding in the Mayfield-based builder. The pair, who were unaware Mr. Roths was a convicted fraudster, said that within a few months Harvest Homes started experiencing cashflow problems and went from turning over AUD20 million to liquidation in just over two years. Mr. Turner and Mr. Taylor said they had no idea who Mr. Roths was when they agreed to let him become a "major shareholder" in mid-2017. Port Macquarie News says the directors learnt just a few months before GLFB Pty Ltd (trading as Harvest Homes NSW) and subsidiary Harvest Homes (Properties) collapsed, with debts of more than AUD5 million, that Mr. Roths was a convicted fraudster. Mr. Roths is a former eastern suburbs rich kid who was sentenced in 2010 to seven years' jail for fraudulently using AUD500,000 of an investor's money to support his business. Some know him as Oliver Roths, others as Oliver Banovec or Oliver Kwoka and more still as Duke Oliver Roths. The 45-year-old officially changed his name from Oliver Banovec in 2017 following criminal convictions for fraud and perjury, the report noes. During last year's public examinations into the collapse of Harvest Homes, Mr. Roths struggled to explain how he managed to rent a luxury house in North Sydney for AUD3,400 a week when he declared to the tax office the previous year that he earned AUD45,000. Under questioning, Mr. Roths said he was unsure what bank accounts the rent was paid from, or exactly who paid the rent. He described himself as an "aggrieved creditor" of Harvest Homes, owed almost AUD3 million, but was unable to provide documentation to prove the claim. According to the report, the Federal Court heard that Mr. Roths concealed his past by changing his name and offered to buy a 51% stake in Harvest Homes NSW for more than AUD1 million, via AXL Financial, but the funds were never paid. Instead, the parties came to an agreement that Harvest Homes would build 61 dwellings on 38 blocks of land at Warnervale, on the Central Coast, and Mr. Roths, via AXL Financial, would provide the funding. According to the directors, Mr. Roths told them that AXL Financial owned the land at Warnervale, but they later found out it didn't. According to liquidator Jason Tang, of Cor Cordis, AXL Financial has AUD30 in the bank, owes 53 unsecured creditors more than AUD11 million and four secured creditors AUD365,292, Port Macquarie News discloses. Mr. Tang said none of the creditors can expect a return unless possible claims for insolvent trading and uncommercial transactions can be proven. ISLAND ESCAPE: Advertised Trips it Did Not Have Permission to Run ----------------------------------------------------------------- ABC News reports that a cruise company that left customers out thousands of dollars when it cancelled its voyages earlier this year was advertising trips it did not have a licence to operate. Island Escape Cruises NZ charged about AUD15,000 for voyages along the Kimberley coast and accepted bookings up until July this year before entering receivership, the report says. According to ABC, dozens of customers are out of pocket, and the federal government has now revealed the company never applied for the required licence to operate. The company's website advertised 10-day interstate voyages between Broome and Darwin, which require a coastal trading temporary licence from the Australian government. However, a spokesperson from the Department of Infrastructure said it never received an application from the company to obtain the licence, ABC relates. In a statement, the department said it "contacted Island Escape Cruises NZ on July 22, 2022 to provide advice that the proposed voyage would need to be conducted under a coastal trading licence." But Island Escape Cruises NZ cancelled its interstate cruises and went into receivership shortly after. According to ABC, local cruise liner Coral Expeditions commercial director Jeff Gillies said he raised concerns about Island Escape Cruises' ability to operate interstate before it entered into receivership. The government conceded it was aware of the company's intention to set sail and had attempted to direct them to the relevant permits. However, due to the cancellations, it was never followed up further. Mr. Gillies said he was concerned that foreign cruise companies were ruining the reputation of long-running local businesses. "Nobody wants to be associated where there's bad customer care," the report quotes Mr. Gilles as saying. "The reputational damage that can come from - people buying things that can't be delivered." Neale Jackson and Natalie Burrett of Calibre Partners on Aug. 23, 2022, were appointed as administrators of Island Escape Cruises (NZ) Limited and Seasons Shipping Limited. NORCO COOP: Ice Cream Factory to be Rebuilt After 170 Jobs Cut -------------------------------------------------------------- News.com.au reports that one of Australia's oldest dairy companies, which recently stood down 170 workers, has been given new hope after a rebuild of its ice cream factory was confirmed. The heritage-listed Lismore factory in NSW was left inoperative following mass flooding in the region, leaving the dairy giant with a AUD141.8 million bill, the report says. According to the report, the Northern Rivers business welcomed support from the federal and NSW state government's Anchor Business Support Program, accepting an offer of a AUD34.7 million grant, which they had initially said was not enough to save the factory. The funding is further supported by an extra AUD11 million in funding from 2019, delayed due to the pandemic, from the Regional Growth Fund. Norco will co-contribute an additional AUD59 million in order to "safeguard the factory's future for its workforce," the report relays. It comes just days after it was revealed Norco had stood down 170 workers, as an original AUD8 million in government funding had come to an end. News.com.au adds that Norco chief executive Michael Hampson said it is an incredibly rewarding outcome. "We know how important this factory and its operations are to this region and we've always been committed to do everything we can, within our means, to see a future for the facility," the report quotes Mr. Hampson as saying. "While we're extremely grateful for the government funding we've been allocated, it is known that it fell short of what we needed for a complete rebuild - and this is because of the scale of damage incurred and the total cost of the floods to the co-operative, which is still estimated to be well over AUD100 million with this revised project. "Ideally, in order to employ as many local people as possible, we'd be rebuilding a facility to the same scale as what we were working towards with the previous upgrade (pre-floods)." News.com.au relates that Mr. Hampson said there were changes made to the rebuild plan to fit budgetary constraints. "The revised plan will see a different sort of facility being rebuilt and to make this possible, Norco will be taking on a greater level of risk – something we're prepared to do in order to safeguard jobs, support other small and medium businesses in the region, and offer a sense of hope to a community of people who have already endured so much," he said. The 100-per-cent Australian farmer-owned dairy consists of 281 members across 190 dairy farms in northern NSW and southeast Queensland. SHADE SOLUTIONS: First Creditors' Meeting Set for Oct. 10 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Shade Solutions Australia Pty Ltd will be held on Oct. 10, 2022, at 2:30 p.m. via virtual meeting technology. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on Sept. 28, 2022. SR FAHEY: First Creditors' Meeting Set for Oct.10 ------------------------------------------------- A first meeting of the creditors in the proceedings of SR FAHEY PTY LTD will be held on Oct. 10, 2022, at 10:00 a.m. at Level 12, 20 Bridge Street in Sydney. Edwin Narayan and Grahame Ward of Mackay Goodwin were appointed as administrators of the company on Sept. 27, 2022. TWIN CONNECT: First Creditors' Meeting Set for Oct. 10 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Twin Connect Pty Ltd will be held on Oct. 10, 2022, at 9:30 a.m. via virtual meeting only. Bradd William Morelli and Stewart William Free of Jirsch Sutherland were appointed as administrators of the company on Sept. 27, 2022. ZIP MASTER 2022-1: S&P Assigns B (sf) Rating to Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its ratings to seven classes of notes issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master Trust - Series 2022-1. Zip Master Trust – Series 2022-1 is a securitization of a buy now, pay later line of credit receivables to consumers originated by zipMoney Payments Pty Ltd. (Zip). The ratings reflect the following factors: -- S&P's view of the credit risk of the underlying collateral portfolio, including the fact that the portfolio has an initial revolving period, which means further receivables may be assigned to the series after the closing date. -- S&P's view that the credit support provided to each class of rated notes is commensurate with the ratings assigned. Credit support is provided by subordination and excess spread, if any. -- S&P's expectation that the various mechanisms to support liquidity within the series, including a series-specific liquidity facility, mitigates disruption risks to senior fees and ensures timely payment of the senior component interest on the rated notes. -- The transaction documents include downgrade language consistent with S&P's counterparty criteria that requires the replacement of the bank account provider and liquidity facility provider should its rating on the providers fall below the applicable rating. -- The legal structure of the master trust is established as a special-purpose entity and meets our criteria for insolvency remoteness. Ratings Assigned Zip Master Trust – Series 2022-1 Class A1, A$150,000,000: AAA (sf) Class A2, A$42,000,000: AAA (sf) Class B, A$30,000,000: AA (sf) Class C, A$16,200,000: A (sf) Class D, A$20,250,000: BBB (sf) Class E, A$14,550,000: BB (sf) Class F, A$12,000,000: B (sf) Class G, A$15,000,000: Not rated ========= C H I N A ========= CIFI HOLDINGS: Defaults on Payment of Certain Non-Standard Debt --------------------------------------------------------------- Reuters reports that investors dumped shares and bonds of Chinese property developers on Sept. 28, after a media report that CIFI Holdings (Group) Co had defaulted added to worries over the crisis-stricken real estate sector. According to Reuters, Hong Kong-listed shares of CIFI Holdings plunged 32.3% to a record low as of the market close on Sept. 28, after credit intelligence provider Reorg reported that the Chinese developer had missed payment on certain non-standard debt. In response to questions about the report, CIFI said it is actively seeking solutions, without giving further details. The company's website said it was China's eighth-largest listed developer last year. Reuters relates that the share slump, which came after CIFI's chairman recently predicted "unprecedented" liquidity stress ahead, triggered savage sell-offs in the sector. Stocks and bonds of other property developers also slumped. An index tracking mainland developers listed in Hong Kong tumbled more than 6.4% to record lows, the report notes. In Shanghai, bonds issued by property firms including CIFI Holdings, Sunac Real Estate and Gemdale Corp were among the biggest losers, Reuters notes. The Shanghai Stock Exchange brieflysuspended trading in a CIFI bond, citingabnormal fluctuations. According to Reuters, investors are worried that the sector's cash crisis is finally reaching CIFI, which had been considered one of the country's few relatively resilient private developers, said Shujin Chen, head of China FIG Research at Jefferies. "The overall fragile investment sentiment in the wake of the sterling drop and global monetary policy uncertainties certainly did not help," she added. Sharp stock market losses this week also show investors don't expect fresh property stimulus measures to be announced during or immediately after the 20th Communist Party Congress to be held from Oct. 16, Reuters says. CIFI Holdings missed payment of debt under a project company known as Tianjin Xingzhou Real Estate Development Co, Reorg reported, citing sources. In a letter to employees dated Sept. 27, CIFI Chairman Lin Zhong said the company's priority now is to survive, as property sales in China remain sluggish amid COVID-19 lockdowns, an economic slowdown, and a mortgage payment boycott, Reuters relays. "Hardship and ordeal will persist for quite a long period of time," Lin said in the letter, which was widely distributed via social media and confirmed by the company. According to the report, Lin said mortgage boycotts have prompted many local authorities to tighten cash withdrawals from escrow accounts, further squeezing liquidity for property developers. "Although we have more than 30 billion yuan ($4.14 billion)of cash sitting on the books, the overwhelming majority of it could not meet reasonable demand by companies," CIFI's letter said. "In the coming months, CIFI's cash flows will meet unprecedented challenges." A source with direct contact with Lin told Reuters that Lin is under immense pressure, as there's no fresh, big policy support in sight, so "it's unclear when the industry can see a gleam of hope." About CIFI Holdings CIFI Holdings (Group) Co. Ltd. is an investment holding company principally engaged in property businesses. The Company mainly operates through three segments. Property Development segment is engaged in the development and sales of office properties, commercial properties and residential properties in China. Property Investment segment is engaged in the leasing of investment properties developed or purchased by the Company for the rental income and the appreciation of the properties' values. Property Management, Project Management and Other Property Related Services segment is engaged in property management and project management in China. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 29, 2022, Fitch Ratings has downgraded China-based property developer CIFI Holdings (Group) Co. Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'BB-', from 'BB'. The Outlook is Negative. Fitch has also downgraded CIFI's senior unsecured rating and the ratings on its outstanding notes to 'BB-', from 'BB'. The downgrade is driven by a reduction in CIFI's liquidity buffer and higher leverage. Fitch estimates that CIFI's unrestricted cash, excluding cash in the escrow account/short-term debt dropped to 1.0x in 1H22, from 1.4x in 2021, while leverage exceeded Fitch's previous forecast and negative rating threshold of 50%, reaching 57%, from 54%. Fitch believes higher than expected cash outflow to joint-venture (JV) projects and large construction commitments have weakened CIFI's credit profile. The Negative Outlook reflects risks to CIFI's sales performance, additional JV cash commitments and a persistently unfavorable financing environment pressuring CIFI's liquidity. CIFI's ratings are supported by relatively stable onshore funding access. ================= H O N G K O N G ================= HONG KONG AIRLINES: Seeks to Restructure US$6.2 Billion of Debt --------------------------------------------------------------- Bloomberg News reports that a Hong Kong-based airline backed by the failed Chinese conglomerate HNA Group Co. Ltd. aims to restructure HK$49 billion (US$6.2 billion) of debt through UK and Hong Kong courts to stave off insolvency. Hong Kong Airlines is seeking court approval to convene meetings of its creditors and put forward its restructuring proposal, which would include a significant haircut on the outstanding debt, the carrier said in a statement, Bloomberg relays. Unsecured creditors and critical lessors are expected to recover about 5% of the money owed to them, as well as subsequent pro-rata cash payments if the turnaround succeeds, the airline said. A hearing by the High Court of Hong Kong is scheduled to take place on Oct. 13. The UK court hearing is scheduled for Oct. 25, Bloomberg discloses. According to Bloomberg, the restructuring proposal needs the backing of 75% of creditors, and the company has received letters of support for the plan, in principle, from about 73%, the airline said in a practice statement letter. Failure to gain approval is likely to lead to "insolvent liquidation," the carrier said. Financial and operating aircraft lessors formed the largest group of claims, owed HK$22.5 billion. Bank lenders and financial creditors are owed HK$5.7 billion, and related party creditors HK$6.8 billion. The debt-ridden carrier plans to cut its aircraft fleet by almost two-thirds, and HNA Aviation and unnamed joint-venture partners plan to inject HK$3 billion to help rescue the business. Hong Kong Airlines was founded in 2007. It offers passenger and cargo services. It is the third biggest carrier based in Hong Kong. ========= I N D I A ========= ADHITYA POLYFILMS: ICRA Lowers Rating on INR5.0cr LT Loan to D -------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Sri Adhitya Polyfilms Private Limited (SAPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 0.67 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating downgraded from Term Loan [ICRA]B-(Stable) and Continues to remain under 'Issuer Not Cooperating' category Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based/CC Rating downgraded from [ICRA]B-(Stable) and Continues to remain under 'Issuer Not Cooperating' category Short Term 2.25 [ICRA]D ISSUER NOT COOPERATING; Non-Fund Based Rating downgraded from [ICRA]A4 and Continues to remain under 'Issuer Not Cooperating' Category Long-term/ 0.08 [ICRA]D/[ICRA]D ISSUER NOT short-term– COOPERATING; Rating downgraded Unallocated from [ICRA]B-(Stable)/[ICRA]A4 and Continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downgrade reflects delays in debt servicing 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 in August 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. 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. Sri Adhitya Polyfilms Private Limited (SAPPL) was incorporated as a private limited company in the year 2002 and the company commenced its operations in 2003. SAPPL is engaged in manufacturing flexible packaging material in roll form as well as pouch form, through the printing and laminating of plastic films. The company initially started with a capacity of 900 tonnes per annum (MTPA) and has expanded to 2000 MTPA. The company largely caters to localized demand from manufacturers of food products situated across Tamil Nadu, Andhra Pradesh and Karnataka. SAPPL operates out of its manufacturing facility at SIDCO Industrial Estate, Ambattur, Chennai. It is managed by Mr. S. P. Mohan Subramanian and Mrs. Vidhya Mohan who together take care of overall operations of the company. BIAX ELECTRIC: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Biax Electric & Controls Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 5.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 7.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund Continues to remain under the Based '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. 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. Biax Electric & Controls Pvt. Ltd. (BECPL or the company) was incorporated in 2001 for the purpose of manufacturing sub-sea cable connectors, termination parts and accessories, flanges, stub ends, ferrules, special cable fittings, hose fittings, cable lugs, flexible conduits, earthing and lighting equipment, aluminum clad steel wire etc. BECPL is currently manufactures copper, aluminium and brass components used in electrical components, construction, earthing and lighting, plumbing, precision fluid control systems etc. The company markets its products in over 47 countries to a network of customers, distributors and original equipment manufacturer (OEMs). BECPL has a manufacturing facility in Silvassa (Dadra Nagar Haveli) with a capacity of 250 metric tons (MT) per annum. Its operations are managed by two of its directors, Mr. Malay K. Shah and Mr. Manoj Jain. The company's plant is ISO certified and its products have been approved by internationally accredited laboratories like Underwriters Laboratories (UL) and Canadian Standards Association (CSA). DEV COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the long-term rating of Dev Cotton & Oil 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- 9.25 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.21 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan 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. Dev Cotton & Oil Industries (DCOI) was established in February 2011 as partnership firm by Mr. Hareshbhai Ghodasara, Mr. Harshadbhai Ghodasara and Mr. Jaywantbhai Baraiya. During current fiscal i.e. FY 2015-16, the firm underwent change in management with Mr. Harshadbhai Ghodasara voluntarily retiring from the firm and five new partners were admitted. The firm is engaged in ginning and pressing of raw cotton and crushing of cottonseeds with a fleet of 30 jumbo ginning machines, one pressing machine (automatic) and 8 expellers having an installed capacity to produce 325 cotton bales, 5MT cottonseed oil and 55MT of cottonseed oil cake per day, the plant being operational for 24 hours. DIVYA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the long-term rating of Divya Cotton in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 0.12 [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. 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 2006, Divya Cotton is engaged in ginning and pressing of raw cotton to produce cotton bales and cotton seeds. The plant of the firm is situated at Gondal, Rajkot (Gujarat). At present the plant of the firm is equipped with 12 ginning machines and one pressing machine. The total installed capacity of the firm is producing ~180 bales per day. Currently, the firm is managed by Mr. Chandresh Thummar and Mr. Kalpesh Thummar. ELECTROPATH SERVICES: ICRA Keeps D Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Electropath Services (India) Private 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– 21.27 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 28.73 [ICRA]D; ISSUER NOT COOPERATING; Non-fund Continues to remain under the Based-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. 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 2006, ESIPL is engaged in executing turnkey power projects for Maharashtra State Electricity Distribution Company Limited (MSEDCL). The company provides services like designing, erecting, commissioning, testing for project like electricity distribution and transmission lines, electricity distribution transformer centers, substations, etc. The promoter, Mr. Sambhaji Nathrao Gitte has experience of more than two decades in electrical contracting. FORTUNE'S SPARSH: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has retained the rating for the bank facilities of Fortune's Sparsh Healthcare 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– 7.50 [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. 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. Fortune's Sparsh Healthcare Private Limited is promoted by Dr. Rahul Bade, Dr. Vikas Kude, Dr. Amit Wagh and Mr. Vinod Adaskar. The company operates a 70 bedded super specialty hospital at Somatane Phata which is close to 30 kms from Pune. GANDHI ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has retained the Long-Term and Short Term ratings of Gandhi Enterprises 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/ 50.95 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Fund Based/ remain under 'Issuer Not Cash Credit 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. 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. Mr. Mahendra Gandhi and his two cousins, Mr. Bhupendra Gandhi and Mr. Chandresh Gandhi, established M/s. Gandhi Enterprises in 1984 as a partnership firm. The principal business of this firm is to export CPD. Concurrently, the Gandhi family also set up M/s Chayya Gems for the CPD business. Mr. Mahendra Gandhi was the senior partner of both these firms, and over the years, most of the business was routed through M/s Chayya Gems. In FY2006, Mr. Mahendra Gandhi and Mr. Chandresh Gandhi decided to part ways with M/s Chayya Gems. Subsequent to the separation, both cousins concentrated their efforts on promoting the business of M/s. Gandhi Enterprises till FY2011. In FY2012, GENTP's business was further split into two companies—Gandhi Enterprises and Akshar Impex Private Limited (AIPL). Currently, GENTP's business is driven by Mr. Mahendra Gandhi, while AIPL is managed by Mr. Chandresh Gandhi. GENTP operates its CPD business through facilities in Gujarat (Surat, Ahmedabad and Vishnagar), while its head office is in Mumbai. GEM BATTERIES: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Gem Batteries 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– 18.00 [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. 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 on August 13, 2003, Gem Batteries Private Limited (GBPL) manufactures lead batteries mainly for the automotive and industrial segment. The company's manufacturing plant is located at Baddi, Himachal Pradesh and the current manufacturing capacity is around 20,000 batteries per month. It is primarily a family run concern with Mr. N.M. Gupta (his wife Mrs. Bimal Gupta) and his son and daughter-in-law being the directors. Prior to entering the battery manufacturing business, the promoters were involved in business if trading in batteries. The company sells its products in the replacement market through a distributor network. ISCON BALAJI: ICRA Lowers Rating on INR89.95cr Cash Loan to B+ -------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Iscon Balaji Foods Pvt. Ltd. (IBF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 89.95 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating downgraded Cash Credit from [ICRA]BB+ (Stable)and continues to remain in the 'Issuer Not Cooperating' Category Long Term- 52.98 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating downgraded Term loan from [ICRA]BB+ (Stable)and continues to remain in the 'Issuer Not Cooperating' Category Long Term/ (64.98) [ICRA]B(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Interchangeable Rating downgraded from [ICRA]BB+ (Stable)/[ICRA]A4+ and continues to remain in the 'Issuer Not Cooperating' category Short term- 10.03 [ICRA]A4 ISSUER NOT Non Fund based COOPERATING; Rating downgraded Others from [ICRA]A4+ and continues to remain in the 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding IBF performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. 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. As part of its process and in accordance with its rating agreement with Iscon Balaji Foods Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance and 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. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. Iscon Balaji Foods Private Limited (IBF) is jointly owned by promoters of JP Iscon Ltd. (Mr. Jayesh Kotak), Balaji Wafers Pvt. Ltd. (Mr. Pranay Virani) and Kotak Finstock Pvt. Ltd. (Mr. Bharat Kotak and Mr. Neel Kotak). Incorporated in January 2012, IBF was incorporated in January, 2012, it started production of dehydrated potato flakes in July 2013 and subsequently diversified into frozen ready to fry snacks in October 2017. IBF is managed by Mr. Neel Kotak, an IIT Bombay alumni. The potato flakes unit is spread over 20,000 square yards near Anand with current installed capacity of 7000/MTPA and Frozen foods plant is located in Kheda district of Gujarat with manufacturing capacity of of 11,448/MTPA February 2015. KANANI INDUSTRIES: ICRA Reaffirms B+/A4 Rating on INR25cr Loans --------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Kanani Industries Limited (KIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 24.00 [ICRA]B+(Stable)/[ICRA]A4; Short-term: Reaffirmed Fund-based Long-term/ 1.00 [ICRA]B+(Stable)/[ICRA]A4; Short-term: Reaffirmed Unallocated Rationale The ratings of KIL continue to remain constrained by its modest scale of operations, its stretched liquidity position and a moderate financial profile, characterised by its thin operating profit margin (OPM). The ratings also consider the company's high geographical, customer and supplier concentration risks (at the standalone level), vulnerability of its profitability to fluctuations in foreign exchange (forex) rates and prices of polished diamonds, along with intense competition in the industry, which restricts its pricing flexibility. The ratings, however, favorably factor in the extensive experience of the promoters of more than three decades in the Indian gems and jewellery industry as well as KIL's comfortable capital structure with a gearing of 0.4 times and total outside liabilities vis-à-vis its tangible net worth of 1.4 times as on March 31, 2022 (at the consolidated level). The Stable outlook on the [ICRA]B+ rating reflects that KIL will continue to benefit from the extensive experience of its promoters. Key rating drivers and their description Credit strengths * Extensive experience of the promoters in gems and jewellery industry: KIL's operations are managed by the Mumbai-based Kanani family members, which have vast experience of more than three decades in the gems and jewellery industry. This has enabled the company to establish its position in the market. * Comfortable capital structure: The company's capital structure has remained comfortable over the years with a gearing of 0.4 times and total outside liabilities vis-à-vis the tangible net worth of 1.4 times as on March 31, 2022 due to low levels of external debt at the consolidated level and modest net worth. Credit challenges * High working capital intensity of operations at the standalone level due to stretched receivables: At the standalone level, KIL extends a credit period of 175-180 days to its customers and avails a credit period of 60 days from its suppliers. The working capital intensity (net working capital vis-à-vis operating income) stood at 50% as on March 31, 2022 due to high receivables. Going forward, faster realisation of receivables remains critical to manage the working capital. * Moderate financial profile due to thin OPM: The financial profile continues to remain moderate owing to its thin OPM. During the last two years, the company's revenues were adversely impacted due to the pandemic. In FY2022, despite the improvement in demand conditions in the gems and jewellery industry, KIL witnessed a YoY reduction in revenues by 7% to INR291.9 crore due to mobility in restrictions in the Hong Kong region, its key export market. There has been some pick-up in revenues in Q1 FY2023, aided by easing of restrictions. The OPM, however, remained thin at 1% in FY2022 and 1.6% in Q1 FY2023 (partly aided by exchange gains) owing to limited value addition. Thin profit margins led to a subdued financial profile, characterised by total debt-to-operating profit ratio of 8.3 times as on March 31, 2022 and net cash accruals vis-à-vis the total debt (NCA/TD) of 8% in FY2022. Going forward, the financial profile is likely to remain moderate, given the thin operating margin. * Susceptibility of margins to volatility in raw material prices and forex rates; intense competition in the industry: KIL's profit margins remain vulnerable to fluctuations in prices of diamonds, which in turn affect sales realisations. Any adverse movement in the prices of diamonds could impact its profitability, considering its limited ability to pass on the price hike owing to intense competition in the industry. Given the sizeable exports, the company's profitability remains exposed to fluctuations in forex rates. However, a natural hedge in the form of import of polished diamond mitigates the forex risk to a large extent. The studded jewellery industry is highly fragmented and is characterised by intense competition. KIL faces stiff competition from dominant unorganised players and established organised players. * High geographical, customer and supplier concentration at the standalone level: Hong Kong is the primary destination for the company's exports at the standalone level. Further, the operations of the subsidiary are also restricted to Hong Kong. At the standalone level, the top-five customers account for 85% of the total revenues, which exposes it to customer concentration risks. KIL's supplier concentration also remains high as it procures polished diamonds from a single supplier based out of Hong Kong. Liquidity position: Stretched The liquidity position of KIL remains stretched due to its modest cash flows on the back of thin profit margin and stretched receivables cycle (at the standalone level). The average utilisation of the working capital limit stood at 87% during the 18- month period ended in July 2022. KIL does not have any term loan repayment obligations and there are no capital expenditure (capex) plans. The company's free cash and bank balances stood at a modest level of INR0.7 crore as on March 31, 2022. Going forward, the company's ability to improve its liquidity position by registering a significant growth in revenues and profitability and efficiently manage its working capital cycle remain key rating sensitivities. Rating sensitivities Positive factors – The ratings may be upgraded if the company is able to improve its liquidity position and significantly increase its scale of operations and profitability on a sustained basis. Negative factors – The ratings may be downgraded if the revenues and/or the company's profitability decline on a sustained basis, leading to a deterioration in the financial risk profile or if a stretch in the working capital cycle impacts its liquidity position. KIL was originally incorporated as Shivlaxmi Mercantile Company Limited on March 22, 1983 and was listed on the Bombay Stock Exchange (BSE) on May 16, 1984. It began manufacturing diamond-studded silver jewellery from January 2008 with exports to Hong Kong. KIL had set up a 100% wholly-owned subsidiary, KIL International Limited, to increase its presence in the Hong Kong market, which began operations from July 4, 2011 by trading in diamond and jewellery. KAY BOUVET: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Kay Bouvet Engineering Limited (Unit - I) in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 41.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 110.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 300.00 [ICRA]D; ISSUER NOT COOPERATING; Non-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. KBEL was incorporated in 1993 to manufacture heavy engineering fabrication and machining components. Prime objective of the company was to manufacture machinery for sugar plants and erect complete sugar plants on turnkey basis. KBEL had purchased a design for cane crushing plant from Jean Bouvet and Associates, USA in 1998 but currently there is no transaction between the two entities. Jean Bouvet and Associates has a small equity holding of 1.3% in KBEL. KBEL established a new division called Special Products Division (SPD) in 2000. The division was established with an intention to diversify into other business verticals. SPD serves two categories. First category (SPD I) manufactures components of Nuclear Power Plants, Defence equipment, Atomic research equipment and refineries. The second category (SPD II) supplies components to Cement and Steel plant OEMs. The company has three manufacturing facilities located two in Satara, Maharshtra and one in Yamunanagar, Haryana. KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the Long-Term rating of Khodal Cotton Processing 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– 0.14 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 9.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. 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 2011, Khodal Cotton Processing Private Limited (KCPPL) is a private limited company. The company is managed by four directors namely Mr. Mansukhbhai Ajani, Mr. Lalitbhai Ajani, Mr. Maheshbhai Bhayani and Mr. Ashvinbhai Ajani. The company is engaged in ginning and pressing of raw cotton. KCPPL's manufacturing facility is located 2 at Jangvad, Rajkot District in Gujarat and is currently equipped with 24 ginning machines and one pressing machine to produce cotton bales and cottonseeds. KCPPL has an installed capacity to produce 280 cotton bales per day (24 hours operation). MAHALAXMI ASSOCIATES: ICRA Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Mahalaxmi Associates Pvt. Ltd. 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- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 10.00 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Others 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 1998, MAPL is engaged in trading of coking and non-coking coal primarily in the northern and north-eastern states of India. The company commenced trading in sugar and rice from FY2015 onwards. Its registered office is located at Beltola in Guwahati, Assam, with branches at Ludhiana (Punjab), Kutch (Gujarat) and Paradip (Odisha). The company has a number of group entities, including Mahalaxmi India Private Limited, which are also engaged in coal trading. NANDAN SALES: ICRA Keeps B+ Rating in Not Cooperating Category -------------------------------------------------------------- ICRA has retained the long-term rating of Nandan Sales Corporation 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 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. Nandan Sales Corporation (NSC) is a partnership firm set up in April 1994. It is into trading of non-ferrous metals and has been in the business for about 19 years now. The prime role of the firm is to act as a mediator between its customers and vendors. It has been successful in developing relations through its liaisons with non-ferrous suppliers abroad. The firm imports in volumes, non-ferrous metals from countries like the UAE, the US, Sweden, Hong Kong etc. The same upon reaching the warehouse of the firm is sorted, segregated and dispatched in lots to the customers as per the delivery schedule. PADMA POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Padma Polymers in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]B+(Stable)/[ICRA]A4: 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/ 1.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category Short Term- 6.00 [ICRA]A4; ISSUER NOT Non Fund Based COOPERATING; Rating Continues 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. Established in 1998, PP is in the business of importing and trading plastic raw materials like plastic granules, high density polyethylene (HDPE), low density polyethylene (LDPE), paraffin wax and other chemicals. The firm has a wide variety of products available at affordable prices. It is promoted by Mumbai based – Mr. Viresh and Mr. Paresh Timbadia, who have been in the business of trading polymers for over a decade. PENINSULA LAND: ICRA Withdraws D Rating on INR530.53cr NCD ---------------------------------------------------------- ICRA has withdrawn the ratings assigned to the NCD of Peninsula Land Limited at the request of the company and based on the No Due Certificate received from its debenture trustee. 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 have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 530.53 [ICRA]D; ISSUER NOT Debenture COOPERATING; Withdrawn Programme Incorporated on August 10, 1871 as a public limited company, Peninsula Land Limited (PLL) is a part of the Ashok Piramal Group. The company is in to real estate development with a portfolio comprising commercial, residential and retail developments. The projects include PLL's 'Ashok' product line in the residential sector and 'Peninsula' in the commercial sector. Since 1997, PLL has developed over 7.8 million square feet of real estate projects in Mumbai. Most of the development by PLL in the past has been either on the former textile mill lands owned by the group, or in joint development with the land owners. PLL has initiated the diversification of its operations outside of Mumbai by undertaking projects in cities such as Pune, Nashik, Lonavala, Bangalore and Goa. PLL also manages a Real Estate fund through a subsidiary, having co-invested in five projects with the fund. R. S. MOTORS: ICRA Lowers Rating on INR30cr LT Loan to D -------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of R. S. Motors Pvt Ltd (RSM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B+(Stable) and continues to remain under 'Issuer Not Cooperating' category Rationale Material event The Corporate Insolvency of RSM was ordered by National Company Law Tribunal. The public announcement was issued by Insolvency and Bankruptcy Board of India (IBBI) on September 2, 2022. The IBBI has mentioned October 2, 2022, as the estimated date for closure of insolvency resolution process. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated on February 17, 2022. 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. 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. RSM has been operating multiple passenger vehicle dealerships for Toyota for the last 15 years, and its promoters have been in the auto dealership business for over three decades. The company's first sales outlet commenced operations at Udaipur in 2001 and RSMPL currently has six 3S (sales, service and spares) outlets at Jaipur, Kota, Udaipur, Bhilwara and Chittorgarh in Rajasthan. RSMPL is a part of the Chandra Group of companies, consisting of multiple companies in the same line of business i.e., automobile dealership. RAJ EVENTS: ICRA Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the rating for the bank facilities of Raj Events and Entertainment 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– 26.50 [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. 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. Raj Events and Entertainment Private Limited incorporated in 2003 is engaged in the newspaper publishing business and publishes the 'Raj Express' Hindi newspaper in four editions namely Bhopal, Indore, Jabalpur and Gwalior in Madhya Pradesh. RSAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of RSAL Steel Private 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– 34.93 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 39.59 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 206.55 [ICRA]D; ISSUER NOT COOPERATING; Non-fund Continues to remain under the Based-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. 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. RSAL Steel Private Limited (RSPL) was incorporated in December 2010, as a wholly owned subsidiary of Ruchi Strips & Alloys Limited (RSAL), a Ruchi Group Company, with the objective of taking over the steel business of the holding company. RSAL was founded in 1987 and is promoted by the Shahra family. The manufacturing facility of RSAL is situated in Village- Sejwaya, District Dhar, Madhya Pradesh, around 60 Kms from Indore. The plant commenced commercial production in the year 1991, then under the name of RSAL. RUCHI GLOBAL: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Ruchi Global 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– 12.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term– 7.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 420.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund Continues to remain under the Based-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. 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 1996, Ruchi Global Limited (RGL) is engaged in the business of trading in steel items and agricultural commodities. RGL is a trading arm of Ruchi Group and is a closely held company promoted by Mr. Kailash Shahra and his family members. RGL is primarily involved in the trading of steel, edible oil, soya products, soyabean, wheat, pulses, chemicals and other agro and non-agro commodities. Ruchi Group is a reputed industrial conglomerate in India with interests in businesses ranging from steel to food products. The Group is actively involved in soya processing, edible oils, dairy products, cold rolled sheets and coils, galvanized sheets and coils and a host of other activities. S.D. EDUCATION: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has retained the long-term rating of S.D. Education Trust in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 6.75 [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. 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 2012, S.D. Education Trust (SDET) is a single asset trust which runs and operates 'Shanti Asiatic School' in Jaipur, Rajasthan. The school is located on a land parcel of 2.3 acres in a housing project 'Suncity Township' in Jaipur, Rajasthan. The aforementioned land was purchased by Navsarjan Projects Pvt. Ltd (a company floated by trustees of SDET) from Suncity Projects Pvt. Ltd, which was subsequently given on lease to SDET, with lease rentals amounting to Rs 9 lac per annum. Shanti Asiatic is a Gujarat based chain of schools promoted by the Chiripal group, which is also one of the trustee members of SD Education Trust. SALGUTI INDUSTRIES: ICRA Withdraws B+ Rating on INR17.40cr Loan --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Salguti Industries limited at the request of the company and based on the No objection Certificate( NOC) and 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, have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 17.40 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 7.69 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Long Term- 0.15 [ICRA]B+ (Stable); ISSUER NOT Non-Fund COOPERATING; Withdrawn Based Others Long Term- 4.76 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Withdrawn SIL was incorporated in 1984 as a private limited company and was converted into a public company in 1992. It manufactures poly-woven sacks for packaging of fertilisers and cement. In 2005, SIL diversified into the textile segments and started manufacturing of cotton grey fabric for garments, bed linen and furnishings. The company exited the textile business in Q3 FY2018. The manufacturing facilities for the packaging division are located in Bollaram, Medak District and Rajapur, Mahaboobnagar district of Telangana. The installed capacity of poly-woven sacks is 10,400 MT/annum. SHIGA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Shiga Energy Private 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/ 45.05 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Non Fund Based remain under 'Issuer Not Cooperating' Category Short-term 4.95 [ICRA]D; ISSUER NOT COOPERATING; Non-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. Tashiding Hydro Electric Project (THEP) is being developed by SEPL on the Build, Own, Operate and Transfer (BOOT) model. THEP is located in West Sikkim envisages the utilization of the flow of Rathong Chhu, a tributary of Rangit River for generating 97MW of electric power through two units of 48.5MW each. SEPL has a MOU with Sikkim Government which entails free sale of power to the Sikkim Government. SEPL would supply free power to the extent of 12% of the power generated for the first fifteen years and 15% of the power generated for the next twenty years. SHIKARPUR & BHANDAPUR: ICRA Withdraws B- Rating on INR5.76cr Loan ----------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Shikarpur & Bhandapur Tea Estates Private Limited at the request of the company and based on the No Objection Certificate (NOC) 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- 5.76 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 3.27 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Long Term- 0.31 [ICRA]B- (Stable); ISSUER NOT Non-Fund COOPERATING; Withdrawn Based limits SBTEPL, incorporated in 1983 and acquired by the present management in 2011, owns two tea gardens in the Dooars region of West Bengal. The tea estates are spread over an area of around 755 hectares, of which around 550 hectares are under tea cultivation. The company primarily produces CTC variety of black tea, which it sells in the domestic market through auction and private sales. The company has an installed capacity to manufacture 20 lakh kg of tea per year, of which it utilised around 57% in FY2019. SP SUPERFINE: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the long-term rating of SP Superfine Cotton Mills 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– 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 66.94 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 28.52 [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. 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. Promoted by Mr. Velusamy in 1995, SSCMPL manufactures cotton yarn in the count range of 40s to 80s, with 40-50s forming a major share of the production. The company has an installed capacity of 28,224 spindles and its spinning unit is located in Attur, Tamil Nadu. TEKZA CERAMIC: ICRA Lowers Rating on INR7cr Term Loan to D ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Tekza Ceramic LLP, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 5.00 [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– 7.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating downgraded from Term Loan [ICRA]B+(Stable) and Continues to remain under 'Issuer Not Cooperating' category Short term– 2.00 [ICRA]D; ISSUER NOT COOPERATING; Non fund based Rating downgraded from Others [ICRA]A4 and continues to remain under 'Issuer Not Cooperating' category Rationale Material event The rating downgrade reflects Delay in Debt Repayment as mentioned in publicly available sources. * Impact of material event: The rating is based on limited information on the entity's performance since the time it was last rated on August 31, 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. Established in March 2018, as a limited liability partnership firm, Tekza Ceramic LLP commenced commercial production in March 2019. Its product profile comprises vitrified parking tiles of 300 X 300 mm. Tekza's manufacturing unit is located at Morbi, the ceramic tile manufacturing hub of Gujarat and is equipped to manufacture 68040 metric tonnes (MT) of tiles per annum. VIBRANT PROCESSORS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the long-term and short-term rating of Vibrant Processors 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- 5.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.84 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 6.33 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category Short Term- 1.48 [ICRA]A4 ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others 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. Vibrant Processors Private Limited (VPPL) was incorporated in December 2010 and commenced its operations of dyeing fabrics on a job-work basis from December 2013. VPPL's manufacturing facility stands on a 10,000 square feet land parcel in Palsana (Surat), Gujarat, with an installed capacity to dye 2.50 lakh metres of polyester fabric per day. VIJAY TRADING: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has retained the rating for the bank facilities of Vijay Trading Company in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 10.00 [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. 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. Vijay Trading Company trades cotton and mustard seeds, oils and cakes. The location of the firm at Muktsar in Punjab facilitates raw material procurement as the city is located in the cotton belt of Punjab and near the mustard producing states of Rajasthan and Haryana. The firm procures raw materials from traders and brokers and sells its products to traders and oil mills in Punjab. YEDESHWARI AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Yedeshwari Agro Products 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- 35.70 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 27.30 [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. Incorporated in 2007, Yedeshwari Agro Products Limited (YAPL) was promoted by Mr. Bajarang Sonawane and is a closely held company with majority of the shareholding with the Sonwane family. The company is involved in manufacturing of sugar with total crushing capacity of 3500 TCD (tonnes crushed 3 Sugar Year: October to September per day). The plant is forward integrated with a 10 MW cogeneration unit. The plant is located at Anandgaon, Tehsil Kaij, District Beed, Maharashtra. ZURI HOSPITALITY: ICRA Withdraws B Rating on INR4cr LT Loan ----------------------------------------------------------- ICRA has withdrawn the ratings on certain bank facilities of Zuri Hospitality Private Limited (ZHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 4.00 Downgraded to [ICRA]D from Fund-based–CC [ICRA]B+ (Negative) and Simultaneously Upgraded to [ICRA]B (Stable) and withdrawn Short-term– 0.75 Downgraded to [ICRA]D from Non-fund based [ICRA]A4 and simultaneously Upgraded to [ICRA]A4 and Withdrawn Rationale The rating downgrade factors in the irregularities in debt servicing by ZHPL observed by ICRA from the auditor's comments in the financial statements of FY2021. These delays were due to the weakening in the liquidity position of the company during the pandemic period. The no-default-statements taken by ICRA from the company and the feedback received by ICRA from the company's lenders during FY2021/FY2022, however, did not indicate any irregularity in debt servicing. The simultaneous upgrade of the rating factor in the regularisation of debt servicing by the company in the last 12 months aided by favourable demand with sharp recovery in hospitality sector on the back of the opening up of economy. Aided by demand recovery, the company is expected to witness significant improvement in its topline in FY2023 on YoY basis. Also, sustained cost control measures and improved operating leverage are likely to benefit ZHPL's margins and accruals. However, the extent of improvement remains to be seen. The rating also factors in the company's well-established brand, and financial support extended by the promoters in the form of unsecured loans and loans against fixed deposit (FDs) held by the promoters. Further, the promoters are likely to extend adequate and timely financial support, should there be a need, going forward. The rating, however, is constrained by the company's weak coverage metrics and modest scale of operations. Further, the company is susceptible to revenue risks arising from its single property/geographic concentration, exogenous shocks and competition. ICRA has withdrawn rating assigned to the bank facilities of ZHPL, upon receipt of withdrawal request from the company and no-objection certification from lenders, in accordance with ICRA's policy on withdrawal of credit ratings. Key rating drivers and their description Credit strengths * Established brand name: Zuri Hospitality Private Limited (ZHPL/the company) has a well-established brand presence in the Bengaluru market. It operates under the brand name Zuri, which is a well-known leisure hotel brand in India. The hotel has 162 rooms, seven conference halls and five restaurants. The promoters have two other hotels operating in India (located in Goa and Kerala), under the Zuri brand in the luxury segment. * Track record of adequate and timely financial support from promoters: The promoters have extended adequate financial support in a timely manner to the company in the past. ZHPL's debt primarily comprised of unsecured loans from the promoters and loans against the FDs held by the promoters. Further, the promoters are likely to extend adequate and timely financial support, should there be a need, going forward. Credit challenges * Modest scale of operations, with sharp dip in revenues/accruals in the last two years due to the pandemic; weak coverage metrics: ZHPL's already modest scale of revenues were impacted further by the pandemic in the last two years. The company reported meagre revenues of INR0.4 crore in FY2021, as against pre-Covid revenues of INR35.6 crore (in FY2020). ZHPL registered operating losses of INR7.9 crore in FY2021 due to weak operating leverage despite various cost control measures undertaken by the management. This has resulted in weak coverage metrics for FY2021. However, the company has witnessed healthy improvement in demand in the last 2-3 months, and the same is expected to sustain over the near to medium term. This is, in turn, expected to result in significant revenue growth and improvement in margins, although the extent of improvement remains to be seen. * Exposed to geographical concentration risk and intense competition: Dependence on a single operational property exposes the company to region-specific risks. The hotel's revenues are also vulnerable to general economic slowdowns, spending pattern of travellers and exogenous shocks such as natural calamities and economic or political instability. Further, the company witnesses stiff competition from other luxury hotels and resorts in the vicinity. Liquidity position: Stretched The company's liquidity position is stretched with relatively low accruals expected in FY2023. The company also has relatively low undrawn working capital limits, and cash and bank balances. ICRA notes that, while the liquidity is stretched, the promoters are likely to extend adequate and timely financial support, should there be a need, going forward. ZHPL is involved in the hospitality business in India. It owns a 162-room five-star deluxe hotel in Whitefield, Bengaluru. Previously, it owned three properties, namely The Zuri Varca White Sands Resort & Casino, Goa, The Zuri Kumarakom Resorts & Spa, Kerala and The Zuri Whitefield, Bengaluru. In 2012, these three properties were demerged from ZHPL and incorporated as separate entities. The Zuri Whitefield, Bengaluru was retained under the name Zuri Hospitality Private Limited and the Goa and Kerala properties were incorporated as Silver Springs Pleasure Resorts Private Limited ([ICRA]BB+ (Stable)) and Zuri Hotels and Resorts Private Limited ([ICRA]BB (Stable)), respectively. Post the demerger, each property is operating as a separate entity with no support from the other properties. Besides the properties mentioned above, the promoters own two hotels – Diani Reef Beach Resort and Spa, Kenya and The Liner, Liverpool, UK, apart from interests in real estate and floriculture. The floriculture business is conducted through Primarosa Flowers, Kenya. =============== M A L A Y S I A =============== SCOMI ENERGY: PJD Link Plans Listing Via Reverse Takeover --------------------------------------------------------- theedgemarkets.com reports that the concessionaire of the proposed Petaling Jaya Dispersal Link (PJD Link Expressway) is seeking a listing on Bursa Malaysia via the reverse takeover of Practice Note 17 (PN17) company Scomi Energy Services Bhd. According to the report, PJD Link (M) Sdn Bhd said the group and its shareholders - PJD Link Holdings Sdn Bhd and Noblemax Resources Sdn Bhd - have entered into a framework agreement with Scomi Energy for the acquisition of PJD Link for an indicative price of about RM922 million. The parties are expected to enter into a definitive agreement within 60 days. The indicative price is based on the equity portion of the project financing of PJD Link Expressway, said PJD Link in a statement, adding that the acquisition is subject to the approval of relevant parties and government agencies. theedgemarkets.com relates that PJD Link also said that it would commence public engagement sessions this month to provide information and receive feedback on the highway project. These would include briefings for elected representatives, local councils and residential groups affected by the highway. An environmental impact assessment, social impact assessment and traffic impact assessment with external professional consultants would also be conducted to assess and mitigate any issues that may arise from this project, the company said. "We take note of the public's concerns and issues raised and have studied various options on improving the alignment to minimise any negative social or environmental impacts," said PJD Link chief executive officer Amrish Hari Narayanan. "Workshops and focus group discussions will also be carried out by our social impact consultants in order to obtain public feedback. We look forward to working together with the public to develop an optimal solution that supports economic and social development needs over the long term," he said. According to Amrish, the project would play a crucial role in supporting the future economic growth plans of Selangor. By cutting down travel times, business productivity will improve, making the state an attractive location for investments, he said. PJD Link signed the concession agreement with the government on April 5. The 25.4km, two lane dual carriageway highway will start after the NKVE toll plaza on the Damansara Link of the Sprint Highway and end at the Bukit Jalil Highway interchange. On the proposed reverse takeover, Amrish said: "By being a listed company, we would be able to tap into the equity capital market to raise funding for the development and construction of PJD Link Expressway, theedgemarkets.com relays. "In addition, the reporting of our performance in accordance with Bursa listing requirements will enhance the level of transparency and governance to the public." Scomi Energy, commenting on the agreement, said it is part of its regularisation plan to address its PN17 status as well as maintain its listing status on Bursa Malaysia, theedgemarkets.com reports. Additionally, pursuant to the agreement, the group also proposed to undertake consolidation of 10 existing shares into one new share, the group said in a filing with the stock exchange. It also planned a public issue of 1.55 million new shares (representing 25% of the group's enlarged share capital) after the share consolidation and acquisition, at an issue price to be determined later. Scomi Energy narrowed its net loss to RM27.59 million for the financial year ended June 30, 2022 (FY22), from RM215.39 million a year earlier. The group has been in the red since FY19, theedgemarkets.com discloses. About Scomi Energy Based in Malaysia, Scomi Energy Services Berhad -- https://scomienergy.com.my/ -- provides marine vessel transportation services. The Company offers marine logistical services to the coal industry and offshore marine support services to oil and gas operators and contractors. Scomi Energy Services serves the coal, oil and gas industries in South East Asia. Scomi Energy Services Bhd slipped into Bursa Malaysia's Practice Note 17 status in January 2020. Bursa said Scomi Energy had met the criteria subject to Paragraph 2.1 (e) of Practice Note No. 17 (PN17) of its Main Market listing requirements. Bursa said it would continue to monitor the company's progress in compliance with the listing requirements. On Oct. 31, 2019, Scomi Energy triggered the PN17 criteria after its shareholders' equity on a consolidated basis fell below 50 per cent of its issued share capital as at June 30, 2019. ===================== N E W Z E A L A N D ===================== ECOLIBRIUM BIOLOGICALS: McGrathNicol Appointed as Receivers ----------------------------------------------------------- Conor McElhinney and Andrew Grenfell of McGrathNicol on Sept. 22, 2022, were appointed as receivers and managers of Ecolibrium Biologicals Holdings Limited. The receivers and managers may be reached at: McGrathNicol Level 17, 41 Shortland Street Auckland GECKO DEVELOPMENTS: Creditors' Proofs of Debt Due on Oct. 28 ------------------------------------------------------------ Creditors of Gecko Developments Limited are required to file their proofs of debt by Oct. 28, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 21, 2022. The company's liquidator is: Kevyn Andrew Botes I-Business Recovery Limited PO Box 302612 North Harbour Auckland TRIVENI PURI: Court to Hear Wind-Up Petition on Oct. 10 ------------------------------------------------------- A petition to wind up the operations of Triveni Puri Limited will be heard before the High Court at Whanganui on Oct. 10, 2022, at 9:30 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 19, 2022. The Petitioner's solicitor is: Deepika Belinda Padmanabhan Legal Services 11 Jepsen Grove Wallaceville Upper Hutt 5018 WE FENCE: Court to Hear Wind-Up Petition on Oct. 25 --------------------------------------------------- A petition to wind up the operations of We Fence Limited will be heard before the High Court at Hamilton on Oct. 25, 2022, at 10:45 a.m. Carters Building Supplies Limited filed the petition against the company on July 22, 2022. The Petitioner's solicitor is: Philip John Morris Stace Hammond Lawyers KPMG Building Level 7, 85 Alexandra Street Hamilton 3240 XXL BROTHERS: Calibre Partners Appointed as Receivers and Managers ------------------------------------------------------------------ Brendon James Gibson and Natalie Gytha Burrett of Calibre Partners on Sept. 21, 2022, were appointed as Receivers and Managers of XXL Brothers Limited. The administrators may be reached at: Calibre Partners Level 21, 88 Shortland Street Auckland ================= S I N G A P O R E ================= GCC (CUE): Commences Wind-Up Proceedings ---------------------------------------- Members of GCC (CUE) Shipowning Pte. Ltd., on Sept. 30, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are Messrs. Mick Aw and Bernard Juay. POWER FUTURE: Commences Wind-Up Proceedings ------------------------------------------- Members of Power Future Pte Ltd, on Sept. 28, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC. SINGAPORE: 'Crypto Paradise' Stung by High-Profile Collapses ------------------------------------------------------------ The Financial Times reports that the international manhunt for Do Kwon, co-founder of collapsed cryptocurrency operator Terraform Labs, has put the spotlight on Singapore, whose reputation has taken a hit following the failure of several digital asset funds with links to the city-state. Not only was Kwon's company, whose stablecoin terraUSD imploded in May, registered in Singapore, but Korean prosecutors believe he travelled to the city-state in April. According to the FT, Kwon last week showed Singapore as his location on Twitter, writing that he was making "zero effort" to hide. Singapore police have said Kwon is not in the city-state. The FT says Kwon's case is not the only high-profile crypto controversy unfolding in Singapore, which was until recently pitching itself as a digital asset-friendly destination in competition with global rivals Dubai and Zurich. Crypto executives and experts said the lengthening list of scandals and collapses has tarnished Singapore's reputation after officials touted its stability, sophisticated regulation and tax-friendliness as an advantage for crypto companies and investors. "The reputational damage over the last six months is a lot more serious than has been let on," the FT quotes Kelvin Low, a law professor at the National University of Singapore, as saying. "Every time one of these companies is brought up, they are mentioned [as being] based in Singapore." Some of the biggest crypto collapses can be traced through Singapore, which had attracted digital asset companies from all over the world, the report says. "Singapore has the most liberal regulatory environment after Switzerland in terms of crypto investment," the report quotes Kim Hyoung-joong, head of the Cryptocurrency Research Center at Korea University, as saying. "Crypto players prefer to operate in Singapore because of transparent regulations and their easy access to investors for funding," said Kim. Three Arrows Capital, a crypto hedge fund that collapsed in June, started as a registered fund management company in Singapore, the report notes. The FT relates that management of the company's sole fund later shifted to an offshore entity in the British Virgin Islands. Co-founders Su Zhu and Kyle Davies have not revealed their location since Three Arrows' failure. Singapore's regulator reprimanded Three Arrows for providing false information and breaching certain asset management thresholds. It added that it was assessing whether further regulatory breaches occurred. Hodlnaut, a Singaporean crypto lender that received in-principle licensing approval from the Monetary Authority of Singapore, halted withdrawals and cut the majority of its employees earlier this year, according to the report. In August, Hodlnaut was placed under interim judicial management. The company said this decision would "provide a better chance of recovery". Singapore police said that they were "looking into" Hodlnaut. Singapore police did not investigate the terraUSD collapse despite a complaint being filed, according to local media, the FT relays. Police did not respond to a request for comment regarding Terraform Labs and Kwon. According to the FT, MAS said "none of these troubled companies are licensed by the Monetary Authority of Singapore" under its Payment Services Act, which regulates payments systems, and so were not under its jurisdiction. It said Three Arrows Capital had "ceased to manage funds [in Singapore] prior to the problems leading to its insolvency". It added that Hodlnaut had withdrawn its licence application, so the "suspension of services is not in breach" of Singapore regulations. "In Singapore, as is the case in all other jurisdictions, not all activities related to cryptocurrencies are regulated," said MAS, adding that its "evolving regulatory approach makes Singapore one of the most comprehensive in managing the risks of digital assets". As the crypto crunch set in, regulators in Singapore have started taking a tougher line, with officials promising to be "unrelentingly hard" on bad behaviour in the sector. But experts said Singapore was not doing enough to punish or investigate possible fraud as a crisis has swept through the digital asset industry, causing an avalanche of losses for retail investors, the FT relays. "I do think there is an extent to which [Singapore] is willing to say one thing and do something quite different," an executive at a crypto company active in Singapore said. The same executive said they believe Singapore was in a "tight spot" in trying to balance being seen as a "serious player in the world economy" and "trying to promote themselves as a hub for innovation in a nascent industry which is clearly showing itself to have more and more bad actors". SWINA INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 17 ---------------------------------------------------------- Creditors of Swina International Pte Ltd are required to file their proofs of debt by Oct. 17, 2022, to be included in the company's dividend distribution. The company's liquidators are: Farooq Ahmad Mann No. 3 Shenton Way #03-06C Shenton House Singapore 068805 VIKING 5050: Members' Final Meetings Set for November 4 ------------------------------------------------------- Members of Viking 5050 Pte. Ltd., Viking 5296 Pte. Ltd., Viking 5089 Pte. Ltd., Viking 5531 Pte. Ltd., and Viking 5794 Pte. Ltd. will hold their final meeting on Nov. 4, 2022, at 10:00 a.m., 10:15 a.m., 10:30 a.m., 10:45 a.m., and 11:00 a.m., respectively, at 80 Robinson Road, #02-00, in Singapore. At the meeting, Lee Wei Hsiung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***